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Fantastic information, thanks Paul!
This seems like a decent overview of requirements:
At present I'm getting ACL coverage as a Credit Representative of an existing Licensee so there are a few background checks and memberships required to make sure that I comply with their requirements.
In addition to this, I'm enrolling in a Cert IV & Diploma of Financial Services (Finance/Mortgage Broking) which is $995 purchased together through Kaplan or $1040 through the National Finance Institute as online/distance education. The certification with some experience should set me on the path towards becoming a licensee in my own right but for the time being gives me good background information into lending etc. which is essentially what VF is all about.
Pretty much any of VF strategies except for lease options requires ACL coverage to be compliant with ASIC regulations if you're in the business of VF'ing.
Stuart G wrote:…… I personally own a block of land in Darwin and a house in South East Queensland. It is my intention to VF the sale of these using installment contracts. Can you please explain if I need to be licenced under the national legislation …….From the research that I have been doing, I think the key aspect is whether you'd be seen as being "in the business" of vendor financing ….. I don't necessarily think that it applies to a couple of private sales of your own land if you havent done VF and you're not actively looking for places to VF.
Personally, I went to Rick's bootcamp a couple of weeks ago which was great and I'm keen to pursue it professionally so I'm getting my ACL and other training under my belt so that it's all above board with the govt.
pretty sure that Trusts are eligible for the 50% CGT discount but companies aren't …..
having a corporate trustee rather than individuals is a lot more protected too because IF the trust gets sued you can fold the company if need be and appoint a new trustee ….. individual trustees would be personally liable (unless I've misunderstood my legal advisers).
Thanks Paul, and Richard …
I think that it's important to take on the information of those who have been in the business for a while so I appreciate your input and I for one am certainly doing research into credit licensing and membership with VFA etc.
Thanks for the links.
Cheers.
hi Richard,
I personally do not have an ACL at this stage but is something that I'm looking into, correct me if I am wrong but for lease/options they are not required anyway as I am not actually providing a "credit" to the buyer.
Also, on your point about lenders accepting applications where properties are being onsold through an instalment contract or rent-to-buy …. You are assuming that we are getting financed into the property via a financial institution rather than coming to an agreement with the seller? Interesting…..
It sounds like you have some great experience in the vendor finance field, thanks for your input.
Cheers
