I spoke to my Mortgage Broker, Shane Abbott, The Mortgage Gallery to find out the latest finance issues.
If you are thinking of purchasing rural property as an investment, for a tree change or a hobby farm there are lending issues you need to understand first.
Banks treat rural property differently to standard sized properties, therefore you need to take the time to review all the lending issues before you make any moves in the market.
A majority of the banks will only lend at standard rates to properties 50 hectares and under. Anything over this, and it is considered a commercial transaction and as a result you will have to get a commercial loan.
If you are looking at buying BEFORE you make an offer you should sit down with a broker like Shane and be absolutely clear about your specific situation. You can contact Shane on 0419 196 446.
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