also one more random question how much does it cost to hold a credit license etc yearly on going costs. not marketing / advertising. just compliance costs. i heard one broker say 4k p.a i thought it was extremely high.
it depends you may have had to pay a 25k deposit to get into the house / rent to buy deal. what % of that comes of the purchase price i wouldn’t know you would have to read the agreement.
the caveat just means you have a interest in the property. i’m not a lawyer. i’d assume once you have the deposit and can get finance you would just proceed to settle. and the lawyer would take care of the caveat issue.
do you mind me asking are you looking to buy on a rent to buy?
This reply was modified 8 years, 5 months ago by huilo.
I see, these contributions how long do you have to wait for it to be considered income? etc i put 1k into super a week only want to do this for 1-3 months to show my super can purchase a property and then i’d stop making the 1k contribution.
also biggest downside is you have to wait till like 55-70 to access it right?
first question, yes all you’re doing is saving a deposit which you can then show a bank to get traditional finance. i would assume only 2nd tier banks would allow this as general savings i don’t think the big4 would allow this as a deposit.
2nd question you would register a caveat over the property which wouldn’t allow the vendor to sell / refinance the property.
with an instalment contract because its a credit contract does that mean the vendor financier can write on the tenant – buyers credit report etc “missed payments” / defaults? or is that only aloud for mainstream banks?
you seem quite knowledgeable with lease options / instalment contracts. i was wondering how you advertised for tenant buyers?
also as you do most of your deals in qld (i think) do you prefer one over the other? etc do you prefer doing instalment contracts compared to lease options? and if so how come?