Mortgage Rates

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2 years 2 months ago #550789 by johnco10
Mortgage Rates was created by johnco10
Hi,
Ive been looking at 2 properties, similar size, similarly productive in seed fruit. However one is categorised as Horticultural and the other Lifestyle. Can anyone explain to me how this determine this? Can it be changed?
The reason I ask because this has a significant impact on mortgage lending. Horticultural comes under Rural and therefore the BNZ is not lending at all on Rural or Horticultural properties, lifestyle properties can fall under residential, better rates and terms.

Kind Regards
John

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2 years 2 months ago #550790 by LongRidge
Replied by LongRidge on topic Mortgage Rates
No idea sorry. I would ask the Planning Officer at the local Council if they have done the categorization.

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2 years 2 months ago - 2 years 2 months ago #550799 by tonybaker
Replied by tonybaker on topic Mortgage Rates
it would be covered under the unitary plan and zoning regs. Any real estate agent would be able to advise. Hope you have got a GOOD business plan! Also LSB's usually end up with a house on them which increases the collateral that the bank looks for. A bank will usually only lend money if they can sell you up and get 75% back.

5 acres, Ferguson 35X and implements, Hanmay pto shredder, BMW Z3, Countax ride on mower, chooks, Dorper and Wiltshire sheep. Bosky wood burning central heating stove and radiators. Retro caravan. Growing our own food and preserving it. Small vineyard, crap wine. :)
Last edit: 2 years 2 months ago by tonybaker.

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