Hi all,
What's the current maximum LVR for land only (300-700m2) 5-8km from the CBD in Adelaide, Brisbane or Melbourne?
Best regards ToWhomItMayInterest
All land loans are either 60% LVR or there are a few lenders offering out to 80%
cheers mate
Does anyone know what the maximum land only LVR from one of the four major banks is?
I tried searching on their websites but no luck there.
Yeah great 80%LVR, I am interested to know which banks do this?
It all depend on the purpose for the purchase of the land and how you or going to claim the service of the loan.
If you are buying it to build and fully verify your income then most of the lenders are happy to lend you out 90% but over 80% will incur LMI and they place their own restrictions and the cost can change the deal.
Please don't just go to the big banks, look at other lender like the building societies
Credit unions and second tire lenders you will find them very competitive and will to deal.Great advise bfantastic thanks
As an Expat it's a little harder to obtain finance that's why I'm considering the 4 major banks.
At htis stage I'm just contemplating ideas, if I'm able to buy land-only at a 80%LVR I can afford a block of land at let's say $200K. Put down the $40K deposit plus costs then hold the property while saving funds for construction at a later date.
Would this work?As an Expat I assume you mean you are Australian living overseas?
Citibank will help you out and there are others
I try to discourage people away from using the majors for what they have done to Australia's financial markets they are just greedy.Your plan for the land would most differently work with a verified 80% Loan, all you need to is show your last two years tax returns to prove serviceability no matter where you earn the money.
CBA only do 50% on vacant land.
Rams will do 95% plus lmi against vacant land, but you need 5% genuine savings…and yes you can construct later
low doc 80%
are you an offshore borrower?let me know if you want further info..
Cheers
Ray
95% is available with a few institutions even if you are an expat and you dont need genuine savings.
Richard Taylor | Australia's leading private lender
Interesting!!!…thanks to all
Expat – I'm an Aussie citizen living and working overseas.
$100K + genuine savings should suffice.
95%LVR is great!!!….but experts say I can't obtain LMI because of defaults on my credit file. – 80%LVR is my maximum
Are there many institutions that will do 80%LVR for vacant land?
It depends to the extent of the defaults, to whom they are in favour when they were paid out and the amounts etc etc.
Richard Taylor | Australia's leading private lender
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