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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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LEZLI

2 years ago

Hi Steve, I have at least 40 lenders who could help you. Have done similar construction loans lately. Please feel free to contact me via my Profile Page. Thank you

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kelvin

2 years ago

Lenders would like to see a FPBC - fixed price building contract - so they know you can purchase the land and also start and complete your home. If you dont have the pricing yet, speak to builders and use that to show you can repay both the land and the house - or what extra funds will be required. You can generally pay the land loan (and during construction) as interest only.

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Michael

2 years ago

Hi Steve, Thank you for your question majority of lenders will do this. A Credit Adviser will assess your personal circumstances along with goals to ascertain the lender most suitable taking into account pricing and fees. I would recommend you complete the inquiry form on this web page and a broker will contact you. We service clients Australia wide but have offices located in South Australia and Far North Queensland. Regards Michael

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Linda

2 years ago

Hello Steve, thank you for your enquiry. As mentioned below most of the lenders will be happy to assist with an application to purchase vacant land. What also must be taken into consideration is which lender can also assist with your future plans for the land. Other factors to be taken into consideration are your ability to service the loan as well as your existing debts and the deposit available. I would be happy to assist you to work out your options. If you are in WA please click through on my profile.

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Joel

2 years ago

Hi Steve, as most have pointed out, a lender can only be suggested after taking into account your objectives and financial situation. Generally speaking, vacant land does fall into the majority of lenders' "acceptable security" definition, so you won't be too limited by that aspect. One of the key pieces of information on suggesting a suitable lender will be your ability to service the proposed debt, which we can all help you to work out, I would also suggest that you sit with your broker and make sure that you can also afford the future plan for the land - if you plan to build will you meet the proposed lender's criteria for building? If you plan to subdivide, will the lender charge you for altering the title? Can you afford the subdivision? Etc. Feel free to click through to my profile and arrange a time to chat by phone. Regards Joel

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gregory

2 years ago

Hi Steve, thanks for your question. To be viable a lender has to best fit your situation. The reality is that a viable lender can't be suggested until you provide 2 things 1. a general plan of what you are looking to do 2. a statement of financial position. Once that is done we know what we have to work with and can come back with a solution. Happy to help - have 15+ years positive experience putting these ones together.

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Matthew

2 years ago

Hello Steve, good question thank you. As most people have mentioned, the majority of lenders would be happy to entertain an application to purchase vacant land. The major factors they would be looking for are your ability to service the loan, your deposit and also your current liabilities. A great mortgage broker will also take the time to understand how long it is until you want to build on the land? Some lenders would like to see construction begin within 26 weeks, some within 12 months and others within 5 years and other have no timeframe.. Also, depending where you are looking to purchase the land you maybe eligible for a state govt grant. Good luck Steve.

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Nikki

2 years ago

Hey Steve thanks for your inquiry, if you are in Qld I can help you, are you a first home buyer? if so are you aware of first home buyer incentives? In Qld you can get up to $20,000 to assist in building your first home depending on the contract price,this offer is only available until the 30th June 2017. As the other brokers stated most lenders will do construction loans it would depend on your individual circumstances to which lender would suit you best, feel free to contact me for further information Best Regards and good luck Nikki

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Damian

2 years ago

Hi Steve, Its always best to get a clear picture of what your plans are moving forward with the build as well. I would suggest making a time to meet with me so we can go over everything that you are looking at doing now and in the future. I like to recommend not just on rates but on your situation so we can assist you achieve your goals. I look forward to helping you.

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Gee

2 years ago

Hi Steve, good luck with your new purchase. As for your questions most banks will entertain this based on your personal situation. i.e income and liabilities etc. Honestly you can speak to any broker here or the banks directly if you want as quite sounds quite simple tbh. Unless you have some sort of credit issues or have really high debt level you will be able to get this loan easily. Regards Gee

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Gaurav

2 years ago

Hi Steve Most banks will be able to do this it will however depend on how much percentage you are borrowing against the property , Your income . If you are looking at buying in victoria please do not hesitate to get in touch with me and i would be able to assist you with your purchase.

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Aaron

2 years ago

Hi Steve - Easy to do. If you need a construction loan for this, best to do it at the same tim as the land purchase. Then you have a wide range of lenders to choose from!

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Guido

2 years ago

Hi Steve Thank you for your question Most of the lenders will do this. However, a broker will assess your personal circumstances to establish the lender most suitable for you with the best interest rate and the lowest fee or no fees. It is all a matter of your income and credit history I would recommend you fill in the inquiry form on this web page and a broker close to you will contact you or click on my profile and contact me I will be more than happy to explain all your questions and help to find a great deal for you All the best Guido

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Patrick

2 years ago

He Steve most lenders can cater for this. The loan would need to be structured in two parts being the land loan and the construction loan. some lenders have restrictions on stand alone land security and some lenders have restrictions on owner builders. Ultimately it will depend on your deposit/equity and income. Please feel free to contact me to explore your options inn further detail.

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Peter

2 years ago

Hello Steve, financiers we would look at; ANZ, Bankwest and Me Bank. All offering professional packages, low annual fees and competitive interest rates. I would be more than happy to investigate your scenario further. Feel free to contact me. Cheers

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Jennifer

2 years ago

Hi Steve, I am based in WA and would love to help you with this. Construction is something that I specialise in. As to which Lender you choose - that depends entirely upon your personal circumstances as most policies differ a bit.

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Thomas

2 years ago

Hi Steve We're unable to recommend lenders without first looking at your situation. Please get in touch with me and we can do this very quickly and easily. Regards, Tom.

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LEE

2 years ago

Hi Steve, congrats in advance on your future purchase! To answer your question, I have access to 37+ lenders and most would be viable for that, however we do have a few favourites. Check out MeBank, CBA/ANZ & Bankwest. Anyway, there is no fee for our service so it's probably a great idea to get in touch with a broker to discuss which lender specifically is a great option for you :) If you're in Melbourne we can certainly assist. We specialise in this area. Look forward to hearing from you soon Lee

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Sarah

2 years ago

Hi Steve, Thanks for your question. I guess it all depends on the size of your deposit and your personal circumstances but there are some very competitive mortgage deals available for construction loans with a number of lenders on my panel. Can I meet with you to discuss your application further? Sarah.

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leonardo

2 years ago

Hi Steve- Most banks will do this. - you will find most banks will only go up to 90% LVR on land purchase alone. but you can go up to 95% Lend on House and land packages.

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Andrew

2 years ago

Hi Steve, it will depend on how much you are contributing towards the purchase and time frame to build a house. If there is not a building contract in place, most lenders can assist with finance up to 90% of the land value. If you are in Western Australia, I would be happy to discuss further.

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AMRIK

2 years ago

most of the lenders will do it thanks

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