Mortgage frustration

So we found our dream home. A typical dream home .... those you see in display villages. A DISPLAY HOME. 4 bedrooms, 2 bathrooms, 2-car garage, outdoor entertainment area, 2 gas fire places (1 indoor, 1 outdoor), water feature, landscaped gardens..... as good as it gets.

The asking price was reasonable, with immediate lease back, good returns.... etc etc. We have been given a pre-approved figure by our bank. No doubt the amount we want to loan now is slightly higher, we don't think it is an issue. So it all seems like a dream is about to come true ..... until they came back with a phone call.

They said, it is not the bank's policy to provide a home loan for a display home. Because we are leasing it back to the building company, it is considered an investment property.

So they knocked us back with a stupid technicality. Forget the 10 years of banking with them, ALL our loans, re-mortgages, credit cards, accounts, the whole caboodle.We were ropable. It wasn't because of the amount we wanted to borrow because she said the amount wasn't the problem. It was because that house we wanted to buy, is a display home and it is just not the bank's policy to borrow for display homes.

What logic??????? They encouraged us to get a loan to buy a home, and lease our current home, and that the rent can be put towards the mortgage. But we are not allowed to find a display home that gives them a GUARANTEED return. What difference does it make to them where our mortgage payment comes from?

So we told them not to worry too much about it, cos when we find another bank or loan company who is willing to loan the amount to us, we are moving everything to the other company. And they can take their policies and shove them up their precious jumpers. We have already spoken to 10 other different companies, and they have been lined up over the next week or so to meet with us.

We are crossing our fingers.... rubbing our hands .... really hoping we can get egg on their face when we do get finance. Bwahahahaha.....