Anyone heard or dealt with ozhomemortgage.com.au/

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g0biin
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@g0biin
Join Date: 2010
Post Count: 57
February 22, 2011 - 10:41 am
Anyone heard or dealt with ozhomemortgage.com.au?
Please let me know.
Apparently you flip your mortgage over to interest only and pay the pricable on a property that they find you that has a growth of 10% a year. At the end of 10 years you pay them $45 000s and you pay off your mortgage.
Anyone have anything to say about that? Does it sound like a scam or can you do something better with that money?
Cheers
G
luke86
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@luke86
Join Date: 2010
Post Count: 470
February 22, 2011 - 9:05 pm
How do they know that the property will grow by 10% per year? Are they God?
Luke.
Alistair Perry
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@aperry
Join Date: 2004
Post Count: 891
February 22, 2011 - 9:37 pm
If they are quoting % returns on an investment i hope they have and AFSL and are issuing a prospectus.
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 23, 2011 - 9:49 am
luke86 wrote:
How do they know that the property will grow by 10% per year? Are they God?
Luke.
My thoughts as well. It’s impossible to predict. What happens if growth goes backwards or stagnates? I recall seeing a story about something similar on one of the rubbish current affairs shows.
Carry out your due diligence and tread carefully.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
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Mortgage Broker assisting clients Australia wide Email: [email protected]
Derek
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@derek
Join Date: 2004
Post Count: 3,544
February 23, 2011 - 10:28 am
g0biin wrote:
Apparently you flip your mortgage over to interest only and pay the pricable on a property that they find you that has a growth of 10% a year. At the end of 10 years you pay them $45 000s and you pay off your mortgage
Why pay P & I on an investment property.
If buying an IP and then selling it some stage in the future I would go P & I on my home and I/O on an IP and if/when the numbers made sense to sell the IP then consider it.
The comments sound a little like 'smoke and mirrors' to me.

g0biin
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@g0biin
Join Date: 2010
Post Count: 57
February 23, 2011 - 11:35 am
They were saying they use 78 steps to find the real estate and it the same steps that Mcdonalds use for their resturants.
Jamie Moore
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Join Date: 2010
Post Count: 5,069
February 23, 2011 - 7:52 pm
g0biin wrote:
They were saying they use 78 steps to find the real estate and it the same steps that Mcdonalds use for their resturants.
It’s an interesting sales pitch – I’ll give them that. Any chance of getting that list of 78 steps? Why not just knock out the middle man and start racking up IPs next to McDonald restaurants
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
BC Melbourne
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@bc-melbourne
Join Date: 2011
Post Count: 2
February 23, 2011 - 9:34 pm
Why on earth would you buy an investment property on the corner of two main streets opposite a KFC and next door to Burger King?
Do your own homework. Get rid of these guys ASAP.
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
February 24, 2011 - 9:48 am
BC Melbourne wrote:
Why on earth would you buy an investment property on the corner of two main streets opposite a KFC and next door to Burger King?
I was just driving past a Macca’s and KFC and noticed a large unit complex right next to them…..got me thinking, maybe the owners of those units followed the 78 steps…..
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
traceyimb
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@traceyimb
Join Date: 2003
Post Count: 82
February 24, 2011 - 2:26 pm
Hi,
Sounds dangerous and yes if you have it right is sounds like a scam. Be careful.
If you are going to buy and hold just do some research in good metro areas.
Kind Regards,
Tracey