Welcome to the Vendor Finance Institute Blog

/Welcome to the Vendor Finance Institute Blog/

A Software Solution For Responsible Lending Obligations and Reporting

Recent reporting on the enquiries required to complete your Responsible Lending obligations with a prospective buyer has been 'eye opening'. Can We Make it Easier? We recognise that a software solution to assist with these obligations is required, just as much by Vendor Financiers as it is by Mortgage Brokers. To this end, we've been [...]

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The Largest Civil Penalty Ever Obtained By ASIC – It Relates To Us!

Yesterday's article, by Tony Cordato, in the legal fraternity’s web site, Lexology, is entitled, 'ASIC cracks down on irresponsible lending practice for consumer credit'. A Very Clear Warning Tony starts the article with a clear warning to all those in the consumer credit industry, including the Vendor Finance Industry. That warning goes: 'It’s easy to [...]

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FBAA Vendor Finance Meeting Dates

Don’t miss this exciting opportunity to network with Vendor Finance Professionals in a truly inclusive, community atmosphere. The Finance Brokers Association of Australia (FBAA) and its Vendor Finance Steering Committee would like to announce its Vendor Finance Meeting dates for the remainder of 2015: Sydney - Wednesday 25th March 2015 – Thursday 23nd July 2015 [...]

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First Meeting with Consumer Groups – Not As Tough As You Might Think!

This issue of the VFI News is designed to keep all those operating and interested in vendor finance up to date with the ongoing round of talks between the FBAA Vendor Finance Steering Committee (FBAA VFSC) and various regulatory authorities, consumer groups and influential stakeholders. Our First Consumer Group Meeting Peter White, the CEO of [...]

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A New Path To Credit Representative Status

An Australian Credit Licence (ACL) can give you two possible authorisations. They are: ‘engage in credit activities as a credit provider’ and ‘engage in credit activities other than as a credit provider’. ASIC gives ACL holders either authorisation and, in some cases, both. ACL holders are only allowed to authorise their Credit Representatives to ‘engage [...]

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Strong Representation For Vendor Finance In Australia

Over the last couple of months the VFA Executive Committee and the FBAA Vendor Finance Steering Committee (FBAA VFSC) have been discussing representation of the Vendor Finance Industry in Australia. During these discussions the FBAA VFSC presented some ideas to the VFA Executive Committee. Here's a copy of the paper. The voting proposal mentioned in this [...]

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Professional Indemnity Insurance – Important Points Most of Us Don’t Know

I'd like to thank Felicity Heffernan for her permission to publish the following article. With the arrival of the new Vendor Finance Professional Indemnity Insurance policy, this article is particularly relevant to our Industry. It should also be remembered that a lot of NSW based vendor financiers must have PI Insurance for their NSW real [...]

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Vendor Finance Transaction Management

We usually break the vendor finance selling process down into 6 convenient processes, i.e. Marketing, Application, Qualification, Instruction (Instructing a Solicitor), Possession and Administration. Administration – The Long Term Commitment It’s the last on this list we’ll look at here, i.e. Administration, sometimes referred to as Transaction Management. It’s the ‘process’ that lasts the longest [...]

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