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MARK

6 months ago

Hi Wes, Thanks for contacting Hashching. With given information, we might have to consider further costs eg. Stamp Duty, Cost of Building, services to the block of land conveyancing etc to factor in with your need. We would also like to know a bit about yourself eg. Income source, existing statement of position, are you building through a registered Master builder or an Owner Builder project. The Best option I would suggest is to give myself or any of my colleagues below a phone call to discuss this so that we can help you design the best solution for your need.

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Wladek

6 months ago

Hello Wes, you are from Regional Vic and have a permit, probably with some conditions on it. So I suggest you hang on to your 50K. You may not be able to borrow money for Civil's unless you have other security. Your process would be to first purchase the land. Make sure you have a finance clause in the contract to cover you. Then get an approval from a Lender. After you have settled start working on the water, power and road. Once this is complete get a new valuation on the block of land. You should see an uplift in value. You will now have equity which should help you borrow for construction at a lower LVR (loan to value ratio) either paying no Lender's Mortgage Insurance or a lot less than you would normally pay. You will also get a reasonable First Home Owner Grant because you are in Regional Vic. Happy to assist you if you like. Regards, Wladek.

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Daniel

6 months ago

Hi Wes - Judging by your postcode, I take it, the block is zoned rural-residential. If thats the case, keep upto 10% for house and land construction, as you will find, most banks will only lend you upto 90 - 92% of land and construction value. Seems like a good idea to hold on to your 50K for the utility connections. Have you got a building contract yet? Please email me and I will be glad to help. Regards Daniel

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