澳洲Australia property Financing a Granny Flat Build | Sydney
在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo
G'day Guys and Gals,
I'm looking to purchase my first home towards the end of the year, ideally with a detached brick double garage (on a corner block and oh baby we're talking dream fodder!). If however I'm unable to find a suitable property at the right price, I may end up buying a property with the potential to build a granny flat on it.
I am wondering however, if I need to build a granny flat (or even reno the garage) how do I finance it? Can the funds (ranging from 25-75k depending on what I need to do) be tacked on to a pre-existing mortgage? Or will I require a separate loan?
I am in the process of doing the same thing but behind my own PPOR.
The finance would have to be on an existing mortgage as the main house as it is still on one title....
According to my banker Westpac, what you do is get the builder's quotation and then bring this to the bank; they would normally value before and after (which should increase to the build costs); however, you would have to finance it out of your own pocket first and then refinance the monies out...
All the best
You'd finance it along with the existing mortgage. In some cases, you'd use a construction loan alongside the current loan, in other cases, it would simply be an increase.