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The banks aren't doing anyone a favour but themselves. Their policy is designed for every day people, it is not in any way equipped to handle the miniscule number of people in Australia this is the appropriate solution for. When assessing if you can afford a loan the bank just wants to see do...

You would need to already have an approved, undrawn LOC available sufficient to fund the deposit and costs on the purchase, plus enough to purchase the annuity. If you're already at the borrowing threshold serviceability and equity wise, this is not the strategy for you. Where this will...