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Premium Finance. Anybody know about these guys?1 2sumnerstephen [24 Posts] Hi all. Has anyone heard of Premium Finance? I've just had a cold call from them offering to send a consultant to show me how I can access a $6500 tax rebate for mortgage payments (no obligations). Some new government incentive. I'm still curious as to how they make their money. Any comments appreciated. Terryw [6279 Posts]  beware of cold callers Terryw   Linar [226 Posts] Hi Stephen
Listen to what they have to say and then put it on the forum. It sounds like they are just offering something that you can get through any mortgage broker , but you never know, it may be something new that not many people know about.
Cheers
K v8ghia [540 Posts]  Are they tax advisors? Probably not. Sounds like yet another 'morgage reducion' type scheme that gets 'sold' for several thousand dollars, when any switched on lender (or switched on business person or relative or mentor) should help you with for zip.....Keep us posted but please be cautious. sumnerstephen [24 Posts] Meeting the consultant tonight. I'll keep you guys posted. I managed to find the website and actually rang the customer services to try and get a better idea of what they do.http://www.premiumfinance.com.au APerry [532 Posts] sumnerstephen wrote:
Hi all. Has anyone heard of Premium Finance? I've just had a cold call from them offering to send a consultant to show me how I can access a $6500 tax rebate for mortgage payments (no obligations). Some new government incentive. I'm still curious as to how they make their money. Any comments appreciated. The fact that they quoted a dollar amount for a tax saving without knowing your financials would suggest a meeting will be a complete waste of time. People are always looking for some secret that will put them ahead of the pack, so making claims such as this is good marketing, but there is no way they will have better knowledge of potential tax deductions than any decent accountant. I would go further though and say there is a 99.9% chance that they will know less. I remember speaking to a forum member some time ago who had received advice on structuring their loans from one of the many debt reduction companies out there, and what was proposed to this person was blatant tax evasion. I should note that I know nothing about Premium Finance, they might be fantastic, but from the sales pitch I doubt it. Regards
sumnerstephen [24 Posts] Well I can now give you some feedback. The service they offer is all about creating a strategy to reduce personal debt, access better tax benefits and hence have more money to invest in property. (I think the whole $6500 tax rebate mentioned on the phone was just an inexperienced telephonist). Where they make their money is on the commission from any future products you get through them (Apparently they can get better rates on anything from mortgages to house insurance). Qlds007 [3836 Posts]  I am with Alistair they maybe wonderful but anyone who charges upfront for a residential mortgage brokering service linked to debt reduction is taking advantage of you. I tell you what for half that amount I would do it through in a Financial Plan and provide you with a free email monitoring service for the first 12 months. Seriously how can someone tell you over the phone they can save you $6500 of Tax rebates. The quicker these tele marketing companies are out of business the better. Cheers Richard Taylor bennyw [2 Posts] Proof is in the Pudding... Hi There, I actually designed Premium Finance's Web Site. I also purchased a property through them at Nundah in Brisbane. Since then, it has had about $30k in capital growth. I couldn't be happier! I am about to purchase my second property through them too. Since making their web site, I have got to know a few of the people in their office. All that I have met are great people, that work FOR their clients and their clients, including me, are well looked after. They way I look at it is that YOU CAN learn about property investing and finance yourself.... hell, I can learn about ANYTHING.. it just takes time. One thing over the years that I have learned, is to use professionals! It doesn't matter if it is an electrician, personal trainer or even property investing. Premium Finance's staff are qualified too. For those of you on this message board wondering about Premium Finance, I have no hesitation in recommending them. They have served me extremely well. There are good and bad in EVERY industry.... these are the good guys. Hope this helps, Qlds007 [3836 Posts] Thanks Ben Premium Finance's staff are qualified too - Can you tell what they are qualified as ? Cheers Richard Taylor chrisjones [2 Posts]  Proof is in the Pudding...
Hi There, I actually designed Premium Finance's Web Site. Well as an empolyee you would give that glowing reference.I will tell you how my experience went.It was all above board until the documemts were signed.Then it went south.After near 3 months of chasing them to get information on were the contracts were at( had signed did not recieve copy) and due there being issues with the builder I then rang the bank broking agent they were using.Guess what there was an issue with the valuation.It wasnt until I recieved this info that low and behold I get a call from premium at night saying there had been an issue with the original documents,and that the sale was valid and unconditional.Of course I hit the roof.They then offered to get another property due to the valuation not coming up to the expectation of the bank. Promises where made and not delivered.It was like it was a mission to get anyting done.Like the new property information etc. However I do not directly blame Premium,except the employee who stuffed the original application with the council,that they seem to know what they are doing, it is the 3rd parties that are involved.It is now nearly 6 months and I am still waiting for my deposit. They did sort my finances,that i cannot dispute. At the end of the day it is my experience,more than likey there have been good outcomes for other people.Make up your own mind. Thanks Jonesy "I cannot avenge my partners death with this pea shooter"- Rainier Wolfcasle annican [2 Posts]
annican [2 Posts] Premium managed to sort out the few problems we had, and I have been very satisfied with there approach toward the customer SteveJ [1 Posts] Can anyone confirm having to pay an initial $5000 fee to become a client prior to using Premium finances refinancing or purchasing services. seank [66 Posts]  bennyw wrote:
Proof is in the Pudding... Hi There, I actually designed Premium Finance's Web Site. I also purchased a property through them at Nundah in Brisbane. Since then, it has had about $30k in capital growth. I couldn't be happier! I am about to purchase my second property through them too. Since making their web site, I have got to know a few of the people in their office. All that I have met are great people, that work FOR their clients and their clients, including me, are well looked after. They way I look at it is that YOU CAN learn about property investing and finance yourself.... hell, I can learn about ANYTHING.. it just takes time. One thing over the years that I have learned, is to use professionals! It doesn't matter if it is an electrician, personal trainer or even property investing. Premium Finance's staff are qualified too. For those of you on this message board wondering about Premium Finance, I have no hesitation in recommending them. They have served me extremely well. There are good and bad in EVERY industry.... these are the good guys. Hope this helps, first post... sounds like an ad.. thebigisle [4 Posts] SteveJ wrote:
Can anyone confirm having to pay an initial $5000 fee to become a client prior to using Premium finances refinancing or purchasing services. I would just like to check that everyone has had to pay this or is it just me. Its not mentioned anywhere on the website or during the phone conversations, only at the very end of the visit to the office. Has everyone had to pay this or am I getting the wool pulled over my eyes. All responses will be appreciated. PM me if you wish although I see no harm in making this information public. Yes, I think everyone cops this. Makes you a "client for life", apparently. They do not charge this when/if you buy more properties through them. They will also try to get you to use their "preferred" lawyers for conveyancing and to manage the rental property as well. All signed up on the same day, before you fly home! god_of_money [113 Posts] I would put my A$5000 into my mortgage...NOT in their pocket. "Preferred Lawyers"... hm... sound interesting... I would get my own INDEPENDANT Lawyer to save my hard-earned $$$$$ thebigisle [4 Posts] god_of_money wrote:
I would put my A$5000 into my mortgage...NOT in their pocket. "Preferred Lawyers"... hm... sound interesting... I would get my own INDEPENDANT Lawyer to save my hard-earned $$$$$ I was just trying to say it a tad more subtly wildwest [2 Posts] Hi there, In regards to Premium Finance did the trip to Brisbane to head office not really knowing much about property investing. 1 2 |
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Hi All 