Interesting I have done a few rpdata valuations and theyhave been pretty close with onthehouse Values

as for whats’t going on in the area we have researched quite thoroughly and have a few friends working in Gladstone Moranbah and Blackwater either fifo or dido from the Fraser coast just check out how many are from hervey bay in the MAC camps might be surprised and that’s before any mines have opened which four are on the cards one waiting the green light from derm honestly moranbah gladstone etc are overheated markets the property we are looking at will be cashflow positive from day 1 few hundred meters from white sandy beaches there is a supermarket just down the road all be it a small one at craignish and daily transport to the cbd and the schools are alot closer then 15-20k

There is also the marina and quite a few other developments in Hervey bay and Maryborough area Including the decentralization from the cbd to hervey bay as one of the key area because of it’s current high unemployment rate.

we work in the resource sector and I would rather spend 270k in the Fraser coast region for a massive home then some 40 year old fibro in a town relying heavily on the resource sector only.

I know the area is all doom and gloom atm and the properties I am looking at sold for 400k in the peak… without any mine going to happen

the property I posted block originally sold for $172500 the house seems quite abit over 20squares I would guess approx cost was around $200,000 so total completed $372500

sounds like a good retirement spot to me in the mean time I am sure I can round up some tenants that enjoy fishing having a few quite ones overlooking the water at the local watering hole with daily transport to Hervey Bay and several schools 12minutes sure as heck beats a 3hour drive to the beach or 2hours for any decent shopping lol

a quick search on Gumtree shows there are renters already looking and willing to pay $350 Now we just have to get the banks to agree.

I see carers allowance does not say it is counted which is the major portion of our income atm, I have talked to ANZ lending managers several times and there response as soon as you mention DSP and carers is NO, maybe they need to read there manual becuase I have been told the same thing by lenders in Rockhampton Brisbane and other areas.

do you actually have any pensioners that use your services or are you just saying from thoery in that case we have been told we can lend up to 4mill in blue chip suburbs…

CBA used to count disability income they do not anymore I have done a dozen deals with CBA they changed there terms at the start of this year and will not lend to anyone on pension income and lost a lot of customers we were one of them.

Not sure about the credit score and NAB obviously take pension income we talked to cba and moved to NAB becuase according to CBA they no longer lend to disability pensioners, and told us to pretty much get a job or we don’t want to know you if I could get a job I bloody would they don’t give out DSP to just anyone as people seem to think.

I have another valuation which shows 302k however the main sticking point was the lender is worried they we won’t be able to re lease the property in 2 years time,302k was done back in July and there 285k val was done n June, for another property we looked at.

I would hazard a guess this was there excuse so they didn’t have to lend to pensioners and even when all banks supposedly lent to pensioners “ANZ never did”

You loose I think it was around 30k of your lending capacity because your on a pension exact same income in paid employment and you can get 30k more now if you think about it logically which one is more secure the person that has been in a job for 3months has to drive to work everyday and workers smoke drink etc the same if not more then pensioners “I do neither so that’s another myth”.

That can be sacked tomorrow or the person who is trying to raise a family knows how to budget as they have gone from being employed to disabled so you learn to budget quick smart.

or the young bloke that has no kids that has been employed for at least 3months and really doesn’t have the I have to pay my bills or go back to mum and dads when your 30+ with a wife and kids this isn’t an option, not to mention you can be sacked Tommorrow

after purchasing the property we were going to purchase for the cost of 699k that comes with a 2 year lease to a company

our income would be at least $104000 our equity even taking the low end value at 285k is 228k although I would love to know who they think can build a 190square meter home with all the upgrades for this on a block that cost a minimum of 135k,
for under 300k.

anyway enough venting I’ll post here in 6months once we have got rid of this dog property and moved forward I was really hoping to be able to do something on dsp and write a book on this as there is no information as how to invest if your disabled plenty if your on single parents etc but most of these lead to one thing get a job first this isn’t a option so we will use our cash to buy an income some how or do a flip or 2 with cash.

Simply venting and to let others know what a pain in the neck it has been if others are using NAB preapproving then changing there mind in 24hours is simply unbelievable.
Mate if we could get the finance and move forward we would at wits end here, and people wonder why others stay on the pension only so much someone can take.

Hi Michael the rent is 2k+ a week but NAB will only count half at $1000 weekly we were preapproved on the 2k a week rental income they changed there mind after doing some research, the problem is the lending manager seems to think Moranbah willl get thousands of homes built soon.
We were told they don’t believe we would get 2k+ a week for a 4 bedder in Moranbah although the contract was subject to a lease agreement.

We are just going to sit on our hands until we can sell our PPOR and get cash in the bank and will work something out from there.

Hi Derek as it is 38klm from Rockhampton mortgage insurance is available as it is less then 50klm from a city

and there is 3000+ people in the area

Location

Mount Morgan is a town located in central Queensland, Australia. It is situated on the Dee River, 38 kilometres south of the city of Rockhampton, and is 680 kilometres north of the state capital, Brisbane. The Burnett Highway passes through the town and is an important gateway to the Bowen Basin region which is responsible for much of the state’s mining and natural resources related industries.

Mount Morgan is located 38 Kilometres South of the City of Rockhampton, 680 km’s north of Brisbane and is well positioned along the Fitzroy & Galillee Coal Basins.

Population and Demographics

Mount Morgan has an approx population of 3000 people and is a part of the Rockhampton Regional Council with a total area population of 115,000.

The Capricorn region of Central Queensland has experienced tremendous growth over the last few years driven primarily by the resource and mining boom. Major regional centres of Rockhampton and Gladstone have reflected this growth with population and property prices forcing residents to look for more affordable alternatives within close proximity. With Mount Morgan located 30 minutes from Rockhampton, it offers home owners & investors alike an opportunity to buy an affordable property offering opportunity for sustained capital growth on the back of the mine about to reopen. With only a handful of new building consents over the past ten years and the majority of housing consisting of up to 100 yr old MINER’S COTTAGES; quality accommodation in Mt Morgan is not just scarce it is non existent. Development of the area has only just begun with developers now realising the potential of the town and all it has to offer.

The story of Mount Morgan

The future growth and prosperity of Mount Morgan will be driven by 4 key areas which make the township unique within the region for its potential; Infrastructure, Economic Opportunity, Lifestyle, and Geography.

Infrastructure

The platform of infrastructure that Mount Morgan presently enjoys is far more superior to its closest rival residential area – Gracemere and includes:

Primary School
High School
Hospital
Day Care Centres
Aged Care Facilities
Community Recreation Facilities including bowls, tennis, swimming and sports grounds
Pristine Recreational Dam that also supplies the town with clean water.
This level of infrastructure not only means that Mount Morgan has more to offer its residents than Gracemere, but also means that it’s potential to adequately handle the growth we are predicting is also superior.?

Government Social Infrastructure Projects

Better Regions Program – $176 Million Dollars

The Mount Morgan Promotion and Development Board (MMPAD) have also developed strategic plans to tap into available Government Funding for further infrastructure improvements. The MMPAD has identified Mount Morgan as an ideal candidate for funding from the 176 million dollar Better Regions program, which the Government has created in an effort to deliver on its election promise to provide regional Australia with much needed community facilities and services.

MMPAD will push hard for funding from this program for infrastructure such as;

Revitalisation of town’s main streets
Multi-purpose community and resource centres
Major sport and recreational venues
Community transport infrastructure
As the Government looks to create jobs, and shore up the economy with its Nation Building scheme, where better to improve infrastructure than in a township with as much economic growth potential as Mount Morgan.

Economic Opportunity

The township itself has enormous potential for economic growth through the following areas;

Tourism

Mount Morgan enjoys A number of key historic attractions making Mount Morgan a unique destination; Heritage listed gold mine and important palaeontology discoveries. Recognised historic township with many heritage listed buildings and monuments. Caravan Parks can cater for large caravans/motor-homes; Golf Course

Mining

The reopening of the Mount Morgan mine to extract gold, copper and pyrites identified in a 643 ha registered mining lease surrounding the township, will of course mean that the employees of the mine and associated service industries will drive up the demand for housing in the region. This project is scheduled to run 12 years, providing, and especially with the current gold trends, an initial springboard for rapid growth, which, when the project is completed will have opened the doors for sustained growth and service to further CQ industries that the township of Mount Morgan can both drive and benefit from.

Geography

The geographical location and the established social and physical infrastructure of the Rockhampton district make it ideally placed to capitalise on further developments in the following industries as they grow in our region;

Mining
Agricultural
Manufacturing
Utilities
Construction
Transportation
Communications
Service
Tourism
Retail
This potential for growth in the Central Queensland region was recognised by Professor Ross Garnaut in his study “Australia and the North Asian Ascendancy”, as each of the key elements outlined in his economic strategy is present within the Rockhampton Region. As Rockhampton grows, and people search for affordable housing without sacrificing lifestyle, Synergy Mount Morgan, with access to more facilities than is offered at Gracemere will be well placed to capitalise on the growth that the Rockhampton Region will and is enjoying.

Lifestyle

Residents can choose from large family home blocks or semi-rural lots as their base to enjoy the small close knit community lifestyle, gatherings at the local recreational dam and regular craft markets, with the security enjoyed by all of the other facilities identified in this document such as the hospital. Not to mention of course, that residents escape the heat that Rockhampton has to offer, being always 4-6 degrees cooler due to its elevation.

All the while Mount Morgan is only 25 minutes away from the hub of Rockhampton for work, an hour from the southern Mining communities or a pleasant 60 minutes drive away from the pristine beaches of the Capricorn Coast for play on the weekends.

Summary

Our meticulous research into the area and common sense dictate that Mount Morgan is the next logical step. It is the next boom town, and the timing with the current economic climate could not be better. Crisis or not, as outlined above, Rockhampton and Mount Morgan will grow, and with that growth will come demand.

Projects and Proposals

Mount Morgan Gold Mine – Redevelopment and re opening mine again. ( Recently acquired by Hong Kong Consortium – Value – TBA

Better Regions Program – $176mill – Government funded initiative to upgrade and improve facilities and services with the area

The Eulogie Project – located 23km South – Located close to the World Class Bulk Tonnage Infrastructure and is a mine similar to the Hawkwood Iron Ore Project

Panorama Ridge – 500 Residential Lots – 500 Lots Adjoining the soon to be expanded Mount Morgan Golf Course – $60mill Gross realisation

Mount Morgan Hospital upgrade – $14mill – Already commenced

Galilee & Bowen Basin – 70,000 Jobs and Mount Morgan will get the flow on effect of these latest projects and expansions.

Pricing & Rental Profi

With a huge under supply of rentals & quality housing the stats are about to be re written and at the time of writing this report only 5 houses were available in the entire town to rent.

The town is screaming out for quality accommodation with the average rental still only $200 – $250 pw but comprising only of cottages and quaint country houses. Mine or industry workers are actively seeking better quality housing so all of the key factors for property growth have emerged and we see some instant equity available here for the investors that jump in early.

The Average house price in 2008 was $306,000 and has seen little shift till this year and we see it 60% undervalued when compared to this nearest neighbour Gracemere. With several key residential estate’s about to be brought on and the re opening of the Gold Mine these past figures will soon be old news.

Thanks Derek yes size my concern also it’s a service town for several mines
German Creek
Central Colliery
Foxleigh
Southern Colliery
Middlemount Mine
Bundoora

as far as the NAB is concerned they will lend there on a 80% emerald looks like a better option however I haven’t found the returns as high as Middlemount Dysart Moranbah.

my main concern is that a lot of the mine workers are housed in camps, and the lease of less then 12 months which says the company can pull out at the end of lease and I’ll be stuck with a huge debt and no renters.

I thought a few people here may work there or own property in the area.

Back To The Drawing Board.