Thanks Paul: We got that book a week ago – and you’re right – it’s a great educational tool – we learnt a lot from it. As for Birsbane – we went, we had afantastic time – but as you would have read in my previous messages – we had some very strong boundaries in place. All the best, Sooty.
I have just attended one of premium finance services subsidised weekends in Brisbane. Lovely weekend, met some old friends, had a good time…. but …. I have some concerns and I am hoping someone can allay my fears. They had this program (probably excel based ) that showed if I payed them $6580 dollars a year it would some how cost me less ( as if the ATO would pay me 110% of the cost ). The next point is, the original saleman who made the home visit said that our desire to invest in our local region would be OK. However this was totally disregarded, with comments like they believe our local market is over priced and we're likely to have a loss in value, then continued to promote the Brisbane properties.. Which in my view has the chance of becoming a future slum.
G'day Iamsooty.
I worked for Premium Finance Services as an In Home Consultant for 14 months up to the end of Oct last year. The simple answer is this: we were trained to talk about the "Knowledge is Power" we'll give you a "Financial Health Check", do the Retirement Planning, and so on. You would have filled in a signed Assets & Liabilities sheet, a "Booking Confirmation Form" with usually a $295 "Comittment Fee along with Credit Card details, Chq or Cash and finally, a "Statement of Understanding". OK, I think you can see I kinow what i am talking about. We were flown all around the country to basically tell people nothing but reassure them they would obtain the knowledge at the office in BrisVegas.
Here is the bottom line: they will fly you to Brisbane, make you more uncomfortable than the In Home Consultant did as far as how bad off you are and how much you need their help. They will convince you that investing into property is a good thing (which it is!) and then flog you one of their properties. As far as I know PFS is not into blatantly ripping people off but I also know they made an average minimum gross profit per settled property of around $40,000.
Have a look at their website – it basically does what the In Home Consultant does and tells you nothing other than we'll explore ways to minimise your tax (depreciation and tax variation), pay off your home loan faster (by using your varied tax dollars usually through a restructured home loan in an offset/redraw type of account) and retirement planning. The kicker is you will have to sign up for the supposed "Client for Life" program which will cost you upfront of $6600 Incl GST but will be buried in your loan restructuring.
Go to Brisbane on PFS, let them explore ways to improve your financial position, but be resolute and strong. Do not commit to purchase on the day. Exercise your freewill to do your own homework in your time. If you should buckle under the weight of pressure to buy, remember you can simpy "cool off" as QLD has a mandatory min 5 day cooling off period.
I hope this has been enlightening!
CHEERS!
TC
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