Disappointed client

Greetings,

In February 2021 I app**** for a home loan from a number of banks. Standard bank offered me a competitive interest for a building loan as I was buying in a new development and the house was not yet built. The Pre-aggrement came with a special condition that includes a decrease of the quoted interest by 1.5% when the building was complete and a further 0.25% less if I moved my salary to this bank. I was thrilled with the offer so I signed the Pre-aggrement and I even moved my salary.

When the building was complete and the property was ready for occupation, I was shocked by how Standard changed the conditions. The new contract had a higher interest and the special conditions were now excluded from the new contract. The new conditions were now dictated to me. I tried for over 2 months to dispute but Standard bank was not ready to honor the Pre-aggrement or even negotiate. I helplessly decided to sign the contract because the developer was expecting me to move in and pay occupational rent. Trying to negotiate was only delaying the process and costing me money.

I then approached them with regards to my credit life insurance and to no surprise, Standard bank had already set conditions that cannot be negotiated. I am a government employee, so I received a letter from my employer clearly stating the conditions of my employment and that I do not need a retrenchment cover but this too was neglected. All other requirements could be met by my insurer.

I am very disappointed with the service I received from this institution. They are not willing to negotiate with their clients and cater for their different needs.

If you can get an institution that is willing to listen to you as a client and negotiate with you, go with them. Standard bank was unfortunately not that institution for me.