How do you find these organisations which sourse money not from the banks but from the money wholesalers funds?
They also say that provide value added srvices and personal assistance. As well as no ongoing fees and charges.
Are they realy trustworthy?Only experienced comments are higly expected
Thank you very much
[cigar]Not good and not bad. The question is really as to whether they are suitable for your situation.
As for trustworthy there should be no problems – this is a tightly regulated industry.
Why don’t you focus on what to buy and have a broker source your finance. He can bring an awful lot of experience to you at no charge.
All the best
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Securitised lending dominates the US Finance landscape and gives access to capital for many institutions.
Australia is a lot smaller market place but the concept is similar. Retail lenders rely largely on deposit to funds their mortgage book whilst a wholesale lender can raise funds using a different platform.
To be different many of the lenders bring inovation and new product to the table to attract business and as Simon mentions have a place in the market dependant on your circumstances and requirements.
Remember the lowest interest rate product is not necessarily the best loan for you otherwise we would only have a few lenders in this Country.
A Broker can take note of your requirements and tailor a product to suit you now and into the future. His / her recommendation may include a wholesale lender depending on what you want out of your loan.
Its a free service so why not get someone else to do the legwork for you.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Here i have found two companie which I am interested in.
http://www.firstmac.com.au
http://www.powerloan.com.auPower Loan seemed to be more attractive to me bacause in the office they explained me more about ther added value services and personal coaching what is really attrackted me since i am not a finance guru. The also have work shops for clients for free of 12 weeks.
first mac provide also good online srvice but not as much personal srvice as Lower Loan has.
Still havent decided yet where to go!!!There are dozens more all with their own differing features.
The only question i would ask is why would you want to go to a wholesale lender where every loan is MI and which will restrict your borrowing capacity as time goes on.
Can you tell us what appealed to you about these 2 mortgage managers?
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
My friend have recomended try this alternative sorse.
These gusy are more flexible and have added value services as well as coaching.I like it
Also no ongoing fees and charges less burocracy and more of a personal contact rather then calling to the bank and then press 1 2 3 on the phone to reach operator from India!!!
Aren`t brokers dealing with banks!!! this profit mashines?[strum]
Aren`t brokers dealing with banks!!! this profit mashines?[strum]
I don’t really understand what you are saying?
Perhaps you should just follow your friends advice – is he in a place you aspire to being?
Richard mentioned the MI issue with securitised lenders and suggested that with these lenders you will run out of steam earlier.
Places like Aussie are terrific for home owners and people buying one IP. But if you aspire to owning multiple investments then you will possibly run out of steam early.
I cannot give you any suggestions as I do not know your situation well enough.
If you do find a mortgage providor that offers wealth coaching then be careful – sounds like a conflict of interest here.
All the best
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I said that banks announce record profits from year to year. Who are making these record profits? WE ARE customers.
Every time I recieve letter from a bank, I affraid of next increase in prices for cervises they provide. Account keeping fees, annual fees for credit cards. i don`t like go to the bank because I pay for using front desk assistance.NO MORE CHARGES
Whell my friend with First Mac. He is nither happy nor unhappy. Just pay his interest and thats it. Other guys have Loans with other banks and they are not happy.
Why did you meab saying that I will ran out of stem?
FYI
Firstmac MI every loan even if it is under 80% and you can proove income and you the borrower pay the premium.
Power Loans coaching program on debt reduction as Simon mentions smacks as massive conflict of interest. Each Branch is franchised and I am unsure as to whether the individual owners are Licensed Financial Planners able to offer you full advice.
Without being funny who do you think makes the profits in the wholesale lending market. Most Companies are owned or co-owned by other financial institutions so i assure you the profits don’t go back to you the borrower.
Give us a bit more information and we can offer a few alternative products.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Most of the banks securitise a whack of their loans as well…so the MI issue is not limited to non bank lenders.
As for first mac…they seem to be easy to deal with from the point of view that they will approve just about anything.
Far from it First Mac’s underwriting is certainly not the most favourable.
Kim Cannon is a shrewd operator although they still have their pecularalities like anyone else.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
This forum is looks like a Brokers Forum
Of course everybody acting in their favour.
However
1. I have attended Power Loan Seminar and found it very interesting
They are not giving you a financial advica but gives you information to think about.
2. Financial Planner are in House and will be in the offices
3. No ongoing fees and charges on a home loan
4. Document collection process is not easy but this only create credibility of a company
5. They work 7 days a week till 5 pm or till 9 pm on Tthursdays
6. I have a real person I can talk to not a computer which says please press 1 then 2 then 3 and then you speak to Indiafuther advanages i will outline based on my progress with them
Originally posted by Zorge:This forum is looks like a Brokers Forum
You did ask a loan question – surely having a number of brokers respond impartially is ideal?
My only concern is that these securitised lenders are heavily reliant on LMI and as such you will hit the wall sooner – even if your loans are under 80%.
That is a frank opinion and not some snide way of trying to secure your business.
If you like what they offer then go for it – more power to you.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks
We`ll see on the progress of their job!!!
And how they performAlso remember their branches are franchised.
Your service is as good as the person who owns the franchise.
As Simon mentioned why post a Finance question which you did want brokers to answer. I assure you no one is merely here for the business they receive from the forum but to help and assist other members.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
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 ….JACEI have decided to go with power loan and I am pretty happy about it at this stage.
Money Power Game Course is fantastic. But it is true that it depends on the branch the quality of srvices more over it depends on people. I havee attended one in Tweed and this is Just Awsome while another in Brisbane at that eas less interesting.
In Tweed Heads NSW the branch manager is fantastic and what he is really do is professional.
Not sure about other places.
Human Factor is Everyware
But I really recomend this 12 week courseSince I am busy sometimes I don`t have time to read a newspaper not even a book. whi8le talk to a real person is alwase easyer and relevant to the Area you are in!!!
Thanks
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[black]
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
1st Alarm Bell
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.
2nd Alarm Bell
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”
3rd Alarm Bell
i learnt alot about SALES from powerloan, and not very much about finance,
4th Alarm Bell
im not sure how much advice i can give on here, dont wanna get in trouble as [red]im not qulified in finance at any level5th Alarm Bell
Give me a break, you admit to knowing nothing about finance yet still feel compelled to recommend this product, you then take a back handed swipe at the brokers on here with this tripe below.
[black]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
[black]Cheers
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Whell
It seams to me that there is alwase power of choice.
We look we analize and we decide on which way to go@!!!
I insist to serach in a different sourses and make your own quality decision.
And it is up to a personality to decide what is DoDGY and what is not DODGY
…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
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