Borrowing against the equity in rural land

[Smilla]

Does anyone know of a lender who will lend against the equity in rural land? We’d only be putting in a 5% deposit and would therefore need LMI

 

[Rolf Latham]

Hiya

How big and approx where please

ta
rolf

 

[Smilla]

hi there,

it is a 13 acre block in postcode 3384, near the Grampians in Victoria. it's classed as rural. we are building a holiday house on it.

 

[Lia Hayes]

Hey Smilla,

Is the house on it yet, or is it vacant land?

Lia

 

[Peter_Tersteeg]

Hi Smilla,

You can get finance to 95% on rural land, 13 acres is not much of an issue. You will find that you can get a better deal with a 90% LVR as a lot more lenders will look at this.

If you've already got a fixed price contract in place for the construction there are some reasonable options for construction loans at 95% available.

 

[Smilla]

thanks all. We have been approved through commonwealth bank