I will be grateful for views on how to structure payment of my first property purchase, bare land in a residential subdivision.
I will need mortgage finance to realise a completed land and building package. Building design will follow purchase of the land.
My personal funding sources will be cash savings and KiwiSaver withdrawal.
Can the banks dictate housing type when dispensing mortgages? For personal and cost reasons I don't propose the conventional three bedroom double garage family McMansion that prevails in the area.
I could pay for the land outright from savings, provided this does not limit my choice of building type. Is this a situation where I would maximize freedom of building type by placing a mortgage on the land and using more of my own funds for building?
Thank you in advance.
I will need mortgage finance to realise a completed land and building package. Building design will follow purchase of the land.
My personal funding sources will be cash savings and KiwiSaver withdrawal.
Can the banks dictate housing type when dispensing mortgages? For personal and cost reasons I don't propose the conventional three bedroom double garage family McMansion that prevails in the area.
I could pay for the land outright from savings, provided this does not limit my choice of building type. Is this a situation where I would maximize freedom of building type by placing a mortgage on the land and using more of my own funds for building?
Thank you in advance.
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