Yep spot on – but you're probably best off waiting a few more months until you've got a larger sum of cash to inject into the loan and reborrow because at present it doesn't look like you'll be able to buy much.

Why are you aiming for an 80% lend? Is it simply to avoid LMI? If so – that's not always a great decision. 

Cheers

Jamie

I'd pop the funds in an offset linked to your PPOR for the time being – and use it later on once you've worked out what you'd like to do.

On a side note – it sounds like your bank/broker has crossed up your loans which is a bugger. It's not the end of the world – but the structure could be set up better.

Cheers

Jamie

Hi Matt

I don't know of any personally in Townsville. It can be tough finding specialists in smaller cities/towns – you might need to look interstate and deal via email/phone if you have no luck in your neck of the woods.

Cheers

Jamie

No probs – I meant a broker rather than a fin planner.

Cheers

Jamie

Hiya Mr dude guy

Nice user name and welcome aboard

Buying an IP or a PPOR first up can be as much as a lifestyle choice and a financial one.

Personally – I've always preferred owning a PPOR and used my first to leverage into property investing. It's also something a fair few of my clients, particularly younger ones, have done.

Some have purchased PPOR's in need of cosmetic renos. Have carried out some work – had them revalued and then accessed that newly created equity to fund the deposit/costs on their first IP.

Whatever you decide – it's a good idea to surround yourself with pros. A good finance person and accountant are a good start – as is a BA if you're purchasing interstate and don't have time/willingness to purchase something on your own interstate.

Cheers

Jamie

Hi Fay 

Welcome aboard.

While I don't know your situation or the reason you found yourself with defaults – I generally don't like the idea of using family guarantees to get around bad credit history issues. 

Depending on the size/nature of the defaults you might still be able to get a loan but you'll need to contribute at least a 20% deposit as LMI won't approve it.

Cheers

Jamie

Yep – it can be quite a clever strategy.

Cheers

Jamie

Hi Dan

If you're struggling to find a decent one locally then why not look interstate? Like most professionals – you can deal with them remotely via phone/email.

I haven't had a face to face meeting with my accountant for a couple of years now.

Cheers

Jamie

Hi there

Property is a long term asset – you've only had it for just over a year so it's unrealistic to expect too much growth from it in a short period.

I don't know the area personally so can't comment on whether there could be some growth in the future – but I think it's just a bit too short of a timeframe to start thinking about selling up.

Cheers

Jamie

Hiya

Do you have a PM managing this property? If so – let them work it all out for you.

I don't know what your rights are – but morally, I wouldn't be getting in the way. If they genuinely feel threatened then let them go and get another tenant.

All in all – I wouldn't worry too much about it. Let your PM do the worrying – it's what you pay them for

Cheers

Jamie