My partner and I are FHO's looking to start building our first house in NSW before the end of year . We have found a block of land for 299k that fits the house we want to build 320k on that block, making our total around 620k.
The block of land is registered and for sale through a real estate.
I currently have 37k for deposit which is 12% of land cost/ 6% of total cost (not including the FHOG which would take it to 15%/7.5% respectively).
My partner has virtually no savings and just recently started a full time job last week after working as a freelancer for the past year.
My questions are as follows
- As my partner is only new to full time work, how long would we have to wait for the lender to consider her salary?
- Would I be better applying for the land loan now with my 37k and then applying for a separate loan for the house with my partner at the end of the year?
- Would we stand a chance of getting approved for the entire amount now?
- Are we better off saving until the end of year and having 50k deposit (8% of total or 9.6% including FHOG) but most definitely missing out on the block of land we love?
Any help or opinions is much appreciated.