From: Michael Croft
OK, so I want to buy a rural (1a) property in NSW 200 acres (80 ha) 20 minutes from a CBD. Cost $500k and has house and sheds. Now without x-coll and using a prime lender (6% rate or lower)can you do it on 90% LVR? How about 80% LVR? Serviceability will not be an issue.
Depends on how good your broker is but I would like to hear any/all creative suggestions. No wrapping ain't possible neither is a lease option as I am buying it for me ;^) Yes a sea change is on the way.
A reno to add about $80k with a $10k spend is an option and will happen. So value at settlement $580k and $450k loan required. The property will be used for 'rural residential' but will be officially/technically/zoned rural.
This is not a hypothetical, and rural is not my area of expertise so all and any help appreciated, and I haven't run this past my advisers yet. Rural 1a usually carries LVRs as low as 50%, with 60% being possible or so I hear. Of course I could x-coll something and make life easier but would prefer not to.
Michael Croft
"The best parachute folders are those who jump themselves."
OK, so I want to buy a rural (1a) property in NSW 200 acres (80 ha) 20 minutes from a CBD. Cost $500k and has house and sheds. Now without x-coll and using a prime lender (6% rate or lower)can you do it on 90% LVR? How about 80% LVR? Serviceability will not be an issue.
Depends on how good your broker is but I would like to hear any/all creative suggestions. No wrapping ain't possible neither is a lease option as I am buying it for me ;^) Yes a sea change is on the way.
A reno to add about $80k with a $10k spend is an option and will happen. So value at settlement $580k and $450k loan required. The property will be used for 'rural residential' but will be officially/technically/zoned rural.
This is not a hypothetical, and rural is not my area of expertise so all and any help appreciated, and I haven't run this past my advisers yet. Rural 1a usually carries LVRs as low as 50%, with 60% being possible or so I hear. Of course I could x-coll something and make life easier but would prefer not to.
Michael Croft
"The best parachute folders are those who jump themselves."
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