Forum Replies Created
- PaulDobson wrote:Hi Scottie Girl
One way to secure a property without the need to get "traditional loan financing" is via Seller (Vendor) Financing. You usually do pay a bit of a premium to buy your property this way but you can often secure the property for as little as AUD$10,000 deposit.
The vendor finance loans we supply to our clients normally run for 30 years and have interest rates around those of traditional lenders. We structure these loans to encourage our clients to refinance into "traditional" type loans after 2 to 3 years.
Good luck with your move to OZ.
Cheers, Paul
Hi Paul,
Is this something that you can help me with or do I have to approach the builder for this?
ScottieGirl
Jim Hartley wrote:Hi Scottie GirlWhats a deposit bond?
Jim
Hi Jim,
Deposit bonds are similar to bank guarantees, for a fee a lendor will provide a guarantee over your deposit. these are typically secured on equity in an Australian property.
ScottieGirl
Hi,
I am also a new perm resident to Australia and am finding it difficult to obtain the relevant funding. I wish to secure a property with a completion date 3 years away. I do not want to tie up large amounts of capital for 3 years and therefore applied for a Deposit Bond. I was refused as I do not have equity here and they do not take my overseas equity into account.
Does anyone have any other suggestions as to how I can secure the property? The builder will not take any less than 10% (approx $35k)?
Any help would be most appreciated.
ScottieGirl
