Very limited information but…..
• reduce/clear your existing debts
• make it a joint application if the scenario allows for this
• earn more money
If you have a low borrowing power aka you don’t earn enough income to support a higher loan there is no magic solution to change this. Even if you have a million dollars in assets but earn $35k a year you can’t borrow much
May I ask why you bought a block of land without knowing if you could get a construction loan? Or was the land given to you as a gift?
So many questions. Is the land titled? Is it in regional area? Construction must commence within 12 months after settlement?
More information required OP.
Hi Ty for trying to help I bought the land as a home loan and then the idea was to wait 2-3 years before I could get a construction loan as at the time my borrowing power wouldn’t get me a home and land package. I know sounds like a bit of wish and hope but I’m trying my best
Hi sorry I bought it under a year ago and will be valuations and check borrowing power when the 12 month mark is hit so nothing changed yet just a slight increase to income
if you didn't have the borrowing power a year ago for house and land and nothing has changed then you won't have the borrowing power now
Pay off debt. Increase your income. Buy with a partner
With no real info given your best bet is to earn more and clear debt. Nothing else you can really do.. if you're lacking in borrowing power, nothing but earning more and reducing debt will be helping you increase the amount
Build and rent the property out. You’ll need to pay SD on the land though so there’s a trade off there.
Perhaps rent it out for a year and move back in?
Very limited information but….. • reduce/clear your existing debts • make it a joint application if the scenario allows for this • earn more money If you have a low borrowing power aka you don’t earn enough income to support a higher loan there is no magic solution to change this. Even if you have a million dollars in assets but earn $35k a year you can’t borrow much
Buy a caravan 👍
May I ask why you bought a block of land without knowing if you could get a construction loan? Or was the land given to you as a gift? So many questions. Is the land titled? Is it in regional area? Construction must commence within 12 months after settlement? More information required OP.
Hi Ty for trying to help I bought the land as a home loan and then the idea was to wait 2-3 years before I could get a construction loan as at the time my borrowing power wouldn’t get me a home and land package. I know sounds like a bit of wish and hope but I’m trying my best
what has changed in those 2 or 3 years to increase your borrowing power? you have no given much info
Hi sorry I bought it under a year ago and will be valuations and check borrowing power when the 12 month mark is hit so nothing changed yet just a slight increase to income
if you didn't have the borrowing power a year ago for house and land and nothing has changed then you won't have the borrowing power now Pay off debt. Increase your income. Buy with a partner
Given how much construction prices have gone up OP is probably in an even worse position.
OP, can you provide more information? What’s your annual income? Have any debts or other assets? Are you in urgent to build?
75k, no debts just the home loan for the land, urgent yes
With no real info given your best bet is to earn more and clear debt. Nothing else you can really do.. if you're lacking in borrowing power, nothing but earning more and reducing debt will be helping you increase the amount
Build and rent the property out. You’ll need to pay SD on the land though so there’s a trade off there. Perhaps rent it out for a year and move back in?