You are unrealistic in your expectations in what you want from a property. $70,000 will buy diddley. Your deposit won’t go far because mortgage insurance probably won’t cover your property – if you find one. However, one option might be to go for a 105LVR loan but the bank will make you dive through hoops to get it though.

Yvonne,

great idea but what about those vendors with unrealistic expectations. I know vendors don’t like dealing with agents, however, agents in their own way, regulate the real sellers from the dreamers.

It its the property with the garage, I drove past it on the weekend. Cobar is not too crash hot. Although the mines are eventually closing, they have streamlined the mines and the miners and drillers alike have been transfered to other mines. I would be very careful.

I am currently a mortgage broker. You don’t really need the Securities institute course to become a mortgage broker. However, on interview, they will ask you if you have completed the UCCC course through the MIAA. Most employers will tell you to complete this before, as it shows them that you generally have an interest and will stick it out in the industry. It is also a requirement by all banks that you have completed the UCCC course in order to become accredited with the banks (so that you may sell their loan products). Most mortgage aggregators and originators are pushing that all brokers must have completed the Privacy and Compliance courses as well as Mortgage Lending Certificate III by the end of the year. By doing these courses you will become an AMC (accreditated mortgage consultant). Most banks are recommending that their brokers become AMCs as well. CBA are becoming tough and most banks will generally follow suit. You can do these through the MIAA, however, the equivalent TAFE courses are much cheaper. See http://www.miaa.com.au for advice or phone any TAFE that offers these courses. []

For 300k you have to decide whether you want capital growth or a decent rental return in Sydney as it doesn’t buy you much. You have to also decide on an area that a bank is willing to finance you in. There is no point finding a studio under 40 squares for $200,000 in Darlinghurst if the bank requires a much larger deposit as extra security.

[] With some of my clientele, some institutions will lend 100% of the value of the owner occupied/investment home, however mortgage insurance will apply. Generally, institutions will finance on contract price even if the contract price is lower than the valuation.