I bought a house 2 years ago and the bond is with Standard Bank. I fixed my interest rate at the time for a 2 year period and was informed that I could do the same once that 2 year period was up. I received notification in October 2013 (Notification dated 25 September 2013) to apply for a new fixed interest rate before 10 November 2013. When I contacted the home loans division I was told that they did not have interest rates to give out. 2days later I went to my branch at K90 centre and was assisted by one of the employees who then phoned the home loan division. This time I was told that Standard Bank was not giving out fixed interest rates anymore and I would have to work on their rates provided.
How is it possible that they are not fixing interest rates? Do they want to sit with another house and un-recovered monies. People are stretched to breaking points financially and they don't seem to care.
Looks like I'll have to take friends advise and approach FNB or ABSA.
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