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There are lenders that under the right circumstances will simply use the results from an RPData or Residex report, or they may rely on the figure from the contract of sale. It usually doesn't work for an equity release or high LVR lending.

It sounds like the lender is trying to control the funds. They're probably not going to release any money until you need it for the deposit and settlement. They intend to manage it for you and it's unlikely the equity will never actually be available as cash. This is not an uncommon problem...