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Something Old or Something New

This is always a popular question.

The first part of the answer is that it depends on your finances, ie, your ability to fund a purchase.

For example:  if you have $100,000 cash or equity then provided you have the income to support this;

OPTION #1 – You could buy a house up to $250,000 in value.  This would be an older house.

OPTION #2 – A house up to $500,000 could be bought.  This would need to be a newly built or to be built project.

The reason for the big differences in these options is that the current LVR rules for lending are:

40% deposit needed for existing houses

20% deposit needed for new builds

Let me assist you through the mire.

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