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Thanks for the answers. This son is getting a little concerned as the reno costs add up and asked if he should combine the two. I suggested he keep them separate and think about setting aside $2K immediately and dump it into his car loan to more than cover the interest for the first twelve...

Our son is buying a house as his PPOR, settling in two weeks. We are settling for him using a family trust loan. He will make payments to the family trust until he finishes his renovations, by which time he will have a full time job and will refinance through a bank to repay the family loan...