lol lisa.  I know how you feel. You've well and truly got the realestate bug.  It's so exciting AND frustrating..

I'm in the waiting game at the moment also. I have 5 IPs and my PPOR that I'm in the process of renovating to free up more equity.
Certainly  see what you can do in the way of improvements to increase equity, but sometimes we just have to wait for the market to improve.

I agree with the advice you got  from the woman banker. Switch to IO loans and save the money for a new deposit..And perhaps you might consider aiming for a high growth area for your next purchase. Yes i know they are expensive but it will be worth it if  it  increases 10%+  per year.

Anyway we all have different ideas  about  investing.
 good luck

sheesh I just did the 05/06 tax return. I'm aiming to get the next one in earlier. I really cringe when it comes to figures and setting up spreadsheets and wot not.  I hate looking at things with no pictures! AND graphs don't count.

Now I have 4 sons who I am attempting to steer into such useful occupations as electrician, plumber, builder……..There's room for an ACCOUNTANT! YAY!

Amanda you're a wonder! I hope your family appreciate you.

Actually Richard is very experienced and efficient broker /financial advisor/  investor  and has been in the game a long time.  He  knows his banks, the deals they offer and has a backup one lined up if something goes wrong with finance (he rescued me when I stuffed up some paper work).  When time is of the essense he hand delivers or arranges a courier. He bends over backwards to get the deal thro in time.

I do not believe for a second that he meant to 'sink the boot in'. Maliciousness is not his nature. Your own broker is probably  just as efficient. But  you have to admit there has been much negative publicity about every tom dick an harry setting themselves up as mortgage brokers.  Yes you wrote to the forum for 'help needed' but it is really up to your broker to get you the finance in time. That is what Richard was pointing out .

Sorry Richard if Ive embarressed you for flying your flag
'

no sorry enternit, can't help you with Browns Plains. Terrible name tho. Someone on the sth side should be able to help

crashy you'll find that  it is not legal in Brisbane to rent out the grannyflat separate from the house.  Grannyflats are for your granny or some other family member.

In saying that, I have a grannyflat at my own house that i rent out to a bloke (no relation) who pays my kids school fees.  Frankly I think  it's crap that I can rent out a room to a stranger but not the grannyflat.

I also have two IP's with granny flats. One in strathpine, rented to one extended family at $400/wk. The other, kippa-ring rented to separate parties for a total of  $470/wk. AS an aside I did mention that I didnt like kippa-ring for a growth 'burb but as you can see its a great rental return.  I manage these houses myself because agents have always underquoted rental returns.

I don't know why you had to mention the rent return when you applied for the loan.  But don't tell them about granny flats or anything if you must give rent returns. just give them the total rent.

It sounds like a good deal so If  you are positive  you are going to get finance let the contract go unconditional but ask for the extension to arrange the finance. Also in future, ask for 21 days before contract goes unconditional. Banks and solicitors%^$$(*&$&*(^%$&$&^&$%!!!!!!!!

CAn I ask where the property is situated?, 

I grew up at redcliffe, brother lives there as does my father.  I have an IP at kippa-ring. But I'm not as excited about Redcliffe (I read the article crashy mentioned). Yes there is a new bridge on teh way. That bridge is years overdue and I'm not sure it will adequately cope with the populution in any case.  If you are going to buy in REdcliffe, make it walking distance to the water. Kipparing, rothwell etc you might as well be living anywhere as you'd have to drive to the beach.  I can't see my house at kippa-ring increasing in value as the development around it  is ear marked for 'affordable' apartment, duplex, villa types. If you go out to Rothwell you can see dozens of these and they look awful.

ANd yes the amalgamation of councils will mean Redcliffe with a smaller population than pine rivers or caboolture will miss out.

Sorry if I'm raining on your parade crashy cos i really do love Redcliffe along the beachfronts. 

NOw Amanda, you WILL live in Ipswich. Tho if you are talking about those nasty windy days they were truly  awful. I guess it is almost Ekka time.

LOLOL tatts_83!!

oh Xenia there seems to be a lot of people out there that need protection from themselves.  Reminds me of this story about a man after purchasing his brand new computer had to ring the call centre because he couldnt get anything up on the screen.  After fiddling about, trying this and that for half an hour, they finally figured out that the computer wasn't plugged into the power point.  The call centre guy (thoroughly frustrated by this time) asked if the guy still had the box that the computer came in. When the reply was 'yes' the call centre guy said    " well pack it all back up and take it back where  you got it  BECAUSE PEOPLE AS DUMB AS YOU SHOULDN'T HAVE A COMPUTER!!!"

i have to admit i would like to see 42 day contracts the norm perhaps a clause to complete earlier if both parties are ready. Too many times I have bought houses and there have been holdups with banks and solicitors….dont expect much out of them on a Friday! Solicitors  flippantly say 'we'll ask for an extension'  and couldnt give a rats that i'm paying interest on those extra days. 

and apana, i agree with above. if you are keen on this property, check it out before putting in the offer. And of course there is always more bargaining power if the contract is not subject to finance.

hi there
I have been a full time investor for nearly two years now.  I pulled out the equity in my house to purchase IPs.  As previously mentioned I have tried to combine CF+ with high growth areas. All loans are low doc.

I now have over 2m in property  so if properties increase by 5% in the year, I refiance to pick up the shortfall in mortgage repayments and for living expenses.  100k is more than enough for me and  I have to keep some aside for low growth years or saving for a new property.

The problem I am going to be facing sometime in the future is that my PPOR has by far the biggest mortgage which of course is not tax deductable. The sensible thing would be to go rent but my kids wont hear of it.   I really need another investor in my area to swap houses with me so our PPOR then become IPs.