A New Zealand couple living in Perth is taking on one of Australia's big-four banks for racial discrimination after they were sold an insurance policy they could never cash in because of their nationality.

Port Kennedy couple Judith and Charles Cairns have been living in Australia on the Special Category Visa for more than a decade.

A New Zealand couple in Perth couple has won the right to take on one of Australia's big-four banks for racial discrimination after they were sold an insurance policy they could never cash in because of their nationality.

Mr Cairns, 58, said the couple had paid almost $20,000 in premiums for a life insurance policy to a subsidiary of ANZ, OnePath, over nine years.

It wasn't until he sought help from a Perth-based financial adviser that the fine print of the policy was pointed out to him, revealing that as temporary residents they were never eligible for the policy, despite their application and payments being accepted.