Subject: Public Complaint – Lack of Clarity on Home Loan Instalment Increase Despite Credit Rating Downgrade

To whom it may concern,

My name is Rebecca Theledi, a loyal Nedbank customer for over 16 years, holding a home loan with the bank at an interest rate of 8.5%.

I recently received communication that my monthly home loan instalment will increase. However, this comes at a time when the country’s credit rating has been downgraded, a move which typically results in lower interest rates, not higher ones. This contradiction has caused confusion and concern.

What is lacking from Nedbank’s side is a clear and transparent explanation: • Why is my repayment increasing in the context of a credit rating downgrade, where the general expectation is a reduction in interest rates? • What specific factors have led to this adjustment, and how do they align with market conditions?

As a long-standing and responsible client, I believe I deserve clarity, transparency, and respect, especially when changes impact my financial planning and housing security. A generic notification is not enough — we need answers.

If no sufficient explanation is provided, I will escalate this matter to the Ombudsman for Banking Services and the National Credit Regulator, as this lack of clarity may amount to unfair consumer treatment.

Sincerely, Rebecca Theledi Nedbank Home Loan Client – 16 Years