WARNING: Never ever purchase a property in a different state to which you live. The Bank agents will tell you its good for you as you avoid State Land tax. They explain the good stuff NOT THE RISK. Investment/Creating Wealth is a LIE. It is a giant WHITE COLLAR SCANDAL run by BANKERS which will leave you losing the investment property and then lose your own home. Its a criminal offence for Bankers called ASSET STRIPPING.
The property price will leave you with a $150,000 LOSS the moment you sign the paperwork. Could you "afford" to whack an extra $150,000 DEBT to your existing mortgage? Can you afford this additional debt commitment on your wages right now? NO? Then stay out of this wicked play pen designed by the BANKING CARTEL. Its a massive swindle. The proposed purchase is GI....Geographically impossible to do a drive past. The area will not attract jobs or tenants. The promoter offers limited "rental guarantee" which is another CON.
The valuations by state valuers is always $60 above the realistic price and the purchase price is always $100,000 over that figure = immediate LOSS OF PAYING $150,000 too much for the property. Bankers have the valuations on file BEFORE you sign the MORTGAGE contract.They will charge you but will not send you a valuation copy and bankers will say "its commercially sensitive." Colin Neave as banking Ombudsman and then Commonwealth Ombudsman and now ANZ :Fairness Office" assisted in the COVER UP of Valuation FRAUD that immediately trapped innocent buyers. My advice: YOU WILL LOSE YOUR EXISTING HOME IF YOU ENTER INTO THIS DANGER ZONE of PROPERTY SCAMS.
Denise L Brailey denise@bfcsa.com.au #bankRC