The Birdie Advantage: Expert Advocacy Overcomes Access Limitations
For many first home buyers, KiwiSaver is the key to unlocking their deposit, but strict bank criteria around the timing and accessibility of these funds can unexpectedly derail an application. This case study shows how Birdie Financial successfully advocated for a client, transforming a bank’s outright rejection into a successful approval.
The Initial Challenge: An Inaccessible Deposit
Our client, a first home buyer, had approached us with a challenging scenario: they wanted to buy a property using their 5% deposit, but that deposit was locked in their KiwiSaver account and couldn’t be accessed for another two years due to scheme rules. The client’s bank declined their initial loan application, ruling that the client lacked sufficient “genuine savings” from their own accessible funds. While the client’s family was willing to assist, the bank’s initial decision put their homeownership goals on hold.
The Birdie Solution: Reframing the Client’s Financial Strength
Birdie Financial immediately recognized that the client’s issue was an access limitation, not a lack of savings or responsibility. We compiled a detailed application that focused on the facts the bank had overlooked:
- 5% Savings Proof: We demonstrated that the required 5% capital did exist in the KiwiSaver account.
- Strong Habits: We highlighted the client’s strong, documented savings habits over time.
- Household Strength: We emphasized the client’s strong and stable household income.
We then presented this comprehensive case directly to the bank’s decision-makers, arguing that the client’s financial discipline and long-term viability justified waiving the strict “genuine savings” rule in this unique context.
The Outstanding Result
Our strategic advocacy worked. The very same bank that had previously declined the application approved the loan on the new basis presented by Birdie Financial. This enabled the clients to utilize the family assistance and the bank’s willingness to look past the technicality of the KiwiSaver lock-in.
The clients immediately went unconditional on the purchase of their first home. This case proves that where a bank sees a rigid rule, Birdie Financial sees an opportunity for strategic advocacy to achieve a life-changing outcome for our clients.
Facing finance challenges with unique deposit circumstances? Contact the First Home Buyer experts at Birdie Financial today.