I also have a past career history in corporate and property finance for major Aus banks and find your comment odd to say the least. If there is enough equity in the property for amount your looking to bridge conditional approval can be given in minutes, you would only need to provide proof of income and property valuation, last GV would be accepted.
You would only be up for loan doc fees if the bank already holds security over the property. Interest rate would be current floating rate. Insurance would only need to be house insurance, you wouldn't need any other insurance unless the loan amount requested exceeds LVR.
Though have to say, sceptical if this property actually exists at all, and the story is nothing more than a ramp.
Kat.
NEA Price at posting:
49.5¢ Sentiment: None Disclosure: Not Held
