Nedbank Homeloan Department

I took out a bond with Nedbank in 2018. In 2019 I was retrenched and started consulting as a sole proprietor. I did not open a company and I trade in my own name and have a steady monthly income.

I decided this year I want to consolidate my debt and trade my car in on a newer model.

I approached Nedbank to increase my bond as well as look at improving my interest rate on the bond.

Initially I was declined due to the their viewpoint I could not provide proof of income. They were in possession of my SARS income tax documents, as well as my bank statements showing steady monthly income. They kept insisting on annual financial statements which I eventually had to take an extract from SARS website itself stating a sole proprietary does not necessarily have to produce financial statements - I had to explain this on a number of occasions.

I had to send an appeal on their decision, with a lot of back and forth my request was approved subject to property evaluation AND proof of income (Seriously?).

I was in Durban when they sent the assessor, however my godson, who was house sitting for us, opened for him.

I received another letter of rejection and when I queried they stated the property needed too much maintenance.

This whole procedure took almost a month.

I asked my godson how long the assessor was here and he advised not even 5 minutes, barely looked at anything and didn't even look outside. The property is in much better condition than when I bought it initially.

Prior to starting the application with Nedbank I had a 3rd party evaluation that was R990,0000-R1.1 million.

Discovery Bank has it listed as +R940k.

And the request for decrease in interest rate was not even addressed.

I would not recommend Nedbank to anyone who is looking at taking out a bond or wanting to increase their bond.