The only concern I would have with this strategy is you are banking on your ability to get a second card to transfer the debt from the first card.

I am unsure how the financial institutions would rate you getting a card and maxing it out (or close to it) in a relatively short period of time and then applying for a new card?

Have you previously had credit – even though you have a job and savings, if you have limited credit history, I would be suprised if they provided such a large amount on an initial credit card.

Just my 2 cents.

Had a chance to review the report – interesting reading!

The Residex estimate is $218,600. 12 months ago they were selling for $180,000 – I am assuming this is the result of the FHOG? Do you think the price will drop after the FHOG is removed?

Still looks viable – decent rent – need to investigate the sinking fund for the body corporate.
 
John

Hi,

Just joined the site and am finding the information contained in the posts fantastic.

My wife and I are looking to use the equity in our PPOR to pruchase an investment unit as a first step. We are looking in Merrylands  – close to Parramatta. From the posts we know we need to look at other costs such as the body corporate and the sinking fund for repairs to common areas.

Found a property and I was wondering if you could provide a report for 13/20-24 SHERWOOD ROAD MERRYLANDS NSW. I want to get an understanding of what the report indicates and try and educate myself as to what other questions I should be asking.

My email is vjmeo1 at optusnet.com.au

Thanks for your help!

John