Have just received an advice from Nedbank informing me of a reduction in interest rates of 1% on a home loan. This was expected as the SA Resrve bank reduced their prime lending rate recently. However, when comparing the monthly administration charge of R39.90, mentioned therein, with the previous advice of 15.12.08, which was only R17.10, I am astounded to note that this is an increase of 233%. And that is after receiving a brochure from the bank recently stating "Great valusebanking, simplified" and "Pricing it right for you". I just wonder how the bank can introduce this rip-off in the present economic climate. read full review »