Nedbank Homeloan - Next level USELESS!

The Nedbank homeloan system is fundamentally flawed. It is the only system that I have encountered that increases instalments when an interest rate reduction is app****. I have had a homeloan with them for 20 years and currently only have i11 instalments left. Since the beginning of 2025 the SARB has reduced the repo rate three times (25 basis points each time, and Nedbank have attempted to reprice my homeloan accordingly. The last reduction (July 2025) was effected on their system on 1 September.

Here is what then happened to the loan – August instalment – R8 267.34, September instalment R8 929.21. So a 25 basis points reduction results in an 800 basis points increase in even the January 2025 instalment, at which time the rate was 75 basis points higher than now and the loan ad 19 months to termination A child can see that this is obviously wrong.

Good luck in trying to get this point across to Nedbank staff – the response is a robotic “The system is correct and takes all factors into account” Truly not an intelligent soul in sight.

So, if you are reading this, please check any and all Nedbank calculations, their systems are decidedly shaky.

Thanks