Despite what many banks and other lenders tell you, rural land loans are not hard to be approved. However, most banks won’t provide financing for rural land because they don’t understand this segment of the market or don’t want to service its specialized requirements.
At Building Loans Australia, we have access to the specialist lenders that can approve your loan to purchase rural land. These loans are flexible and cost effective, and specially designed for buying rural land and acreage.
You can choose between fixed rates with terms ranging from 1 to 15 years and variable loan rates. If you don’t plan to build on the land straight away, we can introduce you to lenders that will allow the land to remain undeveloped for as long as five years. And we also access lenders that will provide finance for large acreages of up to 125 acres.
We can also access rural land loans that are not restricted by postcode: as long as there is a sealed road to the property and the land is not ‘income producing’, we can find finance for your purchase.
Below are some of the niche products available for rural land loans:
- Rural land up to 125 Acres / 50 Hectares (if vacant land – max 80% lending, if you have contract to build or existing home on the land up to 97%)
- Rural vacant land up to 27 acres/11 Hectares to 97%
- No post code restrictions (meaning every location is available other than islands without a connected sealed road from the mainland)
- Lend up to 95% of the purchase price
- Fixed rates and variable rates available
- Redraw available on variable loans
- Additional repayments
- Can be zoned rural, rural residential or equivalent (not commercial, industrial etc.)
- Available for investors and owner occupiers
If your bank has said no or you want the right advice first rather than affect your credit file with a declined application, talk to the experts – Building Loans Australia.