Hard figures now

Actually getting some real numbers and real advice now we are so close to owning our land.

Been told to build a 4x2 - those things cost $110ish, inclusive (base house is $87,000). Been told they rent for $280pw and the PM has several on her books. Rental vacancy rate here is about 0% - the tiny unrenovated dump across the road just rented out for $170pw. Tenants here are geologists and wind farm engineers, so they think the rent here is nice and cheap.

There's an identical 4x2 literally a stone's throw from here on fractionally smaller size land currently for sale for $240,000 so once that is sold you couldn't wish for a better point of reference for a valuation. The 3x2 next door to it is for sale for $220k.

It'll be a transportable house, so paid off in *one* payment on completion not progress payments.

Can I get a lo-doc construction loan based purely on those figures or do I have to drag my own (low) income into that? It is well under the 60% margin based on *on completion* value but not the raw figures - land of $40-50k and house build of $110k does not come close to 60%, but the house will be very positively geared.

I can tip $50k towards this straight away if I can sell my old house, but that looks very unlikely at this point.

In general, that puppy looks like it would need to be complete before the lender will advance any funds towards the house itself

You think? About half of new builds here are transportables, and they are *very* nice to look at when they are finished. Nothing like the transportables of a few years ago. The major transportable company here also does on-site builds on concrete slabs.

ETA: as to only financing when it is complete, that's not much different to selling our current house to have a settlement period coincide with it arriving. We'd be ahead about $100k on this one if we sold it. Just messy doing it that way.

Damn I need my old house sold.