First up, i'm assuming that you paid a 10% for your initial PPOR investment a deposit of 36k. Because you are feeling smug that you have 60k invested in your house .. which means as far as you are concerned you've SAVED the difference that being 24k. Its quite a substantial difference and you should feel pride in having achieved that savings and investment in your own property.

When people come to me asking about property advice .. i dont give straight down the line advice, I base it on circumstance and direction. Is massive investing reallly good as a starter project? Only if you have funds to back it up already. Is it appropriate to go big and sell the family house to start an investment plan? Depends on investing capability and family situation. Point being, the right advice is based on where you are .. what you are capable of doing and what you want the end result to be.

Ok coming back to the existing situation, you've got less than a 20% actual investment in your current property. The banks at the moment wouldnt lend on that (its just a matter of timing) so you are left with a picture of sale to extract funds. The outcome you want (I'm assuming here) is a brand new house on a new block of land with minimal loan .. minimal fuss.

You are forgetting the little things that sit in-between all this. They are STAMP DUTY and SALE COSTS. Note there is no stamp duty on selling a place, but you'll pay about 6-12k on your new block of land, and unless you sell your property yourself, expect a drawdown on selling your place of another 10k (about 7-8k for agents costs and 3k for advertising and transfers minimum).

May I suggest in your current situation you might as well just do a 10% deposit on the land and use the house as a guarantee? Its less money out of your pocket, you get the land you want and then its more a matter of just paying out on the land. However .. combining with your existing house mortgage will be a mouthful. I think me and the banks would both think that.

From the way you are wording it, you are building for the sake of new house, not due to any immediate family pressures YET. So why not consider the idea that with what you've got, pushing the new house scenario may be achieved in other ways?

At the moment your financial structure would be considered debt heavy .. capital return only. If you were a commercial operation like that, I would be suggesting a rehaul to the whole company workings. And even as a family, you deserve no less.

There is no real reason why you cant branch out onto a new house. Except for the fact that it will bog you down with even more debt. A more creative strategy would be to look at the idea of paying a little more into your existing loan, and creating like a fridge thermometer (draw a large goal thermometer on paper and stick it to the fridge). Make the goal something realistic, like .. an extra 20k you put into the place. Splice your goal maybe into two separate thermometers .. an 80k one .. then after that .. a 100k thermometer. Point being .. at 100k .. the banks will probably allow you (banks in a year or two should be flexible again) a 60k equity drawdown for .. your land purchase. So you get to keep your existing house .. and the land too.

My basic view would be .. its a little early for contemplating your fresh new home. So maybe its time to study up and think of fresh solutions to get where you want to go. There is no single path, as i wrote above. But there is the path you will feel safest taking.