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There's plenty of lenders who're happy to write 95% or higher loans. Some are competitive on rates, others aren't. The problem is the mortgage insurers don't want to underwrite them as they're seen as too risky. Insurance took a HUGE hit in the GFC, they're currently very risk adverse as a...

The lender has definitely cross collaterlaised the two properties. Check the loan offer documents. It'll list both your previous and new property as security for the new loan. There are still a few lenders who'll lend to 95%, but they are tricky to work with and the best loan might depend...