We settle on a new property on Monday with a new lender and have submitted a Partial Discharge from ANZ leaving two loans and a small LOC against one dual occ property in north west Sydney - all up around 80% LVR.
ANZ have come back to say they want us to reduce the remaining loans to 60% LVR which means we have to come up with $96 000 by Monday week to meet they discharge criteria.
I spoke with the Lending Manager who said they have requested this because the previous loans were done on a Low Doc basis. Only the LOC was done on a Low Doc basis. All other Loans with ANZ were Full Doc. The Lending Manager has gone back to the Discharge Supervisor to get them review the request and hopefully agree to the 80%.
Is this common? What are our options?
Any advice hugely appreciated! I am trying to remain very calm and breathe very deeply. There is a bottle of port on my desk that could be empty by lunchtime...
ANZ have come back to say they want us to reduce the remaining loans to 60% LVR which means we have to come up with $96 000 by Monday week to meet they discharge criteria.
I spoke with the Lending Manager who said they have requested this because the previous loans were done on a Low Doc basis. Only the LOC was done on a Low Doc basis. All other Loans with ANZ were Full Doc. The Lending Manager has gone back to the Discharge Supervisor to get them review the request and hopefully agree to the 80%.
Is this common? What are our options?
Any advice hugely appreciated! I am trying to remain very calm and breathe very deeply. There is a bottle of port on my desk that could be empty by lunchtime...