Hi, I'm a long time reader but a first time poster on the forum.
I have a property I currently have on the market and after doing some research I am interested in the possibility of offering vendor finance.
Is it uncommon in Australia to offer this?
Are people actually interested in purchasing a property through vendor finance?
What is involved? (eg. who will help me set this up? Accountant? RE Agent? Is there a standard contract or do I need to have a lawyer write up a contract?)I'm in Perth if it helps, even if someone can point me in the right direction that would be great.
Thanks for any advice.
Joel
Interested in vendor finance property, please send me more info.
we can findout the way to set up the contract.
Thanks.Sure, I'll send you a link to the property, but I am really just looking for more info at the moment.
Another thing I need to know is, does my bank need to know what I'm doing and how will it effect that?
Joel
Couple of things worth noting
1) Your Bank will not allow the propery to be onsold on Vendor Terms through an Instalment Contract.
2) In WA you are requirement to hold a Credit License if you offer such Terms.Richard Taylor | Australia's leading private lender
OK, thanks but does that mean I can't do it in WA? or can you point me in the right direction? Who do I go to to find out more about it?
No as long as you get a Credit License you can offer it.
Check with the Office of Fair Trading in WA to see what the requirements are.
Richard Taylor | Australia's leading private lender
You must be logged in to reply to this topic. If you don't have an account, you can register here.
