Vendor finance and rent-to-buy schemes promise the Australian dream of owning your own home—without a bank loan.
However, these deals typically do not result in successful home ownership and in some cases financially destroy hopeful buyers. Instead, they exploit people who have a desire for home ownership but are ‘locked out’ of the property market.
The legal status of these schemes is extremely complex and it is often unclear which laws apply. Vulnerable buyers, and some vendors, can suffer significant detriment yet have limited avenues for redress.
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