Have you found that dream block in which you can see yourself building that dream home and raising a family. You’re not alone, many Australian’s go down the same path. There are many benefits in buying land and building including reduced Stamp Duty.
Applying for a loan to purchase land is the same as a normal home loan. However, there are some differences which circulate around the difficulty in living on a vacant block of land. This means that depending on your situation, you will need to continue to either pay rent or the mortgage until such time that construction begins – which then leads to more repayments, read more about construction loans here.
With many Lenders, it is for the above reason that loans for land with many lenders assessed slightly differently to home loans. It is important to us that you have the right strategies in place to build the home you want. This may include obtaining pre-approval for construction at the same time as your land loan.
We helped a long term client purchase Land on the Surfcoast in Victoria. They are now looking forward to building their dream home and begin many memories with their kids and enjoy a great lifestyle.
If you are looking for assistance in obtaining a loan to purchase land, please contact us on 03 8823 5400 or complete the form below and we’ll get in touch with you.