People who accumulate $1m don't just stop working
Really? I am fast approaching $4MM in net value and know that if I keep going to 60 the sky will be the limit.. It's a difficult time.
Losing 10% deposit
- Thread starter Oscar
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Really? I am fast approaching $4MM in net value and know that if I keep going to 60 the sky will be the limit.. It's a difficult time.
People who accumulate $1m don't just stop working
We did.
(but it had nothing to do with an arbitrary magical amount of money). At least hubby stopped working for a boss. He does as he pleases now - working on renovations of houses we look after in a trust, working on his mother's house and yard, doing all the things we've needed to do on our own house.
The thing with my hubby is that money has never been his motivation. He "should" have stayed in a job that had become very stressful (he was effectively doing two jobs) and we would be much better off, but we are happy, enjoying each other's company and who knows what tomorrow brings.
Not everybody is chasing the dollar and Oscar has enough income to completely change direction.
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People who accumulate $1m don't just stop working
ummm...we did also.
This is not a deposit just showing interest. They had already exchanged, and the vendor was waiting for completion, which was delayed. Usually, something like 10% either cash or deposit bond is required at exchange.
Aaron, I agree with you and that is why I always use inverted commas when mentioning "retirement". This is a topic my wife has been raising with me the last 6 months or so. In 3 years we should be "set for life" with zero debt and she's happy for me to pull the pin on PAYG income at that time, but I will always need to stay very busy somehow. I cant go from corporate warrior to lying on beach all day. I'm going to think about this deeply and post on it later once I have some ideas to discuss.
Sorry, I changed the title instead of moving it. There's a new thread now. I'm removing all the off topic stuff- mostly mine.
this makes my skin crawl too... such a cop out
Agree with that ^^^^^
Never ceases to amaze me that the majority of people enter into contracts with little idea of what they are actually agreeing to.
I advise my clients to send me property contracts before signing that I forward to a property lawyer/settlement agent to look over before committing. Most still don't bother but those that do rarely regret it.
I once went in on a cash offer for a place at $3.3m on a long settlement thinking i would find the funds later, unfortunately the gfc hit in the middle of the setttlement time and I couldn't settle, was quite happy to kiss the $50k deposit good bye and was grateful not to be hit for the $1.3m damages after the property subsequently failed to achieve a sale price above $2m. it got pretty messy as there was a chain of people involved just really wasn't good all round.
It's not screwing them over.
A contract is a legal document. Not an expression of interest.
I don't have an issue with that, it's more when someone deceitfully rips you off and they just say 'mate...it's business' - well no it's not, don't expect to hide behind a veneer of bs, take food off the family table and it's very personal and in my mind, if anything goes for you then anything will go for me. maaaaate... it's business
Once again, it is a contract.
If you sign a contract you are bound to follow the terms of the contract.
It's not a personal insult. It is not a personal slight. How is holding on to a deposit on a legal and binding contract deceitful in any way? Entering into a contract and then trying to back out, at huge potential cost to the seller, is far more deceitful.
If I sign a contract to take delivery of a new car and then change my mind, the car dealership is well in its rights to take my deposit. If I enter into a mobile phone contract and change my mind halfway through, I have to honour the terms of the contract.
Nonsense about taking food of the family table is just emotional nonsense.
If you aren't prepared to go through with something, don't enter into a legally binding agreement to do so. If you break that contract then there are ramifications. It is a fundamental of the Australian legal system. I don't know how it can be any simpler than that.
Just curious to see people's opinions on this hypothetical situation.
In short - person finds property, engages services of broker, and broker says it can be done. Person puts offer on property and signs contract. Receive unconditional approval from bank and enters unconditional period of contract. Receive loan contracts and find out broker has dodgied the figures and approval was based on falsified information. If person signs contract they're committing fraud. They try to source finance elsewhere but credit record is shot to pieces and cannot get finance for property, therefore cannot settle on property.
Thoughts?
In short - person finds property, engages services of broker, and broker says it can be done. Person puts offer on property and signs contract. Receive unconditional approval from bank and enters unconditional period of contract. Receive loan contracts and find out broker has dodgied the figures and approval was based on falsified information. If person signs contract they're committing fraud. They try to source finance elsewhere but credit record is shot to pieces and cannot get finance for property, therefore cannot settle on property.
Thoughts?
Once again, I am agreeing with you.
as long as you accept that the legal system is not fair and equitable, at least you are going in with your eyes open
Kessie there's several avenues you'd pursue.
For compensation you'd start with a formal complaint to the broker (or their nominated complaints resolution officer). This information should be included in their credit guide. If that didn't resolve the issue you'd then lodge the complaint with their dispute resolution service (most likely COSL) who would examine the evidence and instruct the parties involved how to make amends. If found in your favour the broker would likely compensate you via their PI insurer.
Deliberately falsifying mortgage documentation is fairly serious, it's fraud. You could report it to ASIC but they'll do nothing about it. If you want to get nasty on the broker, discuss it with the lender.
One positive result of the new credit reporting in a few months is that it will make it far more difficult to get away with non disclosure of credit cards and other liabilities.
For compensation you'd start with a formal complaint to the broker (or their nominated complaints resolution officer). This information should be included in their credit guide. If that didn't resolve the issue you'd then lodge the complaint with their dispute resolution service (most likely COSL) who would examine the evidence and instruct the parties involved how to make amends. If found in your favour the broker would likely compensate you via their PI insurer.
Deliberately falsifying mortgage documentation is fairly serious, it's fraud. You could report it to ASIC but they'll do nothing about it. If you want to get nasty on the broker, discuss it with the lender.
One positive result of the new credit reporting in a few months is that it will make it far more difficult to get away with non disclosure of credit cards and other liabilities.
