Hey guys,
My question is this; After building my home 2 years ago and having it valued recently by NAB, it turns out I have made 160,000 in equity.
Now when i was first applying, I was given an offer in which I could pay $50 a week untill the house was built, and the interest accumulated would tack on at the settlement date from the builder ( day i moved in) . I chose not to do this, and it did work out in my favour.
What I want to do is build another house using this option , if its still availble. I know ill get 450-500 a week rent here , once I move into the new house. is this a smart idea?
and a futher note, is it possible to get this type of loan if i brought an established house, flattend it and rebuilt?thank you for your time
darren dickenson
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