Hi Ozkar
Your comment about market value and bank value is wrong and ill informed and clearly demonstates you lack of understanding when it comes to finance structures.
If i was a First Home Buyer buying a house at $300,000 and wanting to borrow $285,000 and the Bank only valued the property at $270,000 i would not be able to proceed. In fact if the valued the property at $290,000 i would not be able to proceed.
Now to answer your question:
Richard can I ask, if I came to you (I see you are a broker) do you have a panel of builders and developers I could talk to? do you have independent licensed financial advisors I could run things past? Relationships with accountants who specialise in investment related tax matters? Property managers who can manage my investment? or do you just search the hundreds of existing loan products on the market and get me a lower interest rate.
The simple answer is YES to all of these. The big difference is i DO NOT CHARGE a fee for such a service.
And then your final comment about RPM helping you reduce your home loan from 20 years to just over 6 is absolute rubbish.
There are many legitimate ways to reduce your loan term and these can include negotiating a lower interest rate, regularity of repayment, income variations etc etc.Of course the big one as Terry mentioned is capitalised interest but as you state RPM do not promote this.
I assume you are going for the employee of the month award.
Good to note you have never answered any other post before this one.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I work in IT hence why I’m wrong on the bank mortgage val issue. Just on that though if I have a deposit, am I not only borrowing the amount I need to make up the final difference. So as per my example if I did want to buy a house above what the bank is prepared to give me than can’t I just supply a bigger deposit?
I only found this forum the other day hence my first post, trying to answer the original question of has anyone dealt with RPM.
Can I ask how do you make money if you do those services for free?
If you read the API magazine you would see how i made my money and how i can now offer my services for free.
Not even going to attempt to discuss Bank / market valuations on a Contract price. Sure RPM will have covered it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
That’s a good read Richard, well done.
I found this, maybe it explains what i was trying to say
Cheers Oz
Why would anyone buy a property that comes in under valuation?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
They charge high fees and the banks that you are forced to go with charge high interest rates. Not recommended!
I too was pursed by their sales people … they made it sound so irresistible and tempting. They claimed the rent and the tax variation would cover all the costs … NOT TRUE. They do not cover the loan repayments … and they 'forget' to mention all the other costs … home and contents insurance, landlord insurance, rates, water charges, repairs, agent fees for managing your property …
Falling for their sales talk was by far the worst decision I ever made.
If I offered $350,000 on a property and the bank valued it at $300,000, I definitely would not purchase it. Always try to buy BELOW market value.
You and me both Cube.
Difference could be the commission the introducer is receiving.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Shades of the late 90's, i.e. the mortgage reduction industry using lines of credit and a credit card and over priced IP's via two tiered marketing!
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Exactly Paul and that will be $3000 for that pearl of wisdom.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Interesting, RPM nationwide services website is no longer trading?
http://Www.rpmnationwide.com.au no longer exists?
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