TP
Terence P

1 reviews | Active since Oct 2015

26 Oct 2015, 15:22

False advertising of a product requirements

Hi recently obtained a home loan from Nedbank and 1 of the deciding factors was that I would be able to at a later date make a further loan at the same rate, etc providing certain criteria are met.<br> Recently I decided to merge the debt that I've accumulated working on the house into the home loan using the Re-advance option. <br> The requirements per the application are a credit check, affordability, value of the house and \other criteria". The Nedbank website that states \""(depending on affordability up to the latest valuation amount)\"". I was declined due to my the loan would take my loan above 90% of the value of the house (this was hidden in \""other criteria and was never made clear to me at either my home loan or the further loan application process). I passed all other criteria. Upon query I was informed that Nedbank does not allow lending above 90% of the house value. And the website stating \""up to\"" open to interpretation.<br> You cannot state that a loan can be \""up to the latest valuation amount\"" ie 100% of the value and then hide in \""other critera\"" a 90% limitation. It makes the 1st value unreachable which is misleading and false. I dissuade anyone from doing business like this"""

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Replies (1)
Nedbank
Nedbank's reply26 Oct 2015, 15:40
Official
Hello terenceruan,

We at Nedbank strive to make things happen. A resolution manager will contact you shortly.

Kind regards
Client Experience Team