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Like to hear your angle on this..

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  • Like to hear your angle on this..

    I am looking to sell my house & build one. I talked to builder & done some research into this. I met with the bank but was a bit surprised when I was told that I would have a bit of a hard time in getting another $50-100k. I have over 200k equity / owe only 30 in current home & thought because of this I would have better chance to secure something else. I was not turned down, but it made me re-think my position.
    They made it sound so daunting when I thought I had it figured (to a degree eg. purchasing land with bank money / building with sale proceeds of house approx 300k. Have you any opinions about time to build/buy? Would I be taking a chance here / doing the wrong thing ? Any thoughts are appreciated thanks.

  • #2
    Have a talk with a broker.
    That particular bank manager may just be having a bad day.
    The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.


    • #3
      A few months ago, I was surprised how little equity a bank thought we had compared with what that house would sell for. The bank seemed very conservative, maybe basing their price on a hostile mortgagee sale?


      • #4
        Which bank is it?
        You can find me at: Energise Web Design


        • #5
          Sorry to hijack yr thread OP, but I can't seem to do a new post at the moment - screen doesn't throw up the post reply option.
          Anyway it is sort of related. Seeking advice on building home - where?
          >> Itt might be a nearly two years before my earthquake-totalled house in Cashmeres, Christchurch, is rebuilt as per replacement in insurance policy. Would like to get my money in it working alot sooner. Insurer has agreed I can rebuild elsewhere in NZ "in a non-seismically active" area, straightaway. I will sell section once house demolished. Land is fine. Bank has given pre-approval meanwhile for a loan to buy a section elsewhere in NZ but amount is small - $200,000-$230,000 range. Any thoughts where might be good to achieve my aim of : either onselling newly built property to get my cash out; or to rent out property till I decide on next step. The replacement will be a two-storey, four-bedroom, three bathroom executive-style home. I had been looking at Pukekohe. Any thoughts?


          • #6

            I am one of the new member for this community.