Yes
But I haven't had time to sit down and watch the DVD's or the Audio CD's yet

A rent of 600 per week equal an annual rent of $31200.
At a rental yield of 4.5% the value of the house is $639333 on a rent of $600 a year.
If the landlord has recently purchased the house their loan would be $639,333
by the time they paid out stamp duty of $24,000 on top of the purchase price.
and if LVR was 95% on their loan an extra 20,000 loan mortgage insurance.
So at an outlay of $673,000 the landlord is getting $31200 from rent while paying $44,753 per annual in interest at 7%.
Now add on Insurance and rates of approx $2000 per year which brings up the total cost per annual of $46,753
Now take $46753 – $31200 = $15553 per year / 52 = $299 loss a week by your landlord.

So what I am trying to highlight is the poor cash flow your landlord could be experiencing if they recently purchased their investment property. This doesn't take into account any further interest rate rise.
We have not calculated any repair costs yet in to the figures above.
So if your landlord took the $673,000 and put it in the high interest savings account currently earning 6% p/a they would earn $776 a week in interest which is a nice cash flow.

What is the purchase / value of the houses you are renting compared with the rent charged ?

if your landlord claims negative gearing they will lose at least $150 a week after their tax return deduction is factored in.

You might want to investigate the cost of Vendor finance / Rent to buy as an alternative to renting but I am sure it will be dearer than renting.
see
http://www.housestogo.com.au/
http://easyhouses.com.au/buying.php
http://www.ownyourhome.com.au/
http://www.jvpropertypartners.com.au/       – Actual poster on this forum !
as some examples of rent to buy schemes – not a recommendation of any kind !

If you have some pre existing capital loss carried forward from other years you could reduce the taxable amount.

I started at 25 and bought a house for $74,000 with my wife after both saving really hard. I have not lived in the house since it was bought and have it rented out. Then I purchased another in 2000 and sold it in 2004 as I went to university and could not afford the negative gearing when I left university and no one employed me for the last 5 years. Unfortunately that house is now worth about $110,000 more than when I sold it.
Having become a parent to two daughters at the same time has really slowed me down as I couldn't work the last 5 years and now I am having trouble finding work cause I am 42 years old.
This means I can only borrow $70,000 max from the bank which doesn't buy much these days.
So either I have to find a good full time job or remain a non investor.
Also the ceiling came loose in the house I own and it will cost $1300 to repair plus the foundations of the concrete slab has moved due to the previous owner planting trees too close to the house cost to remove trees $900
And I also have termite damage to timber in the house so I need to fork out for termite protection /treatment
Then I have to pay the $18,000 debt I owe the government even though it never lead to a job that might help pay for the debt as promised by the powers to be. "Don't worry about HECS cause you will have a high paying job !" I graduated in 2004 still have no graduate job.
If I sell the house I will have a capital gain of $200,000 so I will also have a capital gains tax bill.

A mortgage broker told me an interesting story recently.
At Auction Bidding went up to one million and twenty thousand dollars.
Auctioneer states Sold
Vendor signs sales contract but doesn't read it
Amount on contract $1,000,020 instead of $1,020,000
That is a $19,980 difference
There was an article in API where the price was say one million but the signed sales contract by the Vendor was
$100000 instead of being $1,000,000 but written wording was one million dollars.
Luckily common sense prevailed in this situation.

You will also need to obtain a national police check, credit record check and fill out the business summary word document also found on ASIC's web site and join FOS or COSL $200 – $260 which has a cost to it before starting the application process.
Also make when you scan or do word that the picture files are TIFF format and Word Documents are RTF format or you won't be able to upload them during the licence application process.
There is a requirement to have a complaint process to follow in your business
and there is a requirement to keep up with training requirements.
Professional indemnity requirement you may be exempt from as a small scale wrapper you need to check the requirements on this.

I think myself that if you do not have a credit licence and a deal comes along it may prevent you doing a wrap due to the time it takes to get a licence.

I have heard NAB may be open to renovation lending.

If investment property has enough equity you could go to the lender and apply for a line of credit loan account.
It works like a credit card in that when you need money you borrow it from the LOC and then pay it back. The line of credit facility becomes a loan when you draw money out of it . To be tax deductible it has to be borrowed for investment purposes. The interest rate is a lot lower than a credit card !

If you had caveats on the security needed for the finance – did someone inform you of this situation as this would have prevented you getting finance maybe that someone could help you.

They may also have been factoring in building write off depreciation in their statement as this would increase the return by increasing the negative gearing while the investor is not forking out actual money.