This loan is designed to assist those borrowers with bad credit or a poor credit history to purchase vacant land.

Generally due to the higher risk factor on vacant land, many lenders do not offer loans on this security, however we have a funder that will lend up to 90% lvr in high population areas inside major capital cities and regional locations with a standard residential zoning.

Each loan has to be treated as an individual basis so it is important to deal with a broker that has several options and is experienced in this category of lending.

The matrix below gives you an overview of product perimeters however it is best to phone or apply online so we can analyse your unique circumstance.

Applicant type Individuals, Companies, Trusts.
Employment requirements P.A.Y.G. is O.K. Self-employed must be Fully Verified
Income: required proofs Payslips, group certificates or employer letter. Self-employed, two years tax returns and assessment notices.
Loan amounts $100,000 > $750,000
Purpose Owner-Occupied, or Investment.
Security type Most metropolitan and major regional centres (post code specific – please ring or email to check).
LVR Maximum LVR on credit impaired loans is 90% of property value.
Credit related issues Paid or unpaid defaults registered over 24 months and judgements accepted. Minor Defaults up to $1,000 ignored.

Can be discharged Bankrupts
Where the reason is Impaired Credit‚ a detailed account of how and when the impairments occurred; as well as an explanation on how and why the event is no longer an ongoing concern with little likelihood of re-occurrence.

Variable, fixed or both Both
P&I, I/O, or both Both
Residency Status Citizens and permanent residents
Comments, special conditions Generally a Risk Fee is Payable instead of mortgage insurance
Approximate rate Final LVR & Interest rate are dependent on security location (Restricted to Capital Cities and Major Regional areas.
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