Firslty a big Hi! from Toowoomba, I've been checking this site out for a while doing a bit of research on building costs etc.
My wife and I have put an offer in on our "dream" block, its quite large 4934m2...ok to us its huge, coming from 660m2 that we're currently on. The block has quite a large slope from the back to the front, its pretty deceptive. From the lot diagram its about 13m fall over approx 140m.
Ok here's where it gets confusing for me, we currently have a mortgage owing $97000 on a house valued at $210-215000.
We've applied for the loan for the block which will be $135000, and intend on paying most of that loan out when we sell this house. The base price for the house we want to build is $203700 but that will be a little higher when we change the ensuite.
We want to only spend a maximum of $320000, including the balance of the first loan and to get the house finished, is this possible?