Harvest Alliance

B

Bigtone

http://harvestalliance.com.au/our-services/

Had a friend ask me about this mob. They told him they can get 2% discount off the rate with his bank for the life of the loan which I know is simply not true

Never heard of them, what is the scam?

Front for selling house and land or off the plan?

Anybody had any dealings with them?

Would like to save him from wasting an hour of his life.

Any feedback would be appreciated.
 
Will see how I'm travelling. Best get to bed now. Early start and driving all over the place. Will try them mid/late arvo if I can.


Guessing the 5.54% rate they mention is a 1 year fixed or the like. Just love these places that try and mislead with gimmicks.
If it isn't a gimmick they may get my business :)
 
I have looked at the website before... I just can't quite remember how it all came about.
But my vague memory is that its a Multi Level Marketing group? maybe linked with Amway?
I could be wrong.... but I'm almost certain it was in the context of one of those calls from a friend!

Pen
 
Harvest Alliance update?

Hi guys? Any update regarding how genuine are those guys from Harvest Alliance ? meeting them next week, any advise or warning for me?:):confused:
 
Anyone deals with Harvest Alliance before? Are they the real deal?

Hi,

Anyone deals with Harvest Alliance before?
http://harvestalliance.com.au/about-us/board/

Meeting one of these guy soon, and would like to hear feedback on whether they are the real deal or not. They service (donation and rebate scheme) would basically cut 2% off your mortgage rate.

Anyone?

Thanks!
 
off their site

The average loan can have $30K+ worth of behind the scene commissions.


Thats possibly a good indication how reasonable the 2 % claim is.



Using "REAL" stats and a quick sanity check

The "average loan" is 380 000.

The average current loan life is 45 months depending on whose data you accept

$30 000 / 45 mths = 667 in comms every month which is approx 2 % of the total loan amount.

Funny money

ta
rolf
 
the site says 'up to' 2% off your loan. so that might not get you 2% only 0.5% or something which you can get by negotiating with the bank youself.

how much do they charge? there's one off fee for their service.
 
I don’t know this one but there are others.

The concept is (because you are so nice) you buy a house and also donate say 10% of the value of the house to charity. They then tip in the upfront and trail and use a rebate scheme with the charity to service your loan.

For example buy for 500k, Donate 50k, commissions 5k etc. Therefore they can have 55k in the charity (or 50k after paying the lovely do good loan writer).

The 'charity' is registered as a not for profit and therefore pays not tax on its income / donation. They then drip feed it back to you over say 10 years.

If they do this 100 times they raise $5M for which the charity earns interest whilst they hold the funds and slowly repay to you.

Not sure if this is the same group but it is a lot of smoke and mirrors. Few banks have barred some of these arrangements.

Always be careful when dealing with ‘creative structures’...
 
what i know so far... any advise?

Here's what I get so far, from them.

Example, if your current home loan is $300K, they advise you to give 10% of that, e.g 30K to charity of your choice over the length of the loan; for illustration purpose, over 30 years, it will be 10K per year. (Note: charity can be tax deductible if you pick one which is eligible for it)

Hence your loan become $330K. In return, they will give you back a monthly rebate worthy of a 2% discount from the new monthly repayment; New balance is 330K @ 7%, new monthly repayment is around $2200, your rebate is around $450, which brings the monthly repayment to $1750. (about what you need to pay for the monthly repayment of the interest rate of 5%) This goes on for the life of the loan, assuming you don't make any additional repayment.

The fee is around $5000+gst, one time.

I hope this make sense. Any word of advise?
Anyone deals with them directly before? Please share your experience.
 
Sun said:
Here's what I get so far, from them.

Example, if your current home loan is $300K, they advise you to give 10% of that, e.g 30K to charity of your choice over the length of the loan; for illustration purpose, over 30 years, it will be 10K per year. (Note: charity can be tax deductible if you pick one which is eligible for it)

Hence your loan become $330K. In return, they will give you back a monthly rebate worthy of a 2% discount from the new monthly repayment; New balance is 330K @ 7%, new monthly repayment is around $2200, your rebate is around $450, which brings the monthly repayment to $1750. (about what you need to pay for the monthly repayment of the interest rate of 5%) This goes on for the life of the loan, assuming you don't make any additional repayment.

The fee is around $5000+gst, one time.

I hope this make sense. Any word of advise?
Anyone deals with them directly before? Please share your experience.
Click to expand...


looks like a LOE concept in some ways ?

Someone, somewhere pays, havent worked it out yet

ta
rolf
 
umm i read this post a few times...im very confused how this works?!
My advice:

1. If it's to good to be true...then ( you know the rest ;) )
2. If it's to complex to understand you will be sure to lose out somewhere " sorry you didnt read the fine text..."
3. In most business SOMEONE needs to make a lost for someone else to make the gain!


I seen another site advertise 5% interest rate for the 1st year etc....not sure abt the Life of the loan 0.o

regards
Michael
 
Social investing - the way of the future

Harvest Alliance is a legilimate way of communities working together to create a better outcome for everyone.
The additional 10% is dripfeed and the remaining monies invested which creates the money for the 2%discount. As a society we need to work together and create the world that we would like to live in rather than doing nothing and expecting things to change.
Historicially, we were all members of tribes and every member was required to contribute to the overall well being of the tribe - it is time for us to return to that and I encourage everyone of you to use Harvest Alliance to assist someone or a group within your social circle.
 
Kerrik59 said:
The additional 10% is dripfeed and the remaining monies invested which creates the money for the 2%discount.
Click to expand...

What if those investments fail - who is left carrying the baby?

The borrower, the charity or Harvest?

And would there not be a temptation to go for higher returns on those investments (more than your standard term deposit with a reputable bank) which increases risk?
 
I met with these guys last week. Personally, I am considering doing the program but I would like to see if there is anyone else out there on the program. I appreciate people are skeptical out there, but I don't think anyone has portrayed it correctly. From what I gather, there is no downside here because you can take your donation back if they can't keep paying the rebate.

Is there anyone out there actually on the program, or know of someone who is?
 
hi, i have been explained this scheme recently too. sounds good but what if the organisation goes bankrupcy, will we get our charity $$ back. :(
 
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