Forum Replies Created
nicolas_b, I remember going to a seminar where the headline presenter was introduced as a guy worth 25 million so I paid close attention.
A lot of what he said made no sense and I couldn’t believe his position of wealth.
I then discovered that he inherited 50 million 2 years prior.
I am sure though that your unencumbered property in Neutral Bay is totally self made.
At 33 thats a great achievement. Well done
Hi all, I just read this very interesting report
http://www.moneymorning.com.au/reports/mm-aussiehouseprices-2010.pdf
It’s fresh, very current… and Australian!
Enjoy
here is the media watch review
Bollocks???? I was told this by a panel valuer (the horses mouth).
I agree with your sentiments about the market though.
I am a bear and I think there is a dangerous bubble in the works.
If I were lending my money, I would tell my valuers to drop their figure by 30% (not 5% to 10%).
Some valuers come from well outside the target area and only go on past sales in the area as their guide.
Then some drop 5% to 10% to cover their butt.
We know that the major banks (Westpac & Commonwealth particularly) have a huge chunk of their money tied up in residential loans.
They don’t really want much more and we suspect that they will start moving interest rates independent of the reserve.
I have heard that they have instructed some of their main valuers to discount their thinking by 10% as a subtle way of killing a deal.
They are really just going to ‘cherry pick’ the best of the best deals.
We are experiencing rejections on some (previously) gold brick deals.
Maybe speak with a non-bank or second tier lender, arrange your own valuation from a panel lender and offer your property for sale with a val (at true current valuation as you described) and an agreeable funder.
My experiences have been positive. Robert Projeski owns them and he contributes on Fox business.
Worth a call
Another interesting article in todays SMH
We meet developers and investors all the time.
One client bought 15 x 3 bedroom executive apartments in northern beaches Sydney (off-the-plan) with the view of selling for a profit before settlement.
They have a current (May 2010) HTW valuation for 935k each
He cannot find buyers and with completion around the corner, he is becoming desperate.
Others (individual buyers and investors) have also bought off the plan for 900k with settlement iminent.
We can buy them for 650k, nearly 300k discount
What will happen to the valuations when these discounted sales go to public record.
How will they others get their funding if new valuations don’t stack up
Its a house of cards with lots of pain to come.
I feel for the other buyers who have to settle on 900k+ with a valuation of 650k (ouch)
It only needs a few stories like this to hit the media and a shift in sentiment could happen very quickly.
Beware the bear
Hi Elol, Mortgage House is one of my clients who are currently expanding.
I associate with several aggregators / sub aggregators and mortgage managers.
From what I understand, Aussie does not pay you any trailing commissions until you achieve 20 million worth of settlements.
In other business models this could be $30,000 of missed annual income and worth $60,000 to $90,000 in resale value.
Register your interest on my site (below) and I will send you a bunch of stuff
Layar
I think this is the platform and council records are added re development.
http://site.layar.com/company/blog/new-layar-video-discover-play-floaticons/
thanks banker, looks great. Just downloaded
Just a bit of testosterone. Nothing personal
BTW, cert 1V is just the bare minimum start of the education.
I agree that by itself it is way insufficient.
Mortgage Broking is a career with ongoing training, field mentoring and support.
2 years mentoring is now the norm
Looks like i am being dragged into a p*ssing contest.
We spend more time mentoring accountants, financial planners, property marketers, school teachers, ex corporate executives than truck drivers and brickies labourers.
So lets adjust the image of a new broker (you were also once new to the industry, remember).
It would be argumentative and arrogant to suggest that no one outside the industry would be worth recruiting and mentoring.
Banker, you are totally misleading this forum to say that most mobile / retail lenders working for the Banks earn hundreds of thousands
even half a million per year.I challenge anyone to produce a bank employed mobile home loan lender earning 500K (hey, even 100k would be rare).
Staying with newbies…
I don’t think Mortgage Choice has ever recruited an existing experienced broker but are one of the great success stories.
Loan Market (Ray White), Aussie, Mortgage House, are all running public information evenings to recruit new brokers
from outside the industry.Frankly, many existing brokers have become too negative and aren’t coping that well in the world where comms and trails have been
slashed and deals are harder to get set.I recruit for many aggregators and lenders in the industry and most prefer clean slate, new brooms to mould than disgruntled dinosaurs
living in the past.Hi Banker, we like ‘new blood’ because they have no reference points from the glory days.
Many ‘experienced’ brokers have a tumour about what was and what is.
Our training systems and technology can help newbies become confident and competent.
It helps when they are the RIGHT candidate to start with.
I agree with the truck driver analogy, and this would make you cynical but the RIGHT candidate would surprise you with their achievements,
As a banker, you might want to triple your earnings
I agree, sounds like you do not work anymore!
Getting finance might be the next step.
Maybe you could do a better job yourself?
No we recruit and induct new brokers.
Our latest partnership is with Mortgage House who are looking for Brand Partners.
No franchise fees and no joining fees
http://www.brokersite.com.au/mortgage_house.htm
There is a video explanation on this link.
If you are a banker exploring your options, this may suit.
