Home Loan Repayment Discrepancies

I am writing to share my recent experience with FNB regarding my current home loan . Despite having a surplus of funds, my monthly repayments are not being adjusted, creating a notable discrepancy compared to my previous bond which was only recently closed.

In contrast, my prior bond automatically adjusted repayments based on funds added or removed. I never had to request recalculations on this bond. Despite seeking clarification from FNB, I have received vague responses that do not address the fundamental differences between my current and previous bonds.

During a recent call, FNB informed me that any recalculation would require forfeiting access to my current funds, essentially negating the benefits of an access bond. To put it simply, I am paying just over R9000 per month more, and have for the last 2 months, than what the actual interest is on the amount outstanding.

Instead of being told that I need to understand how bonds work, I wish for FNB to answer a simple question, which is why my current bond is fundamentally different to my prior one despite being told that it was the same at the time of the new bond being opened.