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.
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.
