Hi can someone advise us please, we are retirees and own our home we want to purchase a block of land but have no cash can we get a loan for land?. We have super and when we sell existing property will have enough to pay for land and build a smaller house, we are on 10 acres with a 40 sq house. I suppose what I am wanting to know is can we get a loan now that we are retired. Many thanks
If the sale of your existing place will more than cover the new, ie downsizing, you can get a loan without any income. Go to st George and ask for a relocation loan no end debt.
Depends what the value of your existing land and house. As others said above, of it covers the cost of your new home and more, you might end up with spare change.
Hey Tobe, what is the benefit here to St George? Once the loan is paid out they will receive no interest payments. Do they charge a one payment for something like this?
not much? The app fees are a little higher, and there isn't much of a discount to the variable rate, so they don't make much money at all I'm guessing. Perhaps they try and upsell super and life products for the retirees?
Tobe's essentially talking about a bridging loan. The sort of loan that might apply when you've bought a new property but haven't sold the old one yet. The loan is secured by both properties. The interest can be capitalised and is paid off when the first property is sold. The product tends to be the standard variable loan, so no pro-pack discounts or basic loan rates. This is a bit expensive so this isn't the preferred way to go about getting temporary money for a new house. If you don't have the income to support the repayments, then this is what's available.
