Don't waste your time and energy with Nedbank Home Loans... they are useless...

I have only had bad experiences each and every time I've dealt with Nedbank Home Loans.

My latest experience makes me simply not want to apply with Nedbank ever again. "Long story short" - we've bought 7 previous investment properties via a trust with the other SA banks, yet still hold no bonds with Nedbank - the main reason being that they strictly enforce a "max 80% loan" principle on properties bought via a trust. They did however tell me a few years ago that in case I would ever buy a primary residence in my personal name, that I "must please" apply with them again as they were confident to provide me with "the best possible quote" in such a case.

My wife and I thus recently signed an OTP for a primary residence in our own names and proceeded to apply with with ABSA, FNB and Standard Bank along with Nedbank.

Nedbank was BY FAR the slowest to provide us with a quote - and whereas all 3 the other banks provided us with approvals/quotes, Nedbank came back to me stating that the application was merely declined due to "lack of affordability". When I brought it under their attention that I found it weird that they are the only of the 4 banks to not find "affordability" - and requesting their reasoning for it - they came back to me stating that their credit dept will "review their decision" and get back to me.

I then received a mail from them requesting my ITA34 - which I already sent to them 3 weeks earlier - i.e. BEFORE they declined the application due to "lack of affordability" (i.e. they seemed to have declined it because they didn't even take my ITA34 info - which they specifically requested - into account?!)... no wonder they couldn't find affordability like all of the other banks! They also seemed to not be able to comprehend the information as per my financial statements - that was verified either way by my auditor as per their request... the saddest thing is that this is not rocket science, this is the very basics when it comes to a home loan application...

A few days later I received a call to say that they "have now approved the application" - but at only 80% and asked "whether I would like to consider their quote?"... hahaha... I told them exactly what I thought of their service and what they can do with their 80% quote - especially seeing that all of the other 3 banks already provided me with minimum 90% approvals.

In this light I will highly recommend for anyone to not end up wasting your valuable time, energy and money (seeing that Nedbank actually asked me to provide them with MORE information than any of the other banks - which I had to pay my auditor for - yet they clearly didn't even pass everything I sent them on to their credit dept?!), in applying with Nedbank... from my experience you will be better off with any of the other banks in SA...