Couple’s mortgage request declined because she spent $187 at Kmart

A couple have recalled how their bank rejected their application for a mortgage extension because a pre-Christmas shopping trip to Kmart.

Kim Anderson-Robb and her husband from Dunedin on New Zealand’s South Island are among those already stung by amendments to the Credit Contracts and Consumer Finance Act, which came into effect on December 3.

Aimed at protecting vulnerable borrowers from loan sharks, banks now place higher scrutiny on applicants’ spending habits before loans are approved.


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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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