First National Bank
Rate review frustration
- 09-23-2013
- 7
On the 04th of July 2013 I submitted a request to review my interest rate on my home loan with FNB. The feedback I received a day later was the following: "FNB HOMELOANS: We are unable to better your interest rate due to pricing strategy and current market conditions for further queries contact 0860334455".
After requesting more information regarding why the rate could not be reviewed, this is the response I got:
Recent economic pressures have put severe strain on the banking industry. The result has been an increased funding, liquidity and bad debt costs. For this reason we are no longer able to discount deals as aggressively as we have done in the past.
We are unable to improve on the rate at this stage, however you re-apply in 6 months however it is not guaranteed that a better rate would be obtained
Regards...
Why is it that other banks are able to give more competitive interest rates... FNB did not even try to assist in this matter. As a young professional, I find it dissapointing that FNB could not assist me. Strongly considering moving homeloan elsewhere.
Disappointed! I expected better, personalised service.
Company: First National Bank
Country: South Africa
City: Homeloans