Standard Bank Home Loans taking the Mick

I have a current home loan with SB that was taken out in September 2011. For the past nine years I have an exemplary record of paying on time and paying in additional payments to reduce the loan term.

I called SB Home Loans on 20 Oct 2020 (around 11:45am) and spoke to Tshepo about reviewing my bank interest rate as nine years have passed, the bond amount has been almost halved so SB's risk is now considerably lower.

He proceeded to "educate me" (his words!) on the terms of my home loan and in summary that the interest rate is non-negotiable. I requested a copy of the agreement and he sent me a copy of the transfer document (I guess someone needs to be educated on the difference between the two?). He also changed his name to Brian at the end of the call thinking that I would forget his name (HA - I would probably have done the same after being caught out).

Well I don't know whether or not SB are instructing their people to spread this misinformation, but I have reviewed my agreement with SB and there is no clause whatsoever talking about interest rates not being able to be reviewed upon lower risk factors. Besides this, how does SB make changes to the home loan rate when the repo rate changes (not a question, being sarcastic!).

Can SB please stop these unprofessional antics and explain their reasons for not being able to adjust the interest rate seeing as half the capital amount has been paid up and their exposure to risk being reduced? There must me thousands of other SB home loan customers going through this same thing as I.

Training your people to just fob-off customers who can justify a reduced interest rate is just plain bad business conduct.