advice please

Yasmina, I have never heard of Powerloan so I can’t comment on the company. From the sound of your circumstances I would suggest that your husband exercise extreme caution. Not enough people look at the “downside” or what they can lose, preferring to see what they can gain. Look at what you can lose if your husband leaves his job and takes up the Powerloan option (and that doesn’t work) and then make the decision. Hope that all goes well in the long run

Peej

Are these people mortgage brokers? If that is what your husband is going to do, bear in mind it takes ages to get paid for loans, so he may be without an income for about 3 months. It could also take a long time for him to build up a decent income in the industry.

However, it may be worth a try. If it doesn’t work out, he can always go back and do a similar job to what he is doig now.

It may also be possible for him to keep his current job and start off in the broking part time and gradually ease into it.

Terryw
Discover Home Loans
Parramatta
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Hi Yasmina,

I know someone who gave it a go for a couple of months and didn’t get any income from it at all. Their loans were not very competitive which made them very difficult to sell. They also had a telemarketing department that set up his appointments, however he would regularly turn up to appointments with people who had received phone calls but didnt want anyone to come and see them.

I’d be very carefull if your going to be relying on this income.
Dave

Hi Westan

Yes, there is a bit of a downturn, but more people are refinancing these days. Business is still good.

Terryw
Discover Home Loans
Parramatta
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Good Point here … I saw this on ABC last week nad felt sick when I learned that over 30,000 Australian citizens lost over 1.35 million and cannot claim a cent back!

On another note I agree with Westan here as in any market downturn you need to understand the upturn process of events.
Basically this means that as we had a boom recently … we had Realestate agents, Brokers, Mezzanine lenders, and many other related professionals enter he market like mushrooms as the money was good…..
Now that things are not so rosy…. the not so stable ones are falling by the wayside due to lack of commissions and bad business practice/ethics (except for the real clever rip off merchants shuch as Teh lovely people over at WestPoint – who are still operating as FernTree now I think).

Let me guess he is putting up some funding to get into this wonderful experience with this brokerage?….

If your husband has no experience in the industry and as it is very tough now … he better expect to have some major income delays as even if he makes a sale in 3 months … your money tin will be dry for 6 months!.

As Mr Jenman Says “Caveat Emptor” – Buyer Beware –
Cheers,
Kiwi[biggrin]

For 15%+… Cash on Cash Returns goto:
http://www.kiwilogic.biz

Yeah …. Westpoint have over 250 companies tied up in the whole sham…. Investors are trying to mount an attack on them … but the directors have set up such a web of deception and track covering…they will have transfered all obtainable assets out of them and the investors wil have wasted thier money trying to get it back. ASIC is not gonna foot the bill either ….
so much for the watchdog…… We need to adapt the Us buyer beware policy and get rid of the so called watch dogs (ASIC)… as they never …ever stop these guys from destroying the lives of innocent people….. however they do support the people that fund them!!! = Companies!

For 15%+… Cash on Cash Returns goto:
http://www.kiwilogic.biz

I worked for powerloan a couple of years ago. They have a very very high turnover rate. There are alot of restrictions on what you can do, and they constantly bag brokers and banks. They are mortgage brokers, but only selling the branded products – therefore have mininal range.

There is alot of hype, and it is easy to get sucked in. The positivism and constant motivational talks make you forget that you are not earning money, or are only earning a bit. I would describe some of their practices as dodgy.

They place all the risk on you – no wage etc – but expect you to conform to their standards relentlessly. I believe many of their former/current workers could claim entitlements as workers which are otherwise completly denied to them, except most just dont want anything to do with them anymore, or couldnt be bothered claiming (or dont know their rights through all the hype).

The founders come from a multi-level marketing background, and powerloan is a mortgage broking company with that structure. Most people only sell to their friends, and make money for those higher up in the structure.

I recall them spruiking “Kebble”, one of westpoints products, relentlessly.

However I did learn alot about the finance industry, and professional ethics, but really nothing I couldnt have learnt from a 2 day course from WEA.

I would suggest that you join a reputable firm of brokers – your future will be much better, and realistic.