Nedbank *********

I have a home loan with Nedbank, which is paid R100K IN ADVANCE, as I pay an additional R500-00 every month on top of the normal installment. As the loan is reaching the end of the term, I though it would be good to apply for a re-advance in order to upgrade my property, to also increase its value. I then app**** for an amount substantially less than the original loan, which automatically means that the installment would be even less then the amount I am currently paying per month. This application was rejected on the basis that I am a "high risk".

This is despite the fact that I have not missed a single payment during the whole term so far (17 years) and despite the fact that I have paid an additional R500-00 per month on top of the normal installment. Added to that the property value increased substantially over the past 17 years. Even the municipal assessment is higher than the original loan amount!!!

The question is... How could one be high risk, if the amount you apply for would mean a LOWER monthly installment than previously, where the risk was ZERO in the past. During the application process however, they did attempt to get me to move all my accounts to Nedbank, which I declined for practical purposes.

I am therefore convinced that the fact that the application was declined was "punishment" for not wanting to allow them to control all of my finances, which I was able to manage on my own successfully, so that I was even able to pay everything in ADVANCE up to now.

My advice to all is to stay away from Nedbank at all costs, as they merely want to use an account for finance, to ********* you into moving all your accounts to them. And this is despite having a 100% clean record in relation to the existing home loan.