Last night I had an appointment with the mortgage advisor. The title to the land that I was buying will be available next month and I wanted to see what my options were. In short, I had just the one option. A lot has changed since last November when I first explored the idea of building the house that I wanted on the land that I had just agreed to buy.

About a month ago, I had lost the permanent casual job that I had, there was no expected pay raise from my full-time job, and some extra hours that I usually do now for the company might be curtailed. To summarise, my earning capacity has decreased and so has my borrowing ability.

So that one option that I had? It’s to borrow enough to just pay for the land now and decide later about building on it. I will be losing out on approx. $14,000 in the first home-owner’s grant but that’s not too bad. With a lot of people rushing to get the grant, current home building prices are artificially inflated anyway.

I was a bit disappointed of course but going into yesterday’s meeting, I already had an inkling that that was to be the outcome. Although I’m very glad that I didn’t get the land title back in May when it was supposed to have come out. I would have decided to start building and thus borrow more money based on my higher income then. With my reduced income now, I would have been stuck with loan repayments that I can’t afford. I think I dodged a bullet there, phew!

So yeah, my dream house? Maybe later. It can wait. In the mean time, I am going to enjoy my mother’s housekeeping and hospitality just a little bit longer. :)