I recently had a phone session with one of their rep and following the chat I received an SMS
message with direct deposit payment instructions.

While I was happy to sign up I responded asking specifically to have a soft/digital copy of invoice
emailed to me so I can attend to payment and more importantly I have something in writing in email that
contain full details of what I am signing up and paying for.

To my unexpected surprise, the response I received via SMS was that it does NOT issue tax invoice
before invoice amount is paid in full. I will think the right way of doing business is one receives a
tax invoice, makes the payment and then receives the tax RECEIPT.

Something just doesn’t sit well or comfortably with me and I’d like to know if anyone else who has
joined up recently or in the past has had similar experience?

Can’t help being skeptical here.

Thanks,
FXD

Terryw wrote:

fxdaemon wrote:

Thanks Terry.
So does this basically mean it’s not an asset protection at all?
I am wondering why so many experts out there still advocating that this method
is a sound asset protection, or may be I am just not getting my head around it.
Rgds,
FXD

Before I answer
What exactly are you referring to?

Terry,
I am referring to your previous comment on registering a legal mortgage does not make that an asset
protection. Or have I misunderstood what you said?

Thanks,
FXD

Terryw wrote:

An unregistered mortgage isn’t indefeasible as it is unregistered. Lodging a caveat doesn’t register it, the caveat just notifies others there is an unregistered interest. It may give priority over other non registered interests though. To make the mortgage stronger it should be registered.

Hi Terry,
Just following up an older topic here and hope you are able to clarify and help.

Regarding your comment above, what is the process and logistics of registering such a mortgage
when there isn’t any real money involved, but merely the equity of a property?

Also, will the first mortgagee deny such registration?

Thanks,
FXD

I had a similar experience since my contract job is
finishing up and that means no main stable source of income.
When I spoke to my broker recently his comment was most
lenders will not approve finance with sole income from rents
alone.
Anyway he suggested I will need to go low LVR to be able to
get finance to keep investing without a job salary.

Rgds
FXD

Corey Batt wrote:

Yes, generally they are stress tested at a higher rate.
There are some commercial products which are good in that they can disregard the rest of your financial picture which if you have significant existing debts can allow you to grow a portfolio considerably. I’ve written about this here: http://www.precisionfunding.com.au/lease-doc-commercial-or-how-i-learned-to-love-lease-doc-to-continue-investing/

The example used in the article basically confirms and answers OP’s question about if higher benchmark rate is used, correct?

Also, my own experience with two lenders not only use higher benchmark rate but also take 75% of the income for ICR assessment purpose.
Is this the common practice or do some take 100% of rental income and actual rate for servicing and ICR assessment?

Thanks,
FXD

Thanks Richard got it, very inspiring read.
Wish I have met mentor like yourself who can educate me years ago.
Hopefully not too late yet :-)

Cheers
FXD

Corey Batt wrote:

Exactly – Colin has hit it on the head. If you’re looking for a cheap rate go to your standard broker. If you’re serious about building a portfolio to achieve your long term goals, use an investor specific broker with the track record and knowledge to help you get where you want to go.

Hi Corey
Thanks for the comment.

Can you please elaborate what you mean by “investor specific broker” and how can one help me grow portfolio the right way?

Thanks,
FXD

Hi guys & girl
It’s actually loansaustralia.com.au I’ve only come across it from some free seminar videos recording and
the company seems to be specialising in growing portfolio size.

Cheers,
FXD