Difficulty borrowing for rural

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

David Phillips
Participant
@dp1969
Join Date: 2019
Post Count: 1
March 2, 2019 - 6:13 pm
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
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
March 2, 2019 - 7:51 pm
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 | Australia's leading private lender
NickP
Participant
@nickrightfinancial-com-au
Join Date: 2019
Post Count: 3
May 9, 2019 - 12:11 pm
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 5 years, 7 months ago by NickP.
NickP | Right Financial Pty Ltd
http://rightfinancial.com.au
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Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
May 19, 2019 - 8:12 pm
David Phillips wrote:
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
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Mortgage Broker assisting clients Australia wide Email: [email protected]