HomeLoanExperts wrote:
We never give any recommendation without first having the entire picture and supporting docs. It is common sense.

You wouldn't go to a doctor and ask them to prescribe you something without first asking them to investigate your symptoms. We can't give accurate, quality advice without the entire story. It is counter…[Read more]

Thanks Michael,

with such a competitive market it is hard to strike a balance between providing great service and protecting yourself from clients who have little or no respect for your time.  I support methods to qualify customers, to place value on your own time and to protect your intellectual property.  It is a conundrum though because it is…[Read more]

Derek wrote:
Hi Jact,

Let's leave the tax questions to one side for  the moment and only focus on the strategy you are considering.

At the moment you are paying $5K/month into your portfolio and want to redirect that into your own home mortgage while allowing your LOCs debt levels to increase by the same margin.

On this basis I have a couple…[Read more]

Terryw wrote:
These were from my notes, the URL has probably changed Try searching http://www.ato.gov.au/rba/disclaimer.aspx with the PBR number. I didn't keep copies, so hope they are still available.

Thanks that worked.

The new links are:

PBR 94313 http://www.ato.gov.au/corporate/content.aspx?doc=/rba/content/94313.htm
PBR 93035…[Read more]

Terryw wrote:
There are also a few private rulings out there where the ATO actually said it was ok – these only work for the individual that applied for the ruling. Might be good ammunition to rely on though if you try the same.

PBR 94313 http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/94313.htm
PBR 93035…[Read more]

Jamie M wrote:
Hi Jason

It can be both a method of matching requirements and qualifying the customer.

Providing I feel that I have sufficient information to make a recommendation which often involves assessing payslips and financials, then I'll provide that product recommendation to the client.

However, I do know that there have been times…[Read more]

APerry wrote:
Hi Jason,
By asking for specific advice without providing supporting information you are asking this broker to breach his responsibilities to you under the responsible lending laws. He is doing the right thing refusing to give advice without that info.

Hi Alistair,

To clarify I was not asking for specific advice based on my…[Read more]

Thanks Terry,

I understand that this could be one approach used to qualify customers.  I would agree that qualifying is exactly what a salesperson should do in order to ensure that they are maximising their time.

BUT to claim that current regulations require that he collect all this documentation before he even start looking at products for me…[Read more]

Ok, thanks so much for your time and assistance.  

Hi Terry,

I had not sought advice on this because I did not even realise it would be an issue.  My train of logic was:

If I have used equity in my home to obtain a loan for the deposit and costs to buy an investment property (and used a separate sub account for that for example) I can claim interest on that investment loan because the purpose…[Read more]

More information: in short I am currently subsiding my investment portfolio interest cost by approx $5k per month from my personal income.  I want to pay that off my home loan instead and capitalise the same amount of investment loan interest on the LOC that will be used for investment purposes.