NAB won't give unconditional approval

Or for gearing up more then the true value of an existing property. You don't want to borrow more than 100% (or 90%) by accident.

It does raise issues as to what is the real valuation? You're right, you don't want to Refi a loan that may soon be into negative equity if the real val is correct.

It needs careful consideration as to the clients individual financial situation. For eg, I would not use the desktop in that Situation for the borrower to access equity in their only property to buy a boat. BUT in other situations it could be perfectly okay.
 
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