Hi Guys, I just bought an acreage in QLD on vendor finance and the terms are as follows: total price of the land is $39,000 with a deposit of $6000. I have just paid a part deposit of $1000 and am paying off the deposit at $260 per fortnight which will take around six months to pay off. After that I am simply making repayments of $100p/w until the balance is paid in full. I am on Centrelink so I don't have a great deal of cash especially with the extra sixty dollars per fortnight while paying the deposit off so my question is this:
Can I put my caravan on the land and live there while I'm paying off the deposit or do I have to wait until the deposit is paid in full? I just don't see the purpose of paying rent in Brisbane while paying off a block of land at the same time. It would leave me financially stuffed.
If I were to move, it would allow me an extra $200 per fortnight to help pay off the finance faster but I don't want to get in trouble with anyone by doing this.
Any help here is much appreciated as I'm not 100% sure on the laws of putting a caravan onto land while paying off. The region is the north Burnett council, QLD.