01 Nov 2011
When I wanted to buy a property I encountered very weird responses from financial institutions. Firstly the bank I have all my facilities with and have banked with for eight years (NEDBANK) rejected my direct application but accepted the application when it came through a mortgage originator. Even then the interest rate was so high and prohibitive. I already had a property with them and the interest rate on the first property which I purchased during the high interest rate days (2008) was much better than what they were offering me now in a low interest rate environment. So I rejected the offer. FNB had good interest rates but highlighted that they could only give 50% loan to non South Africans. Standard Bank and Absa declined the application because they were not funding non South Africans, despite living here legitimately. Finally SA Home Loans accepted my application with a lower interest rate and without a middle man. The rest is history.