Hi All,
This is my first post in this forum. I have a question about WRAPs? Do you need to have a Credit Providers License to do WRAPS in WA? Thank you.
Cheers
ZS
Hi ZS,
Your exact question was raised in the first WA Vendor Finance Association Meeting held last week.
The answer is ambiguous in that the govt department that issues the Credit Providers License advises that a license is only required if “you are carrying on a business”.[?] They give no real definition of carrying on a business, however I guess if you have formed a company, trust or put more than 1 WRAP together you would be probably seen as carrying on a business.
For your info, there were a couple of people at the meeting who had applied for, and and received the license who said that it was a process that takes about 2-3 months.
I guess the thing you have to remember is that you shouldn’t let a hurdle like this stand between you and your dreams!
Good Luck!
[
]Big Ads
Thanks BA,
Are in you in WA and have you done any WRAPs yourself? I am interested in what the public’s perception of WRAPs in WA? Is it negative or positive?[
]Cheers
Hey ZS,
Yes I am in WA, but no, I havn’t done any WRAPS yet.
Not sure about the public perception of WRAPS as yet. I think it may be different in WA as we are limited to the lease option method of sale vs the instalment contract if we don’t have a credit provider license (anybody with experience have any ideas on perception?).
I am trying to get some finance together at the moment before I can launch into my first one, but having done a fair bit of research on the subject, I am raring to give it a go!
Do you have any of the wrap packs?
Cheers,
[
]Big Ads
Hi BA,
Yes, I have put in my order for the WRAPs pack from Steve. I would love to get into WRAPs. I am currently reading as much as I can on WRAPs and property investing in general. I am in the process of getting my finance and tax structure together as well. Good luck with getting your finances together.
Cheers,
]
]The topic ‘WRAPs in WA’ is closed to new replies.
