Land Evaluation

Ashryar · Aug 26, 2019 12:35 pm

Hi All,

I am planning to buy my first house and land package as a first home buyer in South West Sydney and I am in the phase of hunting for a good home loan.

While speaking with one of the bank, I was told that there could be land evaluation issues in house and land packages.

Are there any ways to avoid them so that we get approved for the whole amount?

Please guide.

bashworth · Aug 26, 2019 9:34 pm

The thing to understand about house and land packages are

The blocks are often used as a way of selling the least attractive blocks on an development. For instance the land may be; small, odd shape, face a main road, etc.
Builders want to build and sell a number of very similar houses as part of these packages, which aren't as attractive to owner occupiers.
A lot of these houses that are part of a package finish up being occupied by renters some of whom may not look after the house and garden.

If you bear all these negatives into account when you look at the packages you might find a bargain which might mean you get the approval