Standard Bank Home Loans *******

Last year I was contacted by Standard Bank advising me to change from a Prestige banker to a Private Banker. I was assured I will get better service. To my surprise, I have been sending email to the Standard bank Home Loan with a simple query and 7 months later the matter is still not resolved.

On the 19 September 2024 there was a decrease in the prime lending rate of 0.25%. Expecting to have some relief, my home loan repayment increased by R100. I immediately contacted Standard Bank to query the increase but had no joy from the HomeLoans Department.

I then contacted my private banker to assist. It was later confirmed by Standard Bank that many customers had been over charged during the last prime lending rate decrease and they will amend my monthly repayments according. The amendments did not take place.

In November 2024 there was a further reduction in the prime lending rate by a further 0.25%. After a second reduction I was still paying more than was I was paying in August 2024.

After numerous emails to Standard bank and some minor adjustments to my bond repayment, I was given a figure of R5.55 less than what I was paying in August. How does a bond decrease by R5.55 after two reductions of 0.25%.

I have sent numerous emails to standard including the Home Loans Department, Complaints Department and my Private Banker. The last response i got was in December 2024 advising me that the matter was escalated. 3 months later, I have not received a response.

The prime lending rate was further reduced by 0.25% and this resulted in a decrease of R124.87.

I can’t see how after 2 consecutive reductions of 0.25% in the prime lending rate my bond repayment reduced by R5.55. This was after numerous emails and calls. Now, with third reduction in the prime lending rate by the same 0.25% I have seen a reduction of R124.87. If I were to compare it to my instalment of August 2024, this is a total reduction of R130.42 after 3 consecutive reduction in the prime lending rate.

With all the errors and change in the amounts I had to pay between August 2024 and February 2025 how do I know that the amount currently being reflected is the correct amount based on the August 2024 bond repayment. How many other Standard Bank customers have not noticed the error from Standard Bank.

I must express my dissatisfaction in the way this matter has been handled by Standard Bank. I have been more that patient and during this time I have not been provided with a satisfactory response to the errors of Standard Bank Home Loans Department.

The email addresses provided by Standard bank are not functional or the staff choose not to respond.