Hi guys. Firstly - your videos are fantastic! Providing so much information which is great for first home buyers! So thank you! Hoping to get an answer on the following please - have searched extensively online but can't find a clear answer: First home buyers, based in NSW $100K deposit saved Want to buy a $500K home that is in dire need of renovations (almost not liveable, at least not comfortably). Exempt from stamp duty I believe at this price? No idea what renovations would cost but definitely over $100K, so would need a construction loan. Is it be possible to apply for the construction loan on top of and at the same time as a home loan? Do banks do that?? Otherwise, what would be our options as first home buyers in this situation (i.e. buying property that needs renovations before moving in)? Or should we simply avoid this type of situation until maybe our 2nd home purchase? Curious how other people do it?
Thanks Renee, great question. That's right there are stamp duty concesions based on the purchase prce in NSW. With regards to the renovation. This would need to be completed in 2 stages. Stage 1, secure the purchase. Stage 2, once the settlement has been completed gathering quotes, fixed priced contracts, etc. for the build, then going back to the bank who will value the property 'as if' the works were completed and then they'll lend off that. Feel free to reach out with us if we can be of any assistance with the finance: www.huntergalloway.com.au/contact/
Nice and clear - thanks guys. Quick question to clarify: Current home value =$700k Mortgage owing = $385k If we knockdown rebuild and the property is then worth 1mil say, would the bank lend against the 1mil value rather than the (current) $700k?
I see no UA-cam videos or anyone talking about my situation. I was left a home as part of a will, I own it outright 100% no Mortgage and now I need a new kitchen and bathroom in it. So I need to borrow funds to finance the project. What’s the best financing solution for my situation.
Hi Scotty, so long as you've regular income (e.g. full-time, part-time or casual job) then you'll be able to use your home as security to borrow the money needed for the kitchen and bathroom. Depending on the value of the property and income earning, will dictate how much you can borrow. All the best :)
Yeah i was not able to find any videos on renovations with no mortgage payments. my mom has her house paid off too and is needing to finance to renovate the kitchen and bathrooms, driveway and deck.
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Hi guys. Firstly - your videos are fantastic! Providing so much information which is great for first home buyers! So thank you!
Hoping to get an answer on the following please - have searched extensively online but can't find a clear answer:
First home buyers, based in NSW
$100K deposit saved
Want to buy a $500K home that is in dire need of renovations (almost not liveable, at least not comfortably). Exempt from stamp duty I believe at this price?
No idea what renovations would cost but definitely over $100K, so would need a construction loan.
Is it be possible to apply for the construction loan on top of and at the same time as a home loan? Do banks do that??
Otherwise, what would be our options as first home buyers in this situation (i.e. buying property that needs renovations before moving in)? Or should we simply avoid this type of situation until maybe our 2nd home purchase?
Curious how other people do it?
Thanks Renee, great question. That's right there are stamp duty concesions based on the purchase prce in NSW. With regards to the renovation. This would need to be completed in 2 stages. Stage 1, secure the purchase. Stage 2, once the settlement has been completed gathering quotes, fixed priced contracts, etc. for the build, then going back to the bank who will value the property 'as if' the works were completed and then they'll lend off that. Feel free to reach out with us if we can be of any assistance with the finance: www.huntergalloway.com.au/contact/
Nice and clear - thanks guys.
Quick question to clarify:
Current home value =$700k
Mortgage owing = $385k
If we knockdown rebuild and the property is then worth 1mil say, would the bank lend against the 1mil value rather than the (current) $700k?
Thanks Stuart, that's right. They'd lend of the properties value once the build is complete.
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Wow amazing tips
Glad you liked it
For more information on Renovation Loans check out www.huntergalloway.com.au/renovation-loan/
I see no UA-cam videos or anyone talking about my situation.
I was left a home as part of a will, I own it outright 100% no Mortgage and now I need a new kitchen and bathroom in it. So I need to borrow funds to finance the project. What’s the best financing solution for my situation.
Hi Scotty, so long as you've regular income (e.g. full-time, part-time or casual job) then you'll be able to use your home as security to borrow the money needed for the kitchen and bathroom. Depending on the value of the property and income earning, will dictate how much you can borrow. All the best :)
@@MortgageBrokerAustralia Thankyou very much for replying. 😁
Yeah i was not able to find any videos on renovations with no mortgage payments. my mom has her house paid off too and is needing to finance to renovate the kitchen and bathrooms, driveway and deck.
😂
Glad you liked it!