Etienne Senekal

During September 2010, I decided to become a property owner. As the affordability issue was concerning for me, I decided to call up a fixed investment to assist me in providing sufficient deposit and a monthly bond payment which was affordable. Being employed in the finance industry in the banking sector for 20 years, Im very knowledgeable on the National Credit Act and the basic criteria banks approve finance on. Other than using the called up investment for a deposit on the home loan, I used some of these funds to settle various monthly instalment agreements, including a vehicle finance agreement, as I was well aware a credit check done by a bank, would reflect my monthly liabilities, which could have indicated my inability to afford the monthly bond instalments and my inability to obtain an approved bond. I submitted my application to two of the major banks, being well aware that my credit bureau profile would have still reflected my monthly liabilities, which was now settled, and I therefore attached proof of settling these agreements to the applications, as well as a motivational note. I was extremely disappointed when both these banks declined my application on grounds of affordability even though I have provided proof of the settlement of my monthly instalment agreement liabilities and had a substantial deposit available.