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Having said all this, what *are* the alternatives to borrowing the money from a bank?

That's the thing; The job I've been in for 5 months already is only 12 hours per week. I've just learned the banks consider the income from that to account for all my "expenses", even though I live more frugally than that. :\ Oh I get you, sorry, yes I will be able to look at CBA in one month...

So my goal is basically to get an investment property, and continue to rent my own place, and to just let the IP sit on the back burner. Peace of mind that I have an assett under my belt. I have been working 3 casual jobs for about 4 months and starting to tear at the seams a bit. I am only...

Thanks for the encouragement! Can you tell me a little bit more about your experience?

You explained it all very well, thank you.

Thanks! Yeah I do have a MB, I meant I was talking to lenders through my MB sort of thing. Do you know anything about this percentage of income thing? My MB told me something like "Banks look at 80% of the income from the property", does that mean they only factor 80% of my rental income...

Hi guys I'm hoping to be purchasing an investment property (if everything goes well) but I'm having trouble understanding something. So I'm looking at lenders and finding out how much I could borrow for a potential property, for example. Now it's going to be an investment property, not my...

Exactly, I'm not buying a PPOR, I'm buying an IP, a cheap IP for that matter!

Thank you! I was not realising that the home initially IS the security. Also yes the $450K was a typo, was meant to be $350K.

I am a low income earner (<$40K p/a) I have no partner or children. It will be a little while longer before I can apply for a home loan as I recently started working after studying. I am still unclear on how much money I will be able to borrow, but I just wanted to get a ball park figure...

So I'm trying to wrap my head around this whole equity thing, here's what I know; 1) Equity is the value of the house that you currently own, I get that. 2) You can get loans from the bank using your equity as security. My knowledge gap; 1) When I am a first home buyer, I have no equity, no...

Tom this is great work mate, I've been looking at SC and Logan Central myself. Maybe one day we will bump into each other there haha

Thanks for the reply, that explains it in simple terms...Which is exactly what I need as a noob investor! :)

So baffled... Short story; I work part time, make about $30K a year. I want to buy an IP and rent it out, cashflow positive. Shouldn't be a problem...? If the tenants are paying it off, what does my income matter? My broker tells me it all still ties back to me, and I can't wrap my head...

The unit, it's for sale, I don't know how to find out what else you'd own...

Hey Jess whenever I try to use those online "borrowing capacity" calculators, there is never an option for me to choose "investment property" and factor in the incoming rent. Do you know of any online that could give me a ballpark figure if I factored this in?

Anyone?.....

Could you elaborate on this? I am looking at Logan and the potential for granny flats; do you have a link to the proposal? Cheers

Very good point, about finding my capacity first. As for loans, I'm aware I can apply for some 1-day loans out there but I'd rather have the flexibility of a few to choose from :)

Hi everyone, I've been lurking around these forums for a couple years now and only joined recently. This week I'm posting a thread out of a strong desire to finally take action. What kick started it is actually kind of funny, and sad... I'm 31 years old, and have wanted to buy an IP for the...