Derivex
- Thread starter Wazza007
- Start date
The Terms and conditions were on the Derivex website from Monday I posted this the other day but no-one has commented as yet.
http://www.derivex.com.au/offerings/home_loan_contract.htm
http://www.derivex.com.au/offerings/home_loan_contract.htm
I noticed nothing excessively onerous in the T&C. It certainly seems to be more straightforward than any bank mortgage I've ever read.Wazza007 said:
I did noticed an problem (regarding insurance) with the one posted on Monday, but that has disappeared in the one I looked at yesterday.
NB I have no legal qualifications so please disregard any comments I make.
thedude said:
What u been smokin dude ???
Suggest you re-read what I posted.... Hearsay about what ???? everything written is factual....
NormH's Loan Application
On the initial thread re P/O loans, NormH had indicated he was going through the application process with Derivex and was wondering if he has any feedback or anything of interest that he would be willing to share.
Thanks
On the initial thread re P/O loans, NormH had indicated he was going through the application process with Derivex and was wondering if he has any feedback or anything of interest that he would be willing to share.
Thanks
Buzzlightyear,
Wondered the same thing about Norm.
Side note, see it's still getting debated over on the Dark side
http://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=14896
NatR, what are you doing over there, come back
A86
Wondered the same thing about Norm.
Side note, see it's still getting debated over on the Dark side
http://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=14896
NatR, what are you doing over there, come back
A86
Jamie said:
Jamie - the Scheme was also regarding interest free loans....
Do you really expect me to expose names and details whilst someone ??? Funny how you left out part of my message to suit your point......
Here is the context of the email from my friend......
QUOTE
I have had a chat with my DAD who was with
ASIC when a similar type of set up was shut down - DAD was the arresting officer -they were based out of Brisbane. It happened in the '80's
UNQUOTE
I have known this friend and the father for nearly 20 years... why should I be sceptical ????
AS I SAID IN MY INITIAL POST :
I AM IN NO WAY INFERRING DERIVEX ARE NON LEGIT. I'm optimistic this is all OK, AND, YES I have made an application, but will wait for now before proceeding further......
It's a catch-22 in one way for Derivex.... How do they get a track record when they are new ??? For me, I'll give it a few months, and, will then take the plunge.....
FUNNY that this part was ommitted..... hmmm.....
If you are so blindingly PRO-Derivex, then go for it....... If you want to be cautious like some of us, then...... wait......
As usual... the messenger gets shot !!!
My experience to date.
I have an application in and I have been very impressed with the service I have received. Since applying I have contacted them at least a dozen times with various questions etc and I have always received prompt and succint responses. I feel their service has improved greatly over the last couple of weeks as they obviously have been gearing up testing systems etc.
I have recieved notice that I have a conditional approval and that my letter of offer is due this week.
There have been some great posts for and against that has included many details I never really understood before and the discussion on this forum has been insightful.
I have no concerns about the company or else I wouldnt have applied but Im no expert in the way it all works. I do feel confident with my decision to use them, I cant go into any technical reasons why, all I can say is the model of lending they offer meets my criteria, its for everyone to decide for themselves.
I have an application in and I have been very impressed with the service I have received. Since applying I have contacted them at least a dozen times with various questions etc and I have always received prompt and succint responses. I feel their service has improved greatly over the last couple of weeks as they obviously have been gearing up testing systems etc.
I have recieved notice that I have a conditional approval and that my letter of offer is due this week.
There have been some great posts for and against that has included many details I never really understood before and the discussion on this forum has been insightful.
I have no concerns about the company or else I wouldnt have applied but Im no expert in the way it all works. I do feel confident with my decision to use them, I cant go into any technical reasons why, all I can say is the model of lending they offer meets my criteria, its for everyone to decide for themselves.
Waz,
Nice to hear, and good luck !!!
My leaning is towards re-financing my PPOR with them...... at present it's rented out, and by going with Derivex it would be Pos CF instead of heavily negative as it is now......
My above postings were simply to mention that my friend of many years who works for a big 4 bank is also looking into it, and, I think so far his feel is that it's probably legit, but, being a banker is still cautious......
We are ALL cautious of the new and unknown....... the flip side of this is that we should not just blindly trust anything.....
Cheers
Nice to hear, and good luck !!!
My leaning is towards re-financing my PPOR with them...... at present it's rented out, and by going with Derivex it would be Pos CF instead of heavily negative as it is now......
My above postings were simply to mention that my friend of many years who works for a big 4 bank is also looking into it, and, I think so far his feel is that it's probably legit, but, being a banker is still cautious......
We are ALL cautious of the new and unknown....... the flip side of this is that we should not just blindly trust anything.....
Cheers
Hi all,
I have recently come across Derivex and have been reading with interest the associated threads on this forum. One thing is clear : there are still alot of firmly divided people on the issue (me included ).
As a property owner and borrower, I would probably welcome the idea of not having to pay interest (not that I have crunched any numbers yet to see if I would actually be better off).
But as an investor, I do have concerns about how such a concept will affect the rental market. With interest free loans available, I fear that most renters would flee the market and buy their own place, thereby negatively affecting vacancy rates and bringing rent prices down.
I am still getting advice on the concept myself but I must admit that I am struggling to accept the notion of an interest free home loan. To me, the idea of interest is that it is a premium that we pay to the lender for the trust that they will be around to provide the cash for the duration of the loan. So yes, runs on the board is a factor. Which is probably another reason why I am treading carefully with Derivex at the moment.
Still, I'll be keeping a keen eye on their progress and look forward to hearing from others who have first hand experience with them
Ad(ios).
I have recently come across Derivex and have been reading with interest the associated threads on this forum. One thing is clear : there are still alot of firmly divided people on the issue
(me included ).As a property owner and borrower, I would probably welcome the idea of not having to pay interest (not that I have crunched any numbers yet to see if I would actually be better off).
But as an investor, I do have concerns about how such a concept will affect the rental market. With interest free loans available, I fear that most renters would flee the market and buy their own place, thereby negatively affecting vacancy rates and bringing rent prices down.
I am still getting advice on the concept myself but I must admit that I am struggling to accept the notion of an interest free home loan. To me, the idea of interest is that it is a premium that we pay to the lender for the trust that they will be around to provide the cash for the duration of the loan. So yes, runs on the board is a factor. Which is probably another reason why I am treading carefully with Derivex at the moment.
Still, I'll be keeping a keen eye on their progress and look forward to hearing from others who have first hand experience with them
Ad(ios).
My understanding is that their website is being upgraded. There is a message on the dervex website which mentions this is happeneing from last Saturday 8th to today. Previous to that, there was no issues with their web-site.
IFHL Pty Ltd has only just been formed in mid-December (In Australia), which may account for the lack of information on web searches.
IFHL Pty Ltd has only just been formed in mid-December (In Australia), which may account for the lack of information on web searches.
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I can see that a number of people will probably be applying for a loan from reading through this thread. Which in all honesty is probably fair enough - borrowers from Derivex won't be hurt as much as others if at all.
I have a query that I would like answered if anyone has any idea;
In the event that Derivex does file for bankruptcy (which if you've read my previous posts I think they will), what rights to the creditors have to in regards to the loans that derivex has made? Some have suggested (maybe on propertyinvesting.com - I can't remember) that they cannot call in the loans unless you don't make the monthly principle payment. I realise that Derivex have this in their terms - but in the event of a liquidation derivex will not be making the rules.
So is this true - the creditors will not be able to touch the loans derivex has made??
I for one would be a pissed off creditor if the company I had leant money to, leant it out to people interest free and I could not touch it. It would mean that essentially they could not even sell the loans to someone else at just the loan value - in fact the loan would be worth (to the creditor) significantly less than outstanding principle value because it is payed out over 20 years.
I think this is a question that would need to be answered for anyone taking out a loan???
I have a query that I would like answered if anyone has any idea;
In the event that Derivex does file for bankruptcy (which if you've read my previous posts I think they will), what rights to the creditors have to in regards to the loans that derivex has made? Some have suggested (maybe on propertyinvesting.com - I can't remember) that they cannot call in the loans unless you don't make the monthly principle payment. I realise that Derivex have this in their terms - but in the event of a liquidation derivex will not be making the rules.
So is this true - the creditors will not be able to touch the loans derivex has made??
I for one would be a pissed off creditor if the company I had leant money to, leant it out to people interest free and I could not touch it. It would mean that essentially they could not even sell the loans to someone else at just the loan value - in fact the loan would be worth (to the creditor) significantly less than outstanding principle value because it is payed out over 20 years.
I think this is a question that would need to be answered for anyone taking out a loan???
MY previous post was deleted by 'Pitt St' - I suggest anyone conduct a search through Lawpoint, Legalco in regards to Trevor Cohen - it will make interesting reading -
The Terms & Conditions PDF document makes reference to Fixed Rates and Variable Interest Rates (Page 4 Point 2) does anyone not think this is slightly out of order given the loan is Interest Free? I know that due to fees that will dispaly a Comparison Rate - but this is not fixed or variable - the document is flawed - A Product Disclosure Statement is required and to be taking applications without one readily available is skating a little close for comfort - has anyone settled or know of anyone who has settled a loan with this company yet?
My login name is a play on the concept and I have only discovered this and other forums through internet searches on Derivex and IFHL etc - I am not a hardcore property investor but do work in a finance capacity - prior to being burnt at the stake I truly hope I am wrong regarding Derivex and IFHL but I feel I am not.
The Terms & Conditions PDF document makes reference to Fixed Rates and Variable Interest Rates (Page 4 Point 2) does anyone not think this is slightly out of order given the loan is Interest Free? I know that due to fees that will dispaly a Comparison Rate - but this is not fixed or variable - the document is flawed - A Product Disclosure Statement is required and to be taking applications without one readily available is skating a little close for comfort - has anyone settled or know of anyone who has settled a loan with this company yet?
My login name is a play on the concept and I have only discovered this and other forums through internet searches on Derivex and IFHL etc - I am not a hardcore property investor but do work in a finance capacity - prior to being burnt at the stake I truly hope I am wrong regarding Derivex and IFHL but I feel I am not.
IFHL4U,
I would have thought that Derivex is more than just one person......
Are you saying that a bankrupt is now a BAD BAD person ?? a bit predjudiced I would have thought...... ??
In no way am I defending Trevor, as I DO NOT know him............
Sorry, but this I feel is a bit of a cheap shot.....
I would have thought that Derivex is more than just one person......
Are you saying that a bankrupt is now a BAD BAD person ?? a bit predjudiced I would have thought...... ??
In no way am I defending Trevor, as I DO NOT know him............
Sorry, but this I feel is a bit of a cheap shot.....
case wh
Company just starting up and you're already predicting bankrupcy?
Give them a chance to get it right first.
BTW TJamesX do you have your strategy in place in case the finance providers you use go bankrupt?
Commbank, Westpac, NAB, St George, BankWest, Bank of SA, etc - they're all clearly on the verge of total insolvency!!!
Cheers,
Aceyducey
Huh?TJamesX said:
Company just starting up and you're already predicting bankrupcy?
Give them a chance to get it right first.
BTW TJamesX do you have your strategy in place in case the finance providers you use go bankrupt?
Commbank, Westpac, NAB, St George, BankWest, Bank of SA, etc - they're all clearly on the verge of total insolvency!!!
Cheers,
Aceyducey
