Search found 3 matches

by HobbyNew
Tue Oct 29, 2013 6:01 pm
Forum: Home Loan Forum
Topic: Hobby farm 125 acres (50.6 hectares)
Replies: 5
Views: 13780

Re: Hobby farm 125 acres (50.6 hectares)

Norman,

If I went with the option of buying a farm with a house already on it, what difference would this make to the loan?

Eg. 4BR house on approx 160 acres.

What sort of deposit would we need and would it be possible to buy before the sale of our other house?

Thank. Just considering my options
by HobbyNew
Thu Oct 10, 2013 2:24 pm
Forum: Home Loan Forum
Topic: Hobby farm 125 acres (50.6 hectares)
Replies: 5
Views: 13780

Re: Hobby farm 125 acres (50.6 hectares)

Hi Norman,

The land does not have a house on it (we want to build). We would be looking at a purchase price on the block at around $560-570 K.

Our current house is worth about $650K and we owe about $370K.

Thank you
by HobbyNew
Mon Oct 07, 2013 3:06 pm
Forum: Home Loan Forum
Topic: Hobby farm 125 acres (50.6 hectares)
Replies: 5
Views: 13780

Hobby farm 125 acres (50.6 hectares)

I have found 125 acres just outside of Melbourne which I would like to buy as a hobby farm (looking to build). It would just be used as a hobby farm as my husband is full time employed and we just want to be more in the country but still close enough to the airport for his travels.

We currently live overseas but are Australians, returning in Jan 2014. We have a house which is currently rented until July but would put this on the market. Is there any way we can get a loan for the property?

With equity in our house but settlement not until after a sale in August or so, what are the chances of putting in an offer for the land and getting the loan before we have the 20% equity as a deposit?

Thank you