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There are pretty diagrams with colours explaining this in my computer. As I keep repeating, there were management problems and the release of information was controlled in a way I considered inappropriate.
As for how it all works, there is an easy to follow layman’s explanation of this as well. Any detail will not be released for obvious reasons. Why do you even want to know seeing the lender is giving you money?
The Mortgage Adviser
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Essential LinksSarcasm is the predominant tool of the uneducated.
The Mortgage Adviser
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Essential LinksSo Terry, having said that, which is what I expected westinvest would say in response to my question, you agree that it would be far cheaper and more secure to take a deposit right?
It seems westinvest is under the impression the deposit cannot be kept if the deal falls over.
As for not paying a deposit, as a vendor, if I did not receive a deposit, I would not consider it a valid contract as no ‘consideration’ has been provided by the buyer and I would sell to anyone else who offered me more and paid a deposit. I don’t think I would lose in any court on the grounds of ‘no consideration’ by the initial ‘buyer’.
The Mortgage Adviser
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Essential LinksSurrey, I can assure you there is no shortage of willing participants to undertake this venture. The problem is accessing all the information and structures to support it. If the structure works as it was described to me, then this will happen. Just give everyone time to put the pieces together and it should all resurface in the near future. There is only one piece of the puzzle that is missing but it is the most important piece!
The Mortgage Adviser
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Essential LinksOriginally posted by kay henry:Rob, when Steve asked me to moderate, he asked me to do two things: to remove advertising and to remove posts or threads that I found to be offensive. That’s it- that’s the entire job description.
What if someone considers your post offensive though? Do you not agree you are restricted in how you can post? It all comes down to interpretation by the person reading the post as is clearly evident in many forums.
This place can become mighty boring if it is a bunch of Stepford wives. the moderators all have opinions- so what? who doesn’t? forget the red stars and just focus on what people say.Agree totally. I just find it difficult to respond to mods who make comments I find a bit annoying as I know what the result is.
The Mortgage Adviser
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Essential LinksOriginally posted by kay henry:But if you critique other companies, then I imagine you would understand if people critique Derivex. As a policy analyst, it makes perfect sense to me to critique stuff, and to have my own thoughts and words critiqued.
Great answer!!!
I am not concerned about the critique of Derivex as I will join you on that myself but I will defend the ‘idea’ behind it. I took offence as I got the impression you were providing critique directed at me.
I freely admit that I do not act professionally on websites as I find many of those posting to be way too sensitive and have an impailed object that needs removing in many cases. There is also a lot of misinterpretation going on that leads to unnecessary arguments hence I believe in asking straight up which I have done to you.
You are right about me getting angry that my posts were being deleted or threads locked but this was in the past. I have realised that no matter what I do, censorship is rife in internet forums especially when a mods feelings are hurt.
As for being impartial, I think you need to look up the definition of the word moderator or relinquish your moderator status to post freely.
I am happy to discuss Derivex all day as long as it does not get personal.
The Mortgage Adviser
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Essential LinksOriginally posted by surreyhughes19905:[biggrin]If you told me the sky was green and failed to provide a definition of green that would effectively equal blue
Actually, the sky is Grey. It only appears blue due to the reflection off the vast ocean surfaces of the world.
As your belief that the sky is blue is incorrect, so to is your simple mathematics. There is a lot that goes on behind the scenes that you do not know about. The money lent out is only a small portion of the funds raised.
I am not even going to try and explain the concept to you.
The Mortgage Adviser
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Essential LinksOriginally posted by surreyhughes19905:I don’t understand.
EXACTLY!!!
So why comment negatively on something you state you do not understand????
Are you just following the flock?
The Mortgage Adviser
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Essential LinksThe only people that lost actual dollars (not time) were those who signed contracts on new purchases or undertook ‘strategies’ they clearly could not afford prior to receipt of funds.
From what I know, no-one lost their application fee.
The Mortgage Adviser
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Essential LinksPeace, I think you should be listening to him. Make sure you get some appropriate advice regarding various strategies.For example, I am not a fan of ‘living off equity’ as a ‘strategy’ for the not so wealthy. Be patient and things will happen.
The Mortgage Adviser
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Essential LinksThat is the biggest load of RUBBISH I have heard.
Please tell me how your simple idea of no deposits helps you when the buyer pulls out at the last minute due to a property price slump and you have lost three or four other willing buyers who are now no longer willing. How are you going to recover the deposit which YOU WOULD BE ENTITLED TO KEEP???
I can assure you that you would never succeed in buying a property from anyone I know as they all require a deposit to take their property off the market and protect themselves against any potential losses.
The Mortgage Adviser
http://www.themortgageadviser.com.au
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Essential LinksTry these links:
http://www.mortgagepackaging.com.au/tma/index_files/essential_links.htm
And in particular, this one:
The Mortgage Adviser
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Essential LinksThey tell the lender it is for future property investment purposes. It is a pretty simple process. Flick me an email if you need more info.
The Mortgage Adviser
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Essential LinksKay, if you would like to say something about me, just say it. There is no need to pussy foot around. I am a big boy and can take your comments on the chin.
As for many of the comments in this thread, they are just speculation. How many more times does it need to be said…
THEY WERE STOPPED DUE TO A MANAGEMENT BREAKDOWN!!!
Kay, before you jump in with the ‘but Rob, you were on the management team’ rubbish that you seem to want to talk about, anyone involved with the company can verify that I had no control over the areas that broke down but I did battle to try and have them sorted out, as did a few others, without success. That is why I, and others, left. We could not see it progressing under the control of their management at the time.
If people do not take my word that ASIC had nothing to do with this, why don’t you ask ASIC. Although they cannot divulge private information relating to an ongoing investigation, I think they will tell you that they made no orders or otherwis regarding Derivex ceasing to operate. They are still investigating which many speculators here should look at closely. They are holding off on making a decision until they have ALL the information.
By the way Kay, I wondered how long it would be before you had a few digs. I thought you started this thread (which is supposed to be taboo especially for an ‘impartial’ moderator) for another reason.
One last thing Kay, what does my ‘behaviour’ have to do with my knowledge or my ability to do the work I choose to do? Are you doubting those now?
Time to LOCK it up I think!!!
The Mortgage Adviser
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Essential LinksOriginally posted by Dazzling:‘Reality is seldom captured by glib, obtuse one liners from supposedly successful life-coaches’ ……..Dazzling
I agree, but they often make you stop and think about a situation in different ways that may result in a benefit being obtained. They can’t hurt.
The Mortgage Adviser
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Essential LinksCheck out:
http://www.mortgagepackaging.com.au/tma/index_files/low_document_loan.htm
Low doc loans usually require 20% deposit plus the fees. Some lenders go higher but you will paying through the roof for interest rates. This would be more expensive than the 100% loans.
Regarding the 100% loans, you would not qualify if you just started working as a contractor. Check out:
http://www.mortgagepackaging.com.au/tma/tools_and_calculators/TMA_Low_Deposit_Lending.doc
The Mortgage Adviser
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Essential LinksMany studio apartments are a little difficult to finance at the higher levels mainly due to their size. Some locations are also flooded with them which makes them even more difficult to finance. This should not be a problem in Neutral Bay though.
The downside of the them is the minimal capital growth that seems to go with them. It just slows you down from further investment opportunities.
Instead of buying one exensive negatively geared studio in Neutral Bay, what about a decent house that will serve you a lot better a little further west or some other State. Maybe 4 smaller positively geared properties that will improve cash flow. There are a lot of options.
By the way, you could buy two decent studios for about that price in Potts Point which return much better.
The Mortgage Adviser
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Essential LinksHow about including an example whereby you keep renting and buy an investment property to show some more appropriate figures. Your example misses a lot. For example, most of the decrease in value has already occurred and it is unlikely that you price in example 2 would be achieveable on a decent property. It may well be achieveable on high density units which is why you would not touch them.
There are always properties moving both ways.
The Mortgage Adviser
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Essential LinksIt is your choice either way. Have you ever wondered why they take brokers with less than two years experience?
The Mortgage Adviser
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Essential LinksInteresting comments and very irrational. Your wife can take more than half of it as she is entitled to it for being married to you. If it is not insured properly, any litigant can take the lot or you would be forced back into bankruptcy again.
It makes no difference how hard you work. A company is not bullet proof especially from a pissed off spouse and, last time I checked, ‘removing someone from the equation’ would result in a holiday at Her Majesty’s pleasure whereby you would also lose the lot!
The Mortgage Adviser
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Essential Links
