I am a first home buyer. Since January 2013, I have been trying to apply for a home loan and its been a nightmare. First time I applied, I went to the branch in Menlyn and I was told that they are unable to give me a provisional amount that I qualify for and that I should find a property that I want to buy and bring the offer of purchase an then apply. With absoultely no help from Standard Bank, the whole process became a trial and error process of trying for different d each time the home loans division told me to submit a new application. Each time I was never told how much the bank was willing to fund me and then eventually I applied through bond originator and I got the bond approved and with an interest rate of 8.24%. Because the amount was low, I called the home loans call centre to ask for an increase in the loan value. Then I was told to cancel the loan and reapply. I did that and the loan was approved with the new amount and an interest rate of 9.34%. How my risk profile could have changed within a space of 2 weeks is beyond me. Now because I didnt know what I s doing and nobody explained me to me properly I am being penalised with a higher interest rate. Grossly unfair!!
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