How FNB cheated Magdalena Pietersen of interest rates cuts

By Pinky Khoabane

fnb

We’ve given you the story of Magdalena Pietersen and other low cost housing clients who were robbed of interest rate decreases. Whenever there was a decrease in interest rates, Saambou low cost housing clients, whose book was bought by First National Bank when it went bankrupt, were not given the benefits. Their counterparts in the high income housing market got the decreases.

Meet the man and woman behind the FNB Equality Court Challenge

Here’s a schedule of the interest rates Pietersen was charged. She bought a house for R61000 in July 1995.

Please note that on the following dates (just a small sample of dates), interest rates were not decreased in comparison to the decreases received by the high income home clients.

  • 1 August & 1 October ’96
  • 1 Feb ’99, 18 Oct ’99
  • 11 Feb 2000
  • 1 July 2001

From 1 December 2001 to 1 May 2002 for example, the interest rates charged Pietersen and other low cost housing clients exceeded interest rate permitted on mortgage by the Usury Act.

INTEREST RATE SCHEDULE
CLIENT:- M.M. PETERSEN
ACCOUNT NO :- 14035478004
DATE RESERVE BANK BASIS/PRIME AGREED INTEREST INTEREST RATE VARIANCE MAXIMUM
BANK/REPO INTEREST RATE RATE IN LOAN CHARGED BY INTEREST RATE
           RATE OF SAAMBOU AGREEMENT SAAMBOU (F) PERMITTED
(A) (B) (C) (D) (E) (E)-(D) BY USURY ACT
1-May-96 16.00% 19.25% 18.50% 19.50% 1.00% 25.00%
1-Jun-96 16.00% 20.25% 19.50% 20.50% 1.00% 25.00%
1-Jul-96 16.00% 20.25% 19.50% 20.50% 1.00% 25.00%
1-Aug-96 16.00% 19.25% 18.50% 20.50% 2.00% 25.00%
1-Sep-96 16.00% 19.25% 18.50% 20.50% 2.00% 25.00%
1-Oct-96 16.00% 19.00% 18.25% 20.50% 2.25% 25.00%
1-Nov-96 16.00% 19.00% 18.25% 20.50% 2.25% 25.00%
1-Dec-96 17.00% 20.00% 19.25% 21.50% 2.25% 25.00%
1-Jan-97 17.00% 20.00% 19.25% 21.50% 2.25% 25.00%
1-Feb-97 17.00% 20.00% 19.25% 21.50% 2.25% 25.00%
1-Mar-97 17.00% 20.00% 19.25% 21.50% 2.25% 26.00%
1-Apr-97 17.00% 20.00% 19.25% 21.50% 2.25% 26.00%
1-May-97 17.00% 20.00% 19.25% 21.50% 2.25% 26.00%
1-Jun-97 17.00% 20.00% 19.25% 21.50% 2.25% 26.00%
1-Jul-97 17.00% 20.00% 19.25% 21.50% 2.25% 26.00%
1-Aug-97 17.00% 20.00% 19.25% 21.50% 2.25% 26.00%
1-Sep-97 17.00% 20.00% 19.25% 21.50% 2.25% 26.00%
1-Oct-97 17.00% 20.00% 19.25% 21.50% 2.25% 26.00%
1-Nov-97 17.00% 19.00% 18.25% 20.50% 2.25% 26.00%
1-Dec-97 16.00% 19.00% 18.25% 20.50% 2.25% 26.00%
1-Jan-98 16.00% 19.00% 18.25% 20.50% 2.25% 26.00%
1-Feb-98 16.00% 19.00% 18.25% 20.50% 2.25% 26.00%
1-Mar-98 16.00% 19.00% 18.25% 19.50% 1.25% 26.00%
1-Apr-98 15.00% 18.00% 17.25% 19.50% 2.25% 26.00%
1-May-98 14.93% 18.00% 17.25% 19.50% 2.25% 26.00%
1-Jun-98 18.00% 18.00% 17.25% 18.50% 1.25% 26.00%
1-Jul-98 20.21% 20.00% 19.25% 20.50% 1.25% 26.00%
4-Jul-98 14.00% 22.00% 21.25% 22.50% 1.25% 26.00%
1-Aug-98 21.35% 22.00% 21.25% 22.50% 1.25% 30.00%
1-Sep-98 21.85% 24.00% 23.25% 24.50% 1.25% 30.00%
1-Oct-98 21.86% 24.00% 23.25% 24.50% 1.25% 30.00%
1-Nov-98 20.72% 24.00% 23.25% 24.50% 1.25% 30.00%
1-Dec-98 19.73% 23.00% 22.25% 23.50% 1.25% 30.00%
1-Jan-99 19.32% 23.00% 22.25% 23.50% 1.25% 30.00%
1-Feb-99 18.83% 22.00% 21.25% 23.50% 2.25% 30.00%
1-Mar-99 17.36% 21.00% 20.25% 22.50% 2.25% 30.00%
1-Apr-99 16.51% 20.00% 19.25% 21.50% 2.25% 30.00%
1-May-99 15.67% 19.00% 18.25% 20.50% 2.25% 30.00%
1-Jun-99 15.46% 19.00% 18.25% 20.50% 2.25% 30.00%
PAGE 2
DATE RESERVE BANK BASIS/PRIME AGREED INTEREST INTEREST RATE VARIANCE MAXIMUM
BANK/REPO INTEREST RATE RATE IN LOAN CHARGED BY INTEREST RATE
         RATE OF SAAMBOU AGREEMENT SAAMBOU (F) PERMITTED
(A) (B) (C) (D) (E) (E)-(D) BY USURY ACT
1-Jul-99 14.92% 18.00% 17.25% 19.50% 2.25% 25.00%
1-Aug-99 13.65% 17.50% 16.75% 19.00% 2.25% 25.00%
1-Sep-99 13.44% 16.50% 15.75% 18.00% 2.25% 25.00% 1.25%
18-Oct-99 12.40% 15.50% 14.75% 18.00% 3.25% 21.00%
1-Nov-99 12.19% 15.50% 14.75% 18.00% 3.25% 21.00%
1-Dec-99 12.00% 15.50% 14.75% 18.00% 3.25% 21.00%
1-Jan-00 12.00% 15.50% 14.75% 18.00% 3.25% 21.00%
1-Feb-00 11.75% 14.50% 13.75% 17.25% 3.50% 21.00% 1.50%
1-Mar-00 11.75% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Apr-00 11.75% 14.50% 13.75% 17.25% 3.50% 19.00%
1-May-00 11.75% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Jun-00 11.75% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Jul-00 11.75% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Aug-00 11.75% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Sep-00 11.75% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Oct-00 11.75% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Nov-00 12.00% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Dec-00 12.00% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Jan-01 12.00% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Feb-01 12.00% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Mar-01 12.00% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Apr-01 12.00% 14.50% 13.75% 17.25% 3.50% 19.00%
1-May-01 12.00% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Jun-01 12.00% 14.50% 13.75% 17.25% 3.50% 19.00%
1-Jul-01 11.00% 13.75% 13.00% 17.25% 4.25% 19.00% 2.25%
1-Aug-01 11.00% 13.75% 13.00% 17.25% 4.25% 19.00%
1-Sep-01 11.00% 13.75% 13.00% 17.25% 4.25% 18.00%
1-Oct-01 9.50% 13.50% 12.75% 17.25% 4.50% 18.00%
1-Nov-01 9.50% 13.00% 12.25% 17.25% 5.00% 17.00% * 3.00%
1-Dec-01 9.50% 13.00% 12.25% 17.25% 5.00% 17.00% *
1-Jan-02 9.50% 13.00% 12.25% 17.25% 5.00% 17.00% *
16-Feb-02 10.50% 14.00% 13.25% 17.75% 4.50% 17.00% * 0.00%
1-Mar-02 10.50% 14.00% 13.25% 17.75% 4.50% 17.00% *
1-Apr-02 11.50% 15.00% 14.25% 18.25% 4.00% 17.00% *
1-May-02 11.50% 15.00% 14.25% 18.25% 4.00% 17.00% *
18-Jun-02 11.50% 16.00% 15.25% 19.25% 4.00% 20.00%
1-Jul-02 12.50% 16.00% 15.25% 19.25% 4.00% 20.00%
1-Aug-02 12.50% 16.00% 15.25% 19.25% 4.00% 20.00%
13-Sep-02 12.50% 17.00% 16.25% 20.25% 4.00% 21.00%
1-Oct-02 13.50% 17.00% 16.25% 20.25% 4.00% 23.00%
1-Nov-02 13.50% 17.00% 16.25% 20.25% 4.00% 23.00%
1-Dec-02 13.50% 17.00% 16.25% 20.25% 4.00% 23.00%
1-Jan-03 13.50% 17.00% 16.25% 20.25% 4.00% 23.00%
PAGE 3
DATE RESERVE BANK BASIS/PRIME AGREED INTEREST INTEREST RATE VARIANCE MAXIMUM
BANK/REPO INTEREST RATE RATE IN LOAN CHARGED BY INTEREST RATE
         RATE OF SAAMBOU AGREEMENT SAAMBOU (F) PERMITTED
(A) (B) (C) (D) (E) (E)-(D) BY USURY ACT
1-Feb-03 13.50% 17.00% 16.25% 20.25% 4.00% 23.00%
1-Mar-03 13.50% 17.00% 16.25% 20.25% 4.00% 23.00%
1-Apr-03 13.50% 17.00% 16.25% 20.25% 4.00% 23.00%
1-May-03 13.50% 17.00% 16.25% 20.25% 4.00% 23.00%
17-Jun-03 13.50% 15.50% 14.75% 18.75% 4.00% 21.00%
1-Jul-03 12.00% 15.50% 14.75% 18.75% 4.00% 21.00%
15-Aug-03 12.00% 14.50% 13.75% 17.75% 4.00% 21.00%
15-Sep-03 11.00% 13.50% 12.75% 16.75% 4.00% 21.00%
20-Oct-03 10.00% 12.00% 11.25% 15.25% 4.00% 18.00%
1-Nov-03 8.50% 12.00% 11.25% 15.25% 4.00% 16.00%
15-Dec-03 8.50% 11.50% 10.75% 14.75% 4.00% 16.00%
1-Jan-04 8.00% 11.50% 10.75% 14.75% 4.00% 16.00%
1-Feb-04 8.00% 11.50% 10.75% 14.75% 4.00% 15.00%
1-Mar-04 8.00% 11.50% 10.75% 14.75% 4.00% 15.00%
1-Apr-04 8.00% 11.50% 10.75% 14.75% 4.00% 15.00%
1-May-04 8.00% 11.50% 10.75% 14.75% 4.00% 15.00%
1-Jun-04 8.00% 11.50% 10.75% 14.75% 4.00% 15.00%
1-Jul-04 8.00% 11.50% 10.75% 14.75% 4.00% 15.00%
16-Aug-04 8.00% 11.00% 10.25% 14.25% 4.00% 15.00%
1-Sep-04 7.50% 11.00% 10.25% 14.25% 4.00% 14.00% *
1-Oct-04 7.50% 11.00% 10.25% 14.25% 4.00% 14.00% *
1-Nov-04 7.50% 11.00% 10.25% 14.25% 4.00% 14.00% *
1-Dec-04 7.50% 11.00% 10.25% 14.25% 4.00% 14.00% *
1-Jan-05 7.50% 11.00% 10.25% 14.25% 4.00% 14.00% *
1-Feb-05 7.50% 11.00% 10.25% 14.25% 4.00% 14.00% *
1-Mar-05 7.50% 11.00% 10.25% 14.25% 4.00% 14.00% *
18-Apr-05 7.50% 10.50% 9.75% 13.75% 4.00% 14.00%
1-May-05 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-Jun-05 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-Jul-05 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-Aug-05 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-Sep-05 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-Oct-05 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-Nov-05 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-Dec-05 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-Jan-06 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-Feb-06 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-Mar-06 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-Apr-06 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
1-May-06 7.00% 10.50% 9.75% 13.75% 4.00% 14.00%
12-Jun-06 7.00% 11.00% 10.25% 14.25% 4.00% 14.00% *
1-Jul-06 7.50% 11.00% 10.25% 14.25% 4.00% 14.00% *
7-Aug-06 7.50% 11.50% 10.75% 14.75% 4.00% 14.00% *
PAGE 4
DATE RESERVE BANK BASIS/PRIME AGREED INTEREST INTEREST RATE VARIANCE MAXIMUM
BANK/REPO INTEREST RATE RATE IN LOAN CHARGED BY INTEREST RATE
         RATE OF SAAMBOU AGREEMENT SAAMBOU (F) PERMITTED
(A) (B) (C) (D) (E) (E)-(D) BY USURY ACT
1-Sep-06 8.00% 11.50% 10.75% 14.75% 4.00% 14.00% *
16-Oct-06 8.00% 12.00% 11.25% 15.25% 4.00% 14.00% *
1-Nov-06 8.50% 12.00% 11.25% 15.25% 4.00% 14.00% *
11-Dec-06 8.50% 12.50% 11.75% 15.75% 4.00% 14.00% *
1-Jan-07 9.00% 12.50% 11.75% 15.75% 4.00% 14.00% *
1-Feb-07 9.00% 12.50% 11.75% 15.75% 4.00% 14.00% *
1-Mar-07 0.00% 12.50% 11.75% 15.75% 4.00% 17.00%
1-Apr-07 9.00% 12.50% 11.75% 15.75% 4.00% 17.00%
1-May-07 9.00% 12.50% 11.75% 15.75% 4.00% 17.00%
11-Jun-07 9.00% 13.00% 12.25% 16.25% 4.00% 17.00%
1-Jul-07 9.50% 13.00% 12.25% 16.25% 4.00% 17.00%
20-Aug-07 9.50% 13.50% 12.75% 16.75% 4.00% 18.00%
1-Sep-07 10.00% 13.50% 12.75% 16.75% 4.00% 18.00%
15-Oct-07 10.00% 14.00% 13.25% 17.25% 4.00% 19.00%
1-Nov-07 10.50% 14.00% 13.25% 17.25% 4.00% 19.00%
7-Dec-07 10.50% 14.50% 13.75% 17.75% 4.00% 19.00%
1-Jan-08 11.00% 14.50% 13.75% 17.75% 4.00% 19.00%
1-Feb-08 11.00% 14.50% 13.75% 17.75% 4.00% 19.00%
1-Mar-08 11.00% 14.50% 13.75% 17.75% 4.00% 19.00%
11-Apr-08 11.00% 15.00% 14.25% 18.25% 4.00% 20.00%
1-May-08 11.50% 15.00% 14.25% 18.25% 4.00% 20.00%
13-Jun-08 11.50% 15.50% 14.75% 18.75% 4.00% 21.00%
1-Jul-08 12.00% 15.50% 14.75% 18.75% 4.00% 21.00%
1-Aug-08 12.00% 15.50% 14.75% 18.75% 4.00% 21.00%
1-Sep-08 12.00% 15.50% 14.75% 18.75% 4.00% 21.00%
1-Oct-08 12.00% 15.50% 14.75% 18.75% 4.00% 21.00%
1-Nov-08 12.00% 15.50% 14.75% 18.75% 4.00% 21.00%
15-Dec-08 12.00% 15.00% 14.25% 18.25% 4.00% 21.00%
1-Jan-09 11.50% 15.00% 14.25% 18.25% 4.00% 21.00%
9-Feb-09 11.50% 14.00% 13.25% 17.25% 4.00% 21.00%
25-Mar-09 10.50% 13.00% 12.25% 16.25% 4.00% 21.00%
1-Apr-09 9.50% 13.00% 12.25% 16.25% 4.00% 21.00%
14-May-09 9.50% 11.00% 10.25% 14.25% 4.00% 21.00%
1-Jun-09 7.50% 11.00% 10.25% 14.25% 4.00% 21.00%
1-Jul-09 7.50% 11.00% 10.25% 14.25% 4.00% 21.00%
14-Aug-09 7.50% 10.50% 9.75% 13.75% 4.00% 21.00%
1-Sep-09 7.00% 10.50% 9.75% 13.75% 4.00% 21.00%
1-Oct-09 7.00% 10.50% 9.75% 13.75% 4.00% 21.00%
1-Nov-09 7.00% 10.50% 9.75% 13.75% 4.00% 21.00%
1-Dec-09 7.00% 10.50% 9.75% 13.75% 4.00% 21.00%
* – Exceeding the maximum interest rate permitted on mortgage bonds by Usury Act
PAGE 5
THE CHANGING PHASES OF THE RESERVE BANK BANK/REPO RATE
1 SEPEMBER 1992 TO 31 OCTOBER 1994 – DECLINING PHASE
1 NOVEMBER 1994 TO 31 MAY 1996 – INCREASING PHASE
1 June 1996 TO 30 NOVEMBER 1996 – DECLINING PHASE
1 DECEMBER 1996 TO 31 OCTOBER 1997 – INCREASING PHASE
1 NOVEMBER 1997 TO 30 JUNE 1998 – DECLINING PHASE
1 JULY 1998 TO 30 NOVEMBER 1998 – INCREASING PHASE
1 DECEMBER 1998 TO 15 FEBRUARY 2002- DECREASING PHASE
16 FEBUARY 2002 TO 16 JUNE 2003 – INCREASING PHASE
17 JUNE 2003 TO 11 JUNE 2006 – DECLINING PHASE
12 JUNE 2006 TO 8 FEBRUARY 2009 – INCREASING PHASE
9 FEBRUARY 2009 TO CURRENT – DECLINING PHASE

 

4 Comments on "How FNB cheated Magdalena Pietersen of interest rates cuts"

  1. PK, I believe that when the Arithmetic and the Law meet in the Equality Court in Cape Town soon, quite very soon Praise the GOOD Lord JESUS; when Mr. Emerald van Zyl FINALLY takes the ‘stand’ in that Court – as an ‘Expert’ – and gives his Evidence to the Honourable Judge THEN I believe that You should be there PK.

    So should ALL those Political Leaders of South Africa who CARE ABOUT THE PEOPLE. You will see, PK, what you SEE That Fine Day !

    Mr. Johann Rupert and his ‘Afrikaaner Nationalist Mafia Gang’ will have to ‘c.. k en betaal’ That FINE DAY …. and it will ‘RUN INTO BILLIONS’ of Rand hey – that they i. e. First National bank/FirstRand bank Limited/FirstRand Limited will be Ordered by the Court to pay back to the People – to the ‘poor’ People who ‘just happen to be’ (sick !) so-called ‘black; so-called ‘coloured’ and Indian People/South Africans!!!!

    Great that You are supporting ‘poor old Emerald’ PK. He has TRIED SO HARD for the PEOPLE. Well Done PK. Thank You So Much dear.

    Lord Bless, love Michael (heart and smiley face).

  2. Hello Pinky
    Hello Michael
    I remember this SAAMBOU/FNB matter – affected thousands more as I recall.
    Happy to see your voice here Pinky. Michael Harris: THE VERY FIRST MINUTE YOU DETECT THE SLIGHTEST BIAS ON THE PART OF THE JUDGE – it will be your God telling you – you are RIGHT. Problem: that bias in my view is throughout the judicial system.
    Respect: Mike

  3. Hello Mike Stainbank,

    Yes, EVERYTHING seems to be POLITICIZED. EVERYTHING.

    That is why I want to ask PK to encourage Julius Malema and the Chairman of BFLF to attend Court in SUPPORT of Emerald. Will you attend in SUPPORT Sir ? Please do.

    Lord Bless, love Michael.

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