Yes – the bad debts are pretty bad and I understand the mortgage is going to be a problem. All the defaults were a result of moving several times in a year (bloody rentals) and having no income whatsoever that year. They were all put on my credit report in the same 6 months and cleared in full as soon as I 'discovered' I had them. (I had no idea – they all have long stories) They are the worst kind… to financial institutions and for large amounts (over $1000, under $5000). There are 3 defaults.

It is likely I will not be able to get a morgage even with 20% down (this is what I have been told), and it kinda makes me mad that I have nearly $200K just sitting around and I don't know what to do with it – meanwhile I am looking at moving Yet Again this month, because the landlords wish to move into my current rental.  The idea of using everything I have to get  the 20% / 80% ratio and the fact that properties are particularly expensive in this area is what is giving me restless nights.  I shall end up with $Zero savings in the bank and one great big mortgage, unless I use auntie's house. Hence I thought, maybe buying a $300K unit/house, renovating and selling might be the interim answer, until I have gained a substantial deposit. Such was this thought that had me pick up a steve knight book a few weeks back and start looking into what is involved.  Unfortunately, I am looking at investing to make short term profit so I can afford a family home, but when I came on this forum, I noticed most people have family homes all paid off before they invest, hence I feel I bit deflated at my prospects.