Hi guys this makes two stupid questions in two days.
We have put a holding deposit on a block of land pending approval.
We have also locked a house price in with Henley and have received a quote from them with our additions and theirs.
(No driveway, fencing or landscaping plan as yet as they said it would be cheaper to source that ourselves)
Our plan buy the land sit for six-eight months and save to increase construction deposit and cover site costs.
Site costs will not be fixed.
Seems easy!!!!
Now told we can not take out two separate loans as the lender will not grant a loan for under $250,000 even though at the completion of the build the loan will total $390,000 approx.
I am not sure why we have to get a construction loan when we aren't ready to build or know all of our site expenses. We didn't want to have to pay the builder for the house plan until we were comfortable we could start everything.
Please help me am I missing something here as I am really not sure how this works and I am worried we will now lose the land as they will not finance it on it's own. Should we just go early and hope that the build won't start for six months anyway?
Land is titled and settlement will be 60 days
Thank you for any help offered