All Topics / Finance / Bank/Lender Loan With Vendor Finance

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  • Profile photo of Ryan McLeanRyan McLean
    Participant
    @ryan-mclean
    Join Date: 2010
    Post Count: 547
    August 11, 2010 - 6:23 am

    Are there any banks/lenders that will lend you money if the 20-30 deposit is gained through vendor finance?
    Vendor finance would become a second mortgage on the home.

    Just wondering if this is possible.

    Ryan McLean | On Property
    http://onproperty.com.au
    Email Me

    Profile photo of brierleygbrierleyg
    Participant
    @brierleyg
    Join Date: 2010
    Post Count: 4
    August 11, 2010 - 11:08 am

    Hi Ryan

    Lenders are very fickle at the moment about your deposit funds. With an LVR of 70-80% you stay away from loan mortgage insurance. But my opinion is that if it is out the plain vanilla mould then they will not do the deal.

    Cheers Greg

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 11, 2010 - 1:15 pm

    No.

    Richard Taylor | Australia's leading private lender

    Profile photo of Paul DobsonPaul Dobson
    Participant
    @pauldobson
    Join Date: 2003
    Post Count: 1,196
    August 12, 2010 - 1:12 pm

    Hi Ryan

    We used to use it quite a lot in our vendor finance business, under the name Deposit Finance.  However since the GFC, as Richard says, the answer is no.  I'd love to be proved wrong ;-)

    Cheers,  Paul

    Paul Dobson | Vendor Finance Institute
    http://www.vendorfinanceinstitute.com.au
    Email Me | Phone Me

    An alternative way to finance your home.

Viewing 4 posts - 1 through 4 (of 4 total)

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