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?
I believe they are concentrating on re-financing of investment loans…Settlements are now expected from late this month & others in early March…
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 216PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi.
What are the new application and settlement fees?
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 216PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
I have heard today (22/02/05) that there are some delays in loan settlements due to mortgage documentation not complying with ASIC regulations
crusader1I guess delays are inevitable when launching any new product….especailly one that breaks new ground like the Derivex loans.
Natalie
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
I thought the fees had been waived??
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
Hi Nat, Sometimes non commital is the best stance [biggrin]>> b
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
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
The first ‘batch’ of loans were due to settle this weekWas thinking the same thing actually. They were supposed to be today (27/2) actually…
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. Â 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. Â 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: Â http://www.fido.asic.gov.au/fido/fido.nsf/byheadline/Credit?openDocument”
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
It looks like previous similar iterest free loan schemes (scams?) have won ASIC’s “Pie in the Sky” Award.
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
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
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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