Premium Finance. Anybody know about these guys?

Berlinda

I assure you they are not running a charity and do not work for nothing.

The forum members i met here in Brisbane were offered a house where the valuation came in some $35K lower than the purchase price and the local real estate i put the clients onto in the end had told them he had sold the same builders property in the same estate at $50K less than the Premium Finance price.

$50K is not working for nothing.

Trust me they cannot arrange 100% standalone finance so your house will be offered as security there is no other way it can be done legally.

Hi Belinda,

You've probably read my posts and I'm still with them and utilise their services, I've heard through this forum of people having bad experiences with them but personally I haven't. In terms of the property we bought with their help, we used the equity in our family home to get the deposit and costs then took it to another bank to get the actual loan for the investment property. So both our PPOR and IP are with different banks and I'm guessing this what they may have meant when they called you.

Rudra

Hahahahaha,

Isn't it funny that once you mention the license word everybody runs for cover … let me give you the run down and if you don't believe me PLEASE ring the department of fair trading and the ACCC in your own state.

It is illegal for a real estate agent to give ADVISE on an investment product including real estate unless they have a financial services license or an IPA certificate … which I have.

IF you have purchased an investment property with advise or coercion from a person (finance company or real estate agency) without a license you are a complete moron. IMHO

It is illegal for a mortgage broker, a stay at home mum with xxx properties, the director of a company, an in home sales person from a telesales cold call, and yes a bus or x taxi driver to give advise and recommendations on investment real estate WITHOUT a proper license … and if thats you who is reading this look up "retospective" your days are numbered.

Now lets see who is the first to reply and give their correct name … oh yes for those that have purchased an investment property get it revalued now from Herron Todd White(Qld) and charge the sales representative with the difference IF and only IF they do not have the respective liciense.

D 

Dear GOM,

Yes investors have lost another 4 billion dollars and this is my point … you say people don't care until it happens to you then it's a different story … even financial advisers get it wrong such as this investment and storm financial and many others before and in the very near future … these investments were insolvent anyway that's why the bank lost confidence as they could see the cash flow and bottom line going into overheads out stripping income … basic cash flow concepts.

The issue here is that most of these losses are from UNSOPHISTICATED investors, or people who have little experience with property and finance … what the inexperienced investor is about to learn that when it goes wrong they are powerless to get their money back, funny how storm financial has now been forgotten about …

The "answer" is education which does not stop at shool … the average person CANNOT afford to take a loss like a business owner as it can take 10 years for the average mum and dad investor to recoup their losses and then they are in their 50s and time is running out.

The Australians standards for savings at 65 is $1.800.000.00 not including health care and 95% of Australians fail to reach this target currently, oh and that doesnt include the value of the family home … retirement is a 20/25 year unpaid holiday so in your working life you need to accumulate 1.8 million dollars to retire in a dignified manor.

Any person giving financial ADVISE has a responsibility to the client other than being driven by a commission … the department of fair trading and ACCC are bringing in LAWS that any and every person in the sales process must be named and next to their name must be a liciense, so any person who sees an opportunity to PROFIT from the sale of a property or an investment will be held responsible for that ADVISE.

It's funny that people who have commented here have now gone undergroud which gives me reason to believe that this thread was another opportunity for free advertising and has back fired.

So here it is again … my personal and recent discussions with TDFT is that they are closing in right at this moment on "unlawful advise" which is bad news for the slick sales person and good news for the person who studies hard and obtains a liciense in their field … people with licienses will become very valuable to a builder, financece company or real estate business.

Copied below from previous.

Isn't it funny that once you mention the license word everybody runs for cover … let me give you the run down and if you don't believe me PLEASE ring the department of fair trading and the ACCC in your own state.

It is illegal for a real estate agent to give ADVISE on an investment product including real estate unless they have a financial services license or an IPA certificate … which I have.

IF you have purchased an investment property with advise or coercion from a person (finance company or real estate agency) without a license you are a complete moron. IMHO

It is illegal for a mortgage broker, a stay at home mum with xxx properties, the director of a company, an in home sales person from a telesales cold call, and yes a bus or x taxi driver to give advise and recommendations on investment real estate WITHOUT a proper license … and if thats you who is reading this look up "retrospective" your days are numbered.

Now lets see who is the first to reply and give their correct name … oh yes for those that have purchased an investment property get it revalued now from Heron Todd White(Qld) and charge the sales representative with the difference IF and only IF they do not have the respective license.

D 

Thank you Rudiga,

I am not going to go on about this and this company as I am not a Neil Jenman …

I have looked at their web site … ask yourself this question are they are finance company or a finance company selling real estate.

DO NOT confuse PS 146 with financial planning … PS 146 is mortgage related and not financial advise related.

Please look up section 52 & 54 of the trade practices act which relates to misleading and deceptive.

Their web site has no real estate licenses and or financial planning licenses attached to it and they clearly sell real estate.

Their web site has no disclaimer on the bottom.

Their award is from a mortgage funder and not an Australian recognized award … section 54.

If you buy property from these people ask to see the PAMD 27c form that is attached to the contract and see the commission trail and total amount … if the commission is more than 5% of the price of the property price you are paying too much.

If you are visited by an in home CONsultant and they even mention the words investment property and they do not have a license to support their advise they are breaking the law … please don't believe me get an independant solicator to go through their web site of phone TDFT and give the names of the sales people for them to check out.

There are hundreds of these companies out there after the big commissions … within 3 years every person who mentions "investment" will be named and must have a liciense including the directors of the company. That is why no body has responded to this reply out of 200 hits in the last 30 hours … get a brain, get liciensed or get out of the business – accountants, solicators, agents and financial planners work and study hard to become compliant so why should you be any different.

TDFT has already set up a task force to get companies posing (misleading) as an entity and selling without the proper advise … even if you use a runner as the liciensed agent this is soon to be changed and so will youy world.

In summary it goes like this – IF you sell or recomend a property as an investment vechile for wealth creation and retirement purposes and you do not have an IPA certificate or a "financial planning liciense" you are breaking the law.

D

This now is anegative thread and i don't need this vibration in my life

I don't know why people just don't see a professional Financial Planner, Broker, accountant or solicitor.
These day's you have to build a relationship with your advisor.
How can anyone trust someone they know nothing about.
I know I am not able to give advice unless it is suitable for the client, even if that means leaving a product where it is and not receiving commision for it.
It is call reasonable basis of advice.
If they are not in it for you, then you should go to someone else.
We are, after all, talking about your money, whether it is super, investments, mortgages or risk protection, you have to understand what they are doing and how it is invested and play an active role so you understand the market better if something goes wrong or right.

Regards

Rob Bologna
Dollar Wise Financial Services
[email protected]