Hi Everyone
newbie here, I have been reading the forums for the last few days and am very impressed with all the help and advice offered.
It has been a long term goal of mine to get into acreage of a rather up market suburb here in Brisbane. I have found a 2.25 acre in the best street with a house that is only just fit for knock down. It is about 800K. My PPOR is valued at $650K, I only have approx 20% equity after a divorce. I have a 22 year old son, with his partner, who would like to get into the property market.
Our plan would be for my new hubby and self to selll and move into the old house on the property. We would then build a large home to lock-up or COO stage, adding to the house slowly with top quality fittings, to capitalise on the area - Median house price of 1.5mil. We have a family member builder, who could do us a 40square slab, walls, roof, one bathroom(to start) and kitchen fit out, with completion coming in stages. Once we could move into new house shell, son and partner would own and move into old home, to renovate and live there long term.
Hubby and I have a low doc loan and no capacity to repay larger mortgage. Son and partner have income to support a small mortgage as they are now paying $400 per week rent. They earn quite well, but are both casual employees and do not qualify for a mortgage. We wish to have a new loan between the four of us making repayment. Does anyone know of a creative mortgage broker or lender that could put a package together for us? This really is a great chance for my hubby and I for wealth creation (assett) and my son to get into a home of his own.
sorry for the novel, and thanks in advance.