Be careful with beneficiary "loan" accounts.There is a legal difference between "unpaid beneficiary entitlement" and "beneficiary loan account".  Your accounts should make this differentiation for tax purposes, especially when a corporate beneficiary is used. In terms of the "beneficiary loan account", it is really just a "current account" where…[Read more]

Thanks for that guys. Makes me feel much better!

Went to the NAB since I have everything with them… bad idea?

Thanks Derek – that’s exactly the kind of “voice of reason” I need to hear. The proposition is very seductive – but as usual, if it sounds too good to be true, it’s probably untrue! Thanks again!

Ed

Thanks Derek, that makes good sense.

I’ve also come across an investor club that helps people with property investments. They do the homework and have a list of positive cash flow property that would help you to buy. Any traps there?

Thanks for all the contributions so far. They have been invaluable.

I think I’m pretty much ready, so I will:

1. Start looking for a property (I have no idea WHERE to start though … thought I might just flip through the paper on the weekend).

2. Start talking to mortgage brokers to obtain a pre-approved loan.

Sounds like a reasonable move?

Thanks. I think I just need to kick start myself. I’ve been too content with just living but not investing. I guess the first step is to find an appropriate property. Guess I’m a bit risk averse as well, especially considering we just had a big up cycle in the property market. I wonder how long it would take for me to kick myself in the butt…[Read more]

I’m actually not terribly impressed by my personal banker and the bank for that matter. My finances are all with them though, so I naturally turn to them.

I have a credit card debt of $2K. Apart from the mortgage, I don’t have any other commitments. Given that my banker knows what my assets and liabilities are like, I’m surprised by the…[Read more]

Thanks for that!

What about actually finding a property? Any help on that? Also, I contacted my personal banker at the NAB. They seem a bit reserved in saying outright that they will give me the loan.

My gross salary is about $80K. Is that normal of the bank to be hesitant?

Ed