Hi Guys,
I'm in a unique situation and need some assistance.
ok, firstly i need to give you some of my story.
I'm currently earning an income of $48k gross. I currently own a 2 br flat which has a mortgage of about $180k and 10% interests on it. one thing tho, i dont actually pay anything on the mortgage…the reason being is that tho it is an actual mortgage, is not a mortgage against the bank, it is actually part of my inheritance which will only be released when i turn 50…which is a long time to come. dont ask me for details why, that's just the condition for me to get inheritance….
Anyways, i'm in the process of selling my flat at the moment, in which i can get approx 370k…according to the real estate agent.
my plan, build/buy a house costing around 260-270k in Melton or Bacchus Marsh, which is enough to put the mortgage on, and use the remainder, maybe plus some as a investment home loan for a 2nd property up near horsham, assuming i can get a home loan.
do you think is wise to do it this way? is it even possible to obtain an investment home loan given that there's a mortgage on my primary home that's more than what my income can support?
Lastly, i see all these house and land packages out there all with like 80k extras for free. are they worth it. would it be cheaper to design the house myself, i mean like finding an architect to draw it up and contract the builders/electrician etc myself? i pretty much knows what i want. i seem like over 300 house plan and i only got close to liking 10 of them, with some modifications it should be ok tho. if not, can anybody recommend any good builders out there? i seen alot like Dennis Family Homes, National Building Group etc etc and they all have hundreds and hundreds of bad ratings on the internet. the only ones i dont see much of is Rivergum Constructions…. i dont know of any others….
thanks for the help.
regards
Christopher
Lots of variables and certainly no Yes or No answer.
Will depend if the mortgage on the new PPOR is registered before the IP as otherwise at 10% seerviceability maybe a bit stretched. I am assuming it is a registered mortgage with monthly payments being made.
Think i would get some advice from a Mortgage Broker who can look at the whole situation and advise accordingly.
Richard Taylor | Australia's leading private lender
it is a registered mortgage with nothing being paid. i can get a letter from the mortgagee confirming this.
know any good mortgage broker around Melbourne?
All big building companies are the same I have found from feedback from friends and work mates.
They all have good and bad points but from personal expirence when building my house National Builders Group was the best out of everyone.National Builders is a little expensive at the start but after you add up all the standard inclsuions everyone other compaines adds on they end up being the same price or even cheaper but you get more stuff and better quality products.
Most people who post things on these sites are negative for any company but we found National Builders to be great, they actually outsource the builders they dont actually build the house so as long as you get a good builder then you are right.
Hope this has helped mate.
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