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From: Pamela Fransen-Taylor
Hi All
I have just joined the Forum and have found the threads I have read so far, to be very valuable.
As such I am hoping some of you can give me some feedback on the following:
I was recently phoned (cold call) from a company claiming to be a "independent of any bank or financial institution".
To cut a long story short we (my husband and I) had them around to discuss our financial plans and they suggested we refinance our home with a LOC loan, at the same time buying an IP with an interest only loan. In sum, using the income from the IP and negative gearing, to pay off our home in a relatively short period of time.
In theory it sounded terrific and we agreed to take the next step and meet with a "complementary business" ie real estate agent/broker - we haven't yet met.
I had a call from the "agent" today to confirm our pick up time and I asked what the day would include. After being told we would look at several properties they said we would then be meeting with the solicitors to sign the contracts.
So now a little voice in the back of my head is screaming "HOLD ON A MINUTE!"
Please tell me that no-one signs up to buy an IP without getting a building inspection and independent property valuation first.
I think its time to put the breaks on with regard to the current brokers but don't want to drop the ball in terms of investing in property all together.
Surely the brokers wanting to organize our refinancing are getting a kick back on our purchasing a property.
Have other people had similar experiences?
What should we do - call it off?
Thanks
Pamela
Hi All
I have just joined the Forum and have found the threads I have read so far, to be very valuable.
As such I am hoping some of you can give me some feedback on the following:
I was recently phoned (cold call) from a company claiming to be a "independent of any bank or financial institution".
To cut a long story short we (my husband and I) had them around to discuss our financial plans and they suggested we refinance our home with a LOC loan, at the same time buying an IP with an interest only loan. In sum, using the income from the IP and negative gearing, to pay off our home in a relatively short period of time.
In theory it sounded terrific and we agreed to take the next step and meet with a "complementary business" ie real estate agent/broker - we haven't yet met.
I had a call from the "agent" today to confirm our pick up time and I asked what the day would include. After being told we would look at several properties they said we would then be meeting with the solicitors to sign the contracts.
So now a little voice in the back of my head is screaming "HOLD ON A MINUTE!"
Please tell me that no-one signs up to buy an IP without getting a building inspection and independent property valuation first.
I think its time to put the breaks on with regard to the current brokers but don't want to drop the ball in terms of investing in property all together.
Surely the brokers wanting to organize our refinancing are getting a kick back on our purchasing a property.
Have other people had similar experiences?
What should we do - call it off?
Thanks
Pamela
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