Hi All
I've also posted the following in the Creative Investing forum but thought I'd post it here also, as there are often enquires on this forum about vendor finance.
Registration for the Australian Credit Licence will open on 1 April 2010. If you are involved in real estate vendor finance, I suggest you have a thorough read of a couple of ASIC sites. This is because ASIC will soon be taking responsibility for consumer credit nationwide. At that point State based Credit Provider licences will become obsolete and the Australian Credit Licence will come into being, also nationwide. The sites are:http://www.asic.gov.au/asic/asic.nsf/byheadline/Credit+licensing?openDocument
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
How much is this going to cost lenders as from experience licensing is never free when dealing with the government.
Hi Duckster
So far I haven't been able to establish what they're going to charge but, as you say, you can bet it won't free.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
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