All Topics / Finance / Derivex??

Viewing 20 posts - 1 through 20 (of 29 total)
  • Profile photo of OakleyOakley
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    @oakley
    Join Date: 2005
    Post Count: 10

    I’ve been out of the loop for a while. I understand Derivex aren’t doing any consumer loans at the moment.

    What other news has there been?

    Profile photo of woodsmanwoodsman
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    @woodsman
    Join Date: 2004
    Post Count: 714

    I believe they are concentrating on re-financing of investment loans…Settlements are now expected from late this month & others in early March…

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi Oakley,
    Woodsman is correct; currently submitting applications for refinancing of investment loans (non-consumer lending)
    Owner occupied debt can be included as part of the refinance providing the investment portion is of a greater percentage. Cheers.

    Steven Crane
    Interest Free Home Loan Agent
    [email protected]
    Phone: 0402 483 216

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of maximusmaximus
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    @maximus
    Join Date: 2003
    Post Count: 189

    Hi.

    What are the new application and settlement fees?

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Fees for Interest Free Property Loans.
    Single property loan application fee – $275
    Portfolio loan application fee – $750
    Valuation fee per property – $250
    Loan settlement fee per property – $400
    Refundable conduit reserve – 5% of initial loan amount.

    Cheers

    Steven Crane
    Interest Free Home Loan Agent
    [email protected]
    Phone: 0402 483 216

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of CRUSADER1CRUSADER1
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    @crusader1
    Join Date: 2004
    Post Count: 19

    I have heard today (22/02/05) that there are some delays in loan settlements due to mortgage documentation not complying with ASIC regulations
    crusader1

    Profile photo of Nat RNat R
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    @nat-r
    Join Date: 2004
    Post Count: 224

    I guess delays are inevitable when launching any new product….especailly one that breaks new ground like the Derivex loans.

    Natalie

    Profile photo of TurboBTurboB
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    @turbob
    Join Date: 2005
    Post Count: 19

    Nat R, do we see a change of heart? You were quite negative about the IFHL product initially?

    Do you think the product now has potential?

    All the best >> Brent

    Profile photo of Ambo72_2Ambo72_2
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    @ambo72_2
    Join Date: 2004
    Post Count: 102

    I thought the fees had been waived??

    Profile photo of Nat RNat R
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    @nat-r
    Join Date: 2004
    Post Count: 224

    Turbo B…my view has not changed but I was sick of being deleted so I posted a non commital cliche as a response.

    Cheers Nat

    Profile photo of TurboBTurboB
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    @turbob
    Join Date: 2005
    Post Count: 19

    Hi Nat, Sometimes non commital is the best stance [biggrin]>> b

    Profile photo of Nat RNat R
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    @nat-r
    Join Date: 2004
    Post Count: 224

    March is just around the corner…I guess the Derivex team have been busy thinking up an excuse as to why the March launch will be postponed.

    If only they had done a search for “time value of money” on google a few months back, they would have been saved themselves all this embarresment.

    Natalie

    Profile photo of James62James62
    Member
    @james62
    Join Date: 2004
    Post Count: 23

    The first ‘batch’ of loans were due to settle this week…..does anyone know what is happening with these?

    Any update on the ASIC investigation?

    A Hopeful Punter!

    JRN

    Profile photo of woodsmanwoodsman
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    @woodsman
    Join Date: 2004
    Post Count: 714
    The first ‘batch’ of loans were due to settle this week

    Was thinking the same thing actually. They were supposed to be today (27/2) actually…

    Profile photo of TurboBTurboB
    Member
    @turbob
    Join Date: 2005
    Post Count: 19

    I contacted ASIC directly to get info, here is their response, hope it helps.

    “I have searched our media releases (ASIC public comment) to determine if ASIC has issued a media release in relation to Derivex Limited and there has been no media release issued.  You can continue to monitor the media releases on our website (www.asic.gov.au then select ‘media & information releases’) to see if ASIC does issue a media release in the name of this company.  I have enclosed a link for your assistance but if you are unable to access the link you can copy the URL into your browser.

    http://www.asic.gov.au/catalog.nsf/ASICQuery

    At this point ASIC is making no further comment, however, we suggest you should seek your own appropriate advice in relation to this opportunity, eg. seek assistance from licensed adviser, seek legal advice.

    If you would like some general information about loans, credit and borrowing money you may wish to have a look at FIDO our consumer website using the following link:  http://www.fido.asic.gov.au/fido/fido.nsf/byheadline/Credit?openDocument”

    Profile photo of James62James62
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    @james62
    Join Date: 2004
    Post Count: 23
    Quote:
    Originally posted by TurboB:

    I contacted ASIC directly to get info, here is their response, hope it helps.

    I got the same stock standard reply last week…
    The silence is deafening….

    James

    Profile photo of gamaygamay
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    @gamay
    Join Date: 2004
    Post Count: 41

    It looks like previous similar iterest free loan schemes (scams?) have won ASIC’s “Pie in the Sky” Award.

    Profile photo of Nat RNat R
    Member
    @nat-r
    Join Date: 2004
    Post Count: 224

    Gamay…when I pointed that out about 6 weeks ago I was shouted down with replys like “where is the relevance” or “that was for car loans, this is for home loans” or just plain “but this is different”

    Unfortunately, logic and rational information (and actual financial markets knowledge) are not welcome guests at a discussion on this topic.

    Natalie

    Profile photo of gamaygamay
    Participant
    @gamay
    Join Date: 2004
    Post Count: 41

    Natalie,

    I am not a finacial guru, but when I looked at the loan structure my common sense tells me that it is not going to work or there should be a hidden high risk attached.

    Read the small print.

    Gamay

    Profile photo of Nat RNat R
    Member
    @nat-r
    Join Date: 2004
    Post Count: 224

    Gamay…common sense also failed to get an invite to this discussion.

    Think more along the popular lines of “I read it on the internet, so it must be true” or try a classic dismissive like “people used to think the earth was flat” or even throw in a cliche misquote like “there is only a market for 3 computors in the world”….then you can easliy start to beleive that interest free home loans work.

    Unfortunaltley, all of our good work will probably get deleted in the near future.

    Natalie

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