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Angela I.
Angela I.
Yowie Bay, NSW

Hi we are in a predicament. We live on a big block of land in our current home. We are in final stages with council for an approved DA to subdivide the land and build a new home on it. We will sell the one we are in and live in the new one. Problem is we have no money to finish the existing home, sell it and then build the new one. Once existing home sold we will be laughing however the bank won't lend us money to finish. We are stuck, any advice appreciated?

7 years ago


Angela, I would be happy to have a chat to talk through your options, if the interim problem is that you are biting off to much to chew with the construction of two homes. Have you thought of a two step approach where you do the sub division and complete your existing home only. You could then sell and enter the rental market for six months until the new home is built, potentially using largely your own money.
I would need to have a full understanding of your financial situation to advise if this could be achieved, however may well be worth considering.
Give me a call if you would like to chat
Ken Olds
Customers First Mortgages & Insurance
1300 ASK KEN (275 536)


Yes we are planning to sell, rent and build it's just getting the money to finish the existing home

Hi Angela,

Different lenders have different policies so if your bank has said no, it does not mean that all the others will too.

I would suggest getting in touch with a broker as there are a number of ways to approach this but we would need to look at your situation and what's important to you in detail before trying to match a solution and possible outcomes to your predicament.

If you would like to get in touch to explore what's possible, I'm happy to have a chat.

True Wealth Fiannce
1300 18 40 15


Great advice thanks

Hi Angela,

if the work you need to do on the house is mostly cosmetic (does not involve structural work), You may be able to get up to 80% of the land value provided you can service the loan.
You would need to get some quotes for the work to be done on the house.
That would get you in a position to sell the existing house then build the new one.

Please get in touch so that we can have a chat to help you with your situation.

thank you
0414 545 643

Hi Angela,
Sounds like you need to get creative. Perhaps an agreement with a builder who will work on your current home and build the new one.
You could possibly sell the builder the land as collateral for finishing your home and buy the completed house from him after you sell your house?
Any agreements would need to be iron-clad to ensure you protect your interest and your goals
I can introduce you to a couple of building consultants who manage these types of things if you are interested?
Best of luck

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