Standard Bank
Lack of Transparency when granting Interest Rates

Hi,
I am a Prestige client and have tried to resolve the matter through the call center, my bank branch, and retentions without success.

In August 2013 I applied for a homeloan and received a grant R950000 with a interest rate of prime minus 1.26% The owner of that property then withdrew his property from the market due to his wife falling ill, so bond handed back.

Subsequently, I applied for a new homeloan in December 2013 for the same R950000, but got a grant interest rate of prime minus 0.8%. I also had a salary increase in October 2013.

When I started enquiring why after 2 months, the interest rate would be worse, all I got was that it was a new application and the new pricing would apply. Then after some emails flew, I eventually got told that my credit rating went from ARI9 to ARI8. That number means nothing unless you can tell me what specifically has caused the ARI to drop. My suspicion is that the credit system being used is so inadequate that I have been penalised for my August homeloan application even though it was not my fault that the loan was handed back.

Please fix this situation, or you will be losing a stable long standing client to either Investec or FNB.

Company: Standard Bank
Country: South Africa
City: Home Loans

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