Welcome to the Vendor Finance Institute Blog

/Welcome to the Vendor Finance Institute Blog/

Vendor Finance PI Insurance Is Now Available

You will need to be a member of the Finance Brokers Association of Australia (FBAA) to get this first for Australian Vendor financiers, i.e. Vendor Finance Professional Indemnity Insurance. Join FBAA today! The details of this vendor finance policy will soon be available on the FBAA website. However for those needing policy details now, please contact [...]

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Extra FREE Continuing Professional Development Points

Apart from the free Continuing Professional Development (CPD) points you can accumulate by reading and researching the articles in our VFI News, there aren’t a lot of free CPD points to be had. Or so, I thought until I got the FBAA’s latest edition of their e-magazine, The Finance Professional. The Finance Professional The letter [...]

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Australia Consumer Law – Watch Out For The Serious Fines

Some of you may have seen the original VFI News edition with a similar title back in May 2012. Why would I put it out there again you may ask? It's because I hate to see vendor finance businesses still risking potential fines of $220,000 for an individual and $1,100,000 for a company. Fines that [...]

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It’s Now Even Easier To Refinance Your Buyers

For years refinancing our purchasers out of a vendor finance transaction, into a traditional home loan, has been a hit and miss affair. The following information from Felicity certainly put a smile on my face. Potential 95% lends to our vendor finance buyers - awesome. ______________________________________________________________ NEWS FLASH… It Is Now Even Easier To Have [...]

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FBAA Disputes Resolution Service

All Vendor Financiers with an Australian Credit Licence (ACL) are required to have a documented Internal Dispute Resolution (IDR) procedures. Authorised Credit Representatives are covered by their Licensee’s IDR procedures. The Next Expensive Step If a complaint doesn’t get resolved during a Licensee’s IDR procedures, the next stop is usually COSL or FOS, the two [...]

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Learn From Our Cousins

Last Friday a great question was posted to a FB group from Xxxxx, outlining the challenges s/he’s experiencing with an Instalment Contract that’s gone into Default. Xxxxx’s post caught my eye because we assist with these situations regularly. _______________________________________________________________________ My email response to Xxxxx follows: Hi Xxxxx You're not on your own here. I regularly [...]

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The Risk In Relying On Template Documents

I'd like to thank Alexandra McVay for her permission to publish the following article. This article was originally published in the FBAA's The Finance Professional magazine and is particularly relevant to Vendor Financiers. ______________________________________________________________ THE RISK IN RELYING ON TEMPLATE DOCUMENTS Alexandra McVay, Senior Associate Rodgers Barnes & Green Lawyers I am quite often asked [...]

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Vendor Finance Joins The Mainstream

MEDIA RELEASE Finance Brokers Association of Australia Vendor Finance Joins the Mainstream 21/5/2014   Today the Board of the Finance Brokers Association of Australia approved the inauguration of a Vendor Finance Steering Committee. A Committee designed to bring Vendor Finance into the mainstream. This Committee is headed by the Association’s CEO, Peter White, with the [...]

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Straightforward Continuing Professional Development

With all the talk about licensing requirements in our industry, it’s worthwhile looking at the Continuing Professional Development (CPD) requirements for both the Australian Credit Licence (ACL) and the Real Estate Agent licence. ACL Holders and Authorised Credit Representatives The NCCP Act 2009 requires ACL holders and Credit Representatives to undertake 20 hours of Continuing [...]

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The Joy of Knowing Where You Stand

I would like to thank Australia’s most experienced vendor finance lawyer, Tony Cordato, for his new ‘rules’ around vendor finance and licensing.  They do a great job of clearing the ‘fog’. Tony and VFI News have been talking about the licensing requirements around vendor finance real estate for a long time and Tony has distilled [...]

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Are Deposits Being Skimmed?

Before we get into the details of our Application & Qualification Pack Bundle, I'd like to clear up some confusion regarding Deposits and Vendor Finance Management.  We recently heard someone wasn't going to use VFM's service because they didn't want to pay 4.4% of the Deposit they were about to receive for a property. Are Deposits [...]

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The Application/Qualification Process & Prescribed Disclosure Documents

The National Credit Code requires credit providers and credit assistance providers to give borrowers (buyers) ‘prescribed disclosure documents’ as well as find out the borrower’s requirements & objectives. Once upon a time, the application process for most vendor financiers used to consist of a basic Application Form, some checking of the information given on the [...]

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Old Style Dispute Resolution and A New Court Ruling

I was talking with another long time vendor financier yesterday and we were talking about current industry ‘issues’, specifically Dispute Resolution.  We both agreed that current legislation covers the topic very thoroughly ;-) Did We Already Have a Dispute Resolution Policy? We both had a chuckle when we spoke about what we both continue to [...]

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