Last week, Roger Griffiths, a proud customer of Westpac Bank for 25 years, withdrew his $190,000 savings in $20 bills after he was denied a mortgage loan.
Westpac, the second largest bank in New Zealand, rejected Griffiths' application for an $80,000 mortgage because he did not have steady income as an artist. Griffith stated that he is a successful artist, with his paintings displayed in New York's World of Wearable Art. He also seems to be financially set:
The property in Mapua, NZ cost $385,000.
Griffiths had $200,000 saved in cash and was about to sell his $110,000 campervan.
According to Griffiths, the property would have generated $500 per week. (Cash flow from commercial use and a residential home)
All of these financials exceed Wetpac Bank's criteria for a 20% down payment. Griffiths was very upset when he learned of his mortgage denial. He notified the bank of his upcoming withdrawal, and his local branch provided him with a red and black duffle bag to carry out all of his savings in cash.