Did you have 5% or 10% deposit? 5% so need LMI too
Did you pay interest only to start? No principle and interest
Did you allow for an 8% interest rise just in case? Yes
Did the bank approve straight away? Pre approved straight away but took ages to be approved!!
Any other loopholes/complications? No problems at all. But remember if you need LMI too that the insurance company has to approve you too not just the bank.