Bacchus Marsh isn't a suburb of Melbourne. It's a town and part of the Moorabool shire. As far as industry goes there's not much there. There's orchards, a small quarry and that's about it. There's one tiny shopping centre to service the town and not much of a main st. The basic things are there if you need them though. One of the big things for…[Read more]

Hi Scotty, just curious as to where you're thinking about purchasing if you are going to buy something in melbourne? If you look hard enough (and depending on where you want to live) there are still places under $300,000.18 months ago I built a 3 bed house for $151,000 and land was $101,000 so total package was $252,000. The current growth rate f…[Read more]

Thanks for the reply! This past fortnight I've been reading pretty much every post in this forum back to 2006 but for some reason I don't remember reading anything about this topic. Aaanyway, have now used the good ol' search function.The saying "If something is too good to be true, it usually is" springs to mind for some reason….. < …[Read more]

Thanks for the reply dust2dust. I thought the bank valuer visits the residence and makes a value from that. Should have known that they’d just be punching some figures into a computer! I may well be making a few
phone calls on Monday then…

It’s all starting to make a bit more sense now

Going with what Sandra said how you can make extra principal payments in an IO loan, if I were to do that can the extra payments be redrawn upon? So putting in extra payments when possible to reduce the interest being paid then when funds are needed redraw on the loan or would an offset account be…[Read more]

OP, I'm glad you've asked this, I was going to ask the same thing as I'm confused on the benefits of a interest only loan.Number 8, in regards to point 5 in your post you say "Your money made in property is not from what you pay down but how the asset grows in value, the more assets you own the wealthier you will become, this is based on past…[Read more]