Thank You Richard,Well the Licence to Occupy sounds like an avenue we would like to pursue however how would this paperwork be created.Do you know what legal paperwork is involved and who would/ can draw it up……?It does sound like you do use this regulaly and have confidence in this system….Many thanks in advanceJean

Thank you for your imput Andrew.It now looks lke we will not go ahead with the purchase as we cannot afford to pay the stamp duty as well as pay some deposit. I spoke with the ATO and they advised, as Richard mentioned, we need to pay the Stamp Duty with in 28 days of the contract date.While we thought Vendor Financing through an Instalment…[Read more]

Thanks Richard,That would certainly kill the deal for us today if we have to pay Stamp Duty within 30 days of contract date…mmm…approx $8,000 I have been told…I wonder if Andrew has some light he could shed on this?? Any other hidden costs/ expenses apart from legals..Thanks very MuchJean

Andrew, Richard, Terry and All,Many thanks for this fantastic discussion. Just updating where we are today. ( Andrew – we are in SEQ )We decided to do our homework as buyers as the builder/ seller seemed to know what he was doing however the paper work seemed to be lacking. His solicitor wanted us to pay $1,000 upfront for him to go and research…[Read more]

Many thanks Terryw & Qld007 for some good points…It seems we need to minimize risk as far we can… remembering that you mentioned that today the 1st mortgage holder can call in the loan even with on time payments..was it ANZ from memory.Spoke with 2 solicitors this morning…they weren't much help, they both said they would look into it h…[Read more]

Hi Scott No Mates,Unable to get traditional finance hence the reason for Vendor Finance. One way seems to be via an Installment or Terms Contract to get into the property. Could you suggest another type of acceptable Vendor Finance deal..here are some details. I need about 2 years before I can get traditional finance, say from Westpac or similiar.…[Read more]

Thanks Scott n Mates, yes it is a type of Vendor Financing done by an Installment Contract which seems  different to rent to buy. I see that if I default the knock on effect is the seller defaults, as I am paying their mortgage. The seller is happy for the caveat to be lodged to protect my interests in the property.The Dept Fair Trading/ Consumer…[Read more]

Thanks crj…my main concern is the protection of my equity in the property. I know the seller has an underlying mortgage of 360k. The property is worth realistically 390k  today (done my homework there). I am considering handing over 30k to get into the property. The Installment Contract is for 20 years however I would look to refinance in a…[Read more]