For those of you who have used a house and land package as your first house, how did you afford paying rent as well as a mortgage? Do you have to pay for repayments as soon as the build starts? We pay $320 a week for rent and can't imagine how we could pay for a mortgage and rent whilst the property gets built!
Thanks in advance!!
House and land package
House and land package
Posted in:
Money
2 Replies
You would be paying in stages, as each stage is complete you pay for that and it increases until you pay the full amount of you r mortgage. We were fortunate enough to move in with our in laws for 6 months while we built. Try talking to your bank also, they may be able to offer you a lower interest rate during the building process.
For our first house that we built we didn't pay any payments until the build had finished and we moved in, we are getting ready to build our second house (this one is a house and land package) and this one we are going to be paying interest only payments until the house is finished and we move in. Have a chat to your bank and see what they can do.. even have a chat to a couple of different banks and see what they would do if you were going through them, your bank will match it if it's better conditions through someone else so they keep your business! Good luck :)