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  1. #41
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    It's where the vendor essentially allows to buy it off them without handing over the entire sale amount. So you make the repayments to them and not the bank, so you don't have to borrow the purchase price.
    Last edited by NancyBlackett; 11-12-2011 at 13:44.

  2. #42
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    Quote Originally Posted by Bell & Bug View Post
    I'm fairly certain she is in WA with me

    Was this thread for people who live in Sydney only?
    Not at all. It's for anyone.
    I think that Sydney is very different to every other state.

  3. #43
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    When we first moved to Australia, 12 years ago, I had 35k saved and we bought an investment property in an area in western Sydney (for 250k). 2 years later we had equity and had saved up a bit and bought another investment property out west (207k). Over the next 6 years we saved a bit (not much, 40k?) and had more equity in both the investment properties. We kept both properties and about 3 years ago we bought our family home (800k+) in an area we love. We still manage one o/s holiday per year but we are on a budget. Our investments are now positively geared so they look after themselves and any extra money of ours goes into the mortgage. I am pretty hard on budgeting so this helps and my dh gets 'job perks' which save us $$. My dh and I both have good jobs and we make sacrifices for work so we can earn extra to get rid of the debt. The mortgage is our only debt though. I have no idea how young couples can afford to buy in Sydney. I am hopeful that if our children would like to buy in Sydney one then we will be able to give them a big deposit or something.

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    Quote Originally Posted by LucyB View Post
    It's where the vendor essentially allows to buy it off them without handing over the entire sale amount. Do you make the repayments to them and not the bank, so you don't have to borrow the purchase price.
    Aren't they really risky and essentially, isn't the property still 'owned' by the vendor till its paid off?


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  5. #45
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    Quote Originally Posted by Bell & Bug View Post
    I'm fairly certain she is in WA with me

    Was this thread for people who live in Sydney only?
    No, it's for everyone
    It's just that bummum said about starting in outer suburbs etc but in Sydney, outer suburb dumps still cost a bomb.


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  6. #46
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    Quote Originally Posted by zombiekitty View Post
    Aren't they really risky and essentially, isn't the property still 'owned' by the vendor till its paid off?


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    I think usually the vendor would just keep a security over the property in the same way the bank does with a mortgage.

  7. #47
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    You can buy 3 bedroom houses in Sydney for under 250k. Question is if you want to live in those locations.

  8. #48
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    Quote Originally Posted by BigRedV View Post
    You can buy 3 bedroom houses in Sydney for under 250k. Question is if you want to live in those locations.
    Where? Like mount druitt? I think they don't even have houses for that little. Macquarie fields? Ingelburn don't even have houses that cheap or Liverpool no where near that. Anyway I can live south west it's all good but I have my limits...
    Around parramatta is good. Penrith prices are even high.

  9. #49
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    Quote Originally Posted by zombiekitty View Post
    Aren't they really risky and essentially, isn't the property still 'owned' by the vendor till its paid off?


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    Pretty much.

    It's something that people need thorough advice on before they commit.

    In Queensland, once you pay off a certain amount, are you entitled to have the title transferred to your name, but with a mortgage back to the seller.

    One issue is that the prices of the properties will be inflated (there has to be some benefit to the seller, or they would just sell it normally).

    Or the rental amount of the payments is so high that the capital amount you pay off is negligible.

    A benefit can be that the buyer can fix the price now for the future, but often the type of people who enter into these arrangements won't ever be able to buy it, so the seller gets the high rent, and then doesn't have to sell.

    The worst one I saw was where the seller had a mortgage on it, so the bank could have taken it anyway.

    Like anything, there are exceptions, but it's something you would only enter into with proper legal advice, and an independent valuation of the property.

  10. #50
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    Was not risky for us.
    We had agreements in place.
    We paid rent and extra for 2 years, which then became a deposit. After that we got a loan and had a hefty deposit as well.

    They saw the house as ours and so we started painting, fixing straight away.
    obviously some people go in to it blind...

    But I have not had a risky experience and quite a few of my friends did the same.
    For us, it was the only way as we had put all our money into our business.


 
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