If you want to buy vacant land then the amount you can borrow depends on your personal borrowing power and situation as well as the block size of the land. You may be able to borrow up to:
- 95% of the property value for a land size of up to 11 hectares (27.2 acres). However, note that some lenders would restrict your loan to 80% of the property value if it's larger than 2.2 hectares (5.4 acres).
- 80% of the property value for a land size of up to 60 hectares (148.3 acres) although most lenders would likely decline your loan.
- 70% of the property value for land sizes of over 60 hectares (148.3 acres) and all loans are assessed on a case by case basis.
- 60% of the property value if it's a commercial farm. This will also be assessed on a case by case basis using rural farm guidelines.
- If there’s a house on the land already, then you may be able to borrow 95% of the property value for properties up to 50 hectares in size.
You can also opt to speak with one of our vacant land and construction loan specialist mortgage brokers directly by calling 1300 889 743 or by completing our free online assessment form.
Cheers,
Otto