Hidden Conditions for Access Bond Application

Good Day

I have recently taken a home loan with Standard Bank, primarily to have an Access Bond facility.

The Port Elizabeth branch consultant who assisted me indicated that I would be able to get an access bond immediately after registration.

After the bond was registered, I app**** for an Access Bond facility. The application was declined due to me having taken a bond of 104%. The consultant from the home loans department indicated that I can only get an Access Bond facility after the capital amount owing is less than the purchase price.

Why was I not informed of this? If I was informed, I would probably have opted for another financial institution and perhaps this is the reason for not informing customers explicitly.

I conduct all my banking business with Standard Bank yet a concession cannot be made. Is this how customer loyalty is rewarded by Standard Bank? This is appalling service. Please address this immediately or inform customers transparently of the conditions for an Access Bond facility before they register a bond with Standard Bank.

Regards, Brett