So I just finished talking to NAB for 2 hours ...

I

I went to the banks to check my broker. I tripple check until i am satisfied the structure my broker is fixing for me will not land me in jail. I cant afford to make mistake and lose everything at my age. More an more vulnerable as i age.

 

I doubt any reputable broker would want to land you in jail. Too much risk for them. What's the base of your comment? I doubt most bank staff know the regulations and structure any better (I work in a bank)

 

What makes you think someone who works in a bank will be able to give you legal advice?

 

I find this is counter productive. What if your broker knows what they're talking about, and the branchie gives differing information? Asking too many people is a great way to lose confidence in everyone.

Much better to ask questions, find someone you trust and move forward from there. If you don't trust them, keep looking until you find someone that you do trust.

 

@Dudechi I would be listening to the experienced brokers/investors on this thread mate. The rest is all noise. you'll never get very far in the IP world if you dont listen and learn from the experienced investors before you here or anywher else.

 

The last time someone at a bank tried to give me useful "advice" on loans he looked about 12 years old and didn't even know the correct terminology relating to the topic. Just sayin'.

Let a decent broker help you, for heavens sake. All brokers are not created equal but a good one can steer the ship in a direction that really sets you up.

 

It was not legal or tax advice i was seeking, its loan structure. I needed to check and double check because i consulted three brokers n all three said i need to have 20% deposit. When to many banks and they couldnt meet what i needed to borrow.

Then came along this broker who said he can get me what i needed. I had doubts and he gave me a pleasant surprise i could borrow so much and i began to wonder what magic he would do to give me that. I had to be sure i wont be signing my home away.

I had to check. I went to one comm bank he gave me the same structure, but i was not convinced i went to another comm bank and he was following the rule book. That got me worried. Finally went to the bank my broker said would lend me the amount and more and repeated the same story as i told to the two comm banks. Without mentioning that a broker is helping me. This time i was convinced that the structure my broker was recommending is above board.

Sometimes to trust another person you have to prove he is trustworthy. When something is too good to be true. You do what you needed to do and never be shy to check. Like i say at my age i cant afford to stuff up.

 

I reckon next time see if someone asked the same question on the forum first.

If you can't find the answer on the forum (On Somersoft or PC) then start a thread and ask the question on the forum.... If you arent comfortable with that then PM someone who knows their stuff if you don't want to share it with the whole forum community.

It's better to put it out as a forum question though because someone else will probably have the same questions at some point in time and it will help them and in any case it's better to get the collective voice of the forum than just 1-3 individuals.... Someone giving dodgy advice will be quickly corrected here by another forumite. 99% of us are here to be a helpful community...

 

You put too much faith in a forum with hundreds and thousands of opinions. Wow go through the whole forum all the way back to search for answers. Wow! Really?

 

Did you know there is the search option? I use it if I have a specific question. Like for example if I wanted people's opinions on the Gold Coast.... now I see there's at least 3 separate threads on it and really it should be combined into 1....

Ps. Off topic but it kinda is annoying when you see questions asked over and over again. Most of the time some people have the patience to answer the question (again) but for many people you simply wish that the question is searched for first so the very newbie questions that come up time and time again don't get asked over and over again.
Just my opinion though.

And... yes.... i'd rather lean on the collective wisdom of the forum than just the wisdom of a handful of bank staff. I also happen to work for a bank... it is more appropriate to ask about loan structure here than to Bank staff to be honest. Some bank staff will understand the game of property investment but not all will.

 

When it comes to Brokers, there are some awesome ones, and there are some really bad ones, especially when it comes to buying multiple properties. The benefit of this forum is that the professionals who post here, are dealing with investors ALL THE TIME, as apposed to a broker who just assists someone into their one & only property. Investors needs are a lot different than someone just buying one property.

FOR THIS REASON ALONE, you will be much better off picking a broker from the forum than trying your hand with any old Joe that you come across.

There's heaps of them here to choose from. I'm not a broker, so I have no vested interest in saying this, but a heap of investing experience, and I know first hand the difference it can make.

 

That is the whole point of any forum. Shared interests, asking questions about things you're not sure about, helping others who may have encountered a problem. It's a community of people who have something in common. We share our ideas, questions, problems, tips for the benefit of all who are in interested.
Yes there are many many opinions. That is a good thing. Some opinions come from years of experience from investing. Some come from years of exprience in a field related to investing like finance, property management, property sales, legal and accounting professionals combined with experience in investing.
You may not be aware, but it is a privilege to be a member here. The advice you can receive here, if asked the right way can be life changing.

 

So very true. AND if you don't like it, well ..... please close the door on the way out!

 

One thing I've learnt... never get on the bad side of Skater. She's got the wisdom and will always win.

 

We went with Choicelend for one - but be aware, there is no offset facility.

 

Didnt know what i posted can offend so many. Geeze, some people like me dont trust forum 100%. I will never be any big investor. Yes i did come here to get ideas, sometimes advice. Detail advice no, as i dont think posting every details of me would be advisable, i dont think this forum will take responsibility if advice taken goes pear shape. What about the disclaimer that this forum is not liable for any advice given.

Skater i respected your views in the short time i have been here didt think you would read my post and get personally offended. Didnt think my post was offensive. I have a healthy distrust. Yes many advice given are gold but didnt apply to me most of them. Didnt say there were not, but to take this forum as gospel got to be kidding.

Cheers everyone have a good day.

 

@3am, I am not at all offended by anything you have said, and I doubt anyone else is either. You sound like a newbie, and have a lot to learn, but you won't win any friends around here by being openly hostile to people who are trying to help out. Sure, not everything will be suitable for everyone, and over time you will learn who you respect, and who you don't. There are people here with decades of experience, and people with zero. Filter out what works for you, and what doesn't.

Going into a bank to try to work out if your Broker is dishonest, though, won't get you anywhere at all. Like I said, when it comes to Brokers, I would only put my trust in someone who is a regular contributor here. Firstly, because as a regular contributor, I can guage whether I think they will be a good fit & have the knowledge I'm looking for and secondly, because they deal with investors day in & day out, it is going to be much easier to select someone appropriate than googling 'brokers' & taking pot luck with the results.

Are ALL the brokers here good? Honestly, I don't know.....but I suspect there are more good than bad, especially as they all seem to 'feed' off of each other, so to speak. Even the new ones here, seem to be a level above the average, because they are here learning, learning, learning. And I speak from experience, having not being able to get finance of a measly $60k, many years ago now, but switching to a forum broker had me having access to around $500k almost immediately. I'd call that a BIG difference.

 

Or she'll ban you from the next Wenty's meetup.

 

Probably a good way to be on the internet in general.
What's that saying about free advice?
There are people who have an agenda, but you need to educate yourself so you can tell the BS from the good stuff. Plenty of people will offer good advice here, you just need the sense to take it or not.