VACANT LAND LOANS
Purchasing your vacant block of land and then building your dream home on the vacant land, and to your very own plans and requirements is one of the most rewarding experiences you will commit yourself to. But, before you commit yourself you should seek expert advice and professional assistance from our team of professionally qualified and expert finance brokers.
What Loan Products Can I Choose?
Our professionally qualified finance brokers have access to numerous lenders/credit providers as they deal with them on a regular daily basis, and they are willing and able to assist you in choosing any of the following products:
- Standard Variable loan
- Fixed Rate home loan
- Basic home loan
- 100% Offset loan
- Guarantor home loan
- Line of Credit loan
- Low Doc loan
- Non-Genuine savings loan
- Refinance home loan
- Bad Credit loan
- Construction loans
Are Vacant Land Loans treated any differently by the Lenders/Credit providers?
Most lenders/credit providers have different policies when they provide funds to purchase Vacant Land. But, it is important to note that they treat vacant land loans like any standard or normal loan. However, the lenders/credit providers will require that:
- The size of the block of land does not exceed a certain acreage ( i.e. this will depend on the policy of each lender/credit provider )
- The land is preferable inside major cities and regional centers as well as rural vacant land in lifestyle locations
- The land must have direct access using all weather road. Dirt roads are acceptable as long as they are well maintained, and the property can be accessed by a standard vehicle, not a 4WD
- The land must be within the range to be connected to the electricity grid without excessive costs
- Town water and sewerage services are not required as many Australian properties have tank water or septic tanks instead
- Fully serviced and partially serviced blocks are both acceptable, however some lenders/credit providers will not approve a loan for more than 80% of the value of the property if you are unable to connect town water
- The land is to be zoned rural, rural residential or the equivalent for your state or territory
- The maximum Loan to Value Ratio (LVR) for a vacant land loan is 97% LVR. Most lenders will lend you up to 90% LVR on standalone vacant land as security
Do I have to Build or Construct on Vacant Land?
Some lenders/credit providers will take vacant land security with no need to construct on the property in the short or long term. However, some lenders/credit providers will require you to build a house on the property (e.g. within 6-12 months of settlement). So, when you are deciding on purchasing Vacant Land you should take some time and ask yourself the following questions:
- Do you want to buy the Vacant Land now and build later? - This is very popular process amongst most Australians as it allows them to secure the Vacant Land in their preferred area and then allows them to the time to save for the construction of their dream home
- Do you want to buy the Vacant Land now and build now? - This process is popular if you are deciding to purchase the vacant land through a Property Developer in a new housing or sub-division
- Do you already own your Vacant Land and you want to be an Owner Builder? - It is important to remember that obtaining suitable finance as an Owner Builder can be very difficult to obtain. But, not impossible if you speak to an expert finance broker
I am Self-Employed can I still get a Low Doc Vacant Land Loan?
Yes, our professionally qualified, and expert finance brokers can assist you to get a low doc vacant land loan with a specialised lender/credit provider. However, each lender/credit provider will use different low doc assessment methods, which can include any of the following;
- With BAS Low Doc
- With no BAS Low Doc
- With Accountants Certification Letter Low Doc
- With Trading Accounts Low Doc
- With Income Declaration Low Doc
Can I Get a Pre-Approval?
Yes, our professionally qualified and expert finance brokers will provide you with a convenient Pre-Approval so that you will have the peace of mind knowing that:
- You have a clear picture of what your borrowing limits are
- Your finance request has already been pre-approved, and you will know the conditions of your pre-approval
- You have the upper hand when negotiating the sale price of your vacant block of land with the vendor, real estate agents, etc.
Why Choose Singh Finance?
As with any large financial decision, you make. It is always wise to seek expert advice from our professionally qualified finance brokers, before entering into a property purchase market and looking for the right home loan, because:
- We know what the requirements are for Vacant Land loans
- We can accommodate a much faster credit decision for you, provided that we receive from you all the required documents as soon as possible
- We can calculate how much you can borrow
- We can calculate your interest rate and the monthly loan repayment amount
- Our team of professionally qualified and expert finance brokers have successfully helped a number of clients requiring assistance with the Vacant Land loans
- We know the numerous lenders/credit providers credit policies and procedures as we deal with them on a regular daily basis
While you concentrate on getting your Vacant Land, our team of professionally qualified and expert finance brokers will:
- Look at your overall financial position, and they will establish a "Budget" for you
- Eliminate the stress and time it takes in running around trying to find your own Vacant Land loan package and at the right price
Contact Singh Finance Today
If you are interested in finding out more on residential finance and save yourself a lot of time and stress, then simply make an appointment to have an obligation free assessment interview with one of our professionally qualified and expert finance brokers, today. Please contact us on 0424 190 908 or visit our website and select "Enquire Online Now" by completing our "Contact Us" page, and one of our expert finance brokers will contact you, to make an appointment at a time and place convenient to you.