This isn't so much about property investing, buying our first home...but this seems the most appropriate place. And just FYI, we haven't been to anyone for advice or talked to any lenders yet as we've just started looking at this. Looking for some advice from you all before we do to see if we should even proceed to seek that advice as we really have no idea. What we want: a 10 year, ~$133,000, 95% LVR loan to totally cover land and small house build. Our situation: Two of us applying for joint loan with combined income of only $55,000 after tax. We're eigible for the FHOG. We've been renting together for over 5 years at the same place at $320 per week. One working FT, the other working PT from home. No kids. We currently live in melbournes far outer eastern suburbs and are looking at land that's about an hour and a half drive further north east. We're looking out there primarily as the land is super cheap from $40-50,000 depending on size and how flat the block is. This will result in an hour and ten minute commute each way for my partner, for which he is happy to compromise on considering the money saved. So are 10 year loans even possible? Are they harder to get or just less common? After a quick search around I haven't found anything referring to 10 year home loans. The closest I've seen is for 10 year fixed periods (for longer loans). But all the banks calculators allow you to choose 10 year so I figure yeah. The interest rate would be increased I assume? But by how much? During the quick search from the paragraph above I saw the ten year fixed rates at ~6.7%. Would that be about right? Stamp duty is paid only on land right? And is reduced for first home owners? I went to an online stamp duty calculator and it spat out something in the $900 range...so stamp duty seems negligible. This is our back of the envelope calculation based on the stuff above: + $144,000 House and Land Cost + $1,000 Stamp Duty - $10,000 FHOG - $7000 Deposit = $133,000 Loan at 6.7% for 10 years. Which would result in repayments (according to online repayments calculstors) of about $351 per week, plus mortgage insurance at about $7 per week. Similar properties to what we want to build in the area are selling in the $180,000-250,000 range. We plan on being here for a while, but for arguments sake even if we sell after 3 years I figure this will still be worthwhile. Say the total cost we've put into the house and what we owe is $205,000. We sell for $180,000 and after taxes and fees etc we have $162,000. At this point we're $43,000 down. But we paid $351pw in repayments for three years which is $54,756. So all in all we'd be +$11,756. Which over the three years averages to about $75 per week, so we'd still be better off than if we'd just continued renting. To me this all seems doable, but Im proably missing something. In your opinion, should we proceed with this and get some professional advice?