I have recently bought a home which is bonded by Standard Bank. The house does not have a study and thus I want to move my home run administrative business into our garage. Our home is located in the centre of town and I am surrounded by home and other businesses. I have applied to the municipality for consent. who do not have a problem. I did the honest thing and informed Standard Bank of my plan. Standard Bank replied granting me permission to do so but raised my interest rate by approximately 1, 5% pa. This means that I need to pay this increased payment for the next 20 years!
A client of mine approached Absa with the same request as mine and was helped within 3 days, no additional costs. I have also spoken to FNB. Should I have my bonds transferred to FNB they will give me approval to run my business from my home without affecting my interest rate. Standard Bank is totally unreasonable. My business is no risk to my present bond! By having to pay a higher interest rate I am putting myself at risk.
I was honest with Standard Bank, and now I am being penalized! The decision makers cannot be reached and I need to work through the branch who cannot make decisions.
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