From personal experience, Commonwealth Bank took 2 weeks to decline my credit card application because I missed a box on the application form, whereas Westpac approved my application in 1/2 hour, got the card ready for collection the next day.
Hi two years,
It would be tricky (but not impossible) to buy multiple properties with just $10k as deposit immediately. If you could buy a house substantially lower than valuation (distress sale or similar) and then get a bank valuation at real value, you could in theory access funds for a second purchase.
But otherwise the only cure will be time – you paying off the mortage as often as you can combined with the slow increase in equity. Line your nick-name, two years should do it!
I found “More Wealth from Residential Property” by Jan Somers a very good read – lots of worked examples to give you a feel for the figures.
And for balance, I did’t find “Your Investment Property – How to Choose it, Pay for it and Triple your Returns in 3 years” by Anita Bell, to be helpful to me. I found it too general.
Swampy30
If you’re interested in beach property on the Tweed Coast/Byron Bay area of far nth New south Wales let me know.Extremely rapid growth area that is still booming here
Hi julieb,
Yes, I’m interested. A growth area with the added advantage of being near the coast is a good investment. Have you any property in that area?