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Buying farm land from abroad/farm loans?

  • 31-05-2018 1:45am
    #1
    Galwaylad92
    Registered Users, Registered Users 2 Posts: 6 ✭


    Currently living and working abroad and I'm looking to get a loan at home to buy some farm land.
    Has anyone on here had any experience with this. How difficult is it to get a farm loan from abroad and what banks/institutions would be best to go to.
    I have been farming since I was young and got my own herd number roughly 3 years ago before I moved abroad so it's for farming I want the land not for building houses.

    Any help appreciated.


Comments

  • #2
    sean_0
    Registered Users, Registered Users 2 Posts: 94 ✭✭sean_0


    Did it two years ago. Standard enough procedure - you need to produce 6 months of payslips, show your savings and where you got them from, work contracts etc, etc. Show clean credit reports from abroad and at home.
    As long as you prove capacity to repay, being abroad doesn't seem to be an issue, though I think mine ended up being a 'business' loan rather than farm loan, as obviously I couldn't farm it myself initially.


  • #3
    Galwaylad92
    Registered Users, Registered Users 2 Posts: 6 ✭Galwaylad92


    Do you mind asking what bank you went with?. I have good credit rating from abroad and the salary and savings to show there. But any savings Ive at home is in credit union. Wouldn't have much of credit history as never needed to get loan at home.Suppose il just ask around with the banks and see what they say.
    I might be able to get farm loan as I'm currently renting and farming land at home in my name.


  • #4
    sean_0
    Registered Users, Registered Users 2 Posts: 94 ✭✭sean_0


    Mine is from AIB. The best credit history you can have is no credit history - My credit report from Australia says 'nothing reported' which is exactly what the bank wanted to see. Doesn't matter where savings are as long as you can show where they came from.

    Just talk to the banks - lending is their business, they're not doing you a favour, they want customers. If they think you can pay them back they will find a way to lend you the money.


  • #5
    Galwaylad92
    Registered Users, Registered Users 2 Posts: 6 ✭Galwaylad92


    Thanks for the information. Think I have it sorted now. Also do you have any tax implications after buying the land from another country or is it only with selling of land that there may be an issue?.


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