Properties Close to Power Lines and Mortgages
When you find your dream house, you might make small compromises. Sometimes a home buyer balances neighborhood and price. In other cases, the neighborhood is great but other things exist that can hinder the financing.
Lenders will finance properties close to power lines. They measure the risk and lend according to their findings. Power lines remain common in Australia. If they sit 50 metres away from the home’s property line, most lenders finance up to 95% of the home’s value.
In cases when the power lines sit above the home, many lenders finance up to 80% of the home’s value. If power lines sit above the home or within 50 metres of the property line but the home buyer brings a guarantor, it changes the situation.
Lenders must assess their risk. If something happens with the power line, a homeowner may give up on the property and the home loan. Those who want to purchase the house even with the proximity to the power lines can help themselves by obtaining a guarantor.
With a guarantor, it’s possible to obtain up to 105% of the home’s value. The guarantor absorbs the risk if the homeowner falters on their repayments.
Mortgage House loan specialists outline the details for financing in these cases. Plus you can try our mortgage repayment calculator online.
Properties Close to Power Lines Conclusion
It’s possible to finance properties close to power lines. However, the property comes with a set of considerations for the lender. Mortgage House takes a look at all mortgage applications including this type. Contact our loan specialists to discuss your options.