I am looking to purchase land in queensland, $135,000. I bought my house 4 months ago for $420,000. My current balance on my home loan is $280,000, with $56,000 redraw on the loan. I am in the process of adding on a 4th bedroom to my home, which i have budgeted approx $40,000. Can anyone help on what would be the best strategy in purchasing the land. I am in partnership with my business partner, so we will split the cost of the land 50/50. I have been advised to use the equity in my home to purchase the land. I am thinking that if i use the equity, then i will be adding $67,500 ($135,000/2) to my home loan and putting aside the $40,000 for the renovation.
CSI 1
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