I know on this website it does say that wraps are legal in all states except South Australia, but I believe here in WA that DOCEP ( Department of Consumer & Employment Protection )has made it illegal for anyone except a licensed credit provider to wrap properties.
http://www.docep.wa.gov.au/media/media/2004/April/Mortga.html
Would be interested to hear from any WA based wrappers who may be utilising properties in other states, and their experiences thus far.
DOCEP!!!! I HATE those guys!!!
Minister Kobelke (Minister for Consumer and Employment Protection) has absolutely NO IDEA!!!
GRRRRRRRRRRRRRRRRRRR
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
By the way, lease options can be used there can’t they?
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
I’m hoping so………that’s my homework for Monday
I’m with you on the Minister – not my favourite pollie.Do you want to do me a favour 2young???
Can you write to the Minister asking him why you are not allowed to select your own broker if they are not licensed in WA?
It is a breach for a Mortgage Broker to write a loan for a WA resident if they are not licensed in WA.
Mention my name if you like as he is very familiar with me!
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
There might be a thing worth reading in Docep’s statement. In trying to create a convincing win-win wrap deal how would one mitigate these two points raised by DOCEP:
1. “If either party defaults on the payments, the end-buyer has no equity in the property and no certificate of title, compared with the original purchaser whose name appears on the title and who may on-sell the property again.”
2. “Furthermore, if the ‘wrapper’ defaults on the mortgage or goes bankrupt, the end-buyer is unlikely to receive any of the proceeds unless there has been strong capital growth over and above the outstanding mortgage.”
The question of wrapping legalities in WA has come up before.
Try this thread https://www.propertyinvesting.com/forum/topic/12120.html?SearchTerms=WA,Wraps
Note I am not a wrapper and hence cannot qualify any of the comments made.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping.
DOCEP is doing some good things regarding licensing but they are taking things a little far regarding the requirements. Waken, if I was wrapping a property as the purchaser, I would be lodging a caveat on the property to ensure I can have a go at getting some of my money or equity back. A good legal adviser would inform their client of this.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
have heard that getting the credit providers licence is not hard – costs a little bit though
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
I have been following with interest any discussion re Lease options.
Here are the links to getting a Credit Providers License here in WA
http://www.docep.wa.gov.au/cp/dev_publications/forms/credit/2002/A4%20CP%20indiv%20app.pdf
http://www.docep.wa.gov.au/cp/dev_publications/forms/credit/2002/A4%20CP%20explan%20guide.pdfI have been through it.
Seems pretty straight forward if you can demonstrate experience and sufficent asset base to
meet their requirements.
No more difficult that a restrictd mortage brokers license & business certficateChris Gray
I’m with you on the Minister – not my favourite pollie.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
