Rachel attended a loan strategy session with us where we discussed how she could achieve her goal of buying her first home.  We gave her a savings target and told her to come back to see us when she had saved that much. After a couple of weeks, she had saved enough money and was ready to see us again to go ahead with her loan application.

But instead, her parents took her to their local Big 4 bank branch where they had banked for 20 years and the bank staff said they could do the application there and then.

Her loan was unfortunately declined. Rachel’s parents didn’t realise that their bank had a genuine savings policy and the gift of money they gave to Rachel was not considered a genuine saving.

Long story short, Rachel came back to see us. We presented her loan application to a lender who we knew had a no genuine savings home loan policy, and she was also able to show that she had a strong ability to service her loan and an excellent, stable employment history.  Her loan was quickly approved and now she’s happily settled in her new home!