Hello everyone
My wife and I are looking to build our first home. We are a little nervous about the whole process and would like the experts here to give us some advice.
Our monetary situation
1. We have a combined income of about $100k
2. Savings about $20k (genuine) and $4k as gift
3. 1 dependent
4. 1 car loan with $7800 remaining and no credit cards. Car loan paid on time with additional payments and never missed a payment.
Pitfall
1. 1 telecom default for $410 in 2010 due to an address mess up. Paid in full in 2011. Veda Credit report reflects paid status.
We are going for a land and house package worth $426k. The broker says the loan will be spilt (land first then construction). Can you please advise if-
1. Will we get finance approval with the paid default on my credit report?
2. If ill be left with a land (and mortgage) if land finance approved and construction is not. Meaning, should I split or not spilt the loan?
3. Broker says we are better off with Westpac professional package with 3 years fixed rate ( for the amount we are borrowing). Is this true?
4. Anything else we should be aware of.
Thanks in advance for all your help.
Regards
The anxious first home buyers