Wrapping in WA

From: Glenn Mott

After crawling the internet for a few days, hassling Rick Otten, Michael G, Francois and a few others (thank you to all very much), I have found the way to become a credit provider in Western Australia.

Firstly, navigate to http://www.fairtrading.wa.gov.au/publications/forms.shtml#licence and download:

Credit Providers application for an Individual (65kb)
Credit Providers application for a Body Corporate (65kb)
Credit Providers application explanatory guide (65kb)

The explanation guide will tell you that the application fee is only $239 and that there is an ongoing fee of:

Average financed amount in previous 12 months x 12 / 1000 with a minimum fee of $233 per annum

After speaking with a very helpful person at Fair Trading, she advised that while most applicants apply on behalf of their own Pty Ltd, she does receive applications from individuals. All applicants must have at least $10,000 setup in a separate bank account to be used for their credit providing business. There are no minimum education or experience requirements but if these are not present, a detailed examination of the applicant's history will take place. To date, nobody has been refused their application.

Now, I have a question for those that have already completed vendor finance for properties that they have owned for a while...is it possible to setup the finance package for the purchaser without refinancing the property yourself. Eg, you have a property worth X amount that you have 40% equity in but don't wish to go through the process of refinancing and are happy with the extra income that would come?

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Reply: 1
From: Simon St John

Hi Glenn,

Great post indeed. I'm in Victoria and also interested in Qld and am wondering if any others have investigated what requirements there are in QLD and VIC.

It would be really great if someone involved in wraps in VIC and QLD (and other states for other forumites!) could share the level of info that Glenn has.

If no one else has registered as a credit provider in their State and can share this info, I could undertake to research it and post back.....

If anyone else is interested in this info and wants to help let me know.

Cheers, Simon
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Reply: 1.1
From: Paul Zagoridis

When I set up my wraps in NSW and Qld there was no need to register as a credit provider.

In Vic I do lease/options so I can't comment.

NSW and Qld only requires disclosure and compliance with the relevant Consumer Credit legislation.

WA got some wierd press as anti-vendor finance a few years ago.

Paul Zag
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