Subdivision and security substitution


I am doing a subdivision on a block i own and want to give the bank some of the resulting blocks (to the value of the block they have as security at the moment). The form i got from the bank to exchange security seems to look like a full loan application form (A&L, income etc), also asks for payslips etc! I would have thought since i was only exchanging security, not increasing my borrowings or lvr, it would be a very simple form.

Also i need the bank to present the title prior to the new titles being issued, has anyone had any problems getting the bank to do this?

Any thoughts would be appreciated.



its about 65% lvr, was approved for 80% but they changed thier mind at the last second and suddenly decieded they will only lend up to xxx per vacant block.

Would be really annoying if they cause problems as the security im giving them should be worth more and easier to dispose of (several normal size blocks vs 1 large block) than the old security.

Have you heard of any problems with these guys (or any othr banks) where they try and scuttle a subdivision? They would have to be insane as it only will make the security worth more and increase the borrows ability to pay them back. Its not like im asking them for any money.

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