Hey guys,
I just found this forum and I'm looking towards building my 1st home in Point Cook. I've found a piece of land that I like at the and I'm about to put a deposit on it. However, my earning capacity at the moment doesn't allow me to build my home and cover my rental place the same time. I'd have to wait for my other half to come over next year. So the difference between getting the land title and construction should be roughly around 6-7 months. I have saved up 20% deposit and going to take a loan for the remainder of the land.
- My borrowing capacity is currently 280k but I'll be taking only about 135k. Will I be able to take a loan for the land now and then take a loan again later for the house?
- Would my FHOG be affected at all?
- Should I borrow from bank or non-bank lenders? Bank seems to have higher interest rate advertised on their websites.
And lastly....I'm scared. I'm doing this all alone now and would like to get some advise from you guys.
Thanks
I just found this forum and I'm looking towards building my 1st home in Point Cook. I've found a piece of land that I like at the and I'm about to put a deposit on it. However, my earning capacity at the moment doesn't allow me to build my home and cover my rental place the same time. I'd have to wait for my other half to come over next year. So the difference between getting the land title and construction should be roughly around 6-7 months. I have saved up 20% deposit and going to take a loan for the remainder of the land.
- My borrowing capacity is currently 280k but I'll be taking only about 135k. Will I be able to take a loan for the land now and then take a loan again later for the house?
- Would my FHOG be affected at all?
- Should I borrow from bank or non-bank lenders? Bank seems to have higher interest rate advertised on their websites.
And lastly....I'm scared. I'm doing this all alone now and would like to get some advise from you guys.
Thanks