Can you post DA details on the response so we can all see.

What am i paying and what am i getting for my money ?

Surely you are not going to tell us that you purchased a property at Auction although have not had finance approved.

What will you do if the Banks valuation and the your purchase price are a mile apart. Guess that is a topic for another day.

I wouldnt be too sure that the lender will not ask for updated information nearer the time.

Most lenders will not issue the Mortgage Documents until near the settlement date so that their Title Search is not too far away from the Settllement date and it could well be that they ask for a payslip or two nearer to the time as verification.

gibbo took the words straight out of my mouth.

Done many a deal recently where the product we achieved for the client was more competitive than the clients own Bank branch had quoted them.

More importantly a good mortgage broker who is investor orientated will structure your loans so they are all separate and work for you and are not cross collataralised and favour the lender.

Remember a Personal Banker or Loans officer is often remunerated by ensuring the loans are all crossed and provide maximise security for the Bank.

Hardly going to tell you can do better when $$$ are involved for them.

Want do they want per site ?

Is it DA & BA approved ?

Closing costs certainly wont be anywhere near 5% of the purchase price but make sure they are not factoring in your deposit amount and also the loan costs / LMI.

These of course could exceed 5% dependant on your borrowing amount and the LVR.

More information required to provide a structured response.

Purchasing an investment property first will not disqualify him from being able to qualify for the First Home Owners Grant in the future however he may loose his entitlement to the Stamp Duty concession depending on which State you are based in.

Is there a reason he doesnt look at purchasing his first home taking advantage of both the lower SD concession as well as FHOG Boost structuring the loan accordingly and then once he has complied with the terms of both renting the property out.

It is unlikely he will get more of a helping hand in regards to deposit etc for the soming years and as long as he doesnt pay more than the property is worth giving the influx of FHB's then it is certainly worth consideration.

Hi Angela

A few answers for you:

1) Yes
2) 5 Years and yes it is possible but unlikely to be acceptable in the current climate.
3) Dont even go there. We are a 4 star Broker with the NAB and even our processing times are getting worse and worse. In saying that of course if a pre-approval is obtained then time is probably not that important as the contract and other details can follow.
4) 75% of new rent and 80% of existing rent.
5) NO. it is 95% less LMI.
6) Yes $900.

If a Corporate Trustee / DFT is used then less likely to get 95% and even if you do they will ask for the Trust / Constitution assessment fee up front to cover their legal costs which is around $350. In saying this this becoming more common as lenders dont want to find they approve the loan and you dont settle.

Wow Garry really have got you fired up.

I guess when you have been on the forum as long as i have you get slightly suspicious as Dan has commented of maiden posters telling the world about how good another company is.

With regards to your claim about commission (sorry FAT commissions) Mortgage Brokers and Licensed Financial Planners such as myself receive a standard commission which we declare and is outlined in the lenders Letter of Offer unlike your Bank Manager who doesnt have to declare the bonues he receives from writing your business. Whilst i am sure he is a little wonder i assume he suggest you cross collateralise these loans and i bet he doesnt do it for your benefit.

Take my word for it your Bank will fund you for as long as they want and then pull the rug from under you before you now.

Again if you had read any of my 5000+ posts you will see that i retired some years ago from property and only through request from clients started up my boutique brokerage / financial planning house for selected investors. 

I have no need to work but enjoy helping people and seeing them build their investment portfolios. Probably similar to your Bank Manager !!!!! 

Will vary from State to State.

In Qld for example SD is payable 30 days after you go unconditional even if settlement is a year away.

Talk to the OSR in your State.

Can it be financed in such a town.