PropertyInvesting.com | Michael.Lee | Activity https://www.propertyinvesting.com/members/michael.lee/activity/ Activity feed for Michael.Lee. Mon, 13 Apr 2026 06:35:51 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 0ceae32d248e7f0846c0a5a28f876054 Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Thanks Marty, Perhaps the https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/page/3/#post-4670841 Wed, 13 Jun 2012 04:40:32 +0000 Thanks Marty,Perhaps the question of whether the ban is a good one or otherwise should be raised as a separate thread in the Opinion forum.However the issue raised by dbomber in this thread seems to be that he thought that break costs were exit fees, which of course they are. He also inferred that he thought exit fees were banned outright as the…[Read more]

]]> cc0e4360b6edf2d09b92724a9a45aef6 Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Finance https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/page/2/#post-4670837 Tue, 12 Jun 2012 07:26:54 +0000 Gidday Terry,Sorry for your confusion. Your link goes to a third party website that is not the actual legislation. i.e.it's a repost for the universities, hence the disclaimer it carries.Regardless, I had posted the link to the actual legislation (SLI 2011 No. 40) back in the beginning which in itself confirms that break costs are Exit Fees.Again…[Read more]

]]> ea1b68e0165fa72ddee7f37e2b814b66 Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Finance https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/page/2/#post-4670835 Tue, 12 Jun 2012 07:14:07 +0000 Thanks luke86 and you too Tracey B,However this isn't a battle with the banks, it's with the Federal Government. It also isn't waged on the basis of people who understood what they were getting themselves into (although I understand that people like Solomon10 think that they should have known what they are getting themselves into and should foot…[Read more]

]]> 7e4e10f2d5f2aa0ddcd82ffd80ae9a25 Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Finance https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/page/2/#post-4670832 Tue, 12 Jun 2012 06:30:30 +0000 Gidday gibbo1,Also note my post linked to the actual current legislation SLI 2011 No. 40 rather than the resource linked by Terryw which carries an all care, no responsibility disclaimer.You can also view the complaint to the Commonwealth Ombudsman on Exit Fees here which I encourage you to do if you would like to research the issue and respond…[Read more]

]]> 27699386b0029b54db3e708652568d9d Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Finance https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/page/2/#post-4670831 Tue, 12 Jun 2012 06:25:04 +0000 TerrywNothing new in your post and it pays to look at the thread where way back in the beginning  I posted:

Michael.Lee wrote:
Sorry Richard, you seem to be confused. What I said was:

Michael.Lee wrote:
Break costs on a Fixed Rate are an Exit Fee as are Discharge Fees.

My reference to others who incorrectly say otherwise which creates the…[Read more]

]]> 16f1ec55d6bf1d4628ea0c77bf8c274c Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Finance https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/page/2/#post-4670827 Sat, 09 Jun 2012 06:10:12 +0000 Thanks Terry,Yes it's an Exit Fee which if the loan was struck today, ought be illegal according to the Government advertising.But the point to this topic is that it isn't illegal even today, even though it is clearly an Exit Fee and even though the Government claims that Exit Fees are banned on all new home loans.If your friend got caught out…[Read more]

]]> a7cf643fb978376ce741788a8ee57e9d Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Solomon10, I understand your https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/page/2/#post-4670826 Sat, 09 Jun 2012 06:01:09 +0000 Solomon10,I understand your point of view and agree, but offer the following inputs to your thoughts.Excepting solicitors, most people who read contracts don't understand them and have those bits they don't understand explained to them by people they trust i.e. their bank manager, their mortgage broker. If the banks and the brokers are wriggling…[Read more]

]]> d18f35bf258e70e1bcfea55391201e37 Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Finance https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/page/2/#post-4670824 Sat, 09 Jun 2012 05:27:15 +0000 Gidday Terry,Not to get off point, you can read about me in SMH here.No, I've never been a "refund broker" and No, I've never posted as "The Mortgage Detective" but Yes, my old username was mortgagedetective. However when I updated it to Michael.Lee my historical posts should have updated too.Although I must admit I don't know what "coming off a…[Read more]

]]> f3760f037597760e9bb52cfd81d54e8c Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Finance https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/#post-4670820 Sat, 09 Jun 2012 04:56:37 +0000 Thanks for the feedback Jamie, but there was more than one question and I think the others are more important.

dbomber wrote:
Thanx James, so you agree with the bank? Isn't the brake charge an exit gfee?

The answer to this question seems to be that you side with the Banks and the Government on this and that's fair enough, however I see things…[Read more]

]]> 578b1fbd223487b2a9eeeb212d5511ac Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Finance https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/#post-4670817 Thu, 07 Jun 2012 10:26:14 +0000 Gidday yourokcproperty,I agree with your basic sentiment that disclosure is the issue, not the fee itself.Nonetheless, this is why it is such an issue that the Government, Banks and certain Brokers are insisting that Exit Fees are abolished and that certain fees historically and commonly understood as Exit Fees are, since the ban, somehow no…[Read more]

]]> 9173822d17ce5f97a6bbe73b03d21bac Michael.Lee replied to the topic 85% finance in the forum Finance https://www.propertyinvesting.com/topic/4406779-85-finance/#post-4671293 Thu, 07 Jun 2012 10:17:54 +0000 Sorry Keiko. I was answering your question. 85% no LMI is possible still subject to my earlier comments.Cheers,Michael

]]> 74c4058b1d633e069f5e43896a872f79 Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Finance https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/#post-4670816 Thu, 07 Jun 2012 02:15:27 +0000 Sorry Richard, you seem to be confused. What I said was:

Michael.Lee wrote:
Break costs on a Fixed Rate are an Exit Fee as are Discharge Fees.

My reference to others who incorrectly say otherwise which creates the confusion includes you:

Qlds007 wrote:
As Jamie mentioned exit fee and fixed rate break fee are two totally different things.

They…[Read more]

]]> 2e82cc91c2d778a94d7ea1fdb12c34b1 Michael.Lee replied to the topic How to break a fixed rate exit fees in the forum Finance https://www.propertyinvesting.com/topic/4406707-how-to-break-a-fixed-rate-exit-fees/#post-4670813 Thu, 07 Jun 2012 00:57:58 +0000 Hi Dave,You have every right to be confused. Besides you, Luke001 is the closest to the complete truth – i.e. that borrowers get caught out by the contradiction and misunderstanding.The broker responses here demonstrate why this is such a problem. Although many now claim Break Costs on Fixed Rate loans are not Exit Fees, it is widely acknowledged…[Read more]

]]> c987fad01ad124dd439d5ab91228b427 Michael.Lee replied to the topic 85% finance in the forum Finance https://www.propertyinvesting.com/topic/4406779-85-finance/#post-4671291 Thu, 07 Jun 2012 00:44:08 +0000 Gidday Keiko,Yes, however it will come down to the strength of your application which includes both the unchangeable material facts, which lenders are approached for the deal, your buying power and how your story is pitched.I just posted a moment ago about truly independent mortgage brokers. It's worth kicking some tyres there and asking them what…[Read more]

]]> 1a42b593346d37419c8d23aa2ed7ecbb Michael.Lee replied to the topic Who will loan to SMSF to borrow for property at 40% LVR? in the forum Finance https://www.propertyinvesting.com/topic/4405812-who-will-loan-to-smsf-to-borrow-for-property-at-40-lvr/#post-4663346 Thu, 07 Jun 2012 00:34:14 +0000 House Call,Great you have found a solution.If you ever need SMSF funding, one of the leaders that I've turned to for my articles (and most of the media has as well) is i-financial. Ugly website, but a good knowledge source at http://www.ifinancialgroup.com.au.All the best,Michael

]]> 1fba0c108b394bd43089430c57eb0648 Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/7/#post-4599676 Tue, 15 Nov 2011 09:23:10 +0000 Sorry Terry and Greg, I seem to have confused you.A pro-consumer mortgage broker takes their fee from commissions and cashbacks 100% of the remainder. They are different to a Borrowers Agent. A Borrowers Agent doesn't have arrangements and is able to look at more than just shopping a deal. However when they do, they look at lenders directly as…[Read more]

]]> 2f37cf15a88697c8818bfaa136c2ed8c Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/6/#post-4599670 Tue, 15 Nov 2011 06:13:31 +0000 Gidday Gents,Firstly, there is a real difference between a shovel and a spade, one is for digging, the other is for shovelling.Similarly there is a real difference between a mortgage broker and a borrowers agent.A traditional broker works for commission and has no agency/loyalty contract with anyone. Traditional brokers are a significantly more…[Read more]

]]> bd659844aeb963c6645efb6be49c3bb3 Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/6/#post-4599665 Tue, 15 Nov 2011 01:50:45 +0000 Gidday Terry & Richard,Yes.. there has been a username change to avoid confusion with the active mortgage broker called Mortgage Detective and simplify things. Nothing else of course has changed.Thanks for raising the example of a doctor Terry, but you are probably better off looking at the real estate industry for a distinction.A real estate…[Read more]

]]> e39cdda8d5f20acd8dc59459c00035cb Michael.Lee replied to the topic Help with First IP and Equity from PPOR in the forum Finance https://www.propertyinvesting.com/topic/4405147-help-with-first-ip-and-equity-from-ppor/#post-4658627 Mon, 14 Nov 2011 21:31:05 +0000 Good point Luke,Tax advice, estate planning and asset protection are all critical considerations in any investment decision.It's great to bandy about ideas however when the rubber hits the road, get individual advice and make sure that this advice is independent and from a suitably qualified professional offering a written opinion.Mortgage brokers…[Read more]

]]> 674e593e66396a918f81cf34caf9ae89 Michael.Lee replied to the topic Help with First IP and Equity from PPOR in the forum Finance https://www.propertyinvesting.com/topic/4405147-help-with-first-ip-and-equity-from-ppor/#post-4658625 Mon, 14 Nov 2011 19:59:50 +0000 Gidday Phrix,Sorry for joining this party late, however I was on deadline for an article.St George are an interesting lender and I use one of their mortgage broker training flyers on my facebook page – the course is called "Customers will do as they are sold".Although it's currently legal for any mortgage broker to claim independence there is…[Read more]

]]> 986b0224d8d28cc3f28be247ad791870 Michael.Lee replied to the topic Can I get a loan ? in the forum Finance https://www.propertyinvesting.com/topic/4403247-can-i-get-a-loan/page/8/#post-4645009 Mon, 14 Nov 2011 19:45:15 +0000 Gidday Ferdinach,It seems toe me you have the tiger by the tail a little, so I hope this helps:1. Timing – An approval in principle takes no time at all and if you allow a week that should be plenty. However you have to make your loan selection before you make your application and you probably want to allow another week to skill up for this.1b.…[Read more]

]]> 11841b0d21feea13aaeafbe1ffa2d8cd Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/6/#post-4599661 Mon, 14 Nov 2011 19:20:40 +0000 Gidday Pokeutpia,Back when I owned bSmart, I know that the brokers were able to arrange cash backs without a full refinance. The policy will vary from lender to lender and also on the skill and experience of your broker or borrowers agent.Although dealing with a regular cash back mortgage broker is fine, they still carry the bias hazards of…[Read more]

]]> 919c93cd13fa506893597ff73cf8e4fa Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/5/#post-4599652 Tue, 07 Dec 2010 06:14:45 +0000 Dan42,With respect, Alistair has declared that he charged a fee for his advice which means that it should be in the best interest of the client. Do you disagree with that idea?And what's this about a few bucks ? $32,000 in today's' money according to your calculations on page 2 of this thread:

Dan42 wrote:
What Alistair is saying is that the…[Read more]

]]> 1bc59289c24569360b6f45efee415003 Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/5/#post-4599650 Tue, 07 Dec 2010 01:31:58 +0000 Gidday Alistair,So what you are saying is your client paid you a fee for service as a financial planner to get advice on income and loan structure as he could have done with any other suitably qualified and licensed planner.If your client were a prudent investor as you seem to suggest, why wouldn't he have simply taken this advice (given he has…[Read more]

]]> 567955c90c314bcb9399e9572a20d73d Michael.Lee replied to the topic Brokers Fees and Rebating in the forum Finance https://www.propertyinvesting.com/topic/4381539-brokers-fees-and-rebating/#post-4525286 Mon, 11 Oct 2010 19:10:41 +0000 e-stan,There are several different models in the market. You can read various opinions here.

]]> 2a197fafc6e55f958a5c86e0d52a23a4 Michael.Lee replied to the topic Brokers Fees and Rebating in the forum Finance https://www.propertyinvesting.com/topic/4381539-brokers-fees-and-rebating/#post-4525284 Mon, 11 Oct 2010 06:17:13 +0000 Ha! Thanks Dan – My bad. That explains Richards signature.However it doesn't answer my question regarding:

Qlds007 wrote:
I am aware of several major lenders who will not accept loans from these brokers.

The situation in 2005 was then as it is now. The rumour was not correct, as far as I can determine, even in 2005. The rebate brokers that I…[Read more]

]]> b7823ea8fa8b1cbcb2e70ab12c4d5722 Michael.Lee replied to the topic Brokers Fees and Rebating in the forum Finance https://www.propertyinvesting.com/topic/4381539-brokers-fees-and-rebating/#post-4525282 Mon, 11 Oct 2010 05:32:39 +0000 Qlds007 wrote:
I am aware of several major lenders who will not accept loans from these brokers.

Richard,I think you've been misled and are perpetuating a false rumour.  For the sake of setting the record straight and keeping yourself clear of the TPA, will you please add:The source of your knowledgeWhich lenders are you referring to and;Who /…[Read more]

]]> 3cfaa4947dff379e355d5bb2143615de Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/5/#post-4599642 Tue, 21 Sep 2010 06:28:34 +0000 Dan42 wrote:
If you took the rebates as cash, the value would be much, much less.

Gidday Dan42Some brokers direct deposit to your loan on a monthly basis unless otherwise directed so it is as close to cash as you can get.It's probably fairer and perhaps more accurate to say if you redraw the cash from the loan account, the interest and finance…[Read more]

]]> 9a69b71d66ba1ef340aa09285da74928 Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/5/#post-4599640 Tue, 21 Sep 2010 06:02:41 +0000 Gidday Whoper123,Yes that saving was the present value for the $80,000 saving on the sample loan.It was calculated by Dan42 after feedback that the saving should be subject to discounted cash flow analysis, although it's fair to say that using discounting methods is not standard mortgage industry practice when making comparisons. (I'm not saying…[Read more]

]]> 500192b01e097083f4f0afb7f85045e5 Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/5/#post-4599637 Mon, 09 Aug 2010 03:40:10 +0000 Gidday Eloi,Sorry, you lost me…

eloi wrote:
Your argument is tottally thoughtless. Without the commissions brokers get there would be no brokers thus there would be no better deal for borrowers.

My argument was that commissions should continue which is why I wrote that…

mortgagedetective wrote:
I don't agree that commissions should be done…[Read more]

]]> 89f531a1c7d1c4c88094381e52bed759 Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/4/#post-4599633 Thu, 29 Jul 2010 03:10:28 +0000 AIF QLD wrote:
My first question to you all is how do you value great advice?.

Good question Trent and this is one of the points I raised somewhere way back in the beginning!

AIF QLD wrote:
Personally i feel broker commissions should be done away with altogether and a service fee should be charged instead. Just like an accountant, solicitor,…[Read more]

]]> 972bae5a8a11fb31ac82a4cd044c013f Michael.Lee replied to the topic Refund home loans the broker on Today Tonight - Any comments? in the forum Gidday, For those who are https://www.propertyinvesting.com/topic/4399094-refund-home-loans-the-broker-on-today-tonight-any-comments/#post-4619154 Tue, 23 Mar 2010 00:04:40 +0000 Gidday,For those who are mildly curious, I have now sourced the most reliable indicator (remembering it is all statistics) and that number is 6.2 years.The source is Fujitsu Consulting and the official statement is:"Fujitsu maintains a marker model for the Australian Mortgage Industry which tracks consumer behaviour across the sector. The…[Read more]

]]> d06ecd778f7e7f14a58d3eda75454f97 Michael.Lee replied to the topic Refund home loans the broker on Today Tonight - Any comments? in the forum Finance https://www.propertyinvesting.com/topic/4399094-refund-home-loans-the-broker-on-today-tonight-any-comments/#post-4619151 Mon, 15 Mar 2010 04:29:52 +0000 Just a quick note of clarification on the MFAA's estimate of 4-5 years, I now have an informal response from Phil which explains that the estimate:"… was based on info from lenders.  However bear in mind that lenders classify each refi internally, or pay out for a refi elsewhere, or often changes to loans as new loans so this brings the…[Read more]

]]> 34d6882f5e0bd8ba5705663516190daf Michael.Lee replied to the topic Refund home loans the broker on Today Tonight - Any comments? in the forum Thanks also for the MFAA https://www.propertyinvesting.com/topic/4399094-refund-home-loans-the-broker-on-today-tonight-any-comments/#post-4619150 Sun, 14 Mar 2010 23:58:21 +0000 Thanks also for the MFAA reference. This seems to fit better with Spiro’s experience at least.

I’ll double check with Phil and see where they get that stat from. Sorry I didn’t think of him in the first place! I can’t see the forest for the trees sometimes.

]]> a13ca3bf27b4ca32cab7273cd54d19fa Michael.Lee replied to the topic Refund home loans the broker on Today Tonight - Any comments? in the forum Gidday Dan, Thanks for the https://www.propertyinvesting.com/topic/4399094-refund-home-loans-the-broker-on-today-tonight-any-comments/#post-4619149 Sun, 14 Mar 2010 23:55:37 +0000 Gidday Dan,

Thanks for the pickup, fat fingers on that one. The percentage is 0.5% or one in two hundred or 50 in 10,000.

My instinct tells me that their churn rate is low because their approach is so radically different to the mainstream lenders and brokers.

Which brings me back to my original post and that is, does anyone have a reliable stat…[Read more]

]]> 682316c98ea9d5cf6ba600fb3c095b5c Michael.Lee replied to the topic Refund home loans the broker on Today Tonight - Any comments? in the forum Finance https://www.propertyinvesting.com/topic/4399094-refund-home-loans-the-broker-on-today-tonight-any-comments/#post-4619146 Sun, 14 Mar 2010 22:33:24 +0000 Thanks Spiro,

Your insight is excellent. Do you have an age and source for the 3.5 year statistic?

It’s seeming more like an urban myth based on the broker stats I mentioned and your own portfolio.

Does anyone have any suggestions of other forums or sources where I might be able to get to the bottom of this?

]]> 495f8bf3e9bddaee61d76d4a1454b7e2 Michael.Lee replied to the topic Refund home loans the broker on Today Tonight - Any comments? in the forum Finance https://www.propertyinvesting.com/topic/4399094-refund-home-loans-the-broker-on-today-tonight-any-comments/#post-4619144 Fri, 12 Mar 2010 21:13:43 +0000 Thanks Terry,Another broker has provided me their book data ($b) in operation for 8 years which shows less than 0.05% of their book refinancing within that time. Of those that refinanced, the average life of loan was still closer to the 5 year mark, which means their moving average is more like 7.98 years and growing.I would imagine that those…[Read more]

]]> 6a06ebda557a42fbdbcd4fda66a11193 Michael.Lee replied to the topic Refund home loans the broker on Today Tonight - Any comments? in the forum Finance https://www.propertyinvesting.com/topic/4399094-refund-home-loans-the-broker-on-today-tonight-any-comments/#post-4619142 Fri, 12 Mar 2010 08:45:39 +0000 Thanks God of Money,What is it that drives such a short finance cycle, is it simply that you have a buy/sell cycle or is there something else happening that triggers refinance?

]]> 503598dfc7c9e3dd251607d8a7b651c4 Michael.Lee replied to the topic Refund home loans the broker on Today Tonight - Any comments? in the forum Finance https://www.propertyinvesting.com/topic/4399094-refund-home-loans-the-broker-on-today-tonight-any-comments/#post-4619140 Fri, 12 Mar 2010 02:43:17 +0000 Thanks CRJ,Do you keep returning to 0 equity? What's behind your strategy to keep re-establishing new loans?Can you also tell me the source for your 7 year stat? I'm pretty shocked by that one too.Thanks again,

]]> a001101383fa3b55fa93633dbdef7167 Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/4/#post-4599627 Sun, 31 Jan 2010 19:54:00 +0000 Gidday Terry,What a coincidence, I have actually used that exact analogy in my book!However with brokers it's more like you’re paying the Prosecution who is bribing the barrister who is meant to be defending you. Add to that the question of whether they are even qualified to offer that advice in the first place and well….It seems we agree that i…[Read more]

]]> bfce601d2b7c57d119b975328a8f7700 Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Gidday Terry, During this https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/4/#post-4599625 Sat, 30 Jan 2010 02:46:24 +0000 Gidday Terry,During this post, I have asked for a way of objectively measuring the quality of the broker so that borrowers would then be better able to understand why some charge $81,000 more over the life of a loan than others.The assumption that you and others like you continue to rely on is that if you pay the highest price, you must be getting…[Read more]

]]> 3dc3ceb062c7bce13000b8256c91cd28 Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Gidday https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/4/#post-4599623 Wed, 27 Jan 2010 22:07:13 +0000 Gidday Singer,Actually, now the analogy fits even better. It is quite difficult, often costly and sometimes impossible for the average person to know whether that renovation is a quality one or not. It's not unheard of for great tiles to cover up atrocious structural workmanship, a glossy bench which is a wafer thin veneer over an old dodgy on…[Read more]

]]> 02ad2904aecb416a0c7fcb7a7320cf63 Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Gidday Singer, That's fair https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/4/#post-4599621 Wed, 27 Jan 2010 19:19:17 +0000 Gidday Singer,That's fair enough too. Of course it's like saying"I wouldn't dream of offering $32,000 below the asking price After all they've gone to the trouble of renovating and used their expertise to get the colours right… I'm not that good with colours"No matter what your situation, if you're smart enough to choose property, then you're…[Read more]

]]> 1a1fbd0b4d9d4b41fb291e19089634df Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Sorry Hans, There doesn't https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/4/#post-4599619 Wed, 27 Jan 2010 06:01:30 +0000 Sorry Hans,There doesn't seem to be any information on your site about mortgage rebates paid to the borrower.The thread was started on this topic and the most recent discussion was around finding the right words to explain the benefit of this over retail brokers (See my last post)

mortgagedetective wrote:
Brokers that don't pay mortgage rebates…[Read more]

]]> e5b1bfddb37973815a3482b55912344a Michael.Lee replied to the topic Mortgage broker commission and trailing fees rebate in the forum Opinionated! https://www.propertyinvesting.com/topic/4395485-mortgage-broker-commission-and-trailing-fees-rebate/page/4/#post-4599617 Tue, 15 Sep 2009 21:14:43 +0000 Gidday Black Knight Mo…A difficult read, but thanks for the input. Three quick corrections. (i)   I am primarily concerned with the borrowers rights, everything else runs a distant second.(ii)  I support mortgage brokers doing the right thing and believe they are important to providing competitive tension.(iii) Lenders don't "feed me" nor mor…[Read more]

]]> c4478a2f2f73bc8ba8edd6f364c7b2dc Michael.Lee replied to the topic How much income should I show? Get your calculators out its a bit confusing. in the forum Jazz77, I could be wrong, https://www.propertyinvesting.com/topic/4397138-how-much-income-should-i-show-get-your-calculators-out-its-a-bit-confusing/#post-4608611 Wed, 02 Sep 2009 19:21:12 +0000 Jazz77,I could be wrong, however I thought if you are reporting on an Accrual basis it is taxed on Invoice date and if like many SME's you are reporting on a Cash basis, income is based on Paid date. I'm no tax attorney, however the concept of shifting this bookwork around sounds alarmingly illegal to me and you should seek professional tax…[Read more]

]]> 905f6ff6727243ec85e73098f6982ed1 Michael.Lee replied to the topic Advice please in the forum Finance https://www.propertyinvesting.com/topic/4397142-advice-please-16/#post-4608632 Wed, 02 Sep 2009 03:01:52 +0000 Gidday Badger,I avoid recommending one of any over another as their experience and your requirements can vary wildly.Caveate Emptor – Just make sure you fully check out the folks you're interested in before you sign up for anything.Although there's no central repository for accountants or mortgage brokers per se, there is one, of sorts, for…[Read more]

]]> b247413ffb455551686ba40b38f7f846 Michael.Lee replied to the topic Pay LMI or create LOC for deposit on 2nd IP?? in the forum StumpCam, This doesn't https://www.propertyinvesting.com/topic/4397057-pay-lmi-or-create-loc-for-deposit-on-2nd-ip/page/2/#post-4608264 Wed, 02 Sep 2009 01:03:15 +0000 StumpCam,This doesn't answer the question to Kenny, however the ATO link also notes:21. Where a taxpayer makes repayments over and above the required minimum payment and the line of credit facility comprises one mixed purpose sub-account only, the taxpayer cannot choose to notionally allocate the repayments to a particular portion of the total…[Read more]

]]> d4f16449ed8ebf56cd70cca5be824705 Michael.Lee replied to the topic Pay LMI or create LOC for deposit on 2nd IP?? in the forum Great comment Kenny and https://www.propertyinvesting.com/topic/4397057-pay-lmi-or-create-loc-for-deposit-on-2nd-ip/page/2/#post-4608262 Tue, 01 Sep 2009 19:56:45 +0000 Great comment Kenny and valuable advice.Always get your information form the horses mouth, and get it in writing.

]]> 70004506eddb2d85200b5f87676e921e Michael.Lee replied to the topic Pay LMI or create LOC for deposit on 2nd IP?? in the forum Thanks Kenny and StumpCam, I https://www.propertyinvesting.com/topic/4397057-pay-lmi-or-create-loc-for-deposit-on-2nd-ip/page/2/#post-4608260 Tue, 01 Sep 2009 11:48:47 +0000 Thanks Kenny and StumpCam,I appreciate feedback, support and challenges.The GFC has touched most of us StumpCam, a small, but noteworthy consolationKenny – My answer comes in two parts. The first is that my accountant guided me out of a similar situation, so first hand experience over the last few years. It wasn't specifically in relation to an…[Read more]

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