Lifestyle / Hobby Farms

Are there any tips for getting a mortgage with Lifestyle ... All sorts of factors influence a bank’s decision making when it comes to financing small farms.
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What else do I need to know when buying rural land?

Rural land means land that is used or intended to be used for grazing of livestock, dairying, poultry farming, viticulture, orchards, beekeeping, horticulture, the growing of crops of any kind, and vegetable growing.

When buying rural land, important issues are…
  • The economic climate of the area. Is the land to be used for agriculture, commercial purposes or private use?
  • Check that the property has appropriate council approvals and council zoning for any external buildings, and any future development.
  • What about your health and age? (Do you expect to have need for services that are found in cities and regional centres?)
  • What are the applicable property taxes?
  • Does the contract of sale include any licenses such as water usage etc.?
  • What about accessibility of service utilities such as power and phone?
  • Check for flood plains, areas with access problems, water problems.
  • Particularly check for any easements or rights of way that may be through the property. Even though they may have not been used for some time, their use by others can affect your rights as well.
  • Check that effective controls are in place and work has been maintained to control noxious pests on the land, such as rabbits and noxious weeds. Eradication of these can be expensive.
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