I'm a Standard Bank Private Banking Client. Me and my wife have no debt whatsoever, except for a R280 000 home loan on our flat. (Which has a MUNICIPAL value of R590 000).
Our cars (current market value around R220 000) are paid off and we have additional assets (shares) worth R 250 000.
We applied for a home loan from Standard Bank - According to their calculators we qualify for a loan up to R2.3m.
I give these details to give an idea of what a good risk we are.
We applied for a R1.65m bond on a R1.75m home.
Anyways, we eventually got their offer today (after 10 days)
They basically offered us "debt review" rates - They would only give R1.54m bond @ prime 0.89% interest - and only @ 30 years.. Thus a 88.5% bond.. (And actually just means they never gave our case any individual merit but instead used a scoring system - PATHETIC for a Private Client..)
Don't fall for their "Private Banking" offering - what you need is good service where it matters, car finance, home loans rates, nothing else. Take your business elsewhere, I am (and our R500/m). I'm also not recommending them anymore to our new actuarial students - about 10 of which I referred to them over the last year alone
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