Be very careful when you deal with FNB - read the fine print!

Be very, very careful when you deal with FNB! They just tried to pull something on me that borders on ********* behaviour. In 2022, I took out a home loan with them. (FYI, I have been banking with these people since Noah landed with the ark.) The offered me a certain "discount" on the repro rate.

Included in the original deal, was a "future use" amount, for which I just app**** in order to do some renovations. When the quotation came back now, they reduced the "discount" by more than two thirds. I thought it was a bit greedy, but that is what banks do.

What is incredibly shocking though, is that I discovered, while reading the fine print, that the increased interest rate will now apply to my full loan - i.e. the original capital amount that I signed up for 2 years ago plus the additional capital amount! In effect this means that the extra interest you pay for a small additional capital amount is totally out of proportion.

I wonder how many people just sign a quotation without reading the fine print. FNB must make millions with this little trick. So be warned - read everything before you sign anything, because FNB will definitely do a number on you if you let them.