BozenaParticipant@bozenaJoin Date: 2008Post Count: 9
I was wondering and hoping some of you could let me know if you know of Canterbury Property Services???? I had someone come over today to meet me & my husband about their services and sounded very good promising that if we stick with their system and do what they say, then in five years time we will have our $510,000 home mortgage payed off?!
Would especially love to hear from someone who is or have already dealt/invested with them?
B WilsononthemoneyMember@onthemoneyJoin Date: 2010Post Count: 134
I have been involved with a few different companies that offer similar services to people and in my humble opinion their main concern is making money and secondary would be keeping you in the loop as long as you are able to continue to buy. They make a great commission on sales. It could be a win win but in reality I have never met anyone who started from scratch and paid of their home in 5 years and I do talk to alot of people who do this stuff.. not to say its possible in theory, however reality is another issue. I would suggest you ask these guys for contact details of 3-4 clients who have actually done this. Their story would be interesting. If the company is unable to provide this I would run a mile. Wealth is something I am interested in as well hence my business name. Heres the thing though, how much debt would you be comfortable with? This in itself is worth spending time on. I have met alot of people who think they can cope with debt but the real test comes when you actually have some serious debt that you are accountable for. I know people who have been near suicidal because they found themselves in way too deep before they realised the implications. Paying of your home in 5 years will require some serious investing in the meantime to gain the equity to be abel to do that… I believe in the long term, slow and steady and without unrealistic expectations. Buying well in the beginning is one of my favourite strategies and I don't like to pay premium prices for property. There are alot of good established properties out there with motivated sellers, that could be interesting to explore. Some of the forum members here have alot of experience and I am sure you will get some good posts.god_of_moneyParticipant@god_of_moneyJoin Date: 2008Post Count: 971
How do you have your house paid off in 5 years??? Print your own $$$Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
Even if the lender offered interest free repayments for the next 5 years you would need to pay down the principal at a rate of nearly $2000 / week.
I am not sure what sort of income you are on but if at $200K per annum you wuld struggle to do this post Tax and living expenses.
Oh and by the way if you do find someone to lend you $510K interest free for 5 years can you let me know.
Yours in FinanceLplate101Member@lplate101Join Date: 2010Post Count: 16
I’ve been a Canterbury client for a few years. My main initial worry was that while we paid off our home loan, the interest on the new investment property “capitalized”.
My worry was that there were opposing opinions on whether or not the capitalized interest was an allowable tax deduction. I was consoled by Canterbury when they said 1) the capitalized part of the interest is only a small percentage of the total interest; b) to assure me of it’s deductibility they advised that I get a private ATO ruling.
This was a simple matter to arrange and gave me the all clear. Everything has worked perfectly so far. The loans have decreased exactly as forecast. I have referred a few friends to Canterbury who are also happy. I also have friends who have told me “It sounds too good to be true” and they are still paying off their home the slow way. There is more to the total Canterbury service than is displayed on the website, but I won’t bore you with it all.JeremyVMember@jeremyvJoin Date: 2010Post Count: 6
The Canterbury property is one thing and the Canterbury system is another.
The important thing is where the money flows and how the debts are paid off etc. I am a local Brisbane client and I understand 90% of Canterbury clients are local to Brisbane. That makes it easy for us to check values – and we soon found we could not do any better than the Canterbury price. An important point to remember is their resale guarantee – it’s not just verbal, they put it in writing. As for paying a home off in say 5 years, it’s just maths. Once they explain it all to you fully just take it to your accountant (or get your accountant to meet Canterbury with you as we did) It all adds up once you have the full story.A-ZParticipant@a-zJoin Date: 2011Post Count: 1
I'm also a canterbury client – well was.
Their system is not for everyone, especially the average joe blow from down the street.
They receive high incentives for selling those specific properties.They make you feel that they are doing you a favour trust, when, in my opinion, they are not <edited> because they were very secretive with the way things are really done and what they are getting from it. <edited>
It's up to you if you want to follow their strategies, just really get the in and outs FIRST. <edited>
<Edits from admin – sorry, we needed to make edits to bring it back to your experience>DanParticipant@sportzkidzJoin Date: 2014Post Count: 1
Just wondering if anyone has had recent experience with Canterbury?PaulParticipant@phhsiiJoin Date: 2019Post Count: 1
Just wanted to share my experience today.
I booked this guy M to have a chat about Canterbury’s services but within a few mins he just stormed off. (huh?! what’s happening? **surprised**!?)
Basically, it was a very short conversation, during which I asked him how do-able their strategy is and indicated my interest to know more specifics, as I’m keen to engage someone who can really help me. Perhaps he sensed I was a bit skeptical (as I mentioned that I’ve been looking around and know a little bit about various types of ‘wealth/ property mentor/ talk’) and could be difficult to convince that their business model/ proposition is genuine, thus he just gave up.
Sample of our conversation:
M: We can help you to buy IP without paying anything and at the same time using it to pay off your PPOR.
me: Really? How exactly I can do that?
M: The bank looks at your entire equity on all your combined properties and lends you money. You take all your rental income to pay-off your PPOR.
me: So it’s a line-of-credit? But I still need to pay expenses on all properties and it’s negatively geared. In the end I still need to pay the loan interest on all.
M: err. sort of.. Anyway,we don’t recommend people buy property with body corporate or any old/existing house but acquire new house to help in paying off the PPOR.
me: Why not? Old house can still be fixed and make money if can find a deal. So what you’re suggesting is a turn-key house which is positively geared? How possible is it to find such a property?
M: err… OK.This is not for you, so I won’t take up any more of your time.
M didn’t seem to deal well with questions and did not take the time to answer anything that didn’t fit in with his schpiel.
From this experience I doubt their professionalism, the genuineness of their proposition, customer-focus, and generosity in sharing know-how. Be warned and exercise caution in dealing with them!BennyModerator@bennyJoin Date: 2002Post Count: 1,376
Thank you for sharing that. They will fit into one of these two categories:-
… and I think I can guess which one ! My points 3 and 4 in that link were already coming true, and he wasn’t there long.
Seems you were too well-informed for his liking! Easier for them to find someone who can be “guided” into what they have to sell.