Any clients of Destiny financial solutions or Margaret lomas? Need your feedback

Well that's a warning sign if I ever saw one. Evidently they get enough money out of that to warrant it. Kick backs galore

 

Whatever she charges you I will beat it!!!

I WON'T BE BEATEN ON PRICE!!!!

 

What services you offering

 

I tagged along to one if their monthly meeting two years ago.
It was good. Someone gave few tax tips ( mainly what not to do).
One showed their research on Kippa-Ring railway and the new uni (2 years ago)
I think they are better than anyone else I came across.

 

I worked alongside Margaret on the education committee when PIPAA (can't recall what they've changed their name to now) first started. I found her to have a lot of integrity and was really committed to safe, longer term strategies, and has very firm opinions about what makes a safe investment.

She also seems to advocate people paying down debt so they can keep moving forward which I think is a good idea. I can't comment any further as I've had no direct experience of her branches.

It's a shame no one on here can't offer direct experiences.
I hope you are able to find some people though.

Good luck with it.

 

Education for those starting out imho is great,brokerage side not so good due to x-coll

 

Why do you dislike the St G portfolio loan? We have this (although we are not Destiny clients) and there is some X-Coll in there too. I need to untangle it and sort it out soon.

 

STG portfolio = cross collateralisation unless its only secured by a single property.

cross col is bad, plain and simple - won't need to rehash that in this thread.

There is a marginal usefulness in global/portfolio loans if you utilise it solely on a PPOR and wanting to run an aggressive debt recycling structure, but that is more the exception than the rule.

Have a broker fix up any x-coll issues while you have the chance, with the APRA changes we've come across a few investors who want to fix up their issues now that they've become aware of the poor structures, only to find out their borrowing capacities will not allow it. It's one thing to be blissfully unaware, but a whole other ball game when you know the issues and can't do anything about it.

 

I went to one of the educational courses about 5 years ago. I was already looking for a house at the time and the course gave me that extra impetus to bite the bullet. The guy runnning the course was good and intelligent and it was great to be with other property investors and see what they were up to. He had bought quite a few houses in Orange - one of the leaders of the pack.He had done a lot of research about Orange and some other places like Elizabeth and Murray Bridge . In general, the focus is on research - which I liked.
Not many in the actual group though. Also, I thought it was a a bit expensive. And I didn't see ML at all and felt a little snubbed by another manager guy because I wasn't going the whole hog with their services.
There was an assistant 'trainer' there who was buying up big in Karratha, I think it was, despite ML's warnings. I thought that strange.
I suspect that going to the meetups would be a similar experience. But free.
As stated above, she's one of the few I would trust. She has integrity. Yes, I did cross my loans and won't ever do it again. I didn't go with their finance because I still haven't seen anything better than my credit union/bank.

 

The problem with it is that is crosses securities. Depending why you have the portfolio loan, you may find very little difference when you've got your properties properly structured with normal loans. You'll possibly have cost savings too, from memory it's not the cheapest thing out there.

 

I don't think anyone has a problem with the product itself, it's simply a line of credit product.

Personally I have a problem with the way it's promoted and utlised. As you say, your loans are cross collateralised. That's a problem.

 

I often put people in at g portfolio loan as it is a great product. But only where the loan is secured by 1 property.

 

G Portfolio loan?

 

There was a st missing there sorry. Bloody mobile. St george

 

No need to swear Terry.

 

Do they suggest you the suburbs where to buy and what potential it has? Or you gotta come up with it yourself and then they will run a check on it and tell you how it stacks up?

 

If you want to save that $150, you can borrow from the libraries nearby and return once read.

 

Well you can do that, I agree mate

This is my opinion only (somewhat rigid I know but based on my own experiences), that people who have the mindset to borrow a book, read it and return it are most likely not serious long term investors. The people I personally know who are hardcore serious and have done really well from investing will buy books (take pride in the ownership of them), underline, highlight and study them not just browse through, and then proudly put them away as part of their library for future reference.

Just my opinion.

 

Good one! Always good to own the books to refer back in future. I personally don't want to own the books that don't fit my strategy. For taxation-related and negotiation-related ones, they are always good to keep.

To conclude, serious long-term investors should buy books that fit their strategy and can help with their jounrney along the way!

 

Some of my favourites they are. (thumbs up)