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Westpac Customer Protests At Loan Refusal

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, July 23 NZPA - A Mapua-based man withdrew all his $190,000 in savings in $20 notes from Westpac today and deposited it in Nelson Building Society in protest at the bank's refusal to grant him a mortgage.

The Nelson Mail reported that artist Roger Griffiths met the 20 percent deposit criteria with $200,000 of cash for a $385,000 property, but his application for a $80,000 mortgage was rejected because he did not have regular income.

The customer of 25 years was angry that the bank did not support him.

Westpac said Mr Griffiths did not provide information relating to his ability to meet regular payments.

Westpac has been in the news recently on a range of issues. A banking error saw $10 million credited to Rotorua businessman's account after he asked for a $100,000 overdraft.

The bank has $111.4m of loans to collapsed clothing company Lane Walker Rudkin and it is currently in court over a disputed tax assessment of $903m.

The bank has launched a four-year sustainability plan with 10 goals, of which one is to educate 45,000 New Zealanders through free money management workshops and online tutorials.

Other goals announced by the company included raising $1 million a year for Westpac Rescue Helicopters, helping 2000 disabled New Zealanders participate in sport and leisure, reducing the bank's carbon emissions by 20 percent per active customer, reducing waste to landfill by 40 percent, and removing 1 million pieces of rubbish through the Care for our Coast programme.

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