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Uber Geek
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Topic # 223556 5-Oct-2017 18:13
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I've tried unsuccessfully to find answer to this question, but generally what is minimum deposit required to purchase care land?

I thought it was 50% with services to the gate or 75% without?

Does Urban (small) vs rural (say 2-10 acres) have any effect on deposit size?

Anyone aware of a lender who would loan on bare land alone at less than 50%?

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486 posts

Ultimate Geek
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  Reply # 1878045 5-Oct-2017 18:55
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Do you have equity in another property (with house) that you can leverage?

I took a land loan out for comparatively a very low %, but when they have both properties as security the difference is mostly in your head ??. They also wanted draft/provisional build plans to see that something could be built within budget (not just a land bank)

Would recommend talking to squirrel mortgage brokers. In my experience the best way to find out your options, each bank differs.




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Dangerous Chocolate
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  Reply # 1878069 5-Oct-2017 19:49
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I spoke to the BNZ just today on this and they wanted 50% deposit, for a neighboring residential (800sqm) section.

 

If you do find someone wanting less deposit, I'd be keen to talk to them also.


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  Reply # 1878077 5-Oct-2017 19:59
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There are a number of factors involved. We did so with 10% deposit, but had intentions (and included as conditions in the S&P) to begin building on it within 6 months. Without this clause we were advised 50%. This is for a standard residential section, not large rural block etc.





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