Hi All,
I am looking at taking advantage of the new FHOG of $20000 in QLD as of July 1. Before I see a bank I thought I would see if the forum has any feed back. Im employed full time and earn $110,000 plus super. I currently have only $20,000 saved up in the bank as a deposit without access to a guarantor. My overheads are low with $800 per month outgoing for car and other general expenses such as groceries etc.
I am currently looking at a couple lenders who lend up to 95% for construction loans, but am after a bit of guidance on what I might be able to borrow.
Ideally I would like to purchase a block of land currently listed at $250,000 and spend another 250-270k.
Cheers!
Hi Tjay
Yes must admit the new Qld Boost has created a lot of new interest.
Certainly from a income point of view i don’t see an issue in showing you can service the total loan but unless you have been renting thru a real estate agent for the last 12 months you are going to need a little more in savings.
5% on a total price of $500K would be $25K and the Qld Boost would not be considered genuine savings.
If you purchasing the land first and then going for a separate construction loan you make to make sure the potential lender will capitalise the total LMI.
As always further information in respect of expenses would be required as a single persons living allowance as assessed by lenders is a lot moire than $800 / month.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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