I bought a new house about 7 months ago. I made an offer of R1 030 000.00 and it has since been revaluated for R1 200 000.00. The initial idea I had was to apply for a Multi plan on the account so that I could access the additional funds for renovation etc. I applied and was told that now suddenly they will only grant me 85% bond, which meant that I would get 0 additional funds for what I needed to do. I enquired on why the criteria has changed and also indicated that my financial position increased considerably due to a promotion at work. I am also a platinum banker but enjoy no benefit because of this status and track record with a bank I have been with for all my life. I insisted to speak to a manager or head of the department to find out why the decision was made clear that it would not be up for discussion. I was then informed that the criteria used did not qualify me to apply for a multi plan. Strange that the initial bond was granted at 100% and after my promotion it was enough to cover the entire bond repayment. Does that not put me in a different bracket/criteria than before? Apparently not according to the rather rude manager ..TBC
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