Buying from OPM

What is a no bank home loan?

No bank home loans have been around since the mid 1800’s in Australia. More commonly referred to as seller finance / vendor finance / rent to buy was the most common way for people to buy and sell their own homes.

Vendor financing happens when the person who owns a property sells it to someone else and lets them occupy it, and pay for it over time by regular payments. This has been an accepted way to buy and sell property in Australia for over a hundred years.

Properties in Parkdale Melbourne sold at auction but financed by the Vendor not the bank. This kind of Vendor Finance was very common until the late 1970’s.

Who buys a House from us?

Our customers are people who can’t get a  bank home loan at the same time that they want to buy a home. This might be because they:

  • Don’t have a big enough deposit,
  • are self employed,
  • have not been in their current job long enough,
  • haven’t lived in the one place log enough (probably due to landlords constantly selling the home from under you),
  • have a credit problem of some kind,
  • have no credit history at all
  • or one of dozens of other reasons the banks use to say no.

OPM buys houses at a discount and offers them to you on the no bank home loan system. To find out more check out How does it work…