I have realised that our individualised home loan interest rate used by FNB to calculate our monthly repayments is 2% more than what it should be for the last 3 months. I understand that during the building construction period the interest rate payable is calculated at 2% above the agreed rate, but when the building process is complete the interest rate should default back to the agreed interest rate as per the original loan agreement. I have contacted FNB and they have admitted that they made a mistake and they will apparently phone me back to discuss how we are going to deal with this. I obviously check these things, but what would have happened to somebody that finished building there house and never realised that the wrong interest rate is continuously being used over the entire term of their home loan. If I haven't queried this with FNB they would have continued using a rate of 2% above my agreed interest rate and over a term of 20 years this would have made a huge difference. I cannot believe how the systems at a big finance entity like FNB didn't pick this up. This is shocking and they are from their clients.
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