A few weeks ago through Ooba, I applied for a homeloan with Absa. I have been an Absa client for no less than 18 years.
The house I want to buy needs a lot of work and applied for an extra R184000.00 over and above the purchase price. Absa were prepared to help me BUT only with the purchase price. They will only pay the seller once the property is completely renovated. This means they are keeping the purchase price on retention and not even considering the additional money for renovations. I have to pay for all the renovations.
Standard Bank are prepared to help me with the extra money and will give me 3 withdrawals of the retention funding. This makes it possible for me to have my house renovated and to actually buy my house.
I want to fix this house and live in it asap and not take the extra money to buy a fancy car like so many people in the past have done.
When Absa called to tell me the loan is granted for the purchase price the lady asked why I didnt increase the purchase price of the house to include the renovatations and in that way get the extra funding. Is this not DISHONEST???
Thank you for you wonderful loyalty Absa bank!
Standard Bank rocks!
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