Forums / Getting Technical / Finance / Difficulty borrowing for rural

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of David PhillipsDavid Phillips
    Participant
    @dp1969
    Join Date: 2019
    Post Count: 0

    Hello everyone,

    I earn $200000/pa, no other debt, and my bank has trouble lending me money to build a house at my rural place in Coffs Harbour NSW. I still owe $300k on this.

    Any help would be appreciated.

    Dave

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 11,992

    Hi Dave

    Doesn’t surprise me we see it all the time with the big 4.

    Would need more information to be able to advise you further but you are likely to be limited to circa 75% lvr depending on the size etc.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of NickPNickP
    Participant
    @nickrightfinancial-com-au
    Join Date: 2019
    Post Count: 0

    Hi Dave,

    All banks and lenders have different niches, that’s why it’s a wise idea to speak to a mortgage broker who has access to most of the lenders in the market place and who will know the best lender to place your loan with. It’s generally a free service, well it is at my company anyway. Feel free to give me a call if you are still having trouble with this.

    • This reply was modified 1 week, 4 days ago by Profile photo of NickP NickP.

    NickP | Right Financial Pty Ltd
    http://rightfinancial.com.au
    Email Me | Phone Me

    Find the right mortgage expert at Right Financial

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,065

    I earn $200000/pa, no other debt, and my bank has trouble lending me money to build a house at my rural place in Coffs Harbour NSW. I still owe $300k on this.

    Hi Dave

    What’s the issue from the banks perspective? Is it lack of a deposit?

    What size block are you looking to build on?

    Which lender have you approached so far?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic.