FNB Home Loans ********* Behaviour!

I was pleased to accept a bond offer from FNB with a reasonable interest rate and with the thought of moving to the bank once my bond had registered but things turned South. We decide to get our own life cover that would cover the bond in an event of death/disability or retrenchment with the idea it could be for life instead of the bond cover FNB was offering us.

FNB proceeded to reject the life cover on three separate occasions leading to a delay of almost a month in the bond registering. On each occasion FNB rejected the life cover for one reason instead of identifying each of the issues with the life insurance.

Upon the 3rd time they rejected our life insurance we decided to get the bond cover quote that FNB had prepared for us as we did not know exactly what cover FNB requires. FNB responded with a vague high level quote basically stating the monthly amount we would be paying and the cover we would receive (in the case of death, retrenchment and disability) No detailed quote breaking down the lump sums or monthly payouts in the case of temporary disability as I requested. When asking FNB why I could not receive the detailed quote they responded by saying that I will receive the detailed quote once I sign for their cover.

So basically I need to take their product in order to see the detail of the cover I would receive from them. I have never heard or seen of such business practice and is a gross violation of the consumer protection act as I have a right to chose my own cover and its FNB's responsibility to state the detailed cover they require for a bond to register.

FNB made the dream of buying my first home turn into a nightmare and my ideas of moving my personal banking to them went straight out of the window.

We ended up HAVING to take FNB's cover as my bond registering was being delayed for too long. It seems this is a ploy from FNB to hold the customers bond hostage in order force customers to take the cover they offer as appose to the customer seeking for the most affordable cover to meet their needs.

This is unacceptable behavior and leaves the customer in a guessing game scenario where they do not know the exact cover required by FNB. If every other bond/life cover insurance cover company can give a detailed breakdown of the cover they are offering why cant FNB? They are offering this product after all.