I have been a loyal client of ABSA for quite a while, although I realise loyalty is not a trait banks value. I applied for a home loan increase in order to consolidate some of my smaller debts on 23 January. After 3 weeks of constant following up, because ABSA does not supply any feedback at all I received a decline letter due to insufficient cash flow today 12 February. I find it appaling that ABSA does not seem to grasp that my cashflow will be increased by almost R10, 000 by granting this loan in the first place, as set out in my application. Furthermore the ABSA affordability calculator on their website suggests I would qualify for a bond of R3.1 million and I'm applying to increase to R1.2 Million. the only reasonable conclusion that I reach is that ABSA would prefer to keep me on the high interest and expensive short term products that they have, or they have no accounting skills at all. Because I fully expect ABSA's generic non committal response to this I have now submitted my application to FNB. It took them about 15 minutes to respond. Hopefully in a week or so I will not be an ABSA client anymore, except for my homeloan which unfortunately needs 90 days notice.
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