Developers offer land for sale as either registered or unregistered.
Registered land has services connected and road infrastructure complete, with the subdivision plan registered with the relevant authorities.
By contrast, unregistered land is not ready to build, the infrastructure may be incomplete and subdivision may still be in the approval process.
A lender cannot give unconditional approval until the land is registered, even if you receive an approval in principle (valid for approx 3 months) before you paid your deposit.
A lender will need to value your land before they give unconditional approval and they can only value land, once it is registered.
If you need a construction loan to finance your build, the lender can use a Tentative on Completion valuation based on the details in your builders’ construction contract.
If you need a construction loan contact propertyloans@realrenta.com and we will arrange for our trusted Finance Partner to contact you.
