Hi there,
just wondering what the likely outcome might be if I attemted to do what would be most convenient for me. I am about to find out if I will get a mortgage for a block of land at $350k. We will be applying for the build loan in around six months time once I have been with the lender for six months.
My rental contract is up in March and I would like to buy a house to live in while we build. Our current rent is $550 per week and the mortgage on the house we would be looking to buy would be around an expected $1250 per month on interset only ($300k @ 5% over 30 years). If I applied for the loan for the house would I be ruining my chances of obtaining the finance for the build in six months time.
Land $350k Build $280k, combined deposit is going to be $67k at the point of applying for the build at 95%LTV. We will be getting our first home owners grant and stamp duty given back to us at the point of putting the slab down which will be going towards the build loan in there too somehow. My broker understands this better than me..
I would be buying an investment property to live in at around the $300k mark with 5% deposit. I will have about $15k in March but I will have to find the stamp duty too if I understand it right. LMI goes on the loan but stamp duty must be paid up front...?
just wondering what the likely outcome might be if I attemted to do what would be most convenient for me. I am about to find out if I will get a mortgage for a block of land at $350k. We will be applying for the build loan in around six months time once I have been with the lender for six months.
My rental contract is up in March and I would like to buy a house to live in while we build. Our current rent is $550 per week and the mortgage on the house we would be looking to buy would be around an expected $1250 per month on interset only ($300k @ 5% over 30 years). If I applied for the loan for the house would I be ruining my chances of obtaining the finance for the build in six months time.
Land $350k Build $280k, combined deposit is going to be $67k at the point of applying for the build at 95%LTV. We will be getting our first home owners grant and stamp duty given back to us at the point of putting the slab down which will be going towards the build loan in there too somehow. My broker understands this better than me..
I would be buying an investment property to live in at around the $300k mark with 5% deposit. I will have about $15k in March but I will have to find the stamp duty too if I understand it right. LMI goes on the loan but stamp duty must be paid up front...?