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For those clients wanting their rural retreat and are finding it difficult to place with a residential lender then RESI has an option for you.
Under Resi’s Select range Resi can consider Rural Residential properties if they fit into the following criteria:
- Property is being used wholly or predominantly for residential use
- Property is less than 100 hectares (240 acres) in size. *For LMI applications, land size must not exceed 50 hectares (120 acres)
- Property does not generate (or intend to generate) net trading income (net profit, before tax and addbacks) of more than $50,000 per year. Where the rural property is leased to a third party, enquiries must be made to determine whether the third-party generates (or intends to generate) net trading income (net profit, before tax and addbacks) of more than $50,000 per year from the property
- Does not generate income that the customer/guarantor is reliant on to demonstrate debt servicing; and
- Would have similar marketability to a property zoned residential.
Click here for the policy, alternatively please contact broker support or your BDM.