Hi,
I am searching for someone, company etc.. to vendor finance or wrap my property to my partner, can anyone suggest who could help?
Basically, my property is worth $550,000 and located in the Brisbane area. Has a current mortgage of $465,000. I need to sell this property and want to vendor finance it back or wrap etc.. in my partners name. She is entilted to the FHOG. I would only need to wrap it for a few years.Can anyone suggest a company or investor who would do this, please?
Do you live at the current property and will you and your partner live at the property?
The loan amount is too high for my Company and think at that level you will struggle.
Any potential wrapper is going to need to add on a considerable amount merely to cover the costs of investment stamp duty at that level which isnt going to be cheap. Why dont you just sell her a portion of the property and pay the duty on the transfer amount.
Richard Taylor | Australia's leading private lender
yes, live at property and yes will live at property.
selling portion of property is not going to help. I need and are/am selling property for assest protection, I have tried to get finance for my partner (lo doc etc.) but can not get above 80%lvr, of course, which is what we need to transfer to her or we need to put in a lump sum cash, which we can't at the moment
You could always sell it into a Trust with you as the Trustee.
Stamp Duty would be payable but subject to the LVR could be deducted from the loan.
You wont get more than 80% lodoc at the moment.
Richard Taylor | Australia's leading private lender
Not sure if your partner will be able to claim the grant as you have owned and lived in the property as your principle place of residence. Fairly certain that you both have to not have owned a PPOR.
If the property is wrapped your partner will not receive the FHOG at settlement even if she is not classified as your Defacto.
Richard Taylor | Australia's leading private lender
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