That’s an excellent response – big thanks David!! [^][][]

I am printing it off to show my partner who wants to head in this direction too.

Where are you based?

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Mel
melanie@homeloanconnexion.com.au

Howdy,

Seeing some very good property purchases in Rocky, Mackay and Townsville at the moment, particularly blocks of units which means you need a bit of equity/cash to put down but well worth it and lends up to 95% possible, commonly around 90% LVR. Hervey Bay is also zooming ahead as a lifestyle/tourism destination too.

Enjoy the…[Read more]

Another option in Melbourne is Stuart from Prosolution, a very active forum member. His email is:

stuart.wemyss@prosolution.com.au

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Mel
melanie@homeloanconnexion.com.au

Hi Ingrid – welcome to the forum & Oz []

I am a mortgage broker in Brisbane and have seen lots of areas around Qld where people are buying very good positive cash flow properties. These include everywhere from Toowoomba west, Maryborough north especially in the bigger regional towns like Townsville, Rockhampton and Mackay, and even in some of…[Read more]

Hi Greg,

Is that Charchie as in teen swoon idol from Happy Days?? [] Whatever happened to him anyway.

I think Bill’s on the money regarding limiting yourself to one more IP at around $120K if you wish to stay within your equity limit and not pay LMI. There are plenty of other options too regarding loan set up which as a brisbanite I’d be happy…[Read more]

Hi Mitzu,

The average home ownership in Australia is about 62% so 35% rentals is right on the average so I’d worry more about the no. of vacancies in the area you’re looking at than the no. of rentals available.

Regarding o/s investing, from what little I know about NZ it’s best to set your loans up there with NZ banks, maybe some online…[Read more]

Terry can be reached via email on terry@discoverhomeloans.com.au. He posts a fair bit especially in the property section.

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Mel
melanie@homeloanconnexion.com.au

Hi,

Good luck with your broker Carrington, as Anna says you should be able to tell pretty quickly whether they support your plans and can help you get there. The only Sydney broker I know on the forum is TerryW from Discover Home Loans – a long long time formite and investor.

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Mel
melanie@homeloanconnexion.com.au

I top out at 32 no matter how hard I try. Started with -16 so not a bad improvement I suppose! [:0)]

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Mel
melanie@homeloanconnexion.com.au

Hi Cashking – like the name []

Yes there are still plenty of cashflow positive areas around queensland and you don’t have to look too far out of town either. I’m in Brisbane and it’s is a bit harder here but I’ve seen it happen here too, certainly anywhere from outer Ipswich west and north of Noosa aren’t too bad. Depends what you are looking…[Read more]

Hi folks,

LuckyPhil I think you make a very good point about new bank products, and new banks for that matter. Around 1994 the Big 4 had over 80% of the home lending market and there was minimal competition to say the least, then the likes of Aussie, Adelaide Bank and others hit the ground running in the mid-90’s and woke up the competitive…[Read more]

Hi Carrington,

Welcome to the forum! As a broker I agree with Gavin, on the info given you will have lots of options for low doc and no doc loans to continue investing. The rates aren’t that high at around 6.8-7.5% and many of them reduce down to the basic variable rates around 6% after 2-3 years of good repayment history.

Drop me a line if…[Read more]

Hi,

Actually I’ve found banks are very reluctant to take child support payments into account for loan servicing. They will take all regular government pensions though including Family Allowance which most low-income and single parent families are entitled to receive.

It’ll be interesting to see how the FHOG legislation gets changed. As Bear…[Read more]

Hi Steve,

I tend to agree and as a broker I wish I had a dollar for everytime someone asked me if I thought rates were going to rise! If people are genuinely concerned then fixing part of their loan to ease the uncertainty is never a bad option either although personally I think variable does better over the long…[Read more]

Hi Sophsi, welcome to the forum []

From the lending side it’s also not a bad idea to pick a town with multiple employers &/or within an hour of a major regional centre as lenders view these towns in a better light and will lend to 80% and sometimes as high as 95% comfortably. In areas perceived as very risky, eg mining town in the middle of…[Read more]

Hi Shaun,

This is really tricky to respond to without knowing your other plans and details but as for paying off the 36K loan – do you think you could do better than $209/month + break costs by investing this money elsewhere? What interest rate are you paying over what term?

It’s probably worth it because it’s a guaranteed return, depends on…[Read more]

Hi Investor,

From a broker perspective if you intend to sell all/most of the units you may be able to get a short-term commercial loan based on about 70% of the final value of the 4 townhouses, hopefully covering your full construction costs. The lender will want to see experience in this type of development (personally or through the builder…[Read more]

Agree Mini!

Kym there are heaps of lenders who will take the fact that you are in the same industry with previous self-employed history into account, plus as you noted with low-doc options it may become a non-issue depending on your deposit/equity funds and the properties you are buying.

There are quite a few broker folk on the site including me…[Read more]

Hi Brent,

That’s not a dumb question at all. In any property lending scenario the maximum LVR the banks will lend to are dictated by two things – primarily location, hence ease of resale, secondly full disclosure of ability to repay loan by the borrower. Different lenders have different spins on the risk levels they are willing to lend up to…[Read more]

Hi,

Where are you located? As a broker in Brisbane I’d be happy to help – there are others on the site from Sydney – TerryW for starters, and some very good Home Loan Connexion people.

Good luck and keep looking – I’ve managed to secure 90% LVR for a few clients on regional properties in the last few weeks, it’s possible but often a bit of a…[Read more]