As the market improves, buyers still hit Harry up for a buck

Founder and managing director of Meriton, Harry Triguboff, says that even though the banks are now more willing to loosen their purse strings and loan buyer’s money, many of his buyers are still coming to him for vendor finance.

“You only had to go to our sales offices the day after the election,” Mr Triguboff said.  Buyers were no longer wavering and indecisive. They were out in force.

“It was a landslide victory for Labor and instead of the usual post mortem after a tight race, it was a slam dunk, and the country moved on…the very next day.”

Mr Triguboff thought that once the banks started to lend again, less buyers would need his vendor finance, but that has not been the case.

“I want more people to be able to afford to buy,” Mr Triguboff said.  If I can continue to help, I will. Eventually our buyers, if they don’t sell, will need to finance through the regular channels with the banks so I see my vendor finance as a stepping stone to help buyers secure a longer-term mortgage.  We are actually helping the banks.

“Thousands of people have bought through me because the terms of our vendor finance are much easier for buyers, particularly first-home buyers.  I started offering vendor finance over 60 years ago when the banks refused to let single women borrow money.  Working single women. I did not have the same reluctance, so I loaned the money to them.

“Over the years I have had very few bad debts, so I kept doing it.

“It is very satisfying to be able to help people into their own homes.

“It’s my money and I have a lot more flexibility than the banks what I do with it.

Meriton Finance is a terrific option for buyers,” he says.

The benefits of Meriton Financer include:

• Borrowing more money with Meriton Property Finance. Unlike a traditional lender, Meriton Property Finance will offer up to 90 per cent finance of the purchase price (not valuation) and also use 100 per cent of your income to determine the highest borrowing capacity for each purchase
• Meriton buyers always refinance with ease
• No Stress! Your borrowing amount and interest rate are locked in prior to purchase
• Off-the-plan certainty. Meriton finance approval is valid until settlement, which can be up to 24 months. Unlike Bank approvals that are only valid for three months
• No early discharge penalty fees
• No valuation fees
• No mortgage insurance payable
• No brokerage fees
• Our in-house finance team can approve loans within two business days, unlike banks who can take many weeks.

“And now the interest rates are coming down, and quickly, there will be even greater demand,” he says.

Last week, the big four bank’s chief economist, National Australia Bank’s Sally Auld wrote in her May update that, “We expect the RBA to cut by 50bps in May, followed by 25bps in July, August, November and February.

“That would see the official cash rate reduced from its current 4.10 per cent to 3.10 per cent in mid-August and 2.85 at the end of the year, before reaching 2.60 per cent in February 2026.”

Historically, when interest rates go down, prices go up.

“It’s not rocket science that if you buy now, not only will your property journey have started, you will make money from day one, Mr Triguboff says.

“As I have always said, property is the best and safest investment. If you want to get in, this is the time to do it and if the banks still can’t help you, you can always come to me,” he says.