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Don

1 year ago

hi Brock, it depends on the zoning. I assume this is a rural property. Many lenders do not look at anything over 25 acres and whether it is an income producing property. It is best to have a chat with a mortgage broker. I have some experience in rural properties. Please feel free to contact me anytime.

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Linda

1 year ago

Hello Brock, thank you for the enquiry. On a normal purchase basis you would need a minimum of 5% savings. Any borrowings over 80% of the value of the property will incur Lenders Mortgage Insurance. With a property around 100 acres this will attract some restrictions on the type and amount of borrowings that you can source. Other factors to consider is if the property is income producing or not. Your best option for more specific information would be to discuss your position with a broker. If I can assist you further, please feel free to contact me.

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Guido

1 year ago

Hi Brock Thank you for your question As mentioned earlier, you will need, most likely 5% deposit or $ 25 000 plus the lender mortgage insurance of approximate $ 17 718 the following link will help you to establish this. https://****nwor****.au/lender/lmi-tools/lmi-premium-estimator/ On top of this, there is the stamp duty (if you are a first home buyer in WA you will have to pay approximate $ 13 433 plus gov fees and if are not a first home buyer you have to pay estimated $ 17 765 plus gov. fees So you are looking at the $ 60 500 you need. Then to the lender, some do not accept properties this size, and others do not accept if this property is income generating There are more points to consider and to know, however, it would be a pleasure to talk to you and guide you in the right direction. You can find me via the broker finder. All the best

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Paul

1 year ago

Hi Brock, you would normally require a minimum of 5%. Be aware that anything over 80% will attract an LMI premium which can be very high. An example would be approx $16,000 with a 5% deposit. The best thing would be to discuss your position with a broker that can then advise you accordingly. Also if the land is used for farming it will have an impact on the type of loan you require. Please feel free to contact me for further advice.

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