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Our award-winning mortgage brokers will find you the right home loan for your situation.
Is it a hobby farm or a commercial farm?
Banks are more interested in approving home loans for smaller lifestyle properties, not to a farm with a farm business. Commercial farms can apply for a commercial loan or agricultural loan instead of a home loan.
Generally speaking, the use of the hobby farm should be for the sole purpose of private residential occupation and must not be used for commercial income producing purposes.
In some cases, the land may be used for the growing of crops and/or the holding of limited stock, however this is only for private use.
Despite this, you can earn an income through the renting of the property to a tenant.
What do banks assess?
Some of the things banks look at include:
- Land size: To qualify with most banks the land must be less than 10ha. Some banks can consider up to 50ha.
- Location: Each lender has their own postcode restrictions. At least two of our lenders have no postcode restrictions.
- Access: Dirt roads are fine as long as they are well maintained.
- Services: Unserviced blocks (no power connected) can be a problem but town water and sewerage services are not required if you have have tank water or septic tanks instead.
- Zoning: Be careful with land that is zoned industrial, commercial or for farm use as they are generally not accepted.
- Land use: Hobby farms with minor farm improvements and no income from farm production are usually accepted.
Why are banks so conservative?
During times of drought or during economic downturns, farms tends to fall in value and take longer to sell. This is particularly true in country areas and remote locations where land prices fluctuate more often.
Because of this higher volatility, banks tend to be more conservative when approving a home loan for hobby farms.
We’ve lent more than $1 billion+ Australia-wide.
They walked us through the process step by step
We would like to say thank you to Hank from Home Loan Experts for all his help in getting us a guarantor loan.
We were really unsure if we would ever get an approval for a home loan, but Hank immediately knew the right lender to approach for our situation, and made the whole process simple…
We would definitely recommend Home Loan Experts to anyone. Thanks again to Hank and the team from Home Loan Experts for making it possible for us to own our first home.
Ianthe S & Jadobi l, Carina QLD
A very friendly, professional and helpful team
The team was very friendly, professional, helpful and went out of their way to get the right loan that was suitable for us… I recommend this service for those who find it very hard to purchase a property going directly to a bank. Thank you Home Loan Experts, you have finally given my family and me the opportunity to own a beautiful home.
Denise H, Epping VIC
A lot smoother and less stressful than having to deal with banks as an individual
Our mortgage broker was very personable and made us feel like he went above and beyond to assist us in getting our home loan. He had a great knowledge of guarantor home loans which set our minds at ease. He was happy to answer any questions even outside business hours and responded in a professional and timely manner. As a second home buyer I would recommend going through the home loan experts as this process was a lot smoother and less stressful than having to deal with banks as an individual. I would especially recommend Hoa to others.
Melissa H & Rhys B, Wynnum West QLD
Exceeded my expectations in terms of results
Throughout the process I felt confident in knowing I could rely on you and at no stage did I ever feel that trust could be an issue with you. You have exceeded my expectations in terms of results and have done this with very short notice. You are an asset to your company and a role model to your profession… I already have and will continue to recommend your services to friends and family.
Thomas M & Tanya W, Botany NSW
So easy to speak to no matter how stressful the situation
We are both so grateful to Amine for all of his hard work and great advice over the past year! It’s been such a long journey… We are starting to settle into our new home in Trentham now. It is just so beautiful and relaxing! We really love it and are so happy with our purchase. Amine was right all along – things happen for a reason! Thank you Amine for always being there for us.
Tanya & Andrew B, West Melbourne VIC
He even made a guarantor loan from our parents seem effortless!
After the roller coaster ride of going cap in hand to the bank manager, only to be turned away… we found Tony. What a refreshing change! Within a 2 week time frame, we had approval and were able to follow the normal approval process to get the loan…. With Tony’s inside knowledge on how lenders think he was able to approach the bank with an excellent case and really put us in a great position in the lender’s eyes…. We recommend Tony and Home Loan Experts strongly and will be using them for our next purchase…
Julie W & Luisa C, Waikiki WA