- bjcampbParticipant@bjcampbJoin Date: 2012Post Count: 24
just a question on what the effects will be on people in the Vendor Finance Business with the first home buyers grant only being for new houses as of Oct 2012?
Do you just lower your asking deposit as they won't be able to access the FHOG if the poperty is 2nd hand?
Also does anyone know of a credit rep in NSW that would help out with checking compliance paperwork so we can sell two of our properties via vendor finance?
Also does anyone know how to get the buyer to pay for the contracts to be drawn up?
BelPaul DobsonParticipant@pauldobsonJoin Date: 2003Post Count: 1,196
Cutting off the FHOG to eligible first home buyers, buying an existing property (2nd hand) is only happening in NSW. It will effect first time buyers, using a vendor finance Instalment Contract, in the same way it will effect a buyer under a 'traditional' Contract of Sale.
Vendor Finance buyers in any State, buying with a Lease/Option (Rent To Own), have never had access to the FHOG. i.e. it's never been available, until they actually 'exercise' the Option and buy the property. In short, in NSW the FHOG will not be made available to any purchaser of an existing property after 30 September.
We have a procedure we call negative2positive in which we, as vendor financiers and Australian Credit Licence holders, assisting sellers to sell there property with vendor finance. The negative2positive website is http://www.negative2positive.com.au
Yes, all our purchasers have always paid to have the legal paperwork drawn up.