So my updated response if anyone cares.
After another couple of weeks with emails back and forth, sending the ‘proof’ that I tried to do this before the change I’ve been told that they will honour fixing one property (2 loans) at the old rate but not the other.
I’ve questioned this yet again because the only way the banker I’m dealing through got this problem was because I went into the branch (before the change) to get it done.
Oh the irony.
In the meantime, I have looked at refi options because I oh so want to take my business elsewhere after this debacle but it’s definately looking like my options are slim to none with all the lending changes and the rates being so crappy.
I was trying to hold off on going to FOS as I was hoping it wouldn’t come to that but looks like my next couple of days will be putting my head on straight to try and explain (and condense) this saga.

I wish it was me being difficult!

Update being, I am no further in my endeavours now than I was a month ago and the month before that.

• This reply was modified 7 years, 5 months ago by  RMAA.

You’re all right.
Unfortunately we’re like many caught in the new APRA trap, we don’t have any other options to move to.
I’ve been trying to consolidate some things for myself (and family as per other posts) but we’ve been told we can’t do anything. If I could sell the kids I might have more hope.

I’ve been collecting education online and as a result spoken to numerous brokers, I’m not saying good or bad but in some cases after an initial discussion, their silence has been deafening.
Not wanting to waste anyone else’s time my plan was to fix majority and knuckle down during that time to reduce some debt to be able to move forward. Which is why this peeved me even more as if I had to wear it, it would mean less off principle.
The harder part is all my stuff is 90% without LMI due to being able to access certain benefits and we’d be talking BIG $$$ if we had to pay it. They win again.
So Ethan, yes a complaint is looking like our option. I’m the type that would do that and I’m not going down without a fight.

Lending with STG other with ANZ.
Spoken to multiple brokers, finance strategists if you want to call them that, some even with the luxury of no response once details have been given.
looking at speaking to them directly again, as last time was 12 months ago, just to see if anything has changed.

Thanks Terry, but could they substitute the security the bank already holds if they don’t want to purchase again to leave access to the funds for contingency?

Just an update we’ve decided to keep the property at the moment.
One thing I can’t fathom though, going a bit off track is that we’re finally ready to settle with the refinance and I haven’t heard back from my broker for nearly 8 weeks.

Is this normal practice for a broker to get everything approved etc and then just disappear not returning calls or emails?
I guess I’m a little disappointed as they came highly recommended.

Absolutely.
I’m on the lookout but the time of year has killed me for that.
We have some foreign investments that seem to have stumped them as well. Been waiting since Melbourne cup day for a response on that one.
Might be another direct call to the ATO is in order but then I’ve been waiting for them since Julyish too. 😜

Thanks for the insight Benny.
You are right we bought a ‘solution’.
Unfortunately as the place is 5-6 yo there’s not a lot we could do to add value to it at this stage.
Also as it’s in an estate the covenants dictate a lot for the exterior.
The positives are it’s part of the SE growth corridor of Melbourne, new (additional) train station due to the population growth, more schools etc. but there is a lot of land around to build on at the moment.
It was actually the REA advice NOT to sell if we could help it because it is a ‘great property in a great location, getting a good rental return’.
You’re right in that we’ve all contributed and earlier this year I painstakingly went through statement after statement to confirm how much so in any sale scenario we’re all working on the “carve up” would be equal thirds.
Ethan, I think the above answers a couple of your questions but I’ll confirm.
1 out of the 3 wants to “cash in” so the remaining 2 either take it over or sell. (my hubby to become #3)
I literally have loan documents ready to sign but we’re just at the point where we all need to agree on a “sale” price. This also covers if we put it on the market.
But due to the bank valuation we can’t borrow enough on the mortgage to pay out the third (they won’t accept that it’s only worth $460k because of the RE appraisal) so we’d have to borrow it from elsewhere.
In regards to another purchase for a similar price, I’d probably look elsewhere to be honest if it is for shorter-term or manufacturing growth but the fact that NG on this is purely due to depreciation is attractive as this gives us cash to start paying down home. We knew when we bought this place that it would be a buy and hold type property.
If we did sell though we also wouldn’t have enough funds to buy again in the short term.
I keep coming back to that in reality we’re only purchasing a third of a house not a full house.

Terryw I did query the valuation with our broker (I noticed that they put the house as older than what it is so not sure if that would have had an impact at all) but we’re using a lender with no LMI for CPA and I guess stupidly, I didn’t want to irritate the tenants with numerous valuers wanting access as our lease is coming up soon so we want to be seen as easy to deal with landlords.

I guess the situation overall just had me kicking around in my head which scenario is better so I thought I’d put it out there if anyone had any opinions/ideas that I haven’t already thought of!

P.S I had a chat with our accountant but unfortunately she’s just agreed with every scenario I’ve mentioned that it all is possible but not given any advice as to what they’d suggest based on our circumstance.