Where are you based ?

I have a few properties in Mt Morgan and agree that it is a good area.Rents are good and i have seen some excellent capital growth.Only concern i would have for you is that lenders dont like high lvr in the area so depends on what your deposit is will determine whether you can fund it.

CBA will also do it if the rest of the deal is strong.

Hi SaurinTerry's rule of thumb is about right however there are so many variables these days when it comes to serviceability the figures can change considerably from lender to lender.Would need a wee bit more information to give you an exact guide.

Couple of mortgage managers.

Ok 97% plus + LMI is still available so is 90% with NO LMI.Actual more than 2 Mortgage insurers left but we wont argue over it.

Aaron just read last months copy of the API magazine.I gave an interview about how i started out in property investing here in Oz in 1994.Bit quicker than we me repeating the whole story again in script.

Wow if the LMI is 4% on a 95% lvr i think i would certainly be going elsewhere.Also most Brokers charge no brokerage fee so using one does not cost you more.

Hi SweenyYes the strategy you describe is exactly what we would recommend to any new investor starting out who hadnt previously purchased a PPOR.Agree with Steve that a lot of lenders dont like doing an interest only loan on your PPOR but there are still a few that will do.Your Broker should be able to give you a range of lending options.

AlexI personally suggest (and i havent done too badly for myself) that you read as much as you can and educate yourself about what you are looking for in a portfolio. Dont attend overpriced seminars as so much information is freely available.Yes i agree an Accountant is an important part of your team but dont rush in to engage one before you start…[Read more]

Hi NathanFirstly welcome to the forum and I hope you enjoy your time with us.Congratulations on having saved so much it is a rare trait for someone so young.Now going forward the first question i would ask is does it have to be an IP.If the area you are looking at is close to you then have you considered buying the property as a PPOR claiming th…[Read more]

Yes Lincoln thats why i mentioned it was max 95%. There are other qualifying criteria also for the 90% + Anz existing customers.

Financed a few recently in Melbourne at that sort of size but would need to see the floor plan.Lender i have is very funny about such things.

Neither NAB nor Anz will capitalise LMI over and above 95% on policy.Bank West are another lender who allows LMI and there are a couple more.

Does the unit have a separate kitchen and laundry ?If so it maybe possible

Sure drop me an email and i can send you one.I only removed it from my profile tag as i was getting between 20-40 requests a day and couldnt do my day job as well.

Yes price has very little do with it but income producing land is not that attractive to the majority of lenders.

Think you will struggle to finance such a property at a high lvr so unless you have good cash savings or access to other equity think this will be an issue.

JamieI think Mark gets the point now lol.Whilst Jamie has made some good observations there are a few other points to consider.Off to my sons soccer final now but will come back and answer it this afternoon.

Very simple NAB dont capitalise LMI at 95% lvr.