We applied and were granted a building bond 5 months ago with the grant going through in July and after much confusion, lost documentation, and miscommunication from the bank, our bond was lodged last week!
The relief of final lodging was soon thwarted when they paid out R400 000 as first draw of a R1.2 million building bond and when we asked for a second draw as all the deposits for electrician, plumber, builder and windows and cupboards had quickly used up the R400 000!
We applied for the 1.2 mill as it was more than enough to finish our home in an upmarket Estate, we had already spent R2, 5 mill of out own money and just really needed R800 000 to finish - which our private banking lady Yvette knew about. We are now faced with the horror of almost finishing our home, but cannot finish it without another draw from our loan, which they Wont give us! What do we do, spec sell for R5 mill and lose our beautiful dream home and retirement investment, all because our Standard Bank keeps 3/4 of bond as retention? Does not make sense to me, we desperately need someone with some sanity to assist us! Is this normal? Never happened to us previously! Help!!!
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