I am not a manager at power loan and never being so. I just was referred to this company and it looked trustworthy. Now after all these replies plus my own research I can see a big picture and it is not very optimistic!!!
It is good to have this kind of websites where you can get info from many people and find out the truth.
Thanks all for replies.
Hi all
Adding to the discussion on bank fees.
When I went to the Bank to get a loan for my 1st IP, I checked out most of the other lenders 1st then approached my bank with the loans I wanted ie $ 170k fixed,interest only at 7% NO FEES WHAT SO EVER and a equity line on our home for $100k NO FEES
I told them this is what I want, if you cannot do this I will go elswhere – guess what I have exactly what I want.
and my 2 others since then are exactly as I want them. my last one I lodged the paper work friday and had approval tuesday, the papers were ready for signing 3 days later and the did the settlement I week later – there you go lodged, approved and settled in 2 weeks no hassles.[biggrin][biggrin][biggrin]
By the way that was NAB – garden city perth.[biggrin]
I have also in the past used a broker to source finance for me to remortgage my home when the banks would not. they sourced it from private investors. no problems. slightly higher interest rate though.
Celeste
Wooooooooh!!!
Everyday something new!!! What is truth and what is not!!! Who knows!!! Tell me!!! Who is jelous and who is just wanted to blame someone? I was talking obout company in general and we went into personal issues!!!
1. Who had experience with them???
2. Who were successfull and achieved positive results!!!
[baaa]
ThanksDr Finance,
What a joke!! I have been reading the posts here and overwhelmingly from an outsiders point of view you would not go anywhere near this Power Loan or Matt.
The letter praising this Matt sounds like it was written by his lover and biggest fan. It also sounds like the letter is threatening actions other than legal……….
What is Matt capable of…………!!!
Sounds to me like a group of bikies will come after you if you keep going with what looks like the truth. Maybe he met them at his chop shop I mean Panel Shop.
As for a senior detective monitoring this site. What another joke Dr Finance (alias Power Loan management I suspect)
Detectives don’t involve themselves or police resourses in defamation matters that you allege. In fact I think detectives would be more interested in the type of threats you believe Matt is capable of delivering.Anyway sounds to me like people involved with Power Loan are very shifty and dangerous. Lets call in the “SAS” to keep us all safe
So very childish and unprofessional. GROW UP POWER DRONES
Power Loan Sharks!!!!!!!!!!!!BEWARE!!!!!!!!!!!!!!!
I know of several people who have lost there houses with this mob.What they do is tell you not to focus on the rate ate all and to come to their workshops (form of Brain Washing) to keep you from the truth.
The truth is they get paid 1.4% commision from the wholesale lender usaually Challenger when the industry average for a broker is .70%……..This doubles the effect on your interest rate as the wholesaler adds it on top.
Thats not all they then put on top of YOUR loan around .60% trail income for themselves on YOUR loan for THEIR hip pockets when the industry average for a broker is .20%And this is why their loan rates are higher and this is why they BRAINWASH you into thinking it is not about the rate.
They are charging their so called valued clients 3X the industry standard….where is the ethics in that as they like to preach.They even drop the line that they are so called Christians and work for ethics and give you a long list of trying to reduce the debt of the nation.
Sounds All to shifty for me and now they want to re invent themselves in a new state with a new name…….
Hi Ben
Sorry to hear your story about Powerloans i guess as an indepedant broker we hear these stories all day long.
Think the moral of te story is if it sounds to good to be true then it probably is.
Richard Taylor | Australia's leading private lender
Hi Ben
Sorry to hear your story about Powerloans i guess as an indepedant broker we hear these stories all day long.
Think the moral of the story is if it sounds to good to be true then it probably is.
Richard Taylor | Australia's leading private lender
Former Power Loan director banned from providing financial services for five years
Friday 18 April 2008
The Australian Securities and Investments Commission (ASIC) has banned Mr Stephen McArdle, formerly of Adelaide, from providing financial services for five years.
Mr McArdle, 35, was a director of a number of companies operating under the Power Loan banner, including Power Financial Planning Pty Ltd (Power FP), Power Franchise Pty Ltd and National Finance and Trading Group Pty Ltd, which is the proprietor of the Power Loan business name.
Franchisees and contracted finance consultants of Power Loan promoted the ‘Power Equity Loan’ across Australia. Potential clients were advised that if they took out a Power Equity Loan secured by a mortgage over their home, they could invest the proceeds of the loan in an investment product that earned more interest than that payable on the loan, generating income that could be used to pay off their home loan quicker and save interest.
From November 2004, Mr McArdle negotiated agreements on behalf of Power FP with Kebbel Securities Limited, a wholly owned subsidiary and authorised representative of an Australian financial services licensee, Kebbel Funds Management Limited (Kebbel), and with Kebbel Victoria Pty Ltd to enable Power FP to earn commissions on investments made by clients in various financial products promoted by Kebbel including Westpoint investments in Emu Brewery Mezzanine and Mount Street Promissory Notes.
Power Loan clients invested over $10 million for which Power FP received a three per cent commission amounting to over $310,000.
Mr McArdle and Power Financial Planning Pty Ltd did not hold Australian financial services licenses during the period which was the subject of ASIC’s investigation.
ASIC found that Mr McArdle contravened the Corporations Act in that he:
was involved in the development and promotion of the Power Equity Loan strategy;
negotiated the referral arrangement and dealt with Kebbel;
directed service manager franchisees to refer clients interested in a Power Equity Loan to senior franchisees;
appointed the senior franchisees to provide information about investment products;
provided the senior franchisees with training and information about the Kebbel products; and
was the person nominated as the adviser for payment of commissions.Mr McArdle has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.
Background
Numerous banning briefs in relation to financial advisers who advised on Westpoint products are currently under consideration. Ten licensed financial advisers and two unlicensed advisers who advised on Westpoint products have now been banned.End of release
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