We are looking to purchase an acreage property for our home and I know that many institutions start talking about commercial or rural property loans instead of standard residential loans.
Can anyone recommend someone who has knowledge in purchasing acreage properties like normal residential houses.
Hi HelpR
You are correct many lenders will treat it as a commercial loan but dependant on the size of the acreage, location and type of property on the acreage a residential loan is still possible.
Of course LVR is also an issue as mortgage insurers are not great lovers of big acreage propertties however the above is a guideline.
If you want to tell me more about the type of property and the approx location i can give you some guidelines as to the sort of loan you will be looking at.
Richard Taylor | Australia's leading private lender
As long as it is under 5 acres and rural residential it should be treated as a normal property with loans up to 95% (depending on postcode etc).
Even if zoned rural and over this size it may still be possible as residential as long as it is not income producing (eg cattle or farming).
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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