No due diligence performed before awarding a home loan

Last year December I purchased my first property (flat) in Waverley. I was only made aware a month later that the body corporate had no financial statements for the past two years and was currently insolvent, due to irregularities in capitalising maintenance to stay solvent. Therefore, I am currently paying higher levies to get the distressed body corporate solvent.

I reached out to my private banker for which I am paying R400 a month and ask her if they did not perform a due diligence on the body corporate before awarding a 100% home loan.

After which they say they dont do it and it is not their responsibility. Just to also highlight from a risk perspective that if a body corporate is insolvent and does not pay insurance on the flat, what happens if the place burns to the ground tomorrow.

Therefore, you will know that your bank does not carry or care about your intrest at heart and only cares about the profit. Also not thinking about the risk if awarding property loans which the property is managed by insolvent body corporates.

I really think when the evaluation on the place was performed that they should have looked at the well being of the body corporate and not just the levy statements and taxes.

I am currently in a worst of position banking with Absa, if Nedbank can do it for their customers to protect them then certainly Absa can do so also.