Rural Finance

[Terry_w]

Just a follow up, after three months of trying to make the deal happen I was finally able to do so through a friend who was kind enough to loan me the funds until such time as the title comes through. Settlement was last week with the property being held in trust until such time as the subdivision goes through. Now my next question - should I get a Val done privately prior to undertaking the mortgage through NAB, who have given preapproval of a rural lending facility at 6.3%. As I understand it they are hamstrung by my purchase price of 195k, closest property I can find as a comparable sale was the neighbours - 200arable acres, a dodgy house and one shed for 360k 8 years ago, I'm 110 acres, good house, three sheds including a massive implement workshop that cost 80k plus concrete 12 years ago.

Other than that most properties around here are 500-5000 acres. Thanks in advance.

settlement happened without title? did you enter some osrt of deed of partition?

 

[tobe]

gettig the purchase price for your valuation will be a good result. It would be unrealistic to expect or even hope for anything else.

 

[lamby]

Hi Terry, Yup, we did, took awhile to get it sorted as we had to avoid double stamp duty but all done successfully - and at considerable cost.

Tobe, my understanding was that where a subdivision took place where there was some kind of consideration - in this case my employer, vals didn't necessarily depend on purchase price. Is this not correct? The bank manager in question believes its worth a lot more than I paid for it having looked at it.

 

[tobe]

best of luck with that.