Browse Forums Home Finance 1 May 13, 2014 4:24 pm is it easier to get finance for a second house rather than when we were first home buyers(builders). we are hoping to build a bit bigger house than the first one and either rent the one we built(currently live in) or sell it and build the bigger house. will banks borrow us money for the house and land so we can build and not pay the mortgage til we get keys and the other house is rented out or sold? just doing research atm have not seen a broker or spoken to bank yet as i want to try and get more info first as i dont think we researched enough before our last build and rushed it as we were moving 6hrs away for work whilst the house was being built. also hubby is most likely getting a promotion at work soon so dont want to see someone til we know for sure what the deal is with income. Re: finance for 2nd house 2May 13, 2014 4:33 pm There are some finance packages (normally offered by builders) where you basically just put a bit down and the rest on completion but I don't know of any banks that'll do that. A broker might be your best start. Nothing is for nothing though its bound to cost you somewhere. Our loan just lets you pay interest only on drawdown amounts so there is less going out but still managing two mortgages is likely to be tight http://camdenbuild.blogspot.com.au/ by invite only please pm me Re: finance for 2nd house 3May 21, 2014 12:25 pm Hi Hachy Whether a bank will lend for the second property will come down to your overall borrowing capacity and the availability of a deposit (either via equity or savings). Generally speaking, most construction deals involve an interest only loan that's drawn down in stages (as Robbie mentioned above). If you're looking to rent out your current home, some banks will take into account the future rent that the property will receive when determining your borrowing capacity. If you've got some equity in your current home - you could look to access it to fund the deposit/costs on your next property. Cheers Jamie Jamie Moore | Mortgage Broker (Australia wide)| Pass Go Home Loans Pty Ltd www.passgo.com.au Email: info@passgo.com.au p: 1300 656 299 | f: (02) 6108 3548 | Australian Credit Licence # 390602 you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 59776 Hi HomeOne, I'm in the midst of landscaping a cat run down the side of my house, and the recent rains have me wondering if I need to install some sort of drainage. I've… 0 12486 DIY, Home Maintenance & Repair That’s very helpful information. Will find out more from there. Much appreciated. 11 13550 |