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No the lender is wrong x-Coll is also bad when you don't get into trouble. First of all financially it will cost you more, as the lenders mortgage insurance will be higher. Also what about when you want to access more equity and one property has gone up in value say $30k and the other has...

I think its fine, if your purpose if for it to be an investment... Look at the LMI as a cost of doing business. LMI isn't too expensive whilst under $300k And as you said its allowed you to retain your capital/cash

Yes compareable sales is the best method to use, sometimes even worth while passing the comparables you have onto the bank/broker to forward to the valuer... If your loan is $178k and value of $185k you likely paid about $4700 in LMI, you will get credits for this so you could quiet easily...

RookieLearner who has valued the property at $245k? Was this the bank or a real estate agent?