Hi,
We have found our 'dream' property, totally by chance, we weren't really looking - but several things have just kind of fallen on to place this last week culminating with us viewing a property we saw advertised a year ago and thinking WOW, that's where we want to spend the next 30 years, coming back to market.
As things turn out, our current property has done well and would sell easily, and the property we have now been to see a few times is now within grasp.
Here's the problem.
It's zoned 'Rural Conservation Zone 2'. Until we contacted our current mortgage company I had no idea this was potentially an issue, but then they told me that they could only lend up to 65% LVR.
To pull this off, we need in the region of 85% LVR.
The annoying part is that, other than the actual council zoning, it satisfies all other requirements for 'Rural Residential' as stipulated by say NAB for example. i.e. it's under 20 acres, (it's only 6), it has a existing residence which is connected to electricity and 'water pursuant to the area' and is within 10k of a town with a population of over 20,000. The only condition it falls down on is the actual council zoning, which isn't enough to get it over the line.
The property is surrounded by similar properties, I can't imagine all of whom have required a minimum of 30% deposit?
I'd rather that our offer is rejected, or it gets sold to somebody else than us not be able to get it over the line due to finance isues - especially when we can easily service the repayments and there's still a decent 15%+ equity in it (and the most annoying part being that effectively there's no real reason it shouldn't be zoned rural-residential).
To cut to the chase, does anyone know of any lenders that will lend in the region of 85% LVR on 'rural' zoned properties? Or, at the very least, look at applications on a case-by-case merit rather than pigeon holing a 6 acre home in the same basket as a 100 acre farm?
Cheers.
We have found our 'dream' property, totally by chance, we weren't really looking - but several things have just kind of fallen on to place this last week culminating with us viewing a property we saw advertised a year ago and thinking WOW, that's where we want to spend the next 30 years, coming back to market.
As things turn out, our current property has done well and would sell easily, and the property we have now been to see a few times is now within grasp.
Here's the problem.
It's zoned 'Rural Conservation Zone 2'. Until we contacted our current mortgage company I had no idea this was potentially an issue, but then they told me that they could only lend up to 65% LVR.
To pull this off, we need in the region of 85% LVR.
The annoying part is that, other than the actual council zoning, it satisfies all other requirements for 'Rural Residential' as stipulated by say NAB for example. i.e. it's under 20 acres, (it's only 6), it has a existing residence which is connected to electricity and 'water pursuant to the area' and is within 10k of a town with a population of over 20,000. The only condition it falls down on is the actual council zoning, which isn't enough to get it over the line.
The property is surrounded by similar properties, I can't imagine all of whom have required a minimum of 30% deposit?
I'd rather that our offer is rejected, or it gets sold to somebody else than us not be able to get it over the line due to finance isues - especially when we can easily service the repayments and there's still a decent 15%+ equity in it (and the most annoying part being that effectively there's no real reason it shouldn't be zoned rural-residential).
To cut to the chase, does anyone know of any lenders that will lend in the region of 85% LVR on 'rural' zoned properties? Or, at the very least, look at applications on a case-by-case merit rather than pigeon holing a 6 acre home in the same basket as a 100 acre farm?
Cheers.