Applying for a Nedbank home loan can be done through three channels, and which one you choose affects what you get. Nedbank ties its cash back offer to applying online, on the Money app or through the contact centre, so an application submitted another way may not qualify.
Task scope
This covers submitting a new home loan application, tracking one already in progress, and completing an application you started and left. It does not cover an existing bond that is already registered, which is a servicing matter.
Route
- Contact centre: 0800 555 111, toll-free, 24 hours a day, seven days a week
- Online or on the Nedbank Money app, using the Get started and Track or Complete application functions
- From outside South Africa: +27 10 217 4076. The international desk operates Monday to Friday 06:00 to 18:00, Saturday 07:00 to 15:00 and Sunday 10:00 to 14:00, which is narrower than the local 24/7 line.
- Nedbank publishes regional numbers for Cape Town, the Eastern and Southern Cape, Gauteng, Durban and Pretoria, but they sit under Corporate Property Finance, which is commercial property lending for developers and corporate investors. They are not the personal home loan route and are listed here only so you do not dial them by mistake.
The MFC Contact Centre number, 084 196 4473, is the Nedbank vehicle finance division and is not the home loan route. The business banking line, 0800 333 111, operates Monday to Friday 08:00 to 16:30 and handles business rather than personal lending.
Requirements
- Proof of income. The affordability calculator asks for gross monthly income before tax and deductions, with a stated minimum of R2 500, and your total monthly expenses.
- Details of the property, because Nedbank assesses whether its value is sufficient security for the amount you need.
- Nedbank may request more information mid-assessment, and says it will tell you if it does. An application can stall simply because that request was missed.
Steps
- Submit the application. Nedbank will come back to you if it needs more information to process it.
- Affordability check. Nedbank assesses whether you can cover the monthly repayments on the amount requested.
- Property assessment. Nedbank assesses whether the property value is sufficient as security. This is separate from the affordability decision, and an application can pass one and fail the other.
- Loan offer. If both assessments succeed, Nedbank sends a home loan offer, which you have to accept before anything else happens.
- The legal process. On acceptance Nedbank appoints an attorney for the conveyancing. You sign the loan documents and pay the attorney fees, and the attorneys lodge the bond with the Deeds Office.
- Registration. Once the Deeds Office is satisfied, the bond is registered and you become the legal owner.
Cash back is banded by loan value: R5 000 on a loan of R100 000 to R500 000, R7 500 from R500 001 to R750 000, R10 000 from R750 001 to R1 000 000, R15 000 from R1 000 001 to R1 500 000, and R20 000 from R1 500 001 upward. A first-time homebuyer can be financed up to 109 percent to cover attorney registration fees and property transfer costs.
Escalation
- An application that has stalled goes to the contact centre on 0800 555 111 first, then to the Client Complaints Helpline on 0860 444 000 or 011 710 4011, Monday to Friday 08:00 to 17:00 and Saturday 08:00 to 12:00, or [email protected].
- A declined application is a credit decision. Credit and lending complaints go to the National Credit Regulator on 0860 627 627 or [email protected]. Under the National Credit Act you may ask for the reasons for a decline.
- A complaint about the bank goes to the National Financial Ombud on 0860 800 900, WhatsApp 066 473 0157, [email protected], which is free to the complainant and covers banks and credit providers.
- A complaint about advice or intermediary services goes to the FAIS Ombud on 0860 663 274, and a conduct complaint to the FSCA on 0800 20 3722.
- Report fraud on 0800 110 929. Report corruption or unethical behaviour to Tip-offs Anonymous on 0800 000 909.
Sources
- personal.nedbank.co.za/contact-us.html (contact centre, international desk and its hours, regional numbers, business line, complaints helpline and hours, fraud and tip-offs lines, and the regulator and ombud details Nedbank publishes)
- personal.nedbank.co.za/borrow/home-loans.html (application channels, cash back bands, the six step application process, affordability calculator inputs and minimum income, first-time buyer financing)