Have anyone buy a property there? I am going to buy one there because the return is excellent there.
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Blocks of flats will probably be commercial for LMI- so no LMI will be available. Residential rates should apply though- check with your broker if you don't already have finance.How did you find getting finance - when I checked Westpac would only lend 70% in Kal, but NAB and Bankwest lend 80% (more with LMI).
Soggy's bankrupcy is a corporate event. They borrowed gold from big American bankers and sold it "forward" at a price much lower than today's market. They do this because they then have the proceeds of the sales to do with as they wish. This is perfectly legitimate for new miners to get the necessary funds to actually open their mine. This was not SOG's intent, they simply gambled on the POG. Eventually they borrowed and sold more gold than their mines could actually produce. Their house of cards tumbled.nidagirl said:Hi
Does anyone know anything about leonora. Apparently it is about 2 hours north of Kalgoorlie. From what I have read the sons of Gwalia mine has gone bankrupt and Navigator?? has taken over the sons of gwalia mines near leonora. Is this a good buying opportunity??? I have spoken to someone in the town and they have lived there for 27 years and said that the town has a cyclical population due to the mine(s), however, it always comes back due to the gold still being in the town. He further said that the Sons of gwalia bankruptcy is a good thing for the town due to the ineptitude of SOG, the mine just needs someone with competence to manage it....I think the WA education dept has housing there on leases. Thanks
Nidagirl
nidagirl said:Hi
Does anyone know anything about leonora.
Henry said:coolwarrior,
i lived in kal for 10 years and my parents have had IP's in kal for around 10 years. my opinion is that kal is currently near the bottom of a property market cycle and the only way is up (over the long term). my parents properties have also never been empty (even though they experienced a major downturn in the market). I beleive the potential for capital growth is very good and if you can get 10% yield, why not?
spiderman, you're still waiting around for kal to take off too? it's good to see that at least you've done your homework. what you said about leanora is pretty much spot-on.