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First Home Buyer β€” Case Study

Bank Rejection
Turned Approval in 72 Hours.

Last updated: July 2026

A West Auckland couple declined by two major banks secured their first home with a 9% deposit β€” through a specialist lender Finch sourced in under three days.

9%
Deposit Used
72h
Pre-Approval
6.29%
Rate Secured
3 wks
To Settlement
2
Banks Said No

The problem.

James and Priya had been saving for three years β€” long enough to scrape together a 9% deposit on a $720,000 home in West Auckland. They had stable incomes: James as a teacher, Priya working part-time as a freelance graphic designer alongside two young children.

When they approached their main bank (ANZ), they were declined. The reason: a $4,200 credit card default from 2021 that had since been fully repaid. A second application to Westpac returned the same result.

With a pre-approved property they'd been holding at risk of falling through, and feeling shut out of the market entirely, they contacted Finch after seeing a social post from a friend who'd navigated a similar situation.

How we solved it.

1
Full credit review & written explanationWe pulled the full credit report, confirmed the default had been cleared, and drafted a written explanation letter outlining the circumstances β€” a key part of a specialist lender application.
2
Identified a specialist non-bank lenderWe matched the couple with a non-bank lender in our network that has flexible credit criteria for borrowers with a single historic default β€” not available through standard bank channels.
3
Maximised income recognitionPriya's freelance income β€” often dismissed by major banks without two years of tax returns β€” was presented with a 12-month income average and contracts on file, qualifying the full amount.
4
Fast-tracked pre-approvalBy submitting a complete, well-prepared application, pre-approval was issued within 72 hours β€” before the conditional property offer expired.

The result.

Pre-approval was issued in 72 hours. Settlement completed 3 weeks later. James and Priya moved into their first home in Waitākere on repayments they could comfortably afford β€” without needing to wait another year to build their deposit to 10% or 20%.

The 2-year fixed rate of 6.29% gives them certainty through to 2027, by which point the plan is to refinance to a major bank β€” now with a clean credit record and a track record of mortgage repayments to strengthen the application.

"We'd been told no twice and were about to give up. Finch found a solution in three days. We didn't even know lenders like this existed β€” and now we have keys to our first home."
β€” James & Priya, West Auckland, First Home Buyers

In a similar situation?

A bank rejection doesn't mean the end. Finch has access to 20+ lenders β€” including specialists who can help when major banks can't. Book a free, no-obligation consultation.

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Mukhtar Kiyani

Written by Mukhtar Kiyani

Director & Financial Adviser Β· FSP1011206 | FSPR FSP1011125

Mukhtar has 15+ years of financial advisory experience across NZ mortgage lending, investment structuring, and first home buyer guidance. He founded Finch Mortgages with a mission to make expert, transparent mortgage advice accessible to every Kiwi. Based in Auckland, advising clients nationwide. View Profile β†’

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