Empower Wealth experiences?

We have engaged Empower Wealth services including the BA service. While initial consult did take a long time, once you have officially engaged them and get assigned an agent you will have direct access. Our BA was in daily contact during the buying process. She still reaches out now just to see how things are going. We will use her again for the next one.

 

I also used the service from Empower Wealth including there Mortgage Broking, Financial Planning, BA (full service) and also completed a plan.

The Financial Planning and who I am currently dealing with is fantastic. If i ever need anything just a call or email away. BA I was assigned to (wasn't Bryce - assuming as I was at a lower price point maybe the reason why and also may not be taking on new customers). The BA was professional and extremely helpful. Although after I purchased the second property and knew i wasn't going to be buying another property for a while I could hear in the voice that the interest in me had past. First of my loans is about to expire (Interest only period) so will be time to see if there has been any growth in the property (Regional Qld) and the other property will also get a valuation. The MB has been awesome although has been harder to make contact (not sure if they are getting busier or maybe other issues)

The Person who completed my plan, was a hell of a nice bloke and thought we hit it off. Initially I asked for Ben through Property Chat PM but didn't work out which was disappointing but once again maybe not taking on new clients personally. I thought as a Advisor there maybe more an advisor in your team and regular catch up's (happy to pay for it) but hasn't eventuated. This part has been the most disappointing. Even when I have caught up with MB and hoping for the person who completed the plan to be there (that didn't work out)

MB - Big Tick and has been awesome - havent been able to reach over email but a phone call will be next.
FP - Big Tick
BA - time will tell although was concerned some of the areas they thought I should Buy.

Property Advisor - Biggest disappointment. Person I dealt with was fantastic. In hindsight should of tried to Book with Ben even if it was going to be a wait.

Will know more when properties are re-valued for potential re-financing

Regards

 

Guys, I started with my plan. During my discussion with them, I understood that they assume that throughout the life of loan untill it is paid, the loan will not go back to P + I and will always stay IO.
EW claims that it is possible and they can refinance it to IO if your existing mortgage broker can't do it. What is your opinion on this, specially who have completed their portfolio plan.

Thanks!

 

@Tobytom I didnt get the difference between FP and Property Advisor.
The person who had initial consultation with you and created plan for you must be your FP, I believe. Person helping to buy property must be BA.
Then at what stage Property Advisor pitched in and what did he help with? Thanks!

 

Thanks @rolf, so while paying off PPOR debt would be good strategy, what can one do to maintain the investment debt when going IO forever is not an option. Thanks!

 

Borrow to pay the principal?

 

Genuine, honest and great team!..

Love the podcast too...

All positive!.

 

Bump...

Keen to hear from the 2015 investors who went ahead with a plan.

 

Hi Guys

Little late to the party here but I believe the idea of I/O is purely for cash flow purposes when it comes to the service calculators when borrowing from the bank.

When its talked about going I/O it doesn't mean you then go spend the difference between P/I and I/O, you take that difference and park it in an offset account against your mortgage so when it comes to re-financing to a new I/O loan you have the savings history to show you are still paying down debt while being on an I/O. Obviously you pay for having this luxury with a slightly higher interest rate.

If you can service your properties on P/I and don't intend on accumulating any more then there's no real need to go I/O.

 

Hey Neighbour (literally - I live in Madora also!)

Sadly most people don't understand the 'strategy' part of going IO - they just think less money to fork out which = cheaper holding costs which = more spare money....which get spent the same way all their other spare money.

For 'most' people (clearly not you ) the strategy behind IO has to be clearly explained, and even then followed up to make sure they actually do create new debits into their non-deductible debt to make sure they purposefully save the cashflow.

Re, refinancing, banks literally don't look at how much you save - which is really dumb, but there you have it. It's a box tick - if it work on their calculator, you're good to go, regardless of savings. If it fails, it's very much a matter of "computer says no", no matter how good you are at saving.

Even if you can service properties on P&I, there can be significant tax advantages to an IO strategy when the cashflow is used to reduce non-deductible debt.

 

Good to

Good to see someone else here lives in Madora

 

Celebrated our 1000th property purchase via our Buyers Agency this week - about 90% investment 10% owner Occ. Great milestone for the team.

 

Congratulations!

 

Congrats @Ben Kingsley ...I would be an addition to this number soon as well
Do you have any comments for the above last line as this is the main principal followed in the plan. Thanks!

 

Happy to answer, but a little unsure of the question. If you are referring to I/O as an important part of your strategy to accumulate and buy an additional property, then that is certainly a considered option depending on circumstances etc. If I haven't answered this for you, connect with me at my work email.

 

Any update you can share?

 

How has anyone found Empower Wealths Mortgage Broker Service. With the Last 2 reviews I have found to be slow with communication of emails. 15 months ago we got their in the end but it was slow. Looking that way again. May stick with them this time but not sure what I will do next review. The Broker I was assigned is awesome just get the feeling is under the pump or if it is the case I am not a new customer hence hesitant to do more

 

I am a full service customer of EW. I found the mortgage broking service to be one of the more responsive units. I would not recommend the BA service.