Buying a farm is a big deal. Exciting and sometimes stressful, it's an experience you certainly need to be prepared for. This section looks at our usual lending process.
The most important thing to remember is that it's not the real estate agent, lawyer or bank who will end up paying for and making a living from the farm. It's you. That means you can and should ask as many questions as you like.
It's a good idea to talk with us first to discuss your financial goals, outlook and situation, and we can work out a tailored lending solution that meets your goals. We can also determine how much you can borrow before you find the farm that you want, as this can give you an indication of the price range you should be looking in.
If you meet our lending criteria:
- You can apply for conditional loan approval based on the information you provide to your Agribusiness Manager
- Once all your the information is verified and your credit rating is approved, we should be able to approve your loan
- We can review your financial situation and other goals when it suits you to check that your tailored lending solution continues to meet your needs in the future
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Where do I start? |
Buying a farm or herd isn't something you do everyday; it's likely to be the biggest thing you ever pay for. That's why it is a good idea to see us before you start shopping or attending an auction.
Your Bank of New Zealand Agribusiness Manager will be able to:
- Advise you how much you can borrow. This, combined with the amount of deposit you have, will indicate a maximum price that you can afford
- Provide you with a pre-approved certificate that outlines how much we will lend you based on your current deposit and current interest rates. That means when you go to make an offer on your property, you'll have the confidence of knowing that the BNZ is right behind you
- Agree with you the best tailored solution that meets your financial goals and business needs
How much you can borrow depends on factors such as:
- your ability to repay the loan including projected income
- skill set, expertise and track record
- the value of the property or asset you wish to buy
- your contribution (deposit)
- the value of other assets you may own which you can use as security
Disclaimer: the information in this section is for general information only and is not intended to be fully comprehensive, nor is it intended to be a substitute for legal or other professional advice. We strongly recommend that you seek independent advice before acting on any information in this section.
