look at investing across multiple properties, I have made the mistake of tying to much cash up in 1 property

in 5 years from now you don't know where that property value or rent return may be or bank rules…

Hey Crest I am looking at a leasehold motel coastal no food

11 units pool etc, returning $140.000 new 25 year lease

I have read all your posts and I see you mentioning banks lending on 30% for leaseholds is this still the case?

I have around $200,000 equity they are asking $480,000 for the motel that we are interested in.

I would go with houses unless your buying a block or the unit shows positive after all fees Including the body corp and was close to say brisbane cbd etc

luke86 wrote:
I was in Hervey Bay last year and personally would not buy an IP there. Walking around town there are a mountain of large vacant blocks with old for sale signs up. Many (if not most) of these blocks are DA approved for townhouse/apartment developments so you would have to wonder if the area was such a great spot for development…[Read more]

waydo77 wrote:
seems like more of a retirement suburb? 15-20 kms from schools from shops is a fair distance for renters. only found a little convenience store nearby.

I would personally not be relying on a couple of mines, I’d be looking to see what other projects are on the cards or other established industry in the region.

I wouldnt take…[Read more]

moxi10 wrote:

JT7 wrote:

crazya wrote:
Also here's a tip for those looking to invest in the mining towns, after speaking to a mortgage broker (Mortage Choice in G), unless you have 20% deposit, you won't be able to leverage into these places.  The LMI originators won't go near them and they do not take into consideration the high rent…[Read more]

Qlds007 wrote:
Again to correct 1. Anz will only do 95% lvr for existing customers who have had a retail lending product with the Bank for more than 6 months. (as per page 63 of the Anz Operations Lending Manual).2. Anz will use 100% of family payment, parenting allowance and sole parent pension including disability support pension and…[Read more]

Qlds007 wrote:
This will be my last response to this post as it is going nowhere1. Sorry CBA do still take Pension income into consideration. You might check their website to confirm this.Also as i have mentioned previously under NCCP there is no difference in the amount you can service based on PAYG income or disability income and anyone who…[Read more]

CBA used to count disability income they do not anymore I have done a dozen deals with CBA they changed there terms at the start of this year and will not lend to anyone on pension income and lost a lot of customers we were one of them.

Not sure about the credit score and NAB obviously take pension income we talked to cba and moved to NAB becuase…[Read more]

Qlds007 wrote:
Find myself asking why the post was made in the first place if you have already decided to sell your PPOR.CheersYours in Finance 

Simply venting and to let others know what a pain in the neck it has been if others are using NAB preapproving then changing there mind in 24hours is simply unbelievable.
Mate if we could get the…[Read more]

Shape wrote:

abcd1 wrote:
the problem is the lending manager seems to think Moranbah willl get thousands of homes built soon.
We were told they don’t believe we would get 2k+ a week for a 4 bedder in Moranbah although the contract was subject to a lease agreement.

We are just going to sit on our hands until we can sell our PPOR and get cash…[Read more]

Shape wrote:

abcd1 wrote:
Thanks for the helpful feedback we have tried the Broker route also as we are on pensions this doesn’t seem to be possible even with 200k equity guess will just have to wait until house is worth selling to do something.

Sounds like you got a serviceability issue? having equity won’t help as you still can’t service…[Read more]

Thanks for the helpful feedback we have tried the Broker route also as we are on pensions this doesn’t seem to be possible even with 200k equity guess will just have to wait until house is worth selling to do something.

shoooshoo wrote:
hi Jasin

i dont know the details unfortunatley. but thanks for the information. do you know what the LVR required borrowing amount is in blackwater/dysart?

depends on the lender NAB is 20% for dysart,middlemount not sure of other lenders

simple wrote:

luke86 wrote:
I think you will find that property repossessions are relatively low compared to other developed nations around the world, and by no means high compared to historical levels in Australia. No need to hit the panic button.Cheers,Luke

Agree, my post reads like a bit of over reaction.This is probably a result of been…[Read more]

Derek wrote:
Know what you are saying – just doing some feasibilitty on a WA mining town for investors with ~17% return. Making sure the fundamentals are all right first. So far looking good.

Hi derek would you mind sending me some more info on these 17% return properties?

Thanks Derek yes size my concern also it’s a service town for several mines
German Creek
Central Colliery
Foxleigh
Southern Colliery
Middlemount Mine
Bundoora

as far as the NAB is concerned they will lend there on a 80% emerald looks like a better option however I haven’t found the returns as high as Middlemount Dysart Moranbah.

my main concern…[Read more]

bump

I have the rent to buy options massive pack the story is exactly how ricks says to set it up

I never said vendor finance was a problem although you do need a license now.

This part is worrying the seller was selling homes without a real estate license is the main reason he is in hot water he should just get one it cost few hundred bucks.

sounds…[Read more]

KeyStrategies wrote:
Good Morning ABCDYour question could be "How long is a piece of String "? SO the answer is It Depends Which mining areas – WA, Qld, NSW or Victoria?Which Lender?Which Mortgage Insurer?How big is the Town?Which mining activity – Coal, Iron ore or Gold?You need to be more specific – My experience (which is limited to coal…[Read more]