Ring Westpac….they will be happy to talk to you about foreign currency loans given they have just finished the 18 year court case stemming from the last batch they did.  The exchange rate risk is huge and the 3% saving you make on your interest rate can look like peanuts compared to how much you can lose on a currency move. With the A$ at a 24…[Read more]

RVP…thank you for your honesty and frankness about your situation.I agree there is nothing really wrong with multi level marketing (how does any wholesale/retail/consumer market work) but I hate clowns who come on forums pretending to be a happy customer of some seminar/broker/whatever when they are really a cog in the wheel who thinks they can…[Read more]

Update…..keep in mind Geo was keen to point out this was not a pyramid scheme. It is in fact a multi level marketing scheme. Anyone got a Derivex update to throw in as well>???http://www.crimes-of-persuasion.com/Crimes/Delivered/ACN/ACN%20MLM.htm

Yes many many people were believers and quit their day jobs to jump on this flawed from the outset bandwagon (scam)

Funny thing was I tried my heart out to expalain (using maths and logic) how this was not possible and all I got was BS replies like “they also said man would never walk on the moon”

Glad to see these clowns go down…I wish ASIC…[Read more]

Most of the banks securitise a whack of their loans as well…so the MI issue is not limited to non bank lenders.

As for first mac…they seem to be easy to deal with from the point of view that they will approve just about anything.

Thought so:
http://www.theaustralian.news.com.au/common/story_page/0,5744,18073906%255E25658,00.html

I think you all give Westpac far too much credit for being smart…….don’t forget that they were mere days away from going broke in the late 80’s.

As for their negotiation skills….don’t kid yourself…anyone smart left the big 4 bansk years…[Read more]

Originally posted by dohicky:
Hi Guys,
You can not purchase Westpac head office becuase they own it…

IIRC your head office (Our Great Place) is in fact owned by a property trust and not by Westpac itself …and therefore people can buy it….or at least units in the trust.

This deal has been hawked around the investment banks and fund managers in one form or another for the best part of 15 years.

I suprised Westpac put their hand up for it….I guess in all honesty they are using other people’s money

Steve …when you say it’s Australia’s first REIT…do you really think its any different to a normal property…[Read more]

Mr Gross….Ithanks for your reply….but i’m sorry i can’t really get your point…can you clarify please

Bryce ….my comments were directed at your post higher up, which you have to agree didn’t make a whole lot of sense, and not at your choice of profession.

Everyone has a job to do but it irks me when know-nothings like the guys I described try to pull the wool over people’s eyes with throwaway lines.

As for insulting bankers….I’m an…[Read more]

Bryce…is your post intentionally meaningless or is there a deeper message in what is an otherwise pointless post??

Stuart…no offence intended but even you must have been amazed and shocked as to how gullible the industry was on this point. I thought everybody in the finance industry had at least a rough understanding of the concepts of…[Read more]

Mortageg Hunter….What really sh!ts me is that when this was going down and I was trying hard to warn people about it using maths and other “black magic” stuff that was beyond the comprehension of many of the forumites (you being one of them), I was shot down with bullsh1t comments like “people said man would never walk on the moon” and “there…[Read more]

Whatever…all I know is that Derivex was a joke (an unfunny one at that) and way way too many people on here who claim they know what they are talking about took it hook line and sinker.

bugger…wrong link

try this one

http://www.smh.com.au/news/money/into-the-void/2006/02/27/1141007311264.html

wonder why people have no faith in the regulators…read in particular the fact that ASIC is still in court with Westpoint arguing if they have the power to investigate the company !!!!

http://www.smh.com.au/news/money/a-lender-be–and-still-sleep-easy/2006/02/24/1140670263179.html

Dazzling

I have worked in big end of town banking / finance for 18 years and to be honest things just don’t work like that.

I think you will find that AISC pushed that guy for more information and he flatly refused to give them anything or even respond with sensible answers (I doubt he had anything to give) and they did the right thing and shut…[Read more]

Here is a definition of snowballing:
http://snowballing.urbanup.com/127100

The borrower may only see LMI being charged if the LVR exceeds 80% but there is a very good chance that Wizard buy LMI for all loans to help in the securitisation process , regardless of LVR

Originally posted by grossrealisation:
hi Dannyboy
steve has rung me and after our little chat I have open my little challenge to anyone.and lets see he has explained his position in this mentoring process and will see if the money spent is worth it or not by the responces of the mentorees

here to help

I have read some of your other posts…[Read more]

Originally posted by grossrealisation:
Hi Nat R
any thing to do with asic I stay well away from as they have they deepest pockets of any dept and it does make interesting reading put I sit on the fence on these types of hicups and as I post to another some time ago you must make sure what you post or email can not be taken the wrong way by a suit…[Read more]