Nedbank home loans loads incorrect instalment and initiation fee contrary to signed loan agreement

I lodged a complaint with Nedbank due to incorrect interest and instalment amounts on my bond account which was resolved after much stress and delays (reference ***) - however, with the property finally being registered in my name, the errors continue as now, the instalment has been incorrectly loaded and is thousands more than stated in my loan agreement, and an initiation fee is added where I expressly paid that fee over to the bond attorneys, as itemised in their statement of account.

My loan agreement provides for a step payment plan, with the first year's instalment set at a specific amount. On 16 July, when signing the loan agreement at the bond attorneys’ offices, I authorised a DebiCheck mandate for a maximum amount (so-called ceiling amount) of over R5000 more, on the express advice of the attorneys handling the bond registration that this ceiling was required to accommodate the scheduled annual increases under the step plan, and would not itself reflect the amount actually collected in any given month.

I have since received an SMS notification confirming that the amount to be collected as my first instalment, on 1 September 2026, is the ceiling amount rather than the correct contractual amount o. The same notification also reflects an initiation fee, which I dispute is owing: I settled the applicable initiation fee via the bond attorneys, who confirmed this amount was forwarded to Nedbank as part of the bond registration process. I have not been provided with an itemised breakdown showing why a further initiation fee is reflected. An account loaded on my banking profile also seems to refer to MFC - Nedbank's acronym for Motor Finance Corporation, motor vehicle finance, which I do not have with Nedbank.

I raised this discrepancy telephonically with the home loan department, my private banker, the attorneys and executives within Nedbank. I have to date received no substantive response confirming that the 1 September 2026 collection will be corrected. Given the collection date is imminent, I have again asked Nedbank to provide by 27 August 2026, written confirmation that the DebiCheck collection scheduled for 1 September 2026 will reflect the correct contractual instalment and not the authorised ceiling amount, an itemised explanation of the initiation fee reflected in the SMS notification, given that this fee has already been settled and paid to Nedbank via the bond attorneys, and a case or complaint reference number for this matter, distinct from my prior complaint, for record-keeping purposes. I am dismayed that even after all the previous errors, there is no oversight of my bond account to ensure the step payment plan is adhered to by Nedbank and that having a bond with Nedbank requires constantly checking and assuming the worst case scenario. I had hoped it would not be necessary to take this to the FAIS ombud and that things would improve, but even the person from client care who apologized for the previous errors failed to respond or explain what is going on at the home loans department. There seems to be a governance failure and a lack of knowledge re Nedbank's products that they pro-actively sell to customers seeking home loans, which is very worrying.