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As the name suggests, a land or acreage loan is a type of home loan that borrowers obtain from a bank or other lender provider to purchase an empty block of land. It is assumed that the intention is usually so that the borrower can build a new home on the vacant land in the near future.
A loan obtained for a land purchase is not the same as a standard home loan as it attracts different costs and conditions. Land loans can have higher deposit requirements and higher interest rates. This is due to the fact that lenders see them as a riskier proposition than a traditional home loan.
So often, you find things are placed on hold due to a poor financial situation or lack of finances. This means you can miss out on the opportunity to travel overseas with friends or even forfeit simple daily expenses due to restricted funds. If you are in need of a helping hand to overcome a personal matter, we can assist. With a range of options made to suit differing financial requirements, speak to us about your goals and see how we can help you achieve them.
For the full details on repayments and procedures, it’s best to speak to us directly by getting in touch. We have helped many individuals find the balance in their life again and turned situations around. Whether you are looking to buy a car or consolidate debt, we can offer you a solution that will get you back on your feet. Our team will advise you on the best steps going forward and will assess your current circumstances to see what outcome is best aligned to your conditions.