Been reading everything here but still need advice on the best way to go about this!
We have 150k in our current loan remaining, and our house (living in) was recently valued at 340k.
We would like to purchase land at $240k, then once all that is finalised, build a house, approx 240k again.
Once the new one is complete and ready to move into, we'll put our house on the market, and transfer the equity into the new loan to reduce the repayments.
Do we have to get the separate $240k loans for the house and land, whilst still paying the interest on our existing $150k mortgage?
What is the best option to do this?