Hi everyone this is my first post so go easy on me
I have a situation where some people i know cant get a normal loan from a bank due to part time work only etc. they live in a state housing house and i was wondering if i could then buy the house and wrap and on sell to them. any body done any deals like this and what are the rules for the first home owns grant in this situation
any comments would be appreciated
terry
Hi Terry
I’d recommend you spend some time in the Getting Creative forum. You’ll probably get a better response if you post this message there too.Keep smiling
Felicity
Yes the person you wrap to can certainly get the first home owners grant.
Try for other wrappers in the getting creative bit, there are stacks who have done wraps. Good luck!If they can get the grant and are working part time, then they may be able to qualify for finance themselves??
Maybe you could lend them 20% deposit instead and take a second mortgage (say 20%) and they could get the finance in their names. You could then avoid paying stamp duty twice and still make a profit and still help them.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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