Canterbury Property Services
- Thread starter bene313
- Start date
Another thread here Pay off a 20 year mortgage in 2 years - Canterbury Property Services
Why the thumbs down Doons?
I posted the thread because I have a client looking to use their services. This person is on a high income and struggles with investment / finance principles so the regular DIY investing strategy which most on this forum adhere to is not really a good option.
I thought the Canterbury service might be a good option for this person to move forward. I couldn't see any negative comments in the linked threads above relating to people's experiences with the company or it's operators. Anyone?
I posted the thread because I have a client looking to use their services. This person is on a high income and struggles with investment / finance principles so the regular DIY investing strategy which most on this forum adhere to is not really a good option.
I thought the Canterbury service might be a good option for this person to move forward. I couldn't see any negative comments in the linked threads above relating to people's experiences with the company or it's operators. Anyone?
Bene313
I reviewed the links that Redwing posted.
Canterbury's website has a lot of information and looks impressive but it's what it doesn't say that makes me uneasy. That whole third person stuff freaks me out a bit....
It appears to be a highly leveraged ip strategy with an element of share lending. Given the current global climate this is probably not great, especially for someone who isn't hands on or experienced in investing. It wouldn't help me with the SANF.
Also, given all the people who subscribe to this forum. Not 1 person has put their hand up to say they use and and/or recommend Canterbury either.
In saying that, it might be perfect for your client, you know them best.
It was just a thumbs down from me personally.
D
I reviewed the links that Redwing posted.
Canterbury's website has a lot of information and looks impressive but it's what it doesn't say that makes me uneasy. That whole third person stuff freaks me out a bit....
It appears to be a highly leveraged ip strategy with an element of share lending. Given the current global climate this is probably not great, especially for someone who isn't hands on or experienced in investing. It wouldn't help me with the SANF.
Also, given all the people who subscribe to this forum. Not 1 person has put their hand up to say they use and and/or recommend Canterbury either.
In saying that, it might be perfect for your client, you know them best.
It was just a thumbs down from me personally.
D
Hi Bene, did your client end up using their services?
Would love to get feedback on how it all went.
Thanks,
MSL
Hi ozsupra,
Are you able to expand on why you wouldn't recommend? Do you have a better alternative?
I spoke with Canterbury the other day and I'm considering the option however have concerns about the cross-collateralisation aspect of the strategy. I am in a low-risk industry for legal action and would purchase income protection to cover me from that perspective, and being 29 perhaps I should work up a greater risk appetite?
I found it fascinating that pooling the loans and paying all rental income into the one loan/offset account actually increases the equity greater than the cost of the "interest against interest" against the un-serviced loans? Still trying to wrap my head around the maths of that.
Thanks in advance for any further feedback you can provide.
Are you able to expand on why you wouldn't recommend? Do you have a better alternative?
I spoke with Canterbury the other day and I'm considering the option however have concerns about the cross-collateralisation aspect of the strategy. I am in a low-risk industry for legal action and would purchase income protection to cover me from that perspective, and being 29 perhaps I should work up a greater risk appetite?
I found it fascinating that pooling the loans and paying all rental income into the one loan/offset account actually increases the equity greater than the cost of the "interest against interest" against the un-serviced loans? Still trying to wrap my head around the maths of that.
Thanks in advance for any further feedback you can provide.
Cross collateralising doesn't matter if you are sued. It is about not giving the bank too much collateral but instead structuring things in a way so that if things start to go wrong you could sell one or more properties independantly of each other and without needing to obtain the permission of the bank.
If it can be done with cross collateralising then it can be done without.
And there is a long thread about this company on the www.invested.com.au forum.
There's many similar companies about
i.e. from a SS thread
Equanimity Concepts a novel concept for investment
i.e. from a SS thread
Equanimity Concepts a novel concept for investment
beckstakat, I'm a long term Canterbury client. Perhaps the way the figures work will make more sense if you watch the Canterbury animation: www.youtube.com/canterburyanimation
I can see you are thinking about it the wrong way.
bcole2012,
I watched that video, it left me worried about how they promote the concept and what they left out. What happened to the costs of the 100% (or 105%) loan interest, how do they generate $3k a month on a $50k investment loan? What are the risks involved here?
I would also like to also hear from anyone who has used this system over the 5 years and paid off their $250k PPOR loan as they claim can be done, without running into issues of the ATO determination TD 2012/1.
I watched that video, it left me worried about how they promote the concept and what they left out. What happened to the costs of the 100% (or 105%) loan interest, how do they generate $3k a month on a $50k investment loan? What are the risks involved here?
I would also like to also hear from anyone who has used this system over the 5 years and paid off their $250k PPOR loan as they claim can be done, without running into issues of the ATO determination TD 2012/1.
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Greg Reid,
I feel a bit sick doing this post because I don't believe success comes from sitting on forum sites. However, your post irked me to the extent that I replied. We paid off our home in 2 years 8 months rather than the 14 years it would have taken otherwise. What I don't understand is "What's it all to you?" Shouldn't you just worry about your own business? You are clearly in the finance game and might see yourself as a Canterbury competitor, yet here you are sitting in the middle of a Canterbury forum, with your contact details blatantly shown. What do you really want? What are you doing here? You seem to subtly poke holes from afar, but your vested interest is obvious - to try to snare a few customers for yourself by demeaning another company - not impressive & very light weight!
I feel a bit sick doing this post because I don't believe success comes from sitting on forum sites. However, your post irked me to the extent that I replied. We paid off our home in 2 years 8 months rather than the 14 years it would have taken otherwise. What I don't understand is "What's it all to you?" Shouldn't you just worry about your own business? You are clearly in the finance game and might see yourself as a Canterbury competitor, yet here you are sitting in the middle of a Canterbury forum, with your contact details blatantly shown. What do you really want? What are you doing here? You seem to subtly poke holes from afar, but your vested interest is obvious - to try to snare a few customers for yourself by demeaning another company - not impressive & very light weight!
You did mean a Canterbury thread
. While Greg can provide his own response, my take is that his questions are around a normal due diligence generally, and in no way targetted at you personally.
ta
rolf
Pete,
Not sure why my post offended you, it was just a question in relation to the animation from the Canterbury website. I do not compete with Canterbury at all. In fact I mostly refer clients to buyers advocates and/or property providers. The reason I was looking was that I have clients looking for property advisors who come across providers like Canterbury, or Rocket Property Group or Crawford or a host of others and ask my opinion. I wanted to get an idea of what type of properties they place clients in, what areas, etc. That is not apparent from their website.
On a Google search of Canterbury it came up with the SS site, so I looked as part of due diligence and had some questions after I viewed the animation.
I am not demeaning another company, just asking the question of anyone who has used their 'system' to substantiate what they claim.
They make some big claims, $3k a month return on a $50k investment, anyone who claims to be able to better a general market by more than 20% needs to be prepared to answer the question of how. An earlier post indicated possible share lending.
Since my post, I have had a call from Canterbury who assured me they do not use margin loans and they prefer to keep their methodology for clients only as part of their IP, which I do not have a problem with. They have been going since 1980 which is substantially longer than many. If they have a time proven system that can help people achieve their goals, well done to them.
If you have used their system and paid off your PPOR within 2 years, well done to you. Most cannot.
Not sure why my post offended you, it was just a question in relation to the animation from the Canterbury website. I do not compete with Canterbury at all. In fact I mostly refer clients to buyers advocates and/or property providers. The reason I was looking was that I have clients looking for property advisors who come across providers like Canterbury, or Rocket Property Group or Crawford or a host of others and ask my opinion. I wanted to get an idea of what type of properties they place clients in, what areas, etc. That is not apparent from their website.
On a Google search of Canterbury it came up with the SS site, so I looked as part of due diligence and had some questions after I viewed the animation.
I am not demeaning another company, just asking the question of anyone who has used their 'system' to substantiate what they claim.
They make some big claims, $3k a month return on a $50k investment, anyone who claims to be able to better a general market by more than 20% needs to be prepared to answer the question of how. An earlier post indicated possible share lending.
Since my post, I have had a call from Canterbury who assured me they do not use margin loans and they prefer to keep their methodology for clients only as part of their IP, which I do not have a problem with. They have been going since 1980 which is substantially longer than many. If they have a time proven system that can help people achieve their goals, well done to them.
If you have used their system and paid off your PPOR within 2 years, well done to you. Most cannot.
There is a lot of things missing from the video, I'm inclined to agree with Greg on this issue.
This video fails to address how the repayments are made on the investment property loan. "Clear rent" implies that this is how much rent is earned after holding costs such as interest, management fees, maintenance, rates, etc. I've yet to see a $400k property with this type of NET return. The inclusion of a tax variation implies that the property is negatively geared (ie, loosing money on the rent, not making it).
Please note that using a line of credit to capitalize loan repayments only replaces one mortgage with another. It's also viewed very negatively by the ATO.
