→ Financial Assessment: You’ll need to provide proof of your income, expenses, assets and liabilities.
→ Property Valuation: This can be where lifestyle loans differ. The valuation of rural property can be more complex than standard residential property. The lender will assess the property's value, considering factors like its size, location, available resources (like water), and land use restrictions.
→ Deposit: You’ll still need a decent deposit size, depending on the lender’s policy and the property’s valuation. Sometimes, a larger deposit might be required compared to urban properties, especially if the property is larger or considered higher risk.
→ Loan Application:
You'll submit a loan application form, just like with a regular home loan. This will include your personal and financial details, as well as details about the property you wish to purchase.
→ Approval Process: The lender will review your application, conduct a credit check, and assess the property valuation.
→ Documentation and Closing: If approved, you'll receive a loan offer. You should review this with a financial advisor or solicitor. Once you accept the offer, legal and loan documents will be prepared for signing, and the closing process will begin.
→ Settlement: On the settlement date, the lender will provide the funds to purchase the property, and you'll start making loan repayments according to your loan agreement.