Hi all, i've worked my way through this so many times that a fresh set of eyes could be the answer to helping us find a solution.
Situation
PPOR - Valuation $545,000 - Loan 10 year fixed 7.29% (8 years to run) Mortgage - $285,000
IP - Valuation $330,000 - Variable loan - Mortgage - $310,000
Now this is all good and well, we are happy in our current PPOR but intend on moving within 5-10 years. There is land available that we have had our eye on for 12 months, exactly where we want it, with the second and final stage of the development just going on the market , blocks range from $190,000 - $215,000.
I'm after any suggestions on the best way for us to secure/borrow/work the situation.
Should i just get a loan, let the block sit vacant for 5 years?
Situation
PPOR - Valuation $545,000 - Loan 10 year fixed 7.29% (8 years to run) Mortgage - $285,000
IP - Valuation $330,000 - Variable loan - Mortgage - $310,000
Now this is all good and well, we are happy in our current PPOR but intend on moving within 5-10 years. There is land available that we have had our eye on for 12 months, exactly where we want it, with the second and final stage of the development just going on the market , blocks range from $190,000 - $215,000.
I'm after any suggestions on the best way for us to secure/borrow/work the situation.
Should i just get a loan, let the block sit vacant for 5 years?