Building isn't really an option. In the last 6 months things have changed heaps in Muswellbrook and for what I would spend building I could be negative gearing possibly a couple hundred a week. The vacancy rates have sky rocketed too so getting it rented out is a long shot. Definitely need to sell. 

Thanks for the advice guys it has been helpful. If I can manage to buy a property soon I will get the credit cards while I am on a higher wage then I have the option of using them on a lower income. Once the renovations are done and I pay off the cards I'll get rid of them.

Thanks for the advice guys ill take that into consideration in the future. So the credit card isn't too bad? What if I were to take out two cards with $15k-$20k limits each, one with interest free period (45-60 days) and 0% balance transfer (3-5 months) to fund a renovation?

Which are lenders that don't credit score? And do they charge additional interest? I have a credit card with a limit of 2500 that is paid regularly and took out a personal loan of $22k about 3 months ago

Thats understandable Jamie, thanks for the insight. Just trying to find out as much as I can about my options so I don't make a dud move!

Thanks for the reply sorry for not getting back sooner I didnt realise there was a new post. I would like to spread it across a couple of purchases. I know my borrowing power is 550-600k so maybe a house around the $250k mark to start and also a unit around the $170k mark.

ideally I would like to buy and renovate within approx 6 months then sell. My goal is to realise gains in equity through renovations to build up a deposit large enough to buy commercial property which I may develop in some way and then keep long term. Residential property is only something I would like to deal with in the short term (3-4 years). I am interested in the options to reduce LMI?? I am new to the concept but have heard of ways to basically carry over your LMI to another loan? 

Maybe I should give you a call sometime as I'm in the market for a broker?

Thanks for your advice mate it is appreciated. Seems I've been slightly misinformed on the FHOG, I guess living in Muswellbrook, NSW for the past 18 months or so means I'm not as exposed to the news in Queensland as I once was. I was meaning stamp duty towards purchase of a property but from what you're saying if I own an IP beforehand it means I'm not eligible anyway. Not a real big problem, was just trying to see how best to take advantage of any grant/concession available. I had a stamp duty exemption of $5000 down here when I bought my land which was great cause it only cost $3700 so the remainder was given to me in a cheque.

Those points taken into account, what do you think my next move could be? Once my land sells here in a month or two factoring savings like I mentioned I may have something around the 30K mark to invest.

I live in Muswellbrook for now but will return home (Brisbane/Ipswich) in about 18 months so would prefer to invest in the south east queensland region for that and since prices are quite low at the moment. You mentioned with 30K capital to invest that could go a long way? Can you give me any suggestions?

Thank you once again.

Thanks for your opinions guys they are more than appreciated. JPS I think I summed this up in my comment on the other thread but I have decided to shelve the Chinchilla idea for reasons you guys have covered. This will be my first IP so something stead that is gaining equity and allowing me to move onto another project is what I need now, and something that I can afford to sell if things are working out or I need to free up borrowing power/cash etc.

Toowoomba is the area I am currently looking at. A diverse location with links to, but not solely dependent on mining, growing population and if prediction are accurate should begin to grow with the rest of brisbane etc. 

Thanks for the reply JPS and Shape your comments are appreciated.

JPS since this would be my first IP I have decided to can the Chinchilla idea for now. Seems to risky just now and I shudder at the thought I may have a house that I ultimately can't sell in a few years. I do not hope this happens to you but just your comment about houses sitting vacant is enough to make me try another avenue. I am leaning towards Toowoomba for the stability. I have consulted a real estate agent and 4 bedroom houses rent close to or over the $400 mark so looking into some house and land packages in Sanctuary Rise (Wilsonton). I am sure mining towns make people money from their properties however it is not for me at this stage, I do hope yours performs well.

Thanks for the info Jamie. What sort of areas do they have those restrictions? I'm looking at purchasing a house and land package in Chinchilla, do they not like mining towns?