Australian Money Forum

[kitweb]

My family owns some land in the tropical rainforest in NSW, near Byron Bay. The land is incredible, its 100 acres, has amazing mountainous views but has no house on it. There are also some other legal issues that need to be sorted out before building can commence.

A bank loan of about $300,000 would need to be taken to build the house and sort out the legal issues. I want to take the loan out asap so I can go up there and build a house and utilise the first home owners grant of $21,000 before it expires in June 2009 and have some time to enjoy the property before it is sold. Building a property on the land will increase its value alot. My family will also have to sell it soon to support my parents (its their land) into their retirement.

My partner thinks that we cant take the loan out now because of the current financial condition and the possibility of recession.

Is this true? In what way would the recession affect the repayments of the loan? The loan would be repaid with the property rental.

Thanks.

[reals007]

as the above post, you should wait for the convenience recession, there is also not adjoined house to have the safety . ., I thought you to get more information about it, do the right action that good time . . according to your thinking . .


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