I haven't met one that works on rate, although there are some that will do specific tasks for a set fee. Negotiations with agents and bidding on your behalf at auctions for example.

Hi Mike,Definitely you can use who you like. I have interstate clients but also clients who work overseas and cannot physically meet any Australian broker, and technology is sufficient to do all aspects of the loan and continual contact. There's no difference here with dealing with a broker interstate or intrastate.We tend to rely on technology…[Read more]

Richard has it all covered, and a good broker will also be there to answer any queries along the life of your loan and will proactively ensure that you are being looked after, whether it means restructuring when required or even changing banks for a more attractive package (and no, not always about what's cheapest!).The number of people I meet who…[Read more]

Completely agree, not only is NCCP a new hurdle, but it also falls under what is good conscience in assisting any client with their lending and ability to repay their loans.That's a very interesting story regarding the CBA Lo Doc loans and something I've heard similar to the USA in the last few years. I'll have to keep in mind for my developer…[Read more]

Pure asset lending is available however even they are starting to change to see an available income source (under responsible lending compliance).Another, possibly safer option is to buy property for cash, and then use the rental as an income source and then that can help service further loans in the future (along with the rental you would recieve…[Read more]

Good luck with your search!

Hi Nina,Depends on the property type as mentioned by swampy but purely from a capital growth perspective, a unit in Sth Yarra (as long as you have some decent land content and it isn't high-rise, so less than 20 in the block) should perform better than a house in the far outer suburbs. Generally this is due to the land and demand in the inner…[Read more]

Hi Jack,API databank is a great guide, but always use this as an indication of the areas and don't use it as gospel. Some areas can be skewed based on new developments and particular dwellings.To use Carlton as an example, it is a fantastic area and provides some real growth opportunities (simply look at the housing growth for Carlton and you'll…[Read more]

Hey Doggity,Being an apprentice is fine for certain lenders (CBA especially), as long as you are full time and can afford the loan, so income is your main hurdle here. Having two incomes plus the rental really helps with your servicing. Some issues the lender might have is that assuming you only use the cash available, you would need to go to…[Read more]

Hi Movida,I'd of course love to throw my hat in the ring. We are based in Melbourne and would happily meet with you to discuss. You can find our details below or at our website.

Hi Taffygirl,If you purchase the property as an IP and do the renovations immediately, then technically you can't claim deductions on the property unless it is tenanted or available for rent at the time. You'd also need to be careful over what would be classified as a repair and capital works if this were the case, as immediate deductions vs…[Read more]

Hi Troy,You can always try the vendor directly but they will no doubt point you in the direction of the agent (and even if they accept the agent will do his/her best to get a better offer). Sometimes you can get lucky and understanding the vendor's motivation to sell will help guide you here.If you go through the agent the general procedure is to…[Read more]

Definitely worth asking for a better deal, they can only say no if you ask. One way to look at it is see what the price in a few of the surrounding areas and if you can show cheaper prices, it's worth pointing this out and they might bargain for your business.If you are also unsure and want a lower price, you can put a "subject to…[Read more]

Everything has a scrap value, so it might be worth having a QS do a schedule for scrapping as well.A good place to try in Melbourne is BMT, they will go over your property over the phone, ask a few questions and let you know if it is worthwhile. Following renno's, they will then be able to do the full depreciation schedule.Best of luck.

Hi Jaster,Your current LVR against the IP is 87%, so going to 90% would allow you to release only $9,000 for the next property (plus LMI costs). If you can get a higher valuation then this will allow further equity. Perhaps going for a high val on the refi and seeing how close the valuers go to it might be the first step.The advantage is that you…[Read more]

Hi Stocko,My first thought is to always consider what you can afford and whether the extra interest payments you will make are worth it considering the capital growth your IP can make (I'm an advocate of never selling property as long as you can maintain the debt and they appreciate!) over the next 5 years…

Hi Yuri,Good to see you're using the equity in your home to further your own wealth and best of luck with the journey.You can set up two accounts but there's really no need. In some cases (say with St George) you can set up a single line of credit (Portfolio account) and have several sub-accounts under it. Best to have these set as I/O (and…[Read more]

Definitely investigate taking some equity out of your PPOR for your next IP as the funds to complete (deposit and costs) as this has tax deductibility. Ensure that you take it out as a separate loan/split, not an increase against your existing loan.As Terry has mentioned, all investment loans are best suited to I/O, whereas you might prefer to…[Read more]

Hi vj4mj2,Your aims are definitely not overly ambitious and congratulations for making the first step!As it seems you are looking for capital growth, South Frankston might be a bit of a stretch for great capital growth in the next 5 years. The area has been "the next big thing" for far too long for my liking and also sits in part of the mortgage…[Read more]

Analysis AND Selling – sounds like a conflict of interest…