Run from this broker. This is basic day one stuff he is getting wrong!!

Any loan being used for producing income will be deductible regardless of being regulated or not.

You have no choice if you are moving in – regulated. Then forget it as it will never have an impact on you.

The ANZ Package is OK but it really depends on your needs as to whether it is the best.

Mortgage Choice – The McDonalds of the Broker industry!

Cheers,

Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

When you apply for credit the application is recorded on your credit file. When a loan, credit card, store account etc is approved it is also recorded.

It is very easy for the banks to check once you have completed an application (the application gives them the authority to check).

You can check yourself at http://www.baycorp.com.au. You can buy a copy of your file by email or request it for free but it takes a couple of weeks.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Life is rarely black and white Rob. I have noticed that in the most dire situations people lock onto all sorts of things to focus on – I wonder if it is a protective mechanism.

I am sure that Allen’s situation was very tough for him and still is.

Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

That is what I meant about the Perm…if you are selling in a shorter timeframe then you would be much better off without the deferred establishment fee (break fee).

Cheers,

Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

I agree with Dazzling.

I now have some time to expand on my earlier post.

If you wish to invest in property you will get the best possible finance deal if you have a 20% deposit saved over a 3-6 month period.

To commit all of your income to paying out debt is good but what then?

You sit back happy that you are finished the debt and then either have to save for 6 months or take a less optimum package.

One idea might be to make inroads on the debts whilst also establishing a deposit. If you choose the pos cashflow road you will then have additional funds available to pay down the debt each week.

Now for those who want to pay down debt let me suggest an idea.

Pay the minimum off every debt. Except the smallest. Pay all you have into it. Soon it will be gone. Good for morale and encouraging. Direct all the extra into the next smallest debt etc. Soon you will only have that last big one left with all of the available income left to kill it. From anecdotal evidence this really speeds up the whole process and also gives the most feeling of progress!

But as Dazzling says – unless you change your behaviour you will soon be back to where you started. Remember that “For things to change, first you must change”

All the best,

Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

I agree with MY – People love BIS however in my limited experience they are usually way off.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Pr,

I don’t disagree but my point is far simpler.

Many people point to successful, non-formally educated people like Bond, Gates etc etc and also quote Kiyosaki etc. I admit that there are many people who will be successful in spite of not having a degree. I also believe there are one or two who will be successful because of not having a formal education.

My point is that these are the minority and I suggest most who drop out of school early will end up less successful than those who persist. Perhaps it is a reflection on their “stickability” and self discipline?

I live in a city which was very working class. I daily see people with and without a formal education. Apart from Tradesmen (who have really completed a form of education in their training) I see very few self made success stories. I see far more people who are educated, have a good career and who invest on the side. I see others barefoot down the local shops with dodgy cars and a limited vocab and I strongly suspect they are not tertiary educated.

This is purely anecdotal and a reflection of what I see.

I have no degree myself however I spent years being educated in a very stringent system and was quite successful within it until injury put paid to that life.

My wife is doing her 4th degree. She will have a very secure and well paying career – very rewarding to her which is what really counts. But as a medical practioner she will probably never be really wealthy – especially given her age and motivations.

But as all of us who are married know that the secret to my long term happiness lies in me keeping her happy so I am thrilled to support her.

I am not trying to say others here are wrong. Just trying to put Kiyosaki’s claims into my perspective.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

I think the number of uneducated people who do very well is actually quite low compared to the majority.

People who do very well regardless of education seem to have something that most of us lack. Drive, imagination or something less tangible.

I think I would rather be educated and comfortable than uneducated and less comfortable off.

Off course if you can achieve great things without an education like several do then go for it!

Cheers,

Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

If you think the market has peaked and will drop you can lock in your profit without selling and incurring sales expenses and CGT. Then incurring purchase costs when you wish to reenter the market.

This method only works if you plan to hold for the long term. So that any falls in value wont be realised.

Simply done. All you need to do is top up your loan to 80% (or higher if you wish) of the current valuation. Use an LOC or IO with offset (my preference). No need to draw the funds if you don’t need to so therefore repayments will not change.

You have effectively secured funds against todays valuation. If the val rises then top it up again. If it drops then do nothing. The lender wont reduce the loan on you.

This works very well for those who buy and hold. On a falling market you can lock in the available equity and use it to fund additional purchases from motivated vendors.

Nothing complex here folks – just a different way of looking at it for some.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Megan,

This differs in each state – I would recommend seeking professional advice.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.