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I plan to add 40k onto my house loan that I'm applying for in the next few months to add an observatory with a bit of special gear in it.. Whats the harm?? I'm looking at buying a 22 acre property 300km out of the city for a single purpose, Astrophotography. This purpose can not be properly achieved without a permanent setup, a fairly substantial mount and a rather large telescope...
Just recently I refinanced my car loan to encompass my credit card debt, when I did that I got an extra $6000 thrown on top for astro gear.. It all depends on how badly you want the gear.. doing it on top of a car loan is the wrong way to do it.. with interest, you end up paying quite a lot more for your gear than if you'd bought it with your own money, the advantage being that you get it NOW..
On a home loan, I see absolutely no reason why you shouldn't extend the loan amount to encompass some new gear and an observatory.. Is the new gear and the observatory going to make you happy? happier than if you didnt have it? if the answer is yes, and you can afford the difference in the loan repayments, I say go for it... I am..
Alex.
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