We sold a very cheap house and did a security switch, as our loans were crossed. They had our other two properties valued at $0 (I don't know how they did this, but that's another complaint) and $90k despite them actually being worth $45k and $160k. We were uncrossing the loans and were told that with these valuations everything would be fine and doable and easy.

When they sent out the valuer noone told him we were uncrossing the loans so he valued the house at exactly the amount needed to keep the loans crossed (about $40-50k under market value, $60k under the area median and $15k lower than the lowest sale in the area for the last year) - so we got charged $8000 to keep our LVR the same. We did this to avoid bank exit fees as we need a new loan straight away for a new house. This dragged out our settlement by 2 weeks.

Then we found the bank changed their lending criteria a few weeks earlier and we couldn't get our new loan with them, so not only did we lose $8000 we also need to pay bank exit fees. We're now short about $5000 + fees for the new house and desperately need that $8000 they took off us. They said they can revalue and give the money back but then they refused to do it. We can't refinance to get that $8000 so our only choices at the moment are trying to find someone at the CBA who wil listen (not likely), the banking ombudsman, refinancing to a new bank and selling the house.

The most annoying thing is the loan will be for an investment property so having the loan $8000 smaller means that $8000 is no longer tax deductable. And they've left the minimum required payments for that loan at the same amount it was when it was higher to add insult to injury.