No-Bank Home

Own a home without getting a bank loan

  • Lock in the home price.  Any rise in the value of the home is yours for the keeping.

  • Make weekly/monthly payments directly to me. I charge a higher interest since I take on a higher risk.

  • No need for the tons of bank qualifying paperwork.
    Just a credit file from Veda Advantage (don't worry about bad credit) and some proof of income.

  • This is known as 'installment contract' or 'vendor/seller finance':
    http://law.ato.gov.au/atolaw/view.htm?locid=%27AID/AID200426%27&PiT=99991231235958

No-bank home is great for you if :
  • Want to own a home and/or sick of renting
  • Can't get a home loan (not enough deposit) or don't like banks
  • Cannot prove regular income or do not have evident tax records (self-employed, casual worker)
  • Credit record has a blemish and needs some time to repair
  • Don't want to pay big upfront costs required by a traditional home sale
  • New immigrant
  • Want to start doing renovations to your home
  • Worried about rising home prices
  • Want an easier way to start owning a home and later choose to swap to the bank.
Need legal advice:
Tony Cordato
P (02) 8297 5600
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