Your post did not indicate this – I assumed (incorrectly) you must have already purchased. This is even easier. There are plenty of clauses around regarding early access/renovations prior to settlement etc etc you can get inserted into your sale contract. These always cover both parties (Rob Balanda has an excellent clause for this type of thing in an API article a while back).
Once unconditional, both parties are protected. However, when all is said and done, it is within the vendors right to decline this proposal, and if that doesnt suit your purposes or timeframe I'm sure you should be able to deduce the only two options left for you……

Happy to comment on my experience with One Direct.
I have done loans (ie borrowed from personally) with ANZ, (whom own one direct – clearly stated on their docs) NAB, CBA, Wizard, and Westpac, and all bias aside, one direct was the easiest and quickest experiece I have had. At trust me, I work for one of the above mentioned lenders, and embarrasing as it is to say so – I could not have done it any better myself.
The solicitor I used also commented that it was the first time a lender had ever shown the initiative to call him back with a suggestion on how to overecome a time specific obstacle. (We too had a tight deadline on our deal)
The only other observations I will make are –
1) The paperwork is a bit more involved than if you went into your local bank (bank, not broker – ) ID requirements were a bit more involved, whereas if you are known at your local bank they can process a loan on the spot rather than over the internet or a third party, such as a broker.
2) Rate is so much cheaper, and has the security of being a 'bank'. I was wondering how they would put their rates down, and interestingly when the bank last passed on the full 25 basis point decrease, one direct passed on 26 points. (no idea why)

I note as of today, ANZ's 'discouted' loan product is 7.87, the one direct rate is 7.55 – a full 32 basis points less, and no 'app fee'.   
3) I get a pretty good staff discount where I work, but still not as good as the one direct variable rate. HOWEVER, for anyone who wants to visit a branch, or shake somones hand, or if you have not much of an idea of what you wnat or need, it would be best to look elswhere.
4) No broker whould ever recommend one direct, as they are not on any 'lending panel', thus no commission of course.
You are getting a cheaper rate, by cutting out the middle man/men – and if everyone went to lenders like this, I guess I would be out of a job…….. 
5) I notice there is not as much flexibility as with some banks. For example, they assessed my rental property income at 75% (I use 80% on loans I do) and assessed credit card limits @ 3% rather than 2.5% like some lenders (which is probably more sensible truth be known anyway) so if on a tight budget, or getting close to your borrowign limits, you will find the amount you could borrow from them, may not be as much as elsewhere.

I dealt wih them via email mostly once I had established contact, and along with express post could not have asked for more.

Factual info, that I hope helps.

Cheers

Hi Tools,

Every purchaser should take out insurance as soon as contract is signed/exchanged. No exceptions.
I would hope your solicitor would have advised you to do this. Get it in place, and hopefully this will alleviate the vendors concerns. All the best.

If you are married or in a so called defacto relationship, if you want to use both incomes (for servicing / higher borrowing amount purposes) this is pretty standard stuff. Most lenders will encourage it. Maybe something has got 'lost in translation' somewhere along the line, as in a relationship technicly asset are joint anyway. If you cant get any sense out of a simple request like this to your lender, go somewhere else. (or see if there is someone more experienced with that lender to talk too instead) All the best. 

You could also try the "I work for the ATO, tsk tsk – but I'll keep quiet and give you a $160k to walk away no questions asked' approach : .

For ease of explanation I have often likened a Line of credit loan to having a credit card with a huge limit at around half the interest of a normal credit card bcause it is 'secured' against your property, and you only have to be the interest each month if you want.
Call me over simplistic, but as Richard has mentioned above, so many people are 'told' an LOC is the 'way to go' on their main homeloan for no particular reason, and they find several years indeed do go buy, and they still owe the same (or even more) than they first did!

A great tool to use though when you want to 'release equity' in your property for investment (or personal too) purposes once you have made inroads on your mortgage.

All the best.

Hi dgabriel,

This is an area at the moment that is causing concern with buyers, sellers, lenders and real estate agents – the real fact of the matter is that properties have in general decreased (some significantly in value) and really some people will not stick their neck out to do a val other than a conservative one. Perhaps I can help you see both sides – I recently ordered a valuation for a home for one of my bank clients, and it came in at $250k. Now, some feel banks are (yes they are – as are all lenders and valuers) being a tad conservative) so the client paid out of their own pocket to get the valuation redone independantly (ie , not for 'lending purposes') and guess what? It came in at $240k – with no 'correspondance entered into' according to the qualified, independant valuer.
I do agree, that is quite a difference in your case – some lenders can be a trite more flexible with valuations (you will find the first lender you mentioned is one of them at present) however on the other end of the scale, late last year I saw a customer wanting to 'sue' his bank, because when he could not get the money he wanted at time of his sale proceeds due to loan to ratio (LVR) issues and his properties being 'crossed' (as he requested) he claimed the bank 'over valued one of his properties ' thus 'misleading him' into borrowing 'too much money'. Yeah right……it is a fine line betqween being damned if you do, and damned if you don't. 
If you are keen to buy, and you think you will be able to save a bit afterwards, LMI on a sub$300k loan, at less than 85% (even 90% is not that bad) may not be as much as you think. Could I suggest you have a play around with one of the bank calculators on the lenders websites (NAB have a good one, so does ANZ – sure they all do) and do some sums.  You can see how every couple of hundred dollars put in extra affects the LMI amount due.
At the moment, most lenders (via a broker or otherwise) would be keen to win new business.
As has already been mentioned, LMI does vary between lenders (just check out some of the credit unions – almost double!!!) and also remeber that if you are paying an extra 1% interest as a premium, risk fee, or higher interest rate to avoid LMI on a $250k loan, that is $2500 per year – not just a couple of grand once off up front.

  All the best with what ever you decide.

Yes, this is indeed fraudulant – often called lying. The financier is providing more funds than the property is worth, and most credit areas are now very vigilant with wanting to see any contracts in full that have annexures or clauses inflation the price – sometimes done when people buy interstate.
As already posted, your solicitor is 'on the money'. 
It's one thing to be creative, another to be deceptive.

all the best.

I can't think of a mainstream lender that would directly recommend a course like this. In fact, most credit guidelines recommend doing all you can to try and ensure lo-docs are not used if income can be verified.  Clarify it, go full doc, or go elsewhere. Totally agree with the above comments. All the best.

Beautiful. THis sort of purchase albeit conservative (my strategy too) makes sense at the moment.
Al the best – now for No2!  Go get em !.

Cheers