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Mortgages Made Easy: 8 Steps to Smart Borrowing for Homes and Investment Properties, Australian Edition by Bruce Brammall

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4 The loan ranger — understanding mortgages

I think my own love of property began with the world's greatest game of greed — Monopoly. If you want your kids to understand the power that property can bring, get them hooked on Monopoly. My kids are at that age now. And they WILL learn to love it!

Monopoly teaches you the nuts and bolts of property. It's not the real deal. Building a property portfolio in real life is whole lot more complex than landing on a property, checking your pile of cash and saying ‘yep, I'll buy Vine Street, thanks'. In the game, you must buy real estate with cash — you can't borrow from the bank. You can mortgage post-purchase, but there's a flat interest rate of 10 per cent.

There's no stamp duty. The tax office doesn't ...

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