What is vendor finance? In simple terms, it's when the developer lends you the money to purchase your land.
At Ormeau Hills we have found this facility to be very popular with many of our buyers as it has given them extra time to sell their existing home, while securing their selected block at the current market price. It has also given some of our younger buyers the opportunity to establish a credit record and a payment pattern.
There are a number of unique advantages to our Vendor Finance, including:
- Easy hassle-free finance approval.
- Payments are interest only for up to a 2 year period for any amount up to 95% of the purchase price.
- Current interest rate is a fixed 5% per annum for 12 months with the option of a further 12 months at a fixed rate of 12% per annum. Interest is payable quarterly in arrears.
- There are no establishment fees, no application fees, no mortgage insurance costs & no payout fees. You will still be responsible for payment of your legal fees, stamp duty & rates.
- There are no penalties for reducing the amount of the loan during the 2 year term, provided it is for a minimum of $5,000 each time.
|HERE'S AN EXAMPLE OF HOW VENDOR FINANCE WORKS:|
|PURCHASE PRICE OF LAND||$200,000|
|LESS 5% DEPOSIT||$10,000|
|VENDOR FINANCE AMOUNT||$190,000|
|ANNUAL INTEREST PAYMENT ON $190,000 AT 5% =||$9,500|
OR JUST $182.69 PER WEEK!
For further information refer to the "Contact Us" page.