What is Vendor Paid Advertising Finance?
Vendor paid advertising finance, is available to homeowners planning on, or in the early stages of selling their property. The advance is a convenient advertising advance, paid directly to the agent, for the purpose of advertising the sale of your property. The advance may include an additional funding option, for the purpose of preparing the property for sale, with other associated costs. Advances, are then scheduled to be repaid to coincide with the property sale and repayment is taken directly from the settlement funds.
How much could I borrow?
VPA loans or advances, are available from $1,000 to $30,000. However, if you have already got your property under an unconditional offer, we also offer Pre-Setlement Advances up to a maximum1 of $5,000,000 to be repaid, when the sale completes, or settles.
When would I have to repay my advertising advance?
The loan term is set for an initial 60 days period. Your loan is scheduled to repaid when the property sale completes and the property settles. However, should you require more time2, then the term will be extended in 30-day intervals.
How much will a VPA advance cost me?
There is a simple upfront credit fee of 4% for the advanced amount, on the base 60-day loan term - with the credit fee deferred during the loan term. If you find that you do require more time, then interest on overdue amounts, will be charged at a rate of 1.25% of the Client Outstanding Amount payable on the 61st day and then every 30 days after the Due Date until such time that the Client Outstanding Amount is paid in full.
Example: With $1,000 advanced and the property settlement in 60 days; Your repayable total would simply be $1,040.00 and with a settlement in 90 days, the repayable total would simply be $1,053.00
How does VPA finance work?
The basic idea, is to simplify the selling process for vendors. We can advance the vendor paid advertising funds directly to the advertising campaign agent, so they can get started on your campaign as quickly as possible. We also offer a complimentary, additional funds option, with a maximum VPA advance up to $30,000. This allows you, to get the property ready, and in the best staging possible. Helping to optimise the sale speed and sale price. When your property sells, your advance and any fees are automatically paid from the settlement funds. Simple!
Will the advance be paid directly to my advertising campaign agent?
Yes, it will. We will need your agent's details as part of the application with us. If you choose to get any additional funds advanced, then the funds will be deposited directly into your designated bank account, separately from the VPA Advance.
How do I apply for a VPA loan?
Simply get in touch by phone, or complete the simple form above, to get started.
How can I qualify for a VPA loan?
In order to qualify for a VPA loan with us, you will need to:
- Be over 18 years of age
- Be an Australian resident or citizen
- Own or have a mortgage on your home or property
- Be selling or preparing to sell your home or property
- Be able to repay your advance on settlement(when your property sells)
What happens if I can't repay my advance after 60 days?
If you find that you do require more time, and your property has not sold in the 60 days loan term; Interest on any overdue amounts, will be charged at a rate of 1.25% of the outstanding amount, payable on the 61st day, and then every 30 days after the due date, until such time that the outstanding amount is paid in full.
Example: With $1,000 advanced and the property settlement in 90; Your repayable total would simply be $1,053.00 and with a settlement in 120 days, the repayable total would simply be $1,066.16
Can I get any additional funds to prepare my property for sale?
Yes, it is possible1 to get additional funds, for the purpose of property repairs, home staging or other associated cost to assist with the sale and the campaign.
What can the additional funds be used for
Additional funds may be used for property repairs, home staging or other associated cost to assist with the sale and the campaign, including moving and storage expenses.
- Home Improvements - such as painting & decorating, repairs, new kitchen or bathroom, flooring etc...
- Staging - lawns & gardening, fences, gutters, plants, painting, lighting, cleaning, curtains and window shades, rugs etc...
- Removal & Storage - declutter the property prior to sale, storage of your belongings, pending your move to your new home.
- Contracts & Agreements - cover the cost of legal contracts and agreements that are required for sale.
- Other Unexpected Expenses - building inspection report repairs, pest inspection certificates, or any other associated costs which may crop up, during the sale.
How quickly can my advertising campaign go live?
Your campaign could go live very quickly. The majority of our VPA customers have the funds paid to their campaign agent on the same day of application. It is then up to your agent, how soon they can switch on your advertising campaign.
Can I get help with a deposit, before my property sale completes?
We also offer a settlement advance product, which is available to vendors, whose properties are under unconditional offer1. Advances are available up to a maximum of 80% of the property value, capped at $5,000,000.
