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fyi, in USA where this is very common (millions of short sales a year there), the banks can be very slow in reaching a decision. Not sure if this is also an issue in Australia, but given my recent experiences with 3 different major banks, it wouldn't surprise me if it took ages.

Yes, the common term for this is a short-sale. Similar situations can also occur where properties are cross-collateralised and they wouldn't qualify to retain financing with the bank, following the sale of this property as either the valuations, or their current income wouldn't stack up...