Buy a home now or wait till construction is completed on IP

Morning All,

I am wondering if this scenario is possible.

At the moment I am constructing an investment property of 4.2.2 that will be completed probably in October/November 2021.

I am renting at the moment and I was wondering if I could get another loan to buy my first home ($600k budget) before this construction is completed or I will have to wait till it is completed before I can get approval for another loan ?

My income is $150k plus.

I have a savings of $30k at the moment and I could be saving on stamp duty and this is my first home.

Thanks for your opinions.

 

If serviceability is good you don't have to wait for construction to finish.
However you would certainly benefit from having more than $30K deposit for a $600K purchase.
Suggest you engage a decent broker to run the serviceability bit for you and also to give you an idea on the amount of deposit required.

 

As long as the calculations stacks up, then yes.

Just have to be mindful of your cashflow during construction.

 

A broker can run the numbers for you and see what's possible. Can't see it being a huge issue if you are happy with a nonbank lender who assesses other banks' debt more generously than the mainstream players, assuming serviceability is closer to the ceiling than not?