The $50,000 baby

After deciding to have a 3rd child we realised we would need a bigger house. We applied for finance and where pre-approved for an amount. We shopped around for houses for a few months but didn't find anything that suited our needs, or that wouldn't need alot of work to fit into what we needed.

A week after I had the baby my husband comes home and states "You know they have released more land in that estate we looked at last year" so that weekend we went and had a look at the blocks that where still available.

We picked one out and then started looking at how much it would cost to build, to see if we wanted to go that way or not. After a week of looking we decided that we would build, and rang to put a hold on the block. Some-one else already had a hold, and we would have to wait a week to see if they would take it or not.

In the meantime we went back to our mortgage broker to tell her we where ready to buy and to find out the next steps. After looking at our new up to date financials we where advised that we would be able to borrow substantially less then first pre-approved for. This is because I am on half-pay maternity leave, and we now have three children.

With the cost of the land, and the house we came up about $50,000 short. So baby Sam's new title is the $50,000 baby.

Very very luckily, after approaching my parents with our quotes and savings they have agreed to loan us the $50,000 out of there home loan.

So we have the finance.