Pre-approved loan withdrawn within 24 hours

This tweet comes with a warning attached about relying on pre-approvals.

The New Zealand Herald reports that an Auckland man, after letter dropping to find a potential property to buy, had his $800,000 pre-approved home loan withdrawn within 24 hours.

He had a $60,000 deposit and the loan was pre-approved on September 3 by the Bank of New Zealand (BNZ).

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