Hi Gately

We “flat out” insist that our wrapee clients get independent legal advice. We simply will not proceed without this.

We do provide a list of “wrap savvy” lawyers in our local operating area, in our initial information kit. This sheet explains that it might be cheaper for the wrapees to use one of these lawyers because they are familiar…[Read more]

Hi Julia

I just wanted to second what Felicity said. Great post! Thanks for your help.

Cheers, Paul

Hi Rakky

The only State that requires you have a Credit Providers Licence if you are carrying on the business of wrapping is W.A.

But, as always, check this with your own lawyer.

Cheers, Paul

Hi KFJ

If you join the Vendor Finance (Wraps) Association you will find a mortgage broker there who has a loan product which he promotes as having both “Funders” and “Lenders Mortgage Insurance providers” approval to use for on-selling using vendor finance, i.e. wraps. The Association’s website is at
http://www.financewraps.asn.au
You will find…[Read more]

Hi Michael

1. Contact David Cook, Commanding Heights Mortgage Solutions P/L, on (02) 4926 2277, or maybe

2. http://www.araf.com.au

I hope this helps.

Cheers, Paul

Hi Rakky

As far as I can see, you’ve got it right up to and including,
“Who’s name is the property in for the duration of the wrapp?” – Usually your name stays on the title.

“Does your own lender require any involvement in the process?” – I now know of 2 mortgage organisations who are advertising that their underlying funders and mortgage…[Read more]

Hi Novice M

If your friends want to hold onto the property and have the employed partner use the negitive gearing benefit, he will have to sell it to her (I won’t comment here on my thoughts about negative gearing). Of course no GCT would be payable if he sold it to her for the same price he purchased it for. However they would have to pay:
1.…[Read more]

Hi Craig

Try the Vendor Finance /Wraps forum on this site. Have seen quite a few Canadian wrappers posting on the John Burley forum boards – http://www.johnburley.com

Hope this helps.

Cheers, Paul

Thanks John. Good to read you here.

All the best for the New Year to everybody.

Cheers, Paul

Hi

I’d like to ask the moderator to move this thread to the “Opinionated” forum. My feeeling is that’s where it belongs.

Cheers, Paul

We bought Rick’s Wrap Pack and then went to his Wrap Camp. Worked for us []

Cheers, Paul & Karen

Hi Jonny

You mention that wraps are illegal in SA. Wraps are generally divided into 2 types. Those using an “Instalment Sales Contract” and those using a “Lease Option”. Unfortunately the governemnt of South Australia will not allow the use of “Instalment Sales Contacts”, so if you wish to wrap in SA you’ll have to use the Lease Option…[Read more]

Hi Nats

When you refinance, your home will be revalued. As long as you aren’t borrowing more than 80% of the “new value” of your home, you normally won’t have to pay Lenders Mortgage Insurance (LMI).

Hope this helps.

Cheers, Paul

Hi Andrew

Try http://www.residex.com.au/index.php?content=positive&PHPSESSID=c920c157f9f9ecce9467debba28bcfc2

Not cheap but it is specific to finding cash flow + properties.

Regards, Paul

I believe that under the Consumer Credit Code it is illegal to provide credit to an undischarged brankrupt.

It may just be possible that your prospective buyer is still an undischarged bankrupt. If he/she is still undischarged you could still proceed with a lease/option or maybe even the new Licence to Occupy/option. Of course, only after you…[Read more]

Hi Gus

I’d recommend, if you haven’t already, doing some research on selling the property via a “wrap” or a “lease/option”. Using either of these two options should get you into a positive cashflow situation now.

All the best, Paul

Hi

Unless you have written in the “option” that the purchaser of the option is responsible for this type of cost, then you will be responsible for this bill.

All the best, Paul