NC
Niel C

1 reviews | Active since Jul 2011

02 Sept 2019, 15:10

Move your home, not your loan, headache!

I am now forced to come here to review FNB because of my bad experience with the "Move your home, not your loan" facility.

I have a FNB home loan with this facility. The house that I purchased was registered and thus the bond was registered about 3 weeks ago. I have had no feedback from FNB to state when the rebate will be done and how much it will be. One of the major reasons I opted for FNB was this facility, so goes without saying that I am quite disappointed with the level of service I have been getting.

After many many emails and 45 minutes on the phone I was unable to come much close to an answer. Last mail that I got from FNB HomeLoans was that they no longer offer this, but from my signed contract:

" Move home not your home loan:- FURTHER LOANS ARE EXPLICITLY EXCLUDED-Only new loans equal to or greater than R600,000.00 (Six Hundred Thousand Rands) qualify for the benefits.- The bond cancellation cost (attorney fees) of the existing FNB bond will be refunded based on the Law Society Table of Fees for Cancellation of Bonds at time of cancellation to the Customer after registration of the new covering mortgage bond.- The attorneys bond cancellation fee must be specific to the cancellation of an FNB Home Loan bond and is limited to one bond cancellation fee for every new bond that is registered.- Should there be an early termination fee/charge on an existing bond with FNB, the Lender will reimburse the fee/charge to the Customer's home loan account.- The Lender will pay direct to the attorney, the bond registration fees on behalf of the Customer in respect of the registration of the new covering mortgage bond. This does not include government duties in relation to the transfer or registration of the property. The Lender will pay the cost of the bond registration fee, including the Future Use portion.- Switch loans are subject to the specific FNB Home Loan criteria and excluded from this offering.- Registration and Cancellation costs may not be included in property sales prices. Where such practices come to light, the Bank reserves the right to decline the home loan application and / or withdraw the Move Your Home Not Your Home Loan offering. Subsequently attorney Refunds and Rebates that have been paid by third parties will NOT be reimbursed by the Bank to the Customer or third party.- Payment of subsidies or rebates will only be transferred to the Customer's new home loan account. Payment will not be made to a non FNB account.- This must be read in conjunction with the Qualifying Criteria and Benefits as detailed on https://www.fnb.co.za/home- loans/move-home-not-your-homeloan.html "

Meaning I already qualified for it and should get the rebates. From my bank statements and the final statement of the attorney, I can see that I did pay a cancellation fee to the attorney, early termination penalty and initiation fee. All of which should have been covered by this facility.

This is not small pocket change and was one of the deciding factors when selecting the home loan provider. Can somebody with answers please contact me?

0
Replies (2)
FNB (First National Bank)
FNB (First National Bank)'s reply03 Sept 2019, 09:33
Official
Good day Niel, 

Thank you for taking the time to bring this to our attention. We would like to apologize for any inconvenience caused. 

A formal complaint has been logged on your behalf and referred to the relevant department who will investigate and provide you with feedback. 

The reference number is ***NF. 

Regards,
 
Hello Peter Complaints Team 

*** 
NC
Niel C's update04 Sept 2019, 08:55
Reviewer Update
Hi

Unfortunately nobody has contacted me yet with regards to this.

I find it very disturbing that nobody can give me anything specific?

Was this all just a marketing **** to get me to choose the FNB bond, and once I sign FNB doesn't honor the commitment?