Meriton 3% Vendor Finance Home Loan

25

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Lbzha515 on 14/12/2015 - 20:02 meriton.com.au (93 clicks)
Last edited 14/12/2015 - 20:24 by 1 other user

Meriton offer 3% interest for home loans if you buy apartments from them

key benefits:

-Up to 90% lend of the purchase price
-Fixed interest rate for up to 3 years
-No early discharge penalty fees
-No valuation fees
-No mortgage insurance payable
-No brokerage fees
-Pre-payment of interest allowed with no penalty
-Lump sum principal reductions with no penalty
-80% lend available to self managed super funds
-48 hr approvals

Enjoy

Related Stores

meriton.com.au

• 

  [Deactivated] on 14/12/2015 - 20:11

  +2

  I think it should go into the forum section. Pretty harsh T&C's.

• 

  kipps on 14/12/2015 - 20:24

  +2

  "-Fixed interest rate for up to 3 years"

  This is misleading. In the fine print it confirms that the facility will be in default if the loan is not paid out within three years.

  "The loan is for 3 years only and must be discharged on expiry. The finance cannot be extended with Meriton beyond the 3 year term. - See more at: http://www.meriton.com.au/our-services/finance-services/vend…

  The application form seems to suggest default interest of 15% may apply. Wouldn't want to be slow on refinancing out the facility.

  See comments at http://somersoft.com/forums/showthread.php?t=94349 for more info.

  • 

    phoenixx on 14/12/2015 - 20:39

    As above.

  • 

    stewy on 14/12/2015 - 20:41

    +1

    Good points. They are probably only offering this due to people not being able to secure finance easily elsewhere at the prices they are asking for their properties…

    Also aren't Meriton the ones that hold ownership of enough lots in the strata so that they can stonewall people going after them for building defects?

    If you were seriously considering buying an apartment then you should do some more research upfront than just falling for a glossy vendor finance deal…

• 

  Gav on 14/12/2015 - 20:38

  +3

  Ummmm, no.

  "Once your application form is complete, post your original application to Meriton Property Finance with $1000 and any supporting paperwork. You will receive a response within 2 business days."

  • 

    Lukian on 15/12/2015 - 10:31

    "An application fee of $1000 is required to be paid at time of lodging the application. It is only refundable if Meriton Property Finance declines your application."

    Seems reasonable. As long as that's their actual address on the form =)

    Bonus points if you send cash?

    • 

      Gav on 15/12/2015 - 11:52

      So why do they need it to assess you in 2 business days? It's dodgy business practice.

• 

  Matt P on 14/12/2015 - 20:46

  +1

  Plus then you have to buy a meriton property. My wife once lived in a meriton apartment and at 5 years old it was STUFFED. Water ingress everywhere, walls werent straight, leaks in plumbing etc.. Lucky she was renting