I live in W.A. and I am looking at completing my first wrap. Can anyone assist me in where to get such an investment loan where I am then permitted to wrap the house which I just purchased with the original loan….
Please help, Im begging!!!!!…..hehe
Tristan
Tristan,
I’d suggest you do a search on this forum…. this subject has been discussed many times at length…
Cheers
Scott
Tristan,
have you got your Credit Providers Licence ?
Its illegal to vendor finance in WA without one..Better for you to do some homework before you get involved…
KP
Actually the law in W.A allows you to complete 2 or 3 wraps before your legally required to get your Credit providers licence.
Hi,
Actually that is incorrect – the Government agency that manages credit licenses once spoke at the Vendor Finance Association’s meeting in W.A. and was very clear about what can and can’t be done.
You cannot provide vendor finance in a business like manner without a credit providers license.
However you can provide vendor finance if you are selling your PPOR.
They will (and have) prosecuted individuals offering credit without a license. One of their sucessful cases which resulted in a fine as the result of an individual selling ONE property in a business like manner.
I would urge you to comply with the laws in your state.
Regards
Michael GruberThanks for the clarification Michael,
Tristan, contact DOCEP, you can do this on line via their website where you can download application forms and expalnation forms regarding the CPL, etc.
Worth a look.KP
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