My business partner and I are in the process of registering a company in Queensland for property investing and in particular for wrap deals. We intend purchasing property in various states of Australia – namely Victoria, NSW, Tasmania and Qld. To comply with the Consumer Credit Code, do we need to register as a credit provider in each of the states that the property is purchased and wrapped or only in Queeensland wher the company originates?
Any comments/ answers/suggestions would be greatly appreciated.
Regards,
CliveClive,
I’m not sure about the process for registering for Qld, but in Vic you need to fill in a form and lodge it (free).
Don’t quote me, but I think that there is no registration required in NSW, but the contract needs to include certain parameters that meet the requirements of the Code.
If you are serious about wraps then I’d recommend paying for specific advice from soliciotrs from each State. This may set you back a few grand, but it is an essential cost.
Finally, it’s OK to have a plan like the one mentioned above, but if I were you I’d do a few wraps closer to home to get the feel for the system you will implement before trying to take over the world.
Have you purchased my wrap library yet? If not, for $3k, you’ll find the answers to questions that you’ll come across. You can always reinvent the ‘wrap wheel’, but I’d recommend leveraging off my knowledge and save yourself time and money in doing so.
Regards,
Steve McKnight
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Steve,
thanks for the advise. I have purchased your wrap library and have learnt a lot from it – an excellent investment. I would not be trying to get started without this knowledge, but no doubt will continue to learn as the theory is put into practise. I am a strong believer in leveraging other peoples time and knowledge and realise that this forum is an excellent vehicle for this. I take your point about starting close to home, but the reason for purchasing in various states is to spread the risk, and we also have local knowledge in some of these areas.
Regards,
CliveSteve,
thanks for the advise. I have purchased your wrap library and have learnt a lot from it – an excellent investment. I would not be trying to get started without this knowledge, but no doubt will continue to learn as the theory is put into practise. I am a strong believer in leveraging other peoples time and knowledge and realise that this forum is an excellent vehicle for this. I take your point about starting close to home, but the reason for purchasing in various states is to spread the risk, and we also have local knowledge in some of these areas.
Regards,
CliveSteve,
For a beginner, what is the best and cost-effective way of checking up on a person’s credit history and rating? I know I can pay about 1300 bucks initially to Baycorp.
I only learnt yesterday that it is illegal to receive someone else’s credit report – even if it is posted/faxed by that person!
Someone suggested that I look at this person’s rental history for the past 2 years. Yours and anyone else’s comments will be most welcome.
Shaan Ching
Shaan, why is it illegal to get a credit report if the person has given written permission to have it sent to me?
$1300!!!Get the person to pay $19.95 and have it sent to you in 24 hours or for free in 2 weeks.Darren,
Thanks for your reply but the other night I was at a meeting of the WRAPS Assn (?) in Burwood and they had a guest speaker, Robert James from Mortgage House (Ph: 9824 1977). He told us that under the Uniform Consumer Credit Code and Privact Act it is illegal for anyone other than the person involved to look at that guy’s credit report unless you pay the 1300 bucks to Baycorp which will then be legal! I have already got some Baycorp reports from others – till now!
Also along those same lines it is now illegal to store/fax someone’s details with the TFN (tax file number) visible. In other words, it should not be visible to anyone not specifically authorised to view!
Anyone else got any comments on this credit check business?
Shaan Ching
Shaan,
I would imagine that it is illegal unless you have consent.
But, I can’t see how someone having requested their own credit report and having it sent to you could be construed as breaking the law… but I am not legal expert here.
What purpose is the law designed to achieve? It is to stop someone getting unauthorised access to private data… not to stop someone with authorisation or the person themself from making a legitimate enquiry.
Perhaps some formal legal advice would be worthwile in this regard?
Bye
Steve McKnight
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
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