Unfair termination of approved bond by Nedbank

I app**** for a homeloan with Nedbank valued at R1 400 000 in early January 2022 in my personal capacity cojoined with my wife. The homeloan was approved on the 17th of January 2022 with a reference number *** and Bond registration number *** at 90% of the bond cost. On the 20th of January 2020 the Transfer Attorneys asked me to pay R140 000 the bond deposit after an instruction from the bank. I paid full bank transfer costs of over R43 000. The bond registration went well till I wanted to pay the bond registration costs. The Bond Registration Attorneys advised us that the bond registration process has been put on hold till some verifications have been done on the purchasers. The bank personnel secretly visited my wife’s workplace on the 13 or14th of February 2022 and the following day they called me asking if I am the owner of the company I worked for and I said yes. On the 15th of February 2022 I received an email that required my company 6 months bank statement from FNB and also July -September 2021 statements from my FNB personal account. Although I comp**** but I queried the deviation from my original application which I app**** in my personal capacity and not as a company. I also wanted to say what verifications were these when my original application was approved on the 17th of January 2022, verifying almost a month after approval. Using the 2nd set of requested documents, the bank launched a 2nd application on my behalf with a new reference number ***-7. On the 22nd of February 2022 I received an email from homeloans saying my bond application was not approved. I wondered which application was this because my approved bond Ref number *** and Bond registration number ***) was already in the final stages of registration. The 2nd bond application declined was not app**** by myself as I didn’t sign any documentation after getting these new sets of documents, the bank app**** on my behalf under changed terms and then declined the application. I wondered how they disapproved an application for a bond that was approved on the 17th of January 2022 with the registration almost complete, just left with bond registration attorneys. Later in the day on the 22nd of February I received a 2nd letter referenced ***0 advising about the decline and termination of the disapproved bond. How do you terminate a bond that was never approved? The reason for the termination was that the documentation supp**** to the bank was not a true reflection of the employment status or earnings. My question to the good bank which part comes first verification or bond approval? In my case they approved before doing all the verifications they required and I am now to blame. I am not sure if this was the correct process, to approve first, pay the bond deposits, transfer costs then disapprove. All the stakeholders including the Agent, Attorneys and Seller were taken aback about this assessment and verification methodology. Was this the best way to do the process considering the expectations and emotions involved? Make me understand.

Concerning the termination letter, my application was not approved as highlighted by the letter of 22 February 2022. What then were they terminating when the bond was not approved. The letter was very confusing and the diction was threatening as they said the decision was final with no appeal. When i tried to seek guidance from my bank Nedbank, noone could assist me. I realised that I have messed up with a very frightful creature that can not entertain any questions or concerns since the decision is final. This was not the friendly bank I used to know and I regretted the Capitec offer that I turned down. If i look at this bank in retrospect, it offered me my first bond without conducting 2 approvals and disapproving after one month. One approval was enough and i didnt disappoint them not even on a single month, i paid my dues on time. The bank that i knew never embarrassed or undressed me in front of my kids, wife and other stakeholders by approving, verifying, disapproving and terminating my approval using threatening language like i am not their client. The bank i knew listened to its clients without shutting the door out like their client is a stinking ********. I intended to take my company business to Nedbank but how can i when you are treated as an insignificant client who mustn't raise concerns. I expected to get guidance on the way forward about the monies i paid but alas this is my problem yet i was persuaded to take a homeloan by Nedbank personnel after i paid the first one. Was it an invitation to embarrass me in front of all stakeholders and leave my family, seller and agent in deep emotions? What about the bank's reputation? Does this incident talk to the bank's values of Integrity, Respect, Accountability, People-Centred, Client-Driven or the values are just on paper with no practicality. Part of your vision is to be MOST ADMIRED BY OUR STAKEHOLDERS. This was a sample stakeholder you disappointed by working backwards and killing expectations of all stakeholders. I urge the powers that be to reconsider this bungled decision and let me proceed with the process that was almost done.

My Concerns and request:

****I almost got a heart attack thinking i have lost almost R200 000. Up to this day my wife is physically and emotionally drained, she went on medication. Her only question is why did the good and reputable bank not verify our status before approving anything and making us commit any funds. ***** In so far as i am concerned they information i gave was true to the best of my knowledge. If the information was not a true reflection, why didn't they investigate and verify before approving and raising our hopes. Do you do due diligence or risk assessment after approval of the bond or before? I app**** for this loan in my individual capacity cojoined with my wife and not as a company. For the bank to come back a month latter asking for my company details and 6 months bank statements especially after approving my original application is very unfair and a change of goal posts. I didn't have a problem with a decline if no funds were committed, it’s very normal with banks. My good bank has trampled and crashed our confidence as a family. And my kids are asking every day when the family is moving in to the new house . Did i lie to them about this transaction, only God knows? ***** I have been loyal to Nedbank for the past 10 years or so but this is the price for my loyalty, embarrassment in front of my family, friends and the attorneys. What good story about Nedbank can i tell my friends, associates and the world. The bank gave me my first bond which i paid off in 7 years last year. I have never defaulted any payment on this property and also for the past 2 years i have been overpaying the previous bond by over R15 000 on average, yet this bond is only R10 000 including insurance. The record is there with you to prove it. ****** I requested to top up my deposit to 20% or R300 000 to make this deal go through. However, from the look of things no one is entertaining me, they no longer want to talk to a nuisance customer who still banks with them. Can i honestly commit R300 000 to go down the drain if i don't know my story or i am not committed to this?. How many individual clients can raise a single cent for deposit let alone R300 000,(almost 30%) for a property of that much. ****** I got no advise at all from anyone from Nedbank to say how do i recover at least part of the money committed. From the above letter i can draw inferences that i am a problematic client who can incur a loss without the bank's consent. Was it not the bank that instructed the transfer attorneys to take the bond deposit and the transfer costs thereon. Can't the bank at least guide me in order to get recourse? Where is the humane side of the bank as a juristic person? My good bank that i am loyal to failed to be sensitive to the plight of its customer (Yes, i am your customer even extending to Old Mutaul). ****** My wife's employment status was not querried and she qualifies for almost if not over R700 000. My little mathematics tells me that if i pay R300 000 deposit the shortfall will be R400 000. Can the bank claim i can't afford R400 000 yet i paid that same amount in 2 years in my previous bond, your bank records can prove that. ****** To prove i need this property and i am committed, i offer a higher deposit and i can committed to pay my premiums 12 months in advance.

I kindly ask Nedbank homeloans to reconsider its decision and make me a proud homeowner under the Nedbank umbrella, a brand that i have always had faith in.Hence i had no need to apply to any other bank other than my Nedbank, the bank i love so much.