Has anyone dealt with the Spring Financial Group or AWA

Hi Denis,

they want me to come back with a whole lot of details around my financial situation etc.

Largely, they likely want to know that you have assets that have Equity to spare. If you had a PPOR that was leveraged up to the hilt, and few other assets, they would probably lose interest in you real quick.

Now, I don’t know either SFG, or AWA – all I can share is what some operations do, and it is NOT to your benefit. Check any marketing group against these things, and if you see too many of these warning signs, RUN away.

As others have already commented, there are a few “signals” that tell you such operations are after your money, and have little interest in your financial health.

That first comment about “looking for Equity” is the big one. They need Equity in your PPOR to “hide” the extra $$ as the house they are looking to sell you most likely WON’T pass a valuation at the Contract Price as the latter is TOO HIGH!

Second, they will want both members of the family group to be in attendance at all meetings (no good if only one signatory is present).

Third, they will ONLY be recommending new property, and they will “just happen to have” a steal that will suit your situation well (Yer, right!).

Fourth, they provide a one-stop shop – with an accountant and a solicitor, and often even a LENDER all ready to stitch you up.

Another give-away is that they may likely be flying you to the Gold Coast from either Sydney or Melbourne – this is because even their over-priced offerings “look cheap” and you will be heartened to buy on that fact alone. What they DON’T allow you to do is to check with other RE agents to get an idea of “comparables” (which would likely show you that you are being ripped off). Even when travelling to view the house, the drive may be quite circuitous (so that you won’t see any billboards from other Agents selling H&L’s). It is also likely that the one they are showing you is NOT the one you will be buying (it is not quite ready yet – but they will show you one that is tarted up and looking good). Of course, yours will look every bit as good on completion (if you cross your fingers…)

Be very careful with ANY organisation that operates in a similar way. And, if walking out while the selling pressure is “hard on” is hard to do, do think how much harder it would be if you had signed at their insistence, and later found out you had been duped !! With ANY purchase, you should make the time to check it all out with your Solicitor BEFORE you sign anything. If someone is rushing you to sign “that day”, ask yourself WHY they are so insistent?

Good luck – keep your running shoes on – you never know when you might need them, ;)

Benny

Hi Zen,
Good to hear from you again, and to share your experiences with us. The initial interview sounded quite kosher – asking all of the right questions…. ;)

Denis, others earlier in this thread asked “Does this group entertain purchasing 2nd-hand property?” If not, why not?

Keep in mind, that while any Company is “courting you”, their questions WILL sound right and proper, and geared toward your success. They want you on board after all. Keep your antennae up and active – and be gauging their performance against those criteria I mentioned last post. Good luck,

Benny

Denis wrote:

Hi Zen,Have you attended your meeting with Spring FG and if yes, can you please share your experiences? We have a session booked with them next week and I would appreciate your feedback before we decide whether to see them or not.Thanks,Denis

As per the answers above please proceed with caution and read the old posts in this thread there is a history there. Anyone who claims to represent you as an investor but gets a commission from a builder/developer is a double agent and you are not the client you are the stock on the shelf being sold to the true client (the one who pays the fee).

I went with Spr FG. They were horrible. They have provided financial plan with basic detail and organised to set up the SMSF and rolled in part of my super too, after paying $1000’s. They tried to sell a off the plan apartment close to $1M in Brisbane about 3 year ago. When I told them that I didn’t want to buy that off the plan property, everything went downhill. Now when I try to contact them for any help with SMSF all I get is they request me to resign the contract again and pay $1000’s again to get any service at all. They made it very hard and messy. They are horrible. I am not sure at this stage who should I complain and what options I have.

• This reply was modified 5 years ago by  sathiy.