Unpleasant home loan switch application

I have app**** to Absa for a home loan switch application to obtain the equity in my property and based on the promotion they currently have.

My home loan switch application was approved for the full amount of R1,35m @ 10,35% subject to a property valuation.

The valuation department came back and indicated that there is only R1,026m value in my property. I appealed to the absa valuation department because the valuation was factually incorrect and based on outdated figures. The valuation team however sticked to there guns and left the valuation unchanged.

I formally complaint to absa action line, which led to a follow-up valuation. They however found a value of R1,25m.

I was contacted by absa telephonically to determine if I wish to proceed with the quotation at the revised amount (@R1,25m) and I agreed.

I contacted absa for the revised quotation and received it about 2 weeks later after the follow-up physical valuation.

When I initially got the new quote, it was less favourable then the initial quotation. Much higher interest rate and lesser amount.

In other words, absa contact me to enquire if I wish to proceed with a quotation of R1,25m but only present a quotation at about R1,18m @ 11,05% (remember you originally approved me for R1,35m @ 10,35% and then present me with a watered down offer).

I requested the consultant to negotiate a better deal. He advised that the credit department will consider the full amount if I get life insurance to absa requirements or pay a deposit. Now why will I switch my loan to Absa to pay a deposit and/or pay a deposit just to get it back with interest? Your credit units reasoning boggles my mind. I will go insofar as to say that they are *********** as they initially approved the application for R1,35 (no deposit). Now they want a deposit just to give me about R52000 more? Don't forget that I will get this deposit back with interest. You see where I'm going with this?

I was further advised that if I negotiate a better deal (I mean I wanted the initial deal we agreed upon), I will no longer qualify for the promotional offer. Ridiculous!

Based on my unpleasant experience with Absa, I'm confident to say that I lost all trust in your brand and will not make use of your services now or in the future. ABSA has tried to create unfavourable offer at every opportunity that presented itself.

Your actions were unreasonable, unfair and very unprofessional. So, thank you for wasting my time.

Note: The consultant that assisted me was very professional and made many efforts to negotiate a better deal. I appreciate his services but I cannot say the same of your credit, pricing and valuation department.

Lastly, no further action is required from your side. Do some introspection and please get your house in order. Its evident from all the complaints that this is not an isolated incident or client experience.