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Anyone have experience with TSP Residential loan?

snake020

Contributor
Looking to buy a home in Australia next year and might take a TSP loan towards a down payment as it provides a longer timeline to repayment than the general purpose (max 15 vs 5 years).

I've done the general purpose TSP loan before and that was straightforward, but per their handbook the residential requires documentation in the form of a contract or settlement sheet. It seems by the time you get to this point, you can't really leverage it for the intended purpose of meeting a 20% down payment? The other odd language is that the documentation cannot "be dated no more than 24 months before the expiration date on the TSP Loan Agreement," which implies to me this is more of an after the fact loan for non-financing purposes.

Would appreciate gouge if anyone has experience with this type of loan.
 
You should have a RE contract the minute the offer is accepted. I did the TSP RE loan and used the contract for the paperwork. I did not include the settlement sheet. Everything went fine and I received the funds in the my account to use for my down payment. The only frustrating thing is the TSP is decades behind everyone else in technology. They require faxes for some of the paperwork. Finding a fax machine proved challenging.
 
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