The broker our builder referred us to pointed us at the ANZ lo-doc 60%, has the same interest rates as regular loans. We're short on cash for a deposit so have been advised to pull about $20-30k from our current house if we want a completely stand-alone loan with a different bank.
I'm still a formal tender offer and a selections appointment away from knowing exactly how much we need to borrow though ... this process is sloooooooooooooow.
The ANZ is usually the obvious answer. It does have it's quirks but works well for most deals. If you're doing a subdivision you might have a problem. You also need to be very careful with the application as you only get one shot at it.
There are plenty of others who can also do it, but they're either more stringent, more pricey or something else. It depends on the deal.
So, if I fax the CBA and give them $121, I have a completely debt-free, unencumbered title to a block of land I can wave at the ANZ as a downpayment Or just keep with the CBA.
Not quite enough to get us over the 60% mark though, land is worth loosely $50k, house build once you add on fences and connections and floor coverings will be around $110-115k, maybe more. That isn't 40%. Hence, need to pull some out of existing loan. Topping up both our existing loans and the land with the CBA to 60% barely gets us to $80k unless we swing some very high valuations.