hi guys
i have a question about accessing the equity i will have when my house is built
iv worked it out to be around $40,000
house valued and around $300,000 and having a $230,000 loan
only being able to use up to 90% of the value of the house, that works out to be about $40,000 euity correct?
now, im not sure that i will want to access it, as i want to see what interest rates do, and if i move people into my house making things easier etc. but id like to explore the option
my brother has lost his license, so i am thinking of selling my car now, using his car for 6 months, using the money from my car towards the house, furniture, driveway, fencing, garden etc.
then using equity, not much, around 10-15 grand to buy a new car when it is time to give my bothers car back to him
my reasoning for this is my car needs upgrading anyway, i will get more money for my car now than in 6 - 9 months, i will save money on rego/insurance and being a v8 petrol. i will have more money for the house (which iv worked out i have enough anyway, but its nice to have more and be safe, as this is my first house and its scary)
is this easy enough to do once house is finished?
the equity just goes onto the existing loan so weekly repayments will be slightly higher?
how much higher per week would it be on current interest rates? not much i am guessing, as it is only around a 7% increase to the existing loan
is there a limit on when i can access equity again after that?
as i would like to buy another property as soon as possible once this house is completed.
any advice, tips, warnings welcome
thanks in advance
i have a question about accessing the equity i will have when my house is built
iv worked it out to be around $40,000
house valued and around $300,000 and having a $230,000 loan
only being able to use up to 90% of the value of the house, that works out to be about $40,000 euity correct?
now, im not sure that i will want to access it, as i want to see what interest rates do, and if i move people into my house making things easier etc. but id like to explore the option
my brother has lost his license, so i am thinking of selling my car now, using his car for 6 months, using the money from my car towards the house, furniture, driveway, fencing, garden etc.
then using equity, not much, around 10-15 grand to buy a new car when it is time to give my bothers car back to him
my reasoning for this is my car needs upgrading anyway, i will get more money for my car now than in 6 - 9 months, i will save money on rego/insurance and being a v8 petrol. i will have more money for the house (which iv worked out i have enough anyway, but its nice to have more and be safe, as this is my first house and its scary)
is this easy enough to do once house is finished?
the equity just goes onto the existing loan so weekly repayments will be slightly higher?
how much higher per week would it be on current interest rates? not much i am guessing, as it is only around a 7% increase to the existing loan
is there a limit on when i can access equity again after that?
as i would like to buy another property as soon as possible once this house is completed.
any advice, tips, warnings welcome
thanks in advance