vendor finance

Viewing 10 posts - 1 through 10 (of 10 total)

256bw
Participant
@256bw
Join Date: 2004
Post Count: 7
September 21, 2004 - 4:49 am
we are a young couple with steady incomes, however I have been discharged from bankrupsty and my husband is still a bankrupt we have the ability to save $1000 per fortnight if we put our minds to it, I would like to get back into our own home but we do not meet traditional requirements we are looking to vendor finance a home of our own where would be the best place to start looking for a vendor
FW
Member
@fw
Join Date: 2002
Post Count: 478
September 21, 2004 - 6:41 am
You could try posting this message in the “Getting Creative” forum here. It may also help if you mention where you would like to buy! Most people providing vendor finance work in fairly specific areas.
You can also put a message on the bulletin board at http://www.financewraps.asn.au
Good luck!
Keep smiling
Felicity
freedomfinder
Member
@freedomfinder
Join Date: 2004
Post Count: 63
September 21, 2004 - 9:29 am
WHERE ABOUTS DO YOU WANT TO LIVE !
kay henry
Member
@kay-henry
Join Date: 2003
Post Count: 2,737
September 21, 2004 - 10:56 am
If your husband is still in bankruptcy, would it be legal for him to acquire a loan?
kay henry
FW
Member
@fw
Join Date: 2002
Post Count: 478
September 21, 2004 - 9:14 pm
I believe only a discharged bankrupt can buy with a loan.
Keep smiling
Felicity
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 21, 2004 - 11:54 pm
They could always buy in the wife’s name. Or get a lease option.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
256bw
Participant
@256bw
Join Date: 2004
Post Count: 7
September 22, 2004 - 3:59 am
Originally posted by freedomfinder:
WHERE ABOUTS DO YOU WANT TO LIVE !
We would like to live north of Brisbane in any of these suburbs Mango Hill, Caboulture, Petrie, Kallangur, Murrumba Downs, Morayfield, Narangba or surrounding areas.
freedomfinder
Member
@freedomfinder
Join Date: 2004
Post Count: 63
September 23, 2004 - 2:53 am
we may have something in rothwell in 9 months time. you can pm me if you can wait that long
clare k
Participant
@clare-k
Join Date: 2003
Post Count: 11
October 4, 2004 - 4:58 am
Hi there,
Felicity is right. It is against the law to take on a loan whilst you are a bankrupt. Need to wait until it is discharged.
Clare
[email protected]
kp
Member
@kp
Join Date: 2004
Post Count: 509
October 5, 2004 - 10:36 am
As Terry said, you can buy in the wife’s name or enter into a lease option.
The stamp duty to transfer into joint names once the bankruptcy has been discharged will be minimal under the spousal, or related loved ones ruling.
KP