Rural blocks

Hi All, in regard to finance & for both full doc and lo doc.......

Will any lenders do 80 or 90 LVR for 12.7 acre RU1 block ? Has large house and is in an area where there are lot of 5-10 acre lots, they would be large lot resi blocks, is same postcode and region of large regional city, is about 7k from CBD

 

Hi @dabbler you should not have any trouble getting that through as a resi loan from my experience selling farms/livestyle properties.

 

I know 5 is ok, and IIRC 10 should be ok for most.

 

I have just got 37 acres through last week and have had up to 341 acres in the past with some creative writing and a good broker.

 

I think it could be possible as long as not income producing (cattle etc).

 

I'd say so, we have a property over 100 acres with Commonwealth Bank, it's zoned primary production (SA) but we have a sub 4% interest rate. ComBank lend as a home loan up to 50ha.

 

@dabbler where are you looking at?

 

A few places

if you or anyone interested will send PMs

One we inspected is 30 mins from a town (in a small town itself) has a house on 5 acres that is rented for a decent amount & would get that for under 200k, could also put another house on the block for own use or rental and use old one for yourself, or vice versa. Current tenant only interested in the house and garage, does not care about the acres, so you could put a shed and use it yourself.

3 acres on edge of Sydney, large brick and tile house, this one is prob a pretty decent buy for a home, just over 800k

 

Something that size won't give you too many issues, there's a number of lenders happy to take on smaller rural blocks.

The main hurdles which can make finance difficult (as a residential loan):

• LARGE rural - 50+ hectares
• Ultra regional locations
• Income producing
• No approved/available residential property on the security