QLD property purchase - opting out?

[Peter_Tersteeg]

Obviously as a part of building equity they plan to support you over a 10 year period and take a fee out of the first loan.

While i may appear gullible, the whole principle seems sound, but i just have concerns about the conflicts of interest amongst those involved.

The whole principal sounds quite horrific from where I'm sitting. I'd definitely be looking for a way out of this.

It kind of sounds like they're organizing the finance for you, so there's no real independent advice there. If you're using a solicitor they've recommended, ditch that solicitor and get your own immediately.

The easiest way to get finance knocked back is to not be able to afford the loan. If the financier does not believe you can afford the repayments, they're not legally allowed to lend you the money.

 

[zimby]

I Always add this clause to my contract.

This Contract is subject to and conditional upon the Buyers being completely satisfied with the results of all investigations, inspections, enquiries and searches on the Property (due diligence) within 14 days from the Contract Date (due diligence date). If the Buyers are not completely satisfied in all respects with the results of its due diligence enquiries then the Buyers may terminate this Contract by giving written notice to the Seller or their Solicitors and then this Contract shall be at an end and all deposit monies paid shall be refunded to the Buyers in full. This clause is for the benefit of the Buyers.

Not a total get out of Jail free card, but allows for more options without seeming dodgy.
There is generally always something small that shows up in searches, flood flow path is common.

Signing a contract that you don't fully understand is never good idea, I think this is a lesson that you've now learnt.
As Mentioned seek good independent legal advice, pulling out via finance can be tricky and some brokers will not do it on general principle.