Vacant Land w Plans Permits

Discussion in 'Loans & Mortgage Brokers' started by Ammacha, 6th Nov, 2017.

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  1. Ammacha

    Ammacha Member

    Joined:
    6th Nov, 2017
    Posts:
    12
    Location:
    Vic
    Hi guys
    I'm a newbie...
    Was hoping for some insight, advice or direction as my current situation is really tight...here goes..
    Vacant Land 14 km cbd Melb.
    Plans and permits for 3 bed/2 bath/DblGge.
    Land mortgage $210 k interest only.
    Build contract is $250k with private builder(relative), but cost could be kept at 220k if required (my partner and co are tradies). This is intended to be our PPOR.
    Loan application for construction portion at big 4 bank was delayed 6 months -they said we required higher deposit (than we estimated), so we took some time to raise funds then moved fwd. Upon bank val, turns out our estimate for deposit was correct, but nevertheless we lost a few months, within which we found out a baby was on the way! Finally bank mgr adv approved, I ceased work at the eleventh hour then bank mgr calls to advise HO called my employer who advised no longer there! I almost fell off the face of the earth.
    Now we're on one income monthly net $4800k pm and about $3500 goes to liabilities (x1 land loan rp x1 cc x1 car) and expenses.
    What do you all think are our chances of obtaining a loan for the build? Also the market value of property is very conservatively $680 min.. are there any tax considerations we can take advantage of or does that only apply to inv properties?
     
  2. mikey7

    mikey7 Well-Known Member

    Joined:
    30th Mar, 2016
    Posts:
    1,173
    Location:
    Sydney, Brisbane
    Are you planning on getting another job?
    The bank may see your expenses as a lot higher than what you believe they are.

    And once the baby arrives... They aren't cheap! I'm $16k out of pocket each year for daycare (even after govt grants), and she's not even full time!
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,100
    Location:
    Sydney or NSW or Australia
    Are you on maternity leave? ie returning to the same roll or have you ceased work?
     
  4. Ammacha

    Ammacha Member

    Joined:
    6th Nov, 2017
    Posts:
    12
    Location:
    Vic
    Baby has well and truly arrived!
    I missed out on mat leave as I had started work in a new role then voila found out one month into it we were expecting.
    I did receive the ppl from c'link though.
    The idealistic plan was to spend 2-3 years focussing on baby and poss number two.
    I don't cost too much run, generally live minimally, baby has all needs met so I was hoping I could delay return to work. If not,
    I will reluctantly to return to work 3 days a week, out of pocket childcare will cost $170 pw and we'll be on our to obtaining loan. I was just hoping to enjoy our bub a tad longer...
     

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