I applied for a re-advance on my Nedbank homeloan, only to be told that the application was declined on terms of affordability. My intent with the re-advance was to consolidate other debts, and in doing so free up additional monthly cash flow which I wish to utilize to do upgrades to my current home. I find it rediculous that Nedbank can state that the loan is declined due to affordability due to the following reasons:
1. I currently have in excess of R15, 000 a month a free unallocated cash flow available. This would increase to approximately R25, 000 a month had the re-advance been granted and I could consolidate debts.
2. The re-advance on my home loan would amount to a increase in my bond repayment to a maximum of approximately R2, 000. Thus by no means reaching anywhere near my monthly cashflow threshold.
3. I have an excellent credit record, and have never had any issues with any credit provider what so ever - other than Nedbank off course.
4. Nedbank called me yesterday to increase the credit limit on my Credit Card - Double Standards?
Nedbank catch people with the initial home loan, and then cite rediculous reasons not to assist in future. Stay away from Nedbank!
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