Been lurking for awhile - lots of great info around here - but I need to ask some advice.
Rural property totalling just over 400 acres has come on the market. I've agreed to purchase a portion thereof, approximately 107 acres which includes the house, sheds, improvements etc in conjunction with another party purchasing the other three hundred acres. I want the house primarily as at 195k for the section I'm looking at its comparable to a house in town without the acerage and other improvements.
I initially thought obtaining a home loan shouldn't be too difficult as I'd be able to borrow around 400k in terms of serviceability if looking at a normal residence. Boy was I wrong.
After a few false starts and reading through a lot of threads here I approached CBA for a home loan. All appeared to be going well up - while not fitting their parameters exactly, it was under 50ha in an ok area, etc and things looked on track. Anyway signed the contract today only to find that there was an issue with CBA because subdivision hadn't gone through (we only got the ball rolling this week).
This was in spite the existing title of the property being available to mortgage until such time as the subdivision does go through.
Property being purchased for 195k, worth around 260k once on separate title. 12k down along with 5k first home buyers grant, family member prepared to guarantor or co-sign loan/title.
I'm trying to avoid getting an agricultural loan if at all possible.
Any ideas?
Rural property totalling just over 400 acres has come on the market. I've agreed to purchase a portion thereof, approximately 107 acres which includes the house, sheds, improvements etc in conjunction with another party purchasing the other three hundred acres. I want the house primarily as at 195k for the section I'm looking at its comparable to a house in town without the acerage and other improvements.
I initially thought obtaining a home loan shouldn't be too difficult as I'd be able to borrow around 400k in terms of serviceability if looking at a normal residence. Boy was I wrong.
After a few false starts and reading through a lot of threads here I approached CBA for a home loan. All appeared to be going well up - while not fitting their parameters exactly, it was under 50ha in an ok area, etc and things looked on track. Anyway signed the contract today only to find that there was an issue with CBA because subdivision hadn't gone through (we only got the ball rolling this week).
This was in spite the existing title of the property being available to mortgage until such time as the subdivision does go through.
Property being purchased for 195k, worth around 260k once on separate title. 12k down along with 5k first home buyers grant, family member prepared to guarantor or co-sign loan/title.
I'm trying to avoid getting an agricultural loan if at all possible.
Any ideas?