This has been written on the Property Investor Network form by Donnie. It is only a quote. If you wish to know more please go to the forum to discuss.

Topic: Homeloan updates - By Donnie

Interesting stuff from FNB...received yesterday. This could have a huge impact on Developers and Property Investment Groups which promoted and sold mainly in new developments.

Dear Business Partner

In light of the economic downturn and the numerous interest rate hikes over the past months, it remains our responsibility as a credit provider to limit over-indebtedness. FNB has decided to re-assess certain home loan applications which have been approved and are not yet registered. This will happen on applications where we believe that the affordability or deterioration of the applicant’s credit profile may have changed since the date the application was originally assessed.

Applications which have been lodged in the Deeds Office or Registered will not be affected by this process.

It is important to note that not all applications will be affected; we are only looking at the following two categories of loans…..”

Source: Property Investor Network Forum

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