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Just a quick update. I've been in contact with Jamie M and he's come up with a plan of attack. Will let you all know how it goes :)

Yeh the great thing is you can get it done first and you have a few days grace to return the signed forms. So you can still change your mind :)

I'm not in lending but I'm pretty sure brokers get notified a day before the increase is effective? The whole bank gets an email notification. I just walk down to my mate who puts it in for me but it could also be done at a branch.

Yeh I have a big risk appetite. Worst that can happen is I go back to square one and start again :(

Yes I have fixed about $600k at 6.04 about 3 yrs ago on the day before fixed rates went up. Little did I know that was the last time the fixed rates went up. Next month it started dropping. But yeh I will definitely fix it for 5 yrs before it goes up again. Working in a bank we get a bit of...

Thanks Nek. I hadn't considered that yet. Will have a good read tonight.

Hi Mumbai, as you can see its pretty much all debt. It's not really any great achievement. If Sydney grows another 30% or so then I'd have something to talk about :)

Thanks Devank. I have learnt everything from this forum. When we started out 5 yrs ago. We were only on $40k each and found it hard even to borrow $300k for our first investment.

I will need to borrow the acquisition costs too. For the granny flat, I will probably have to settle for a garage/shed conversion which will cost about $30-$50k only so I think I can manage that. If I can get funding from siblings then I'll go for a new build. Yes I've been contemplating...

Hi Marty, yes it's starting to look a bit scary but I'm planning to mitigate the risk with a granny flat on the new property. Is that 6.2% figure would be based on the current estimated values? Would it be more accurate to calculate it based on current debt? Obviously the banks would not look at...

I see thanks Terry. I've never really understood low doc loans. I thought people made up magical numbers and the banks would happily lend based on that :rolleyes:

No the properties are in Sydney. They're all house & granny flat setups. Mostly garage conversions & Serge on this forum has been getting them approved for me. So all legit now :D

Yes that is the plan. So we have already taken into account the expected rental income. Without it, I don't we could borrow much. Then after settlement we can simply move in :)

Do I get the properties attached to them? :D Actually I'm not worried about the ability to repay. We have not had any problems servicing our debts so far. The tenants pretty much cover all the costs.

Thanks Rolf. I've been lurking here for years but rarely post :D Not sure what double layer cake is but i bet it ain't good :cool:

Thanks yes, I hadn't thought of that. The bank i'm with takes into account P & I when all my loans are interest only. I also have all my properties un-collaterised because I knew one day I will may need to see another lender. Can we qualify for low-doc loan with letter from accountant stating...

So the bank has knocked us back on our request to purchase our first PPOR. The amount we want to borrow is approx $1m. The branch lender would only lend us about $700k-$800k. This is not enough to buy a decent house in our area. Working in a bank, I have never had to go to a broker but I think...