Hi,
How do you get a small amount of vendor finance (only 10,000)without it showing it on the contract? We need the 10,000 so we settle quickly (which is what the vendors want) and get the house for a good price. They are ok with that. Do you sign two contracts? One for the house and one for 10,000 to be repaid within 6 months? We would actually need the 10,000 to get the finance I think. Or can the vendor maybe pay for the stamp duty? Thank you
Why not get them to pay the stamp duty.
Or have a separate loan agreement with them. It is just a loan really isn’t it.
Terryw
Discover Home Loans
Parramatta
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Terry is correct.
Most financiers will not be too worried where the balance of the funds to complete come from.
If it is a loan and you are being charged interest on it each month then it would become a liability but it would not have to go on the purchase contract.
Richard Taylor
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As long as you can afford the vendor finance you can show it in the full contract and some lenders will still finance the difference – you would need to choose your lender carefully though. Otherwise as you suggested you could draw up a seperate agreement.
Anita Marshall
Advanced Finance Solutions
http://www.advancedfinance.com.au
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