That's the problem, i'm a low-doc borrower and banks won't lend on these post codes. I'll put in a call myself to the NAB in Mackay rather than go through broker. When I sought out the finance, I will only buy in Moranbah.

of course he is paying P& I. otherwise he will never pay it off!

great, thks for your help. 

Thanks everyone,The deal is that I actually have already loaned him the money 3 years ago, but his accountant is hassling me that I am charging 12% on the loan. The accountant says it's way above commercial rates. I beg to differ, so I just wanted to get other opinions on the matter. Just another thing, I loaned him the money $220K @ 12% and he…[Read more]

Enjoyed your clip. The place looks empty but you say current rent $320pw. Have the tenants left? Is that road the highway out front?

Hi Ryan,Just reading a story in "Your investment property" and RAMS is number 2 for the top 10 non-bank low-doc lenders. Interesting.

I just got approvedv ona re-fi  recently through Rams, 6.39% low doc and I looked up the Mort Insurer and I don't think it's one of the 2. I think its Westpac's own insurer, but can't be totally sure. It was approved in 24hrs. Cash out was maxed at $10K though, that was a pain as i had over $240K equity in the property. Now all my Westpac loan's a…[Read more]

Rams requires no BAS statements LVR 80% with LMI. There's word that Adelaide bank is bringing in a new low doc product in approx 1 month which will require no Bas statement and an LVR 70% with LMI. Considering the very large amount of self employed people out there I cannot see low docs will dissapear. As real estate gets back to a normal pace o…[Read more]

I'm interested in the answer to this one also. I just re-financed my low-doc loans and they asked for nothing. All I had to do was sign a stat decl stating that I can afford the repayments. They asked what my wage was and I stated whatever they wanted to hear. Infact I just added up all my income from the rents gross and gave them this figure.…[Read more]

I was at an auction last Saturday (Ray White) on the Gold Coast where a whole heap of properties go up for auction (and hardly ever sell). One of these exact same properties came up for auction on this day and the Auctioneer warned everyone to make sure you read the contract before buying this property today. He opened the auction @ $130K bid but…[Read more]

Hi Again,Thanks for the information. House Call & basbog, your on a winner mate. Moranbah is an awesome town and I loved it there. I could even live there myself but my wife would'nt have a bar of it. Richard, which banks did you end up using to finance the deals?

Good question Africandaisy, my wife has been moaning about not living in our own PPOR. We have 2 kids and another one on the way and she is getting that feeling that we should be settling down in our own home. My oldest child is 3. This is a emotional thing, not financial. We are always at the mercy of a landlord in our current  position. But I lo…[Read more]

Hi,I'm a long time property investor (12IP) and I have been renting for the past 3 years. I'm told that you should rent where you want to live and buy where you want to invest. I live in a beautiful waterfront home that's worth approx $1mil for $535pw. If Ibought this place 3 years ago I would of lost $150K in value and paid the bank approx $60…[Read more]

If you rec'd the FHOG, you MUST reside in the place for a min of 6 mths within the first 12 mths of ownership or else you'll get caught out and have to repay FHOG plus penalities.

Your PPOR is never an investment, it's a lifestyle. Rent where you want to live and buy where you want to invest. Never sell, only buy, buy, buy.

I bought my first property in 1988 with an advance of $2,500 off my Bankcard. I paid $47,250 for the place. I then bought another unit in the block for $50,000 3 mths later again using my bankcard for the deposit. I sold both properties for $90,000 each 12 mths later. I had $80,000 cash sitting in my bank account at age 21. I am now retired wi…[Read more]

try http://www.onthehouse.com.au.

I know what you mean, but I have not experienced this. I go back to the same agents all the time. That's there business and REMEMBER ultimately you are the one that chooses your tenant's not the Agent. When they do all the searches and reference checks they come back to me  with all the info for me to make a choice. Agents are not that stupid to b…[Read more]

EBM specialize in Landlord's Insurance, especially for strata units. My IP that are houses are insured with Suncorp, but luckily no insurance claim yet. 

I self manage all my properties (I luv it) but when we need to find a new tenant we have an agent do it for this reason alone realestate.com. Agent  charges 1 weeks rent + GST and they do all the work (taking inquiries, ref checks, inspection report, photo's etc, etc).  Alot of agents try to charge 2 weeks but i tell them to get nicked. Now I ha…[Read more]