Does anyone know of a loan product that will lend better than 70% LVR on a 65 Acre property with a 10y.o. 3 bedroom house, close to regional centre (15 kms) in Victoria.
80% would be nice.[
]thanks
lifexperience
Hi Life Ex
My JV partner and I are in the same boat as you trying to get better than 70% LVR in country Qld. My private banker at Suncorp told me yesterday they can do it provided:
1. The property is within 25 kms of a Suncorp branch (are Suncorp in an alliance with St George?)
2. It was less than 10 hectares.We qualify under the 1st but not the 2nd condition. From her comments, I gather the problem is Mortgage Insurance. She’s REALLY keen to keep our business, and said:
“Greg, if you’re happy paying Mortgage Insurance I’ll make a few enquiries and see if I can swing a lower LVR”I’ll keep you posted when she replies.
Cheers
GregOriginally posted by Greg F:My private banker at Suncorp told me yesterday they can do it provided:
1. The property is within 25 kms of a Suncorp branch (are Suncorp in an alliance with St George?)
2. It was less than 10 hectares.
We qualify under the 1st but not the 2nd condition.Hi again
Forgot to tell you another Mortgage Broker asked me whether services such as electricity, phone, water were attached or not. Apparently very important details when banks and Mortgage Insurers look at LVR’s (your block obviously has these given you’ve got your house on it).
Have you searched this forum’s archives? I’m sure your question must have been asked and answered before.
Let us know how you go, won’t you.
Cheers
GregGuys
I am suprised the Mortgage Brokers on the site here haven’t listed a range of lenders who can accomadate your request.
In the meantime i would throw in Morgan Brooks who offer a 80% LVR product upto 100 acres.
Greg, sorry to disappoint Suncorp and St George have no alliance.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
I got few lenders who will do it.
Cheers
PropertyGuRu [sultan]
Mortgage Consultant
[email protected]NZ loan pre approval from Australia in 48 hours
Hi Lifex
If the property is classed rural or rural residential & non income producing you will struggle to get over 70% LVR,
Morgan Brooks criteria for rural/residential is maximum 50 acres, and max 25 acres for rural,ARAF Capital Funding may be an option, but I doubt they will lend over 70% LVR on 65 acres rural/residential.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Originally posted by Qlds007:Guys
I am suprised the Mortgage Brokers on the site here haven’t listed a range of lenders who can accomadate your request.
In the meantime i would throw in Morgan Brooks who offer a 80% LVR product upto 100 acres.
Greg, sorry to disappoint Suncorp and St George have no alliance.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundcheers Richard, i was a bit too busy at the time.
cheers Brendan
brahms
[email protected]http://www.morganbrooks.com.au/residential/options_rural.html
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Hi Richard,
The Morgan Brooks Rural Equity 100 acre product you are referring to in your link is no longer available.As I mentioned earlier, the best Morgan Brooks can currently do for rural/residential is a maximum 50 acres, and a max of 25 acres for rural.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Steven
I apologise they settled one for me in western Qld last Thursday so i assumed it was still valid.
Cheers
Think that means its the Heritage BS in future, help me if we are in hurry.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Cheers Richard,
Lifex,
The Bendigo Bank may be another option?Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
OK,
Thanks for everyones suggestions and help. We are hoping to settle on a price tomorrow subject to 80% finance being approved.I’ll let you know how it goes, I’m meeting agent and vendor in person and am hoping to negotiate a sweet agreement for all.
[
]lifexperience
Well they accepted our offer ($30k under asking…) time will tell the end outcome at settlement.
PG, thanks for your help.[biggrin]
lifexperience
]
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