Thrive Home Loans is one of the first non bank lenders to offer finance against vacant land. Vacant Land can be used as a security property for both Full and Low Document Loans. However, land only cannot be used as security for Line of Credit Loans / Portions or construction loans. Only one land only security can be used per loan, however it can be used in addition to house and land properties.
Vacant land loans can be used when you are purchasing a block of land to be used for future construction. It is easily converted to a construction loan when you are ready to do so.
Minimum loan amount |
$50,000 |
Maximum loan amount |
$600,000 |
Maximum borrowing against property value |
90% to $600,000 (Full Doc Loans)
80% to $550,000 (Lo Doc Loans)
|
Mortgage Insurance |
As per applicable loan products |
Interest only option |
1 - 10 years |
Fixed interest option |
1 - 5 years (Full Doc Loans)
|
Minimum loan term |
15 years |
Maximum loan term |
40 years (full doc)
30 years ( low doc)
|
Application Fee |
Nil for applications greater than $250, 000 |
Valuation Fee |
First Valuation free (if borrowing > $250, 000, a saving of up to $330), additional valuations paid by borrower |
FREE Reward Package |
Yes (click here for you choice of reward packages) |
Full Salary Credit allowed |
Yes |
Free Redraw available |
Yes |
Free Split loan available |
Yes |
| Inward direct debits |
|
Outward third party direct debits |
Yes |
Free Inward direct credits |
Yes |
Free Internal portion transfers |
Yes (if a split loan) |
Inward deposit book payments |
Yes |
Free Inward BPay |
Yes |
Outward cheques |
Yes (if a line of credit split exists) |
Free Internet and telephone Banking |
Yes |
Annual / Monthly loan fees |
Nil |
Borrowers Legal costs |
At borrower's expense |
Lenders Legal |
Approx . $800 |
