I believe Dominique is more involved in strategies to assume properties and loans.

Also, mentioned above is the idea that you can do your own vendor finance legal paperwork.  You can but I strongly suggest you don't. Unlike the standard sale and conveyance of a property, that normally takes a few weeks to complete, a vendor finance sale is…[Read more]

Our favourite PM's nick name is 'The Terminator'.  Boy is she tough but straight down the line.  I wish we could clone her 

Cheers,  Paul

Hi Tom

I've never used APM but I've now used both PriceFinder and RP Data.  My experience is that they're both very similar but PriceFinder is much more competitively priced.

Cheers,  Paul

Hi Tamara

We've been with RP Data for many years and we still are, as we have to give 3 months's notice to RP Data to close down our subscription.  Therefore I still get all the updates and newsletters from them.  No mention of any changes there.  So, if there's nothing happening at RP Data, I guess the same applies to PriceFinder.

Cheers, …

Hi Jenni

I guess it's worth looking at the risks involved, as compared to buying with a traditional home loan'

1/ You pay well above market rent which goes towards a deposit for the home.  Most people understand that you pay more per month to buy a home than you do to rent it.  As you say, with a Rent To Buy, you do pay a higher monthly rent but…[Read more]

Hi Oscar

I'm guessing it should work well, especially when coupled with eligibility for the FHOG.

Cheers,  Paul

In all States a vendor finance Instalment Contract is based on that State's standard Contract for the Sale of Land (NSW name), usually with an Instalment Payment Schedule added, along with National Credit Code Disclosure Statement.

There are specialist vendor finance solicitors in Australia and I suggest you get an example from one of these…[Read more]

Hi Jenny

The level of regulation is quite extensive for the three most popular forms of vendor finance, i.e. Instalment Contracts, Deposit Finance and Lease/Options (Rent To Buy)

Instalment Contracts and Deposit Finance are credit contracts and are regulated by the National Credit Code (create by the National Consumer Credit Protection Act…[Read more]

Hi Roberto

Some of your questions can be answered by knowing the difference between types of Agent Listing Agreements used.

In NSW an Exclusive Listing entitles the Agent to get paid their commission if you speak to the Agent or the Vendor about the property during the term of the Listing Agreement.  Even if you come back after the 'Exclusive'…[Read more]

Hi Nathan

Jules does quite a bit of work for vendor financiers regarding Options.  He should be able to help.  His contact details are:
Jules Lewin – Solicitor
Charthill Legal
88 Cresswell Rd
Dianella, WA 6059
Phone: (08) 9375 5161
(m) 0417 921 428

Cheers,  Paul

Hi Jenny

The difficulty in answering your questions simply is there are a number of vendor finance techniques in the market place.  The 3 most common are; the Instalment Contract (often mistakenly just called 'vendor finance'), the Lease/Option (usually called a Rent To Own) and Deposit Finance.  There is even a new set of legal paperwork being…[Read more]

Hi Daniel

The Vendor Finance Association holds meetings in Melbourne 4 times a year.  Obviously the meetings concentrate on the vendor finance niche but the first meeting is free.  Meeting dates can be found at:  http://vendorfinance.asn.au/meetings-and-memberships/

Cheers, Paul

Hi elives

We have been working in the residential real estate vendor finance market place since 2003 and you may be interested in a blog post I've posted called '10 Mistakes to Avoid with Vendor Finance'. It's at:

10 Mistakes To Avoid With Vendor Finance

The Vendor Finance Association is a great place to…[Read more]

Hi Elives

There are 3 basic strategies mentioned din the Strategies section:

Instalment Contract – this gives you what is called 'equitable title' and in most cases, the vendor's underlying loan will stay in place.  You would have to negotiate with the vendor regarding moving the loan to Interest Only and it's not always guaranteed that the…[Read more]

Hi Elives

You are referring to Chapter 11, i.e. pages 101 through 104 and the reference to the strategies section.  Please not that every transaction mentioned in this chapter is Commercial.  Residential properties are mentioned but residential home loans are not.  However there is a reference to the 'debt bit'.

This chapter then refers you to…[Read more]

Hi Elives

I'm afraid Richard is correct when it comes to residential property.  The two examples you've given above aren't residential and therefore aren't regulated by the National Credit Code.

While the National Consumer Credit Protection Act (the Act that created the National Credit Code) does 'technically' allow the assignment of a consumer…[Read more]

Hi again Melissa & Paul

We;ve found that flyer drops are a bit of a blunderbuss marketing technique.  They go into every residential property and then the filtering starts, i.e. first up, a large percentage aren't interested in selling.  Then most of the sellers are selling their family home to move to another family home and, while they my ring…[Read more]

I've also picked up a few properties from the 'For Sale By Owner' type websites (including Gumtree).  It pays to keep a regular eye on these sites and call the ones that haven't sold after a couple of months.

Cheers,  Paul

Hi

You mentioned you're now interested in getting into property investing.  If you are unable the sell the property traditionally for the price you want, then selling the property with Vendor Finance may be a way to get this property to produce positive cash flow for you.

A general overview of how this could be done is available at …[Read more]

Great suggestion Freckle.  Another suggestion involving vendor finance, is to offer the block with Deposit Finance, i.e. the buyer gets a first mortgage from a traditional lender and you finance the buyer's deposit, by way of a second mortgage.

There are issues around first mortgage providers accepting a second mortgage as an ok deposit and the…[Read more]