- Borrow 95% of the land, pay the 5% deposit. For the time being, make it interest only.
- Gain pre-approval for a figure for the construction. Land does't settle till June next year. Have this ready to go, this would be P and I.
- Change current mortgage to interest only, no need to keep paying principle off that.
- Later consolidate land and construction possibly. (Need to work that out later).
Monday, November 15, 2010
How to do the Splits?
Seeing we have to borrow money for something that doesn't yet exist; it makes it hard to organise finance. This is the plan....big thanks to our broker from Advanced Finance Solutions.