BIG Brisbane Meeting / Mar 31st / FHOG Information Night

[BIG]

Better Investing Group
Meeting 31st March, 2009

Guest Speakers
Elias Serrano
Nick Cook

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Hello everyone!

This month is a First Home Owner Grant information night and we have two speakers Elias Serrano, a Senior Client Education Officer with the Office of State Revenue who will discuss the requirements for the First Home Owner Grant (FHOG) and First Home Owner Boost (FHOB), and Nick Cook a mortgage broker with Mortgage Choice will discuss financing options as well as ideas for Parents to assist young adults with their first home.

Elias Serrano

Elias Serrano is a Senior Client Education Officer with the Office of State Revenue. During his employment with the OSR Elias has worked in many areas, including First Home Owner Grants, Client Contact Centre, Investigations Division and more recently the Client Engagement team.

Elias’s role in the Client Engagement Team is to assist clients in understanding their obligations and making sure clients receive their entitlements.

Nick Cook

Geologist turned mortgage broker in 2001. After a career as a geologist in Universities and for Mining Companies, the company was taken over and they were all given a permanent holiday!

Nick commenced April 1st 2001 with Mortgage Choice from home; moved into a shared office after 3 months. In December 2004 moved to a stand-alone office in Booval and are now in the centre of Ipswich having recently renovated a small shop.

His franchise has won numerous awards, including Franchise of the Year within Mortgage Choice.
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Check out the BIG web site at www.big.org.au. You can find out more details of our meeting there.

When: Tuesday 31st March 2009.
Where: The Construction Training Centre, 460-492 Beaudesert Rd, Salisbury.
(For southbound traffic be sure to take the service road.)
Ian Barclay Building (Conference Room 2.2 - Rear door)
Time: 7:30pm.
Cost: $15/singles or $25/couples.

Everyone interested in property or the forum is welcome to come along. Having an IP is not a pre-requisite, only a motivation to do so. See you there!

Craig

 

[backpacker]

Hi

This talk should be interesting for both First Home Buyers and parents thinking of helping their children get into the market.

Regards, Neil

 

[eggnog]

Did anyone attend this. How was it. Could you post up brief points on the presentations.

 

[WinstonWolfe]

Had intended to take a friend's 18yo son along. But a long drive on a uni night....

A friend was supposed to be going, so will ask him.

 

[Andrew_A]

From the 2nd speaker, Nick Cook of Mortgage Choice, some data points for the state of the present market. OSR sent some speakers, their website is quite good and has all the information that was presented on the night and more I'm told.

* Rules are changing day by day with lenders, and tightening as well.
* 75%! of his business is FHOGgers at the moment
* 350k+ Ipswich and 450k plus Brisbane market has slowed a lot.
* Number of arrears increasing all the time
* Lenders unbelievably busy at the moment
* Speculates the FHOG will extend in time, but the government wont say so till nescessary of course.
* 100% loans are gone
* lost 1/2 of his lending panel.. Majors are picking up the business
* RAMS (aka: dead sheep) were lending out at 30years and rolling over their debt (1BN or so) every 90 days....!
* Had a great graph of how much securitized debt each lender was using (RAMS 100% and Macquarie 90% or so) were the big culprits.
* Almost all loans are SVR now, almost nobody is fixing.

 

[LynnH]

Thanks for that, Andrew. Will pass the info on to my daughter (a hopeful FHB) who was working on the evening.

Cheers
Lynn

 

[Spectre]

I'd be inclined to go to one of these but the problem for me is more the night as my Tuesdays are always chockers. Is there a way they could be changed to a Mon/Wed/Thurs?

 

[Andrew_A]

Thanks for that, Andrew. Will pass the info on to my daughter (a hopeful FHB) who was working on the evening.

Cheers
Lynn

The website for OSR

It looks fairly user friendly.

Strangely enough considering the FHOG activity in the market at the moment there was a small turnout to this BIG meeting, perhaps most here are investor orientated only.