Terryw wrote:

<div class=”d4p-bbt-quote-title”>CharlieX wrote:</div>
I thought aggregators would hand that out just as us brokers are required to handout our credit guides to the retail clients. I’ve met or discussed with all the above aggregators and none has given me that commission sheet. is there a double edge sword here?

No double edge sword. This is commercially sensitive information and aggregators would be prohibited in making it available to the public. There is no legislative requirement to notify the public either. It would be made available in the contract you would potentially enter with an aggregator though.

contradicting the regulations then?
are these information not to be transparent to the customers/public as per the regulations, same as a broker has to show the client exactly what he is being paid by the lender?

if the legal interpretation is no legislative requirement, then will be exactly as the name change from “exit fee” to “crawback” just to get around the regulation?

I would agreed that capital growth is long term and cashflow is short term.
valuation is merely a value at a specific point in time, and influence by those properties in the surrounding of your property.

at the end of the day, how much a buyer is willing to pay is the value of the property to that buyer. it becomes a subjective variable.

personally, I would keep good cashflow properties.

DeanCollins wrote:

My thoughts exactly Charlie……if you have an 8-9% yielding apartment (do they even get that high in Sydney these days…..or are you calculating it pre any type of expenses……) then why on earth would you sell it.

without seeing how someone calculates yield, it’s hard to compare. I’ve seen some that has yield as what percentage is above the mortgage payment, while some has yield as after all expenses related to the property. everyone’s got to be on the same page, to be talking about the same thing.

we have few properties, and we’re trying to get good rental yield for each of them but quiet difficult to do so. it appeared that yield is very relative to location where the property is. very hard to get your property occupy at $500 per week when the average in that property’s location is $250 per week.

I still think it’s wise to ride your profit and cut your loss, in anything you do in life if the objective is to be ahead of the wave.

Richard Taylor wrote:

Regretfully ‘solely relying on information provided by the client’ is insufficient in the eyes of ASIC when it involves Mortgage Broking.

You cannot merely say oh the client never told me so I didn’t ask questions.

Cheers

Yours in Finance

I thought there are sets of questions to ask during the assessment stage?
if it sounds too good to be true, then it probably is?

Richard Taylor wrote:

I am with knightm there is a point in life where doing the right thing by the client is better than trying to make the maximum dollar out of every client.

In the 26 years i have been running businesses i have never formally advertised and like an earlier poster stated referral business in my opinion is the best form of business.

Back to the original post CharlieX made if you can’t see how lodging an application with false information is wrong then i don’t see you lasting more than 5 minutes in this industry.

Cheers

Yours in Finance

maybe I was sleeping during Cert IV and Diploma classes when the instructors mentioned about lie detector test to all the clients before we brokers could go to the next step. I would say most finance brokers are not psychics enough to know whether a client is lying or truthful. as a broker I will do my role base on the information presented to me from the client, until a lie detector test is a requirement will I be using that as another assessment tool. to simply discriminate and profile a client base on his/her look, race, gender, etc is far more a dis-service to the industry as a broker. lately I’ve been wondering does the term “white collar crime” has some relationships to the fact that most of these criminal acts are committed by white people?

any person who is a professional knows that creditability and reputation goes a long way in his/her profession.

Terryw wrote:

I thought you were trying to become a broker?

connect the dots for me, i’m trying to understand this relationship

Richard Taylor wrote:

Hi Charlie

Yes it is caused Mortgage Fraud and has nothing to do with nerves.

Cheers

Yours in Finance

one person’s bad guy is another person’s good guy.

what do the general public do with predatory lending by the lender?
why does lender discriminate by charging high interest rate for investment property than for owner-occupy property?

blackhotel wrote:

Coogee126,
Check out this guy “Chris Gray”, Just Google him. Watch his video at the CPA convention. He invests in Coogee & Bondi. I love his attitude towards finance & the Banks. He will turn your head around with a different way of thinking. He has turned me into an investor madman (in a good way). I have some other very creative ways of getting the banks to approve your loans, but I cannot write on the forum, but PM me and I’ll explain.

your concept is interesting, but don’t know if many people out there have the nerves or the ethics to do it
then again Australia’s historical foundation was started by criminals? :D

Australia don’t have married status?
that’s whatever is owned by one spouse is also owned by the other spouse 100%?

read otton’s book, but it’s not the whole story?

it’s a rent-to-own contract with a $1 balloon payment at the end, not exactly paying just $1 for a house?