Looking for vendor finance

Hi,

Really, Don’t listen to the Naysayers!!

Explore every creative avenue you can to get what you want!!

I bought a house in 2005, for $456 000, with one of the big 4 banks, with just 3 months in employment, $5000 cash, borrowed $15 000 from my sister, my sister was “buying” (only on paper) the house with me, so now two salaries for servicing not just one, it was “investment / rental” property so now the rent also went to servicing the loan, and one day before settlement knowing before hand I would be short of cash to get over the line, I maxed out 5 credit cards (for the purpose of the loan a stat dec to the bank saying I was happy to cancel all cards if required, meant I could keep them, and not affect my borrowing capacity) to the tune of $37 000, and handed over the cash to the bank for final settlement.

Caution!!!

All of this was WELL though through before hand! It was VERY difficult for the first 18 months, VERY, but I was able to refinance, “buy” my sister’s share of the house, and put the credit cards on the home loan.

Now 7 years later, that property returns over $50 k a year, bought another property 3 years ago, and am trying to find a creative solution for a demo and rebuild project I want to do on the house!

Good luck with your dream, and Beware the Naysayers!! : )

Get Creative!!

Cheers

Mark

Mark

Being a Naysayer and being realistic in the current climate is another matter.

Stamp Duty on a purchase for a $350K property are over $13,000. LMI is another $10,500 + S/D.

There is only 2 lenders i am aware who doesnt require of that dont require 5% genuine savings although still require to sight the 5% without being borrowed and that is another $17,500.

There is a mile of difference to the lending climate in 2012 and 2005 with Credit scoring being used by the majority of lenders and auto declined deals not re-assessed by many.

Trust me as some with a reasonable sized portfolio ($18M +) and more than a bit of experience in Vendor Financing i wish ssusanh every success however you also have to be realistic. Since the inception of NCCP anyone providing Vendor Finance needs to hold a Credit License so many of the mums and dads who did the odd one or two and have disappeared due to the ongoing compliance requirements.

Cheers

Yours in Finance

Sorry hate to disagree again but failure to disclose is considered mortgage fraud.

Rather than tell them "what the want to hear" you "tell them the truth" on your application.

Cheers

Yours in Finance

Hi Ssusanh,

I would have to say If I had listened to everyone saying no, I would have no properties now.

To purchase the first house took over 4 months, and 5 different Mortgage Brokers.

So, even with all the above objections, by being creative, thinking outside the box, pushing things when needed I have two properties most everyone one else said were not possible to get.

I have defrauded no one, defaulted on no loans, never missed a repayment, harmed no one, and provided a place for people to live who otherwise have nowhere to go.

As I said be cautious, exhaust every possibility, and try not to be put off by the negatives which seem to abound.

It was some time ago, chase it up, but I believe if you are leaving / “leaving” Australia, to live overseas, you could claim your super back.

Best of luck.

Mark

In light of the fact the world has ended up in the state it has with giving only half information…. full disclosure and following sound advice would be the way to go for your long term financial freedom.

Bec