Credit Act – Delays

Consumers applying for new home loans or readvances on existing loans might experience some processing delays by the banks following their current implementation of criteria applicable to the National Credit Act which came into effect on June 1, according to mortgage originator Better Bond.

In a notification to its member offices Betterbond says Absa stopped accepting submissions from 1 pm on May 31 and will only recommence on June 4. Both Standard and Nedbank stopped accepting submissions from close of business on May 31. Business operations of both banks will also recommence on June 4.

Betterbond says FNB has continued to operate as usual as the bank is already processing in accordance with the NCA requirements.
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