Forum Replies Created
- Originally posted by ET:
Isn’t his core business Aussie Home Loans?
It was, but for some time now he realised there was far more money to be earned in offering a wider variety from many loan providers.
I’m cynical of his motives…he has a public profile and he knows how and when to use it. Don’t you think his concern will make more of the declining number of borrowers go to his brokers, due to the perception, ‘at least he’s giving it to us straight’… gee thanks…
By encourageing people to sell, it means more people buying, and more brokerage! Most other commentators will tell you to sit on your RE and ride it out … but John would not want that, not much brokerage in that! … disgruntled brokers
Where was his warnings of concern during the boom when he was raking in the cash and grinning from ear to ear!
His ostentacious sydney house is all about ‘ME’… I can’t see him cashing it in to help those of his cutomers now sitting on negative equity.
His word are cheap, he needs turnover/brokerage earning! O hope people see through him and DON’T panic sell!!!
I think you have to consider that John Symonds and his brokerage chain has a vested interest in the brokerage from property turnover … so I think rather than see the market languish slowly lower over the next few years, he wants to hasten it, so that the market recovers and more sales are made again.
Update:
The tax office will begin a blitz on low documentation loans after a preliminary audit showed 70 per cent of borrowers may have failed to declare full incomes. In some cases, small businesses’ annual incomes as stated to the ATO were lower than the repayments on the loans. The ATO looked at 176 low doc loans, typically used by the self-employed and people who can’t meet normal bank lending criteria. But the ATO is concerned that some people are using them to hide their true levels of income. If the initial findings are confirmed, borrowers could face ATO penalties of up to 75 per cent of the unpaid tax as well as interest.By Australian Financial Review, 25/6/04.
Yes I agree, though I think we should expect to at least hear Labor’s policy/thinking on this business, before the election. I tend to think they favour higher net taxation from the ‘Mum and Dad’ property investors…as in NSW Labor’s new taxes.
I also think it better, if we can challenge the strength of their commitment/statement, PRE election, as a basis to compare extent of any subsequent backflip…
I see, though isn’t this similar to Aussies mobile lenders? I’m sure, bored person, that the banks may be concerned about brand dilution, however, I think this the opposite extreme, too much branding for my comfort… bias, if any, is not as obvious, or pronounced for most other brokers. They rely on the goodwill and word of mouth from satisfied clients to build their own brand recognition … the way it should be.
I can understand why the number of people using brokers will double in the next few years to establish 60-70% of the mortgage industry, like its already done in the US and UK.
Just sounds like the banks selling off their mobile lenders, reducing costs, maximising profits. I can’t imagine them being accepted as much as unalligned brokers once people confirm that they are heavily biased to sell their companies product, first. Time will tell.
I investigated a MC franchise because I was impressed with their bold statement that they were ‘unbiased’. Their franchise docs are covered in it.
I’m afraid ,as I found out more about the company, I could see the opportunity for them to be quite unbiased if the will was there, so I lost interest, gut feeling that something wasn’t right…
On their web site, they don’t even mention any of it, wonder if that will be forced on them.
They’ve advertised alot in my local newspaper, so I wonder if they have to advertise in the same way…
…glad I didn’t invest, phew, I wouldn’t like to be in their shoes … give a dog a bad name …
I think people need to keep perspective in all of this… If people can keep paying their loans until the next property boom (IF), sure enough, the boom will ‘regather’ those poor neg equity lost souls, and behold, turn them into substantial positive equity ‘born agains’…happens in cycles, folks, and it’s why there are now a lot of people with equity in property. How many could have achieved it by saving, alone? .001%
Relax, and enjoy the prosperous cycles in life…
I would like to know more about the mob you’re thinking of, and thanks for your warning…although in the coming days of regulation, any sharks won’t be able to survive, in any case…not for very long , at least.
well they haven’t sold any franchises, as yet, as far as I know
Well I’ve never heard ‘Rob Poumako’ mentioned and they’re Vic based…I’m pretty sure you must be thinking of someone else.
I think they have a set fee, like an accountant, and have set it so that the client get better that free service ie money back.
The thing that appeals to me is the way the program has something like 500000 possible variables and how it maps out a clients financial future…one guy said it was the only thing that told him NOT to get that third ip, which somehow reassured him, when everyone else were happy to get him into more debt…
As someone else said on the info night, it empowers the individual to really compare the thousands of bank products (that are really there to confuse people with choice). I don’t think the banks will like it because it will level the playing field.
re due diligence, I’m trying, but as they haven’t started yet, they don’t have a track record, other than a pilot program they embarked on to test the market. Very much a risk, but I like the idea of getting in on the ground floor…
I’m looking into a franchise, as well, I haven’t heard of any of the previous posts people involved. I attended a info night.
I don’t speak for the company, but a Lifestyle Planner (LP) will become a new type of professional that fits in between accountant and financial planner…they charge a set fee but the client can elect to have the brokerage (minus expenses) totally redirected to them…so it can be cf+ for typical loans. The also get a software program to continually enable them to run and adjust their situation, as required.
It was on ACA a couple of years ago, melted down the switch board, such was the interest.
They’ve spent millions developing a program which has about 80 lenders and produces a lifestyle plan (cashflow) which takes into account the clients life and goals and attempts to fund as many as possible with a better financial solution.
They are about to start after having cleared the program with ASIC, apparently.
