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The problem is the valuer is going to look for comparable sales. The most comparable sale within 3 to 6 months of purchase, would be the purchase itself. The valuer would then have a lot of trouble arguing a diferent valuation amount unless the market was on fire, or there were significant...

Ive had lenders use val instead of purchase, but only where the purchase was favourable, or when the settlement happened 6 or 12 months after contract date. All under 80% so no LMI involved.

Yes, it seems counter intuitive, but blowing the funds on a one off consumer durable limits the banks risk to just that amount. Giving you 'seed' capital to get further into debt (albeit 'good' debt) they dont control is way riskier.

CBA are pretty strict on their cash out provisions, especially when the LVR is above 80%. So you would need to show them what you are intending to do with the extra funds. You might show them the car you would like to purchase, the credit card you would like to refinance, or the holiday you...

It is, but it doesnt avoid LMI and cash out restrictions as mentioned previously.

wait till you have an LVR below 80%, or refinance away from the CBA bandwagon to a lender who has diferent cashout policies. Most people would just be convinced to do both the refi and the new purchase with CBA, Pay LMI on the whole lot, and have them xcolled. Not a problem until you have...