In a new development in the debate over whether or not banks can legally change your home loan rate, NBS has applied to the high court for an order.
NBS has asked for the declaratory order to get clarity on conflicting judgments which have been handed down by courts around the country, resulting in some turmoil within the banking industry.
A spokesperson for NBS bank says the bank hopes that the order will be handed down by the end of March.
In one of the two cases on appeal, NBS Bank is appealing against a decision by Mr Justice Southwood in the Johannesburg High Court early last year when he said that banks could not change interest rates without the consent of homeowners.
This case could take a year or more to be finalised and no date has been set for the first hearing.
And no date has been set for the hearing in an appeal against a decision in another case, in which the judge found in favour of Absa Bank in the KwaZulu Natal High Court.
A declaratory order would be an interim measure until the appeals are resolved.
At the centre of the debate is the legality of clauses in home loan documentation saying the bank can change interest rates.
If these clauses are found to be illegal, then you could end up paying interest at whatever the rate was when you took out your bond.