We live and operate our business on 100 acres in the Hunter Valley. We’ve been with the same bank for many years but they keep raising the rates and we would like to ask if we go to refinance will other lenders look at our security or is it just the big banks?

Hi Anna

The limit for most banks is about 50 hectares (about 123 acres) for residential property for most lenders (not just the big banks). It sounds like you might be running a business off it. We'd need to understand a bit more about the property, and then we could talk to the banks about it for you.

You're welcome to visit mortgagedirect.com.au and start a live chat with me there if you wanted to discuss it further.

Best regards
Dean

Hi Anna,
This could be a complex exercise given the changes to policy over recent years and the fact that you operate a business on the property.
It is likely that lenders would treat the security as a commercial property and you would need to meet commercial policy with a suitable lender.
The main considerations are the security valuation, where you derive your main income, your loan to valuation ratio (LVR) and your ability to service the loan over the term required. If you require less than 65% of the valuation in your refinance, there are a number of lenders who could potentially look at the proposal.
Best of luck
Scott