money choice all in one broker solution ?

Judge Judy all the things you have suggested are exactly right. A consumer who has been misled and deceived by these dodgy property marketers, should be held responsible by the authorities who Police these things. Unfortunately, the reality is something very different. There is so much of this type of thing going on that the authorities don't have the resources (and in many cases the expertise) to make an example of these scumbags preying on the naive and uninformed.

In relation to Money Choice and Matt George. I am personally aware of at least 3 people now who claim to have been burnt by them. Just taking a look at their website rings all the warning bells for me! I would advise to stay well away from companies like this if you really want to create wealth through property. They are simply lining their own pockets with your equity, that's all!
 
The Fox said:
Judge Judy all the things you have suggested are exactly right. A consumer who has been misled and deceived by these dodgy property marketers, should be held responsible by the authorities who Police these things. Unfortunately, the reality is something very different. There is so much of this type of thing going on that the authorities don't have the resources (and in many cases the expertise) to make an example of these scumbags preying on the naive and uninformed.

In relation to Money Choice and Matt George. I am personally aware of at least 3 people now who claim to have been burnt by them. Just taking a look at their website rings all the warning bells for me! I would advise to stay well away from companies like this if you really want to create wealth through property. They are simply lining their own pockets with your equity, that's all!
Click to expand...

Yes, Fox, I was almost fall into this scheme previously after I meet Brenden Souter not Matt George. instead of varying the contract to split the account into two different facility, he suggested me to "increase" the loan to cover both my PPOR and my IP.

while the correct result should be separating it into each own facility linked by offset account as per my mortgage broker done to me now.
 
I am Matt George, Managing Director of Money Choice, which has been the subject to a number of inaccurate and unsubstantiated claims on this blog.

Money Choice is a fully licensed real estate agent and finance broker.

The property and finance markets have been extremely volatile of recent times as have many other investment sectors due to the Global Financial Crisis.

ASIC, DOCEP, various financiers, QED Risk, Consumer Affairs and COSL audit Money Choice on a regular basis and the group has met their criteria on all occasions over 7 years.

Property purchased off the plan cannot be subject to finance.

Independent legal representatives and settlement agents advise all Money Choice purchasers of the unconditional nature of contracts when initially contracted.

With relation to superannuation financial planners and accountants independent of Money Choice give the advice in all property and finance transactions.

These financial experts need to sign off on all mortgage documentation relating to superannuation.

Money Choice has access to over 31 lenders as a finance broker.

Commonwealth, Westpac, Bank of Melbourne (St George) and Liberty lend 80% superannuation loans provided their lending criteria are met.

We at Money Choice believe real estate investment remains a very resilient long term proposition being 7 to 10 years.

I have investigated client records and cannot pinpoint any of the issues being referred to on this blog .

Money Choice always intends and will continue to act in the best interests of past, present and future clients.

Please contact me directly on (03) 9417 2551 OR mobile 0410 325 870 OR [email protected] to discuss your specific issues and I will hopefully be able to clarify and assist with a resolution.

I would be pleased to meet with Denise Brailey at her convenience to discuss this matter on a professional level.
 
Matt I don't think you've addressed the issues that I've raised at all.

I'm also a mortgage broker. I also believe that property is an excellent long term investment category. My business also holds an Australian Credit License with ASIC, is a member of COSL, subscribes to QED compliance services, etc. I'm even a financial planner.

Big deal.

My original observations were that your business is predominantly marketing off the plan properties and offering various financial services around that. My experience has been that:

1. Off the plan properties are rarely the best category of investment property. (There is negligible scope to value add to the property. Purchasers usually pay a premium for a brand new property. Off the plan properties are often in over supplied areas so there's usually a newer, better property just about to be released).

2. Most businesses who market property and offer other financial services as part of the package are biasing their advice to supporting the purchase of the property they're marketing.

I don't believe that this model is best practice in terms of giving the best advice to a client. I believe there is a conflict of interest when you're marketing a property (in which case you're representing the vendor) and then giving financial related advice to the buyer. You can't represent both parties fairly. A real estate agent generally represents the vendor and a mortgage broker generally represents the purchaser. Don't even get me started on financial planners, especially those who recommend specific property (as opposed to property related strategies).

I also mentioned that I've never had any dealings with Money Choice and I'd admit that I have come across some businesses that help clients purchase property that have left me with a good impression, but these businesses have been few and far between.
 
Matt George said:
I am Matt George, Managing Director of Money Choice, which has been the subject to a number of inaccurate and unsubstantiated claims on this blog..................
Click to expand...

So now it seems we have the man himself appearing in a desperate bid to redeem himself. Inaccurate and unsubstantiated claims you say Matt?

Well now that you have opened up the debate on this, let's get a few facts out on the table for all to see then shall we?

For the record, I am a licensed investigator who has specialized in fraud and other scams for about the last 6 years.

I have been in touch with a growing number of Money Choice clients who claimed that they have been conned by Matt George (and/or other Money Choice staff) into signing blank, or incomplete loan applications and contracts. I have seen evidence and documentation that supports those accusations. I have seen evidence that suggests that these loan applications were later filled out with false information (including income statements) before been submitted to the lender. Many were set up as the classic 'Low Doc' or 'No Doc' loans to help facilitate this deceit.

On top of this we have allegations that the properties were overpriced (some in excess of $100K) the projections in terms of rental income were grossly overstated, and many other allegations of misleading and deceptive conduct. These complaints all have remarkable consistencies in terms of what the clients were told, and what turned out to be the truth in the end. I mention this because there are dozens of similar complaints coming to light about Money Choice and Matt George. Where there is smoke there must be fire right?

At this point in time, these allegations have been reported to the relevant authorities to investigate further, but I must say, in my view and having reviewed a lot of the evidence, there is certainly a 'prima facie' case for Matt George to answer.

I would suggest that all victims of this company make a formal complaint to the authorities including the OFT or Consumer Affairs, ASIC, ACCC. I know that there are a lot of you. Don't suffer in silence, have some courage and tell your story. It's time Money Choice and Matt George were held to account in my view and stopped from sending more consumers into a financial meltdown. And don't be intimidated by his threats to sue you for telling the truth. The last thing Matt George needs right now is to take any of his clients to court. If he does he risks all his dirty laundry being publicly aired, and he knows it.

So please don't get on this forum and claim you are the victim here Matt. You have been acting in your own best interests and you know it!
 
The Fox said:
So now it seems we have the man himself appearing in a desperate bid to redeem himself. Inaccurate and unsubstantiated claims you say Matt?

Well now that you have opened up the debate on this, let's get a few facts out on the table for all to see then shall we?

For the record, I am a licensed investigator who has specialized in fraud and other scams for about the last 6 years.

I have been in touch with a growing number of Money Choice clients who claimed that they have been conned by Matt George (and/or other Money Choice staff) into signing blank, or incomplete loan applications and contracts. I have seen evidence and documentation that supports those accusations. I have seen evidence that suggests that these loan applications were later filled out with false information (including income statements) before been submitted to the lender. Many were set up as the classic 'Low Doc' or 'No Doc' loans to help facilitate this deceit.

On top of this we have allegations that the properties were overpriced (some in excess of $100K) the projections in terms of rental income were grossly overstated, and many other allegations of misleading and deceptive conduct. These complaints all have remarkable consistencies in terms of what the clients were told, and what turned out to be the truth in the end. I mention this because there are dozens of similar complaints coming to light about Money Choice and Matt George. Where there is smoke there must be fire right?

At this point in time, these allegations have been reported to the relevant authorities to investigate further, but I must say, in my view and having reviewed a lot of the evidence, there is certainly a 'prima facie' case for Matt George to answer.

I would suggest that all victims of this company make a formal complaint to the authorities including the OFT or Consumer Affairs, ASIC, ACCC. I know that there are a lot of you. Don't suffer in silence, have some courage and tell your story. It's time Money Choice and Matt George were held to account in my view and stopped from sending more consumers into a financial meltdown. And don't be intimidated by his threats to sue you for telling the truth. The last thing Matt George needs right now is to take any of his clients to court. If he does he risks all his dirty laundry being publicly aired, and he knows it.

So please don't get on this forum and claim you are the victim here Matt. You have been acting in your own best interests and you know it!
Click to expand...

In my experience, people who knowingly sign blank or incomplete forms aren't being conned, they are facilitating one.
 
One quick look at what they are selling in South Australia makes me concerned. Allot of the apartments at New Port Quays were sold off the plan by a company very similar to this one. I know numerous people who have got into severe financial difficulties by buying into this development OTP, the valuations were all way off the sold prices & also having spoke to someone who worked for the company that sold majority of them, they explained to me the tactics used to sell them and the high commissions received from the builder.

Have a look at the attachment below showing just one of the recent sales in this development, paying attention to the original sale price, price drops like this are almost unheard of in the South Australian Market.

For those that cant see the attachment clearly

Sold: 18-Jan 2009 - $1,079,900
Sold: 24-April 2012 - $570,000
 

Attachments

  • New Port SA 5015 RP Data.png
    New Port SA 5015 RP Data.png
    332.2 KB · Views: 183
Token Funder said:
Not much interesting as true.
Click to expand...

Ha! So Token Funder, are you are suggesting that this is all the fault of the borrower who foolishly trusted the broker to be acting in their best interest?

Is it OK and ethical in your view that these marketing companies convince their clients (on the basis of trust) to sign blank forms, only to go away and fraudulently doctor them up to secure the lending with the banks, (and needless to say, their commissions as well?)

And to follow on from that, don't the banks have a responsibility to conduct some proper due diligence on the information that is presented to them?

As a banker I guess you could be forgiven for taking the view you have here. After all, many of the banks are in this up to their necks as well it seems. Why else would they be refusing to hand over the loan application documents as this following article suggests?

http://www.bfcsa.com.au/index.php/e...services-la-fiasco-repeats-on-concealing-lafs

So, considering you are a banker Mr Token Funder, don't you think your comments were a little predictable?
 
Rumour has it that Money Choice has sold their loan book!

redwing said:
Had never heard of them but found this on ernst & young

http://eoy.ey.com.au/matt-george-money-choice/w1/i1609807/

and via google

http://www.bfcsa.com.au/index.php/easyblog/entry/money-choice

http://www.bfcsa.com.au/index.php/easyblog/entry/money-choice-how-many-people-have-been-affected

I'm sure Matt can give additional feedback though
Click to expand...

Look's like he's on the run. Rumour has it Matt George from Money Choice has sold his loan book!

Check this out;

http://www.bfcsa.com.au/index.php/easyblog

Hmmm. Something wrong here I'd say!

The Judge
 
Money Choice & blank but signed application forms

Token Funder said:
In my experience, people who knowingly sign blank or incomplete forms aren't being conned, they are facilitating one.
Click to expand...

I have been thinking about this comment from you all day “Token Funder”.

You are a banker “Token Funder”. Matt George & Money Choice is the finance broker.

It is the banker and the finance broker’s job to know what their responsibilities are here.

It is your job to guide the consumer in what the consumer’s rights are.

You should never assume that the consumer should know their rights. It is your job to be compliant.

Telling consumers to sign the blank application form so that Money Choice can fill it in later, with whatever facts Money Choice want to fabricate……whose fault is this? Are you saying that that is the consumer’s fault???? They aren’t the specialist here. The consumer gets guided by the finance broker. The consumer isn’t the finance specialist. They don’t necessarily know the law.

Yes stupid of the consumer I know to allow it to happen. But generally people are naïve in my experience and don’t know their rights and obligations. Most people wait to be told what to do.

Most consumers rely on a professional outfit as Money Choice advertises themselves to be to act responsibly.

It is the finance broker that needs to act responsibly and the onus is on them to be compliant to the letter of the law.

Clearly this has not happened here. That my “Token Funder” this is not the consumers fault.

It was part of this finance broker’s job to know that what they were doing was fraudulent.

To be compliant Money Choice should have never allowed this to happen. They should be saying "NO!" to anything that isn't compliant. The application form should have been filled in and signed by the consumer before it reached Money Choice. That's just common sense!

I can't believe that you even suggested its the fault of the consumer!

Most unacceptable indeed.

The Judge
 
The Fox said:
Ha! So Token Funder, are you are suggesting that this is all the fault of the borrower who foolishly trusted the broker to be acting in their best interest?

Is it OK and ethical in your view that these marketing companies convince their clients (on the basis of trust) to sign blank forms, only to go away and fraudulently doctor them up to secure the lending with the banks, (and needless to say, their commissions as well?)

And to follow on from that, don't the banks have a responsibility to conduct some proper due diligence on the information that is presented to them?

As a banker I guess you could be forgiven for taking the view you have here. After all, many of the banks are in this up to their necks as well it seems. Why else would they be refusing to hand over the loan application documents as this following article suggests?

http://www.bfcsa.com.au/index.php/e...services-la-fiasco-repeats-on-concealing-lafs

So, considering you are a banker Mr Token Funder, don't you think your comments were a little predictable?
Click to expand...

I would have thought a low tolerance for people who tell lies would be a predictable response for most people, not just bankers.

I'mobviously out of touch.

In any case, I think someone who signs a blank document is knowingly participating in a fraud or failing to care if a fraud is committed in their name.

This is a completely different issue to the question of borrowers being deliberately mislead by property marketers, REs other rogue operators.

Of course, it is quite possible for both behaviors to occur simultaneously.
 
JudgeJury said:
I have been thinking about this comment from you all day “Token Funder”.

You are a banker “Token Funder”. Matt George & Money Choice is the finance broker.

It is the banker and the finance broker’s job to know what their responsibilities are here.

It is your job to guide the consumer in what the consumer’s rights are.

You should never assume that the consumer should know their rights. It is your job to be compliant.

Telling consumers to sign the blank application form so that Money Choice can fill it in later, with whatever facts Money Choice want to fabricate……whose fault is this? Are you saying that that is the consumer’s fault???? They aren’t the specialist here. The consumer gets guided by the finance broker. The consumer isn’t the finance specialist. They don’t necessarily know the law.

Yes stupid of the consumer I know to allow it to happen. But generally people are naïve in my experience and don’t know their rights and obligations. Most people wait to be told what to do.

Most consumers rely on a professional outfit as Money Choice advertises themselves to be to act responsibly.

It is the finance broker that needs to act responsibly and the onus is on them to be compliant to the letter of the law.

Clearly this has not happened here. That my “Token Funder” this is not the consumers fault.

It was part of this finance broker’s job to know that what they were doing was fraudulent.

To be compliant Money Choice should have never allowed this to happen. They should be saying "NO!" to anything that isn't compliant. The application form should have been filled in and signed by the consumer before it reached Money Choice. That's just common sense!

I can't believe that you even suggested its the fault of the consumer!

Most unacceptable indeed.

The Judge
Click to expand...

I disagree with you here on this point....Why would any one sign a blank form!!! It doesnt make sense...would you sign a blank cheque then give it to a finance broker you just met to be honest....please.........every time something goes wrong people run to the government crying foul play,,,,,sometimes people just have to have the balls to own up and say....i made a mistake, why did i sign blank forms,
 
JudgeJury said:
I have been thinking about this comment from you all day “Token Funder”.

You are a banker “Token Funder”. Matt George & Money Choice is the finance broker.

It is the banker and the finance broker’s job to know what their responsibilities are here.

It is your job to guide the consumer in what the consumer’s rights are.

You should never assume that the consumer should know their rights. It is your job to be compliant.

Telling consumers to sign the blank application form so that Money Choice can fill it in later, with whatever facts Money Choice want to fabricate……whose fault is this? Are you saying that that is the consumer’s fault???? They aren’t the specialist here. The consumer gets guided by the finance broker. The consumer isn’t the finance specialist. They don’t necessarily know the law.

Yes stupid of the consumer I know to allow it to happen. But generally people are naïve in my experience and don’t know their rights and obligations. Most people wait to be told what to do.

Most consumers rely on a professional outfit as Money Choice advertises themselves to be to act responsibly.

It is the finance broker that needs to act responsibly and the onus is on them to be compliant to the letter of the law.

Clearly this has not happened here. That my “Token Funder” this is not the consumers fault.

It was part of this finance broker’s job to know that what they were doing was fraudulent.

To be compliant Money Choice should have never allowed this to happen. They should be saying "NO!" to anything that isn't compliant. The application form should have been filled in and signed by the consumer before it reached Money Choice. That's just common sense!

I can't believe that you even suggested its the fault of the consumer!

Most unacceptable indeed.

The Judge
Click to expand...

If there are indeed people who genuinely don't think there is anything wrong with signing a blank application for hundreds of thousands of dollars of credit, then we should set out to protect them as a matter of some urgency.

The first thing required to protect their interests would be to make it illegal for anyone to enter into a binding contract with them without the approval of, say, a Public Trustee. Ideally, all their bank accounts would require a co- signatory from a suitably careful officer from an appropriate government department.

It might sound a bit extreme, but extraordinary levels of naivety require extraordinary protections.
 
Token Funder said:
I would have thought a low tolerance for people who tell lies would be a predictable response for most people, not just bankers.

I'mobviously out of touch.

In any case, I think someone who signs a blank document is knowingly participating in a fraud or failing to care if a fraud is committed in their name.

This is a completely different issue to the question of borrowers being deliberately mislead by property marketers, REs other rogue operators.

Of course, it is quite possible for both behaviors to occur simultaneously.
Click to expand...

holy cow i agree with a TF post!

even more frightening i agree with every word !
 
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