Forum Replies Created
Yes would like to share knowledge and experiences.
Originally posted by Jace81:ok, i worked for powerloan for about 6 months, and most of the time (up until the westpoint crash) was enjoyable…The workshops are not much more than a sales pitch, so that part of the added value service from the company is a bit dodgy. and i dont know why you said you can only go 12 times?, they were allways free to the public. I believe firstmac is one of Powerloans lenders, but the “premium” facility is challenger or interstar. The way it works is you will be a client on someones franchise, and the franchisee is your service manager, they do have good strategies, but if you look for a good book and have a bit of common sense, its not hard to half the term of a loan once you have the knowledge. Powerloan also push for you to invest equity, which obviously increases the loan size and the commission of the consultant. so as you should know every investment has some risk, no matter how well its “SOLD”
…just remember your the customer and the customer is allways right, A bank generally will put fee’s on your loan account and try and “SELL” you more accounts incurring more fees, so if youre lazy and dont bother checking these things you will get stung in the pocket, but if you tell the bank you have been offered a loan with no fees at whatever percent or simply say you wont pay fees on your account, im sure they will do their best to beat whatever you have been offered, if you ofcourse have a deposit and income. powerloan generally wont be able to beat banks on the interest rate, of the time i was there i saw the interest rate drop for a client once, and it was one of my friends who thankfully found finance elsewhere, and i doubt firstmac has much if any service at all, im not sure if they are wholesale or not…., i learnt alot about SALES from powerloan, and not very much about finance, i had to ask alot of questions…just remember they are selling you a product, and finance organisations have to be competitive, they wont give you the money for nothing, but ya dont want to pay 3 times what you borrow..i dont know if i can advertise or anything, but one of the best faciilities i ever saw was of a client who ended up refinancing to powerloan, he was with Members equity, very low cost standard variable loan, and dont charge you annual or redraw fees, so you can run all your income through the loan reducing your interest cost, so you get all the flexibility powerloan offer, but unfortunetely without the payment timing strategies, take a look at their website…good luck man, dont let them tell you what you need, do alot of research, and read books, you gotta educate yourself about negative compounding interest and how it works, so you can reduce the over all cost of your loan, remember you wouldnt pay a credit card off, by paying the annual fee, would you? yea, im not sure how much advice i can give on here, dont wanna get in trouble as im not qulified in finance at any level but yea, i doubt most brokers know themselves how simple it is to reduce the term of your loan, and they most likely wont help you until you want to refinance, goodluck hope it works out for you ….JACEWhy you quit?
It is to be very ethical organisation I love their strategies
…just remember your the customer and the customer is allways right, A bank generally will put fee’s on your loan account and try and “SELL” you more accounts incurring more fees, so if youre lazy and dont bother checking these things you will get stung in the pocket, but if you tell the bank you have been offered a loan with no fees at whatever percent or simply say you wont pay fees on your account, im sure they will do their best to beat whatever you have been offered, if you ofcourse have a deposit and income. powerloan generally wont be able to beat banks on the interest rate, of the time i was there i saw the interest rate drop for a client once, and it was one of my friends who thankfully found finance elsewhere, and i doubt firstmac has much if any service at all, im not sure if they are wholesale or not…., i learnt alot about SALES from powerloan, and not very much about finance, i had to ask alot of questions…just remember they are selling you a product, and finance organisations have to be competitive, they wont give you the money for nothing, but ya dont want to pay 3 times what you borrow..i dont know if i can advertise or anything, but one of the best faciilities i ever saw was of a client who ended up refinancing to powerloan, he was with Members equity, very low cost standard variable loan, and dont charge you annual or redraw fees, so you can run all your income through the loan reducing your interest cost, so you get all the flexibility powerloan offer, but unfortunetely without the payment timing strategies, take a look at their website…good luck man, dont let them tell you what you need, do alot of research, and read books, you gotta educate yourself about negative compounding interest and how it works, so you can reduce the over all cost of your loan, remember you wouldnt pay a credit card off, by paying the annual fee, would you? yea, im not sure how much advice i can give on here, dont wanna get in trouble as im not qulified in finance at any level but yea, i doubt most brokers know themselves how simple it is to reduce the term of your loan, and they most likely wont help you until you want to refinance, goodluck hope it works out for you ….JACE
