Hi we are firsr home buyers with currently less than 5% deposit for approx $350,000 loan. We are sourcing every avenue as we are living with the inlaws & are trying to get our own place. We have spoken with our bank & they are saying we can buy land and all we would need upfront is 5% of land price, which we currently have. Secondly the said we can use fhog as our contribution to the builder.
My question is has anyone else been through this process & did you get approved going this way? And I am finding it difficult to find information on a total price of home being built eg turnkey price & how much it would cost to prepare the land ready to build. We can not go over budget of $375,000 total.
Would anyone know who to contact to find out this info?