Here is a quote:

So, here’s my fair-dinkum (that’s Aussie for ‘real’) challenge to you, Robert G Allen.

If your claims are true and you can turn just TEN ordinary Australians into millionaires with your methods, I will pay you $1 million. If not, you pay me $1 million.

http://www.jenman.com.au/NewsNews1.php?id=267

Terryw
Discover Home Loans
North Sydney
[email protected]

Hi Yesfella

I don’t know any in Newcastle, but there is one in sydney, in case you don’t have any up there.
Anthony Cordato
http://www.businesslawyer.com.au

Terryw
Discover Home Loans
North Sydney
[email protected]

Do a search for “Lewis O’Brien” and you should find some contact details.

Terryw
Discover Home Loans
North Sydney
[email protected]

I have only done 6, and only one of those did a ‘runner’ ie left in the middle of the night. It was not really a hassle though, there was a short period where I had no income coming in, but I kept the deposit, kept the property which had grown 20% in value and I got a court order saying the tenant still owed me money. I chased him briefly, but decided to let it go in the end as I was not out of pocket.

Terryw
Discover Home Loans
North Sydney
[email protected]

Kay

You can use your LOC for anything, that’s why they are so dangerous for some people.

If you use some of the LOC for buying a car etc, then the money you have available for deposits will decrease accordingly.

Terryw
Discover Home Loans
North Sydney
[email protected]

I don’t want to say too much, but this person had just overcommitted by buying too many properties too quickly (even not having deposits did not stop her). The market just turned a bit too quick. She has not got a job and has not even made one payment on some of her loans, ever!

On the positve side, she has fairly large amount of equity across her portfolio, and is not overly worried. (btw, she came to me after getting into this mess).

Incidently, I know a second mortgage lender that is suing a major bank and a valuer over a recent forclosure sale (ie the bank allegedly sold too low, and the valuer valued too high).

Terryw
Discover Home Loans
North Sydney
[email protected]

They do occur in Australia. I have one client who is currently being foreclosen upon in about 3 weeks. (She is beyond help loanwise).

I think you will find that these mainly go to Auction, and they generally do not advertise that they are foreclosures. So they should be selling for market price, which makes it hard to find a bargin.

Terryw
Discover Home Loans
North Sydney
[email protected]

This happened to me long ago too. I wnet to the Colonial Bnak (before I became a broker) and the guy there miscalculated the mortgage insurance by about $3000. I complained to him and the bank manager, but they just shrugged it off, despite the fact that I had it in writing. So in the end, I just wore it.

But you may be able to get compensation, just look at the bank’s website, and call the customer complaints section. However, you are not being charged extra, it is just something you were not properly informed about, so don’t expect to get much back.

Terryw
Discover Home Loans
North Sydney
[email protected]

Aceyducey

I agree!

I am a bit confused by the whole financial planner issue. It appears there are financial planner (who have done a course) and then there are certified financial planners (CFP). These CFPs have to do the diploma and then another post grad course and get some work experience as well before they can use the label ‘CFP’.

Terryw
Discover Home Loans
North Sydney
[email protected]

Roofarmer

I beleive that you can distribute the gains to any beneficiary and the tax payable would depend on their income. I assume it would be 30% only if distributed to a company.

Terryw
Discover Home Loans
North Sydney
[email protected]