If you are looking to buy Vacant Land in Metro or Rural Locations, we can help you with a home loan
- Fast turnaround time
- Guide you from preapproval to settlement
- Borrow up to 95% of the purchase price
- No cost, no obligation service
Vacant Land
Many individuals share the romantic dream of creating their ideal home or investment property in the perfect location. Once you’ve discovered that ideal plot of land, the primary challenge is securing the finances for land acquisition and construction. An incorrect approach to financing could potentially jeopardize all the well-thought-out plans you’ve made.
Banks have stricter lending guidelines for blocks of land than actual properties and, in many cases, they won’t finance remote or large properties.
The good news is that each lender has different lending guidelines so it’s still possible to get approved.
Professional Home Loans can assist with the following:
– 95% of the Value of the Land up to 11 hectares in size
– 80% on Acreage and Rural Land up to 50 hectares in size
– No requirement to build within 5 years
– Check for postcode restrictions
How will the bank assess your block?
– Land size: The larger the land, the fewer the number of people who are interested in buying it.
– Location: Land inside major cities and regional centres can be financed quite easily. At least one of our lenders has no location restrictions Australia wide.
– Access: The land must have direct access using an all-weather road but dirt roads are acceptable as long as they’re well maintained and the property can be accessed by a standard vehicle (not a 4WD).
– Services: The land must be within range to be connected to the electricity grid without excessive costs. Town water and sewerage services aren’t required as many Australian properties have tank water or septic tanks instead but some lenders will limit borrowing to 80% of the value of the property.
– Zoning: Land zoned rural or rural residential can be considered but industrial, commercial and farm/agricultuaral zoning is case by case. If the land is subject to GST, it will typically be seen as a commercial property by the banks.
– Land use: The land should be used for personal or investment purposes, not as a farm. Hobby farms with minor farm improvements and that generate little income from farm production are usually accepted.
– Intention to build: Many lenders consider someone who’s building on the land right away or within a year to be a lower risk than someone who has no intention to build. If you’re not, the bank may consider you to be a speculative investor and may decline your loan.
What is the next step?
With Professional Home Loans as your trusted mortgage partner, we specialise in navigating the complexities of buying vacant land. We understand the importance of securing the financing you need to achieve your homeownership dreams, and we’re here to guide you through the process every step of the way.
There is no cost for our service and absolutely no obligation.
You can read more about our full service in our blog.
Contact us online or call 1300 55 44 97 today to learn how we can answer all your questions about getting a home loan on a Temporary Visa!
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Getting a home loan was really simple with Professional Home Loans.
“We went overseas during settlement and it was not a problem for them, everything went smoothly and I’m writing this from my new home! “
Jack Clancy
Well done you made it easy with no BS.
“Couldn’t ask for a better job – until next time (although no time soon, moving was awful). “
Accountant, Mick and Vanessa Renton
No LMI for building home in Sydney as well as 90% LVR no lmi for investment proerpty off the plan in Newcastle.
“Professional Home Loans has provided us with a very professional service, communicating all the available options to us and in the process he has literally saved us $75k that we would have otherwise paid. They certainly go beyond the call of duty. “
Hamilton (Accountant) & Nyari (Doctor) Sydney
Working for QLD Health achieved 90% LVR no LMI at normal rates - From UK. Sunshine Coast, QLD
“We were able to get a loan at a good rate and avoid paying LMI which saved us several thousand dollars that we can now put towards other things. Very helpful and informative about all aspects of the process, not just the loan, which we really appreciated as it made the whole thing a lot easier for us.”
Craig and Louise (Medical Registrars)
On a contracting basis – she got paid roughly 70% of what she billed.
“We assisted Arlyn with a 90% Mortgage with No Lenders Mortgage Insurance payable so she could buy a house and land package Thanks so much. All credits goes back to you as you helped me make all this happen. I couldn’t thank you enough for the job excellently done. “