For those wondering, I'm currently exploring a number of options with regards to my LVR dilemma. They are:
a) Sell my manged fund, reducing costs by $230 a month (this is the interest I'm paying on the manged fund), which may persuade CBA to lend to me as an O/O at 97% LVR (I would check this out first before doing it);
b) Do not sell the managed fund, and look to see if I can get unconditional approval from another lender for 97% within the 6 week settlement period (if this is possible);
c) Bypass my mortgage broker and go directly to CBA myself and see if I can convince them to to lend to me as an O/O at 97%;
d) Accept the 90% lend with CBA, and factor in a reduction to my available equity of $15K.
So what do you think guys? Should I pursue option a, b, c or d?
OK, well after obtaining some feedback, I'm going to go with option C. Apparently, through the broker channel, you are really dealing with Colonial, and Colonial policies are slightly different to CBA's. However, being the nice person that I am, I will first see if my broker can do anything else for me, and if he feels that he can't, I will go to the brach myself. If CBA do agree to switch me to the O/O loan, I will ensure that my broker still gets the commission for the sale, since he went to the effort of organising my loan in the first place.