All Topics / Creative Investing / Help me beat the banks/finance needed so I can sel

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  • Profile photo of grega21360grega21360
    Join Date: 2003
    Post Count: 38

    I need a clever finance providor or system to sell a 34 sq/ m unit.
    Banks are telling my prospective buyers who want my unit to go buy a bigger one and then they will get their loan.
    Surely there is a lender out there who won’t need to get stuck on such a stupid rule .the property has proven itself already to be a good investment and several agents all agree it is worth what we are asking.
    Does anyone know the pitfalls of doing part vendor finance as this is one option I am considering .I am in WA and not set up to do wraps (maybe a future option)
    Please Give me any sound strategies for selling.

    Profile photo of calvin_thirty4calvin_thirty4
    Join Date: 2004
    Post Count: 556

    Why sell it if it is a good investment? SOme of us look for good investments to keep long term.



    Profile photo of kpkp
    Join Date: 2004
    Post Count: 509

    You need to apply for a Credit Providers Licence to do vendor finance in WA.
    Check out DOCEP website, all instructions and forms are avail online.


    Profile photo of MichaelGruberMichaelGruber
    Join Date: 2002
    Post Count: 30


    Unless the unit is the person’s principal place of resident then they can provide vendor finance without a license.

    However if they are in the business of vendor financing and selling places in a business like manner then contact the Department of Consumer and Employee protection to verify it would be ok to sell the PPOR.

    Do some research – find out if there are any no-doc loans etc that would lend – find out the LVR and consider providing vendor finance for the difference between your asking price and the loan’s LVR.


    Profile photo of traceyimbtraceyimb
    Join Date: 2003
    Post Count: 82

    Is it a studio/bedsit or is does it have a separate bedroom? If a studio it is possible to get finance if it is under 35sqm. I am assuming it is inner city.
    If you want to sell by vendor finance or lease option can you please send me the details to my email address.

    [email protected]

    Profile photo of TerrywTerryw
    Join Date: 2001
    Post Count: 16,213

    You could steer your prospective clients to Wide Bay Capricorn Buidling society and also St George. I beleive both will finance small places like yours.

    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide)

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