I have asked dad and he said their 2 separate loans with the one bank. But he also mentioned that the equity or our PPOR is used for our IP. I'm starting to get confused as to whether our accounts are cross collateralised or not?

Dad does declare the normal rental income for our area on his tax return.

We haven't submitted any applications so…[Read more]

Thanks for the reply Jamie.

I was thinking of adding my income to dads if it would help. We haven't put in any applications yet but brokers have crunched the numbers for us and It seems like dads chances are now very slim….

The next step i was thinking was putting a joint application with my partner and having dad as our guarantor.

The…[Read more]

We've been looking at areas such as Vermont, Forest Hill & Burwood East since we live around there and familiar with the market. Opinions of going bit more east into the Knox and Wantirna area? 

duckster: The relative is now in Australia lol, i just thought if i paid off my PPOR it would make it easier with banks to get a loan.blackhotel: The broker i spoke to mentioned nothing about a lo doc loan to me and dad, maybe ill speak to him again. Thanksgod_of_money: Yes your right, it is always fluctuating. Luckily since we bought the house i…[Read more]

blackhotel: thanks mate, ill give it a shot.number 8: that is so very true.

Thanks for the reply Nigel and yes I was talking bout financial brokers… Have u done business with Alistair Perry before in Melbourne? Is he a flexible kind of guy? Our situation is pretty tight and we need some really good financial advice. CheersDan

Haha yeh…ive been living in Forest Hill for about 21 years now lol…how come u moved?I was thinking of buying a property and hoping to renovate it and sell quickly…what are your ideas on this? or would the buy and hold technique be more wiser considering the market?The property I'm interested in is around $600,000, its in a good location at l…[Read more]

Thanks D and duckster for your comments.Cause all the tenants are homestays the rent ranges from 200-250+ per week and we have 4 students. Yes they are overseas students who need to live in homestays. The 4500 is basically just rent from the students, but as they are homestays we have additional expenses such as paying for their food/ext…[Read more]