Ownership FAQ

I want to Own a Home: Questions and Answers

Owning a home without the banks? How does this work?

Instead of going through the long bank-qualify process and needing that large deposit, the process is faster and easier. I look at 3 basic things: income, credit history and most importantly, your passion for owning a home!
Both the No-Bank Home and Rent-to-Own puts you on the path of home ownership without getting a bank loan. The aim is to act as a stepping stone and if you wish, to help you shift to a bank with the help of my team of mortgage brokers.
Please read my blog post on Rent-to-Own ('Try Before you Buy')

How much deposit do I need?

The more you can put down towards the home, the less your weekly/monthly payments.
It also depends on the number of applicants and who wants to own the home more than the other!

Should I look at rent-to-own or No-bank homes?

That depends on individual circumstances and things such as, how much money do you have upfront and Stamp Duty. With rent-to-owns or rent-to-buys, you are not locked in to buy so you get to try before you buy. With No-bank homes/vendor finance, the house is essentially yours but you do not need to worry about bank qualifications and the trail of paperwork to move-in. In both cases, you are free to shift to a bank anytime you wish from a month to many years depending on the home.

What happens if I miss a payment?

Late payment penalties may apply. If you stop paying altogether or are unable to catch up on missing payments, you may lose your opportunity of home ownership.

More questions?
Feel feel to call or email me!
Check out some great posts on rent-to-own, lease options, vendor finance and buying a home for the first time without going to a bank at myhomebucket.blogspot.com.au