Hi All
Currently there are quite a few people selling their properties with vendor finance (VF) on a DIY basis. If they are selling with a Lease/Option (Rent To Own) they don't have to supply their tenant-buyer with a loan statement because a Lease/Option isn't a credit contract.
However, if they have sold the property with an Instalment Contract or Deposit Finance, they have to supply regular loan statements and ASIC is very clear about what has to be in those statements.
Our latest N2P News covers what needs to be in these statements. This edition of the newsletter can be viewed at:
http://negative2positive.com.au/category/blog
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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