I bought a house in the western suburbs of Sydney as investment, with the intention of building a granny flat in the back.
I knew that I wouldn't be able to build the granny flat right away, because I don't have enough cash. So, I've been saving up for it.
Recently, I called up my bank to get some information about construction loans. Maybe he didn't have experience in this, but what I was told left me very confused about construction loans, and how I go about getting one.
So, I was hoping that someone could enlighten me, and bring me back on the right path.
Anyways, as far as number are concerned. The property was purchased for $340000. 95% LVR with 3 years fixed interest. Rented out for $360 per week. Property has been investigated and confirmed to be able to build a granny flat. I have about $10000 saved up. I've been looking around, and a 2 bedroom grant flat is around $130000 to build.
Rental agent reckons I can rent it out for about $300 per week.
What's the process in terms of getting a construction loan for me to build a granny flat? Thanks.
I knew that I wouldn't be able to build the granny flat right away, because I don't have enough cash. So, I've been saving up for it.
Recently, I called up my bank to get some information about construction loans. Maybe he didn't have experience in this, but what I was told left me very confused about construction loans, and how I go about getting one.
So, I was hoping that someone could enlighten me, and bring me back on the right path.
Anyways, as far as number are concerned. The property was purchased for $340000. 95% LVR with 3 years fixed interest. Rented out for $360 per week. Property has been investigated and confirmed to be able to build a granny flat. I have about $10000 saved up. I've been looking around, and a 2 bedroom grant flat is around $130000 to build.
Rental agent reckons I can rent it out for about $300 per week.
What's the process in terms of getting a construction loan for me to build a granny flat? Thanks.