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rgupta78
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@rgupta78
Join Date: 2008
Post Count: 4
February 15, 2008 - 4:45 am
I did get some Telecommunication offer calls…but NOT PROPERTY-HomeLoan related calls. So no idea.
trakka wrote:
I get frequent phone calls from India trying to sell me some kind of finance product, I would say I've had 10 or 15 over the last 6 months. They all want to know if I "qualify" for a meeting with their [some fancy title – finance specialist or something], which seems to involve having a mortgage, being under 50 and employed (maybe breathing, too).
They then offer an appointment to talk about "reducing your taxes", "save on interest", etc, but nobody will give any details of what it is they want to talk to me about. I suspect they're proposing some kind of negative gearing using a line of credit. I've repeatedly told them that if they give me some idea what they want to talk about, I'll consider it, but nobody will give me even a hint, so I just say "no thanks". (Yes, my husband constantly teases me about how polite I am and the fact that I give them this much of my time . I've gotten better, though – I now politely but firmly say no thanks and hang up on the "we're giving you a free mobile phone" callers.)
Out of interest, does anybody know what these calls are all about? Is anybody else getting them?
rgupta78
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@rgupta78
Join Date: 2008
Post Count: 4
February 15, 2008 - 4:43 am
Hi Lending Institue provide a loan comparison and the full terms and conditions are in Writing with a contract you sign with them. Any other point you may wanna make?
v8ghia wrote:
No – and I deliberately refused to look at their weblink. Look, each to their own, but if a 'lender' can con $7k out of someone to sign up, then they are that good they must deserve every cent! Man alive – it sounds worse than the crack head 'mortgage reduction specialists' that use south australian named banks to provide expensive 'lines of credit' along with exhorbatant (although not 7k!!!) fees to 'help' reduce the mortgages of gullible people. Seriously, this is disturbing. I recently had dealings with a client who was about to exit a 7.65%fixed loan to sign up with one of these programs to 'save money'. Retention of this loan, along with a variable loan and 100% offset account for new borrowings , and a loan package, (and no charge to do it) saved the day! Only reason I mention this is because all sorts are coming out of the woodwork to prey on people terrified by all the interest rate rise hype. IF you truly believe this will save money – get it in writing, and a loan comparison……ah, did'nt think they would do that……..
rgupta78
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@rgupta78
Join Date: 2008
Post Count: 4
February 14, 2008 - 4:21 am
Don't just stop your mum, first spend more time looking up info and the nsee if its worth it or not. you don't make such decisions after reading commentso n just one forum like this. Mary could be with Lending Institue but the nagain, Richard and other guys giving you info are Finance Brokers themselves too, so they want a piece of your business as well ofcourse. And all info aside, its always possible that soneone somewhere is not informed of something. So ask more questions first and whe nyoou are satisfied you do have ENOUGH information, then only make a decision. Thats what i am trying to do…just an opinion my friend.
Regards,
RG.
hoping2doitright wrote:
thank you so much for this feedback i might stop my mum from signing up too as she was keen also, may i ask why all the negative vibe towards this? any complete points you guys suggest to watch out for that i can see if these guys do the same?
rgupta78
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@rgupta78
Join Date: 2008
Post Count: 4
February 14, 2008 - 4:17 am
Hi Mary,
Good to see your comments and its nice to see you are really doing well with your new Loan through Lending Institue. Could you please advice as to where you are in Australia, and which bank your loan is through? And now that its been 6 months, whas the way ahead for you and Lending Institue, especially with a scenario that the interest rates are on the UP. Would love to hear from you. I am thinking about signing up with Lending Institue also.
The only query i have is who is providing the "Non-Interest Visa Account", whether its the same bank that provides the Home Loan or a different Financial Institution. Coz really the NIVA system works only if there is a monthly NIVA money, and i wanna know where that comes from? Who is providing it?
Richard and other finance brokers out there, can you guys offer a similar product? What info can you provide? The concept is quite logical, we put all our income in the Offset account and not spend a penny out of it for the month )which we DO at the moment), so we offset the Principal with that amount and save on interest compounded daily for 30 days, and then the amount we spend from the NIVA gets added to our Principal amount on the 31st day. And then comes the 1st of the next month when we have another same NIVA buffer which allows us to again put all our income in the Home Loan and live o nthe NIVA buffer. Really the guys as Lending Institue are selling an idea which any mathematician could have come up with but did NOT!!! So, how are the Lending Institute any worse than any other Finance Advisor/Lending Institution out there??? Please advice!! Any opinions people??
Regards,
RG.
Mary Wilson wrote:
Hi Richard,
My consultant has set up my budgets, taken me to seminars (that they have paid for) helped my husband with his taxes by referring a better accountant, and have even sat up late nights with different strategies to help us save money, long after they got paid for setting up the loan. Any mortgage broker can help you get a loan, i agree with that but what we received was mentoring and care we paid one time and the amount of times they have spent on us and will continue to spend is well worth it.
Im not saying its good for everyone, people need to make their own choices based on their own plans, im just saying that for us it was great and im not looking back.
Cheers,
Mary W