I exchanged contract for a house on October 21, 2013. The agreed settlement date is December 2, 2013. Since the property is sold by NSW Trustee and Guardian, there is no cooling off period and I put down 10% deposit (around $35,000). The dealing with ubank has been good at the beginning. I passed serviceability test, got all the documents required for their online "tracker" facility. After all the required documents have been received by ubank, they did a valuation on the property this Monday. The valuation came back good. It matches the purchase price. I have been busy finding potential tenant over past 2 weeks. I accepted one of the tenant's application and he gave me 1 week rent today as a security. I then logged into ubank's tracker facility to see the progress and found that the loan has "disappeared". I rang ubank up and I was told that the property has a granny flat which is against their lending policy. I argued that it is not a granny flat but a teenager retreat. They said it does not matter. As long as it is a detached house and it is tenant-able then they will not lend you the money. Even if it is just a game room, pool shed, workshop, rumpus room, bar room, etc. This is a lesson well learnt.... level 1: look at just rate level 2: look beyond rate and look at features (redraw, offset, etc) level 3: look beyond rate/features and look at policies Now I need to come up with 300k to settle in 3 weeks time. I am not sure if any lender can settle a loan that quick.