First National Bank
Rate review: 0.25% off 10.77% interest rate!!

Rate review: 0.25% off 10.77% interest rate is unacceptable. I am not happy with this high interest rate; it is 1.75% over 8.5% the current interest rate. The reason why my interest rate is so high (according to the evaluator of FNB decided that my house is not worth it) but the houses in my road are selling between R750 000 and R1000 000 and we did renovations e.g. renovated the kitchen (new kitchen Cupboards), renovated the ceiling in the kitchen, TV room and dining room (removed the old ceiling and did it with new materials and painted the new ceiling), we also painted the house inside and outside. We bought our house for R680 000 and we gave R35 000 deposit. Our current re-payments on our house are R6559.62. We have been paying for 6 months and never skipped one payment. If it goes on like this I will move to another bank in 6 months. And at the end FNB REPLY IS: "Pricing has advised: "Please advise client that he apply for a re-evaluation of property but needs to born (Pay) the costs applicable once done he may re-apply for a rate review but a rate reduction isn't Guaranteed" This is unacceptable I will not pay for any re-evaluation. What must I do, i'm really fed-up! G

Company: First National Bank
Country: South Africa
City: Home Loans

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