Vacant Land Loans
For most people in Australia, what they usually do is purchase a home to their liking which is already prebuilt by a contractor. All they do is browse through the selections of homes and houses for sale, then visit the actual house to see if they like it.
However, for the more adventurous types, they would instead buy a piece of vacant land where they can construct their dream home from scratch. This means they have more flexibility as they have a wide open space, and they can basically design the house of their dreams from the ground up. The only limitations are their finances and the land area involved. In saying so, this only applies if they have the finance to buy the vacant land in the first place.
A common problem that people face however is they don’t have enough funds to purchase the land outright. They often have to resort to getting loans from banks and lenders in order to be able to purchase the land. The problem is not many banks and lenders are willing to grant a loan to borrowers who wish to purchase a vacant land. They are hesitant because they are not sure whether the person purchasing the land will actually set up a house on the land. Hence, the bank has a higher risk of losing a lot of money if no house is completed. Another contributing factor could be where the land is located. If the land is located in a far flung, low value area, then chances are the loan application will not be approved.
However, some banks and lenders do risk granting this type of loan, the trick is finding the right bank for your situation. With the help of the home loan experts it is possible to get a loan in order to purchase the vacant land that you want. This should increase the chances of your home loan application being granted, and enable you to start building your dream home right away.
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