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Cheers for the advice!
Well the problem is… the debt on the land is growing by 9.66% annually, so I kind of have to get the property on the market. Im not sure how the land is classified. I received it in 1993 and theres no buildings on it + it's based down in metung, victoria (out of the city).
How does this plan sound:
Plan to buy
– House = $400,000 – $500,000
Funded by
– Deposit = $40,000 – $50,000
– Land = $150,000
Plus Loan
– To make up the remaining 90% of IP
– To cover Debt on land ($65,000)
= $425,000 – $525,000
Would it be possible to get a loan that large considering the equity I will have?
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