When I bought house in 2007, I agreed to Old Mutual Bank's (Now Nedbank) home loan as they offered a lower interest rate than Standard Bank. I was told that I would enjoy the same structure as the Standard Bank access bond, provided that I allow them to register a larger amount than the actual loan. I agreed to a value of R350'000 higher than the loan amount, to cater for future home improvements.
I recently purchased an erf at the coast and since I needed to finance only R300'000, I wanted to utilise my Nedbank access bond. I then found out that I had to submit a full new application for a re-advance as I did with the first loan. (Unlike Standard Bank)
I submitted my application with all requirements on 1 March 2013.By 9 April I had NO response yet. After lodging a complaint I was finally informed by Nico, that Nedbank is not prepared to entertain a re-advance unless I switch my primary bank account as well as my business accounts form Standard Bank to Nedbank. That is blatant conditional selling. I already utilise 5 other Nedbank products, but that is still not enough for their corporate greed. I'd rather switch my bond than risking even more bad service with Nedbank.
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