Harry Will Carry Buyers When They Tank With the Banks

When the banks and their complicated rules limit Australians’ chances to buy a home, founder and managing director of Meriton, Harry Triguboff, steps in.

“My greatest dream is for every Australian to own their own home, and I do what I can to make it happen,” Mr Triguboff said.

“Buyers come to me because the banks make borrowing too difficult. They’re scared to take a chance – I’m not.

“When I first started out, banks wouldn’t lend to single women. I recognised they could easily finance their loans, so I began lending to them myself,” he said.

Mr Triguboff started vendor finance 60 years ago and remains the only one offering it today.

“In the beginning, I borrowed the money myself to lend to buyers,” Mr Triguboff said.

“Now I can finance them myself. I still do it because nothing has changed with the banks and what I have, that they don’t, is very little bad debt.

“My buyers are willing to do whatever it takes to keep their home.

“I sell more than anyone else because I understand my buyers and how they think.

“They have no trouble with finance through me while banks attempt to assess buyers through endless, invasive and arduous financial questions. None of which ensures security for the lender. You need to understand the way the buyer thinks. The way the banks approach it, will keep our people on the streets.

“The banks boast about the huge amount of enquiry they get for finance – but I don’t care about that. I want to know how many of those enquiries actually convert into homes for our people. Judging by the rejection rates, a lot of people are turned away – even those willing to do whatever it takes to keep their homes,” he said.

Mr Triguboff told the story of a conversation he had with his buyers during tough times.

He would say to them, “It is very hard for you to repay; why do you fight so hard?”

Their response. “You see her unit, mine is much better than hers.

“Look how beautiful mine is in comparison – that is why I fight to keep it.”

The units were identical but her home was her castle. When given the opportunity, people will fight to keep what matters to them and we truly understand our buyers.”

Mr Triguboff went on to compare the war in Ukraine versus Afghanistan in regards housing.

“America sent troops to Afghanistan to fight but they didn’t truly fight for the people’s homes or their country,” Mr Triguboff said.

“Ukraine, on the other hand, fought for their homes, land and country. That’s why banks must understand how far people are willing to go to keep their homes – because their homes are sources of pride and emotional investment.

“Banks worry too much about risk. I don’t. I trust my people to understand our buyers, and if they want one of my apartments, they won’t leave without the opportunity to buy it.

“After 60 years, why would I keep doing vendor finance if I had bad debt? I do it because I want people to own their homes as much as they do. I can tell you, the banks could learn a lot from my approach.  Know your buyers before saying no to your buyers,” he said.