Nedbank
Readvance on Homeloan

I have moved my accounts from Nedbank from previous bad experiences I had with them. This then just reminded me that I need to also move out all my homeloans, including those of my wife.

I applied for a re-advance on my existing home loan with Nedbank. I have been paying much more than the minimum monthly repayments for over a 2 years. The value of the property is at R302k with an original loan of R403k and market value of R550k. I requested R100k and it was declined, which is fine if it was properly evaluated.
I am very disturbed that the online analysis on the re-advance showed that I cannot get the loan whereas my monthly calculations on expenses vs. Income (which I track monthly) clearly shows that I can. The report I got (ref 1403418~2), Nedbank accuses me of having a bad credit profile and bad conduct on my existing home loans, which I don't agree nor understand where and how its made out...
Please can you justify the decline?

Company: Nedbank
Country: South Africa
City: Homeloans

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