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Oh dear my fellow bears, I truly am thinking we're screwed Brothers :); The baskets are even getting their plan in place to do "QE for The People" 'next time 'round'
Topic Started: 18 Sep 2015, 08:47 AM (7,769 Views)
Ex BP Golly
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peter fraser
20 Sep 2015, 09:40 AM
Not really. To get my licence I had to get a Cert IV in mortgage broking, a Diploma in Mortgage Broking, a course in Anti money laundering and counter terrorism financing, another on the Privacy Act, 30 CPD points per year, accreditation with numerous lenders, hold adequate PI insurance, be a member of one of two professional bodies, be part of the COSL scheme which is a credit ombudsman scheme, have at least two years industry experience, supply a Police Check, and partake in ongoing training, but maybe its different in your world.
Why do all the anti terrorist- money laundering courses Peter?

Seems strange you'd have to do courses in something that has no application in the area you work in.

Australia is one of the biggest property/ money laundering capitals of the world, and your area, and real estate generally have a dispensation from the oversight of AUSTRAC.

Strange!


WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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peter fraser
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Ex BP Golly
20 Sep 2015, 11:20 AM
Why do all the anti terrorist- money laundering courses Peter?

Seems strange you'd have to do courses in something that has no application in the area you work in.

Australia is one of the biggest property/ money laundering capitals of the world, and your area, and real estate generally have a dispensation from the oversight of AUSTRAC.

Strange!

No dispensation for brokers Golly, we have to report any suspicious transactions, and so do the banks. I don't have problem with that, but the real money that needs to be cleaned doesn't need a home loan, they just pay cash so we wouldn't see them. Most of the finance for O/S buyers is arranged offshore, we only see Australians working abroad buying a house back home.

I think they should concentrate on solicitors and conveyancers, they know when a cash buy is happening because they organise the payments and they know when a lender isn't involved. All property purchased needs a legal rep, there wouldn't be any overseas buyers with the skills and knowledge to attend to their own Conveyancing, even if they don't bother with most of the searches. Someone still has to lodge the docs and attend to the post registration issues, advice Body Corporates, Local Councils, etc etc.
Any expressed market opinion is my own and is not to be taken as financial advice
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ThePauk
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peter fraser
20 Sep 2015, 02:29 PM
No dispensation for brokers Golly, we have to report any suspicious transactions, and so do the banks. I don't have problem with that, but the real money that needs to be cleaned doesn't need a home loan, they just pay cash so we wouldn't see them. Most of the finance for O/S buyers is arranged offshore, we only see Australians working abroad buying a house back home.

I think they should concentrate on solicitors and conveyancers, they know when a cash buy is happening because they organise the payments and they know when a lender isn't involved. All property purchased needs a legal rep, there wouldn't be any overseas buyers with the skills and knowledge to attend to their own Conveyancing, even if they don't bother with most of the searches. Someone still has to lodge the docs and attend to the post registration issues, advice Body Corporates, Local Councils, etc etc.
Mmmmm... the govt seems to think that mortgage brokers are involved... but then again, you know more than any govt, so what was I thinking.... :-)

"Third-party facilitators including lawyers, accountants, mortgage brokers, real estate agents and buyer’s agents are at the centre of the investigation, he added."...

"Under the new regime, mortgage brokers and real estate agents who help overseas buyers flout foreign investment rules will face severe penalties under a tougher compliance regime.
The government has proposed civil penalties for mortgage brokers, property buyers, real estate agents and other third parties who “knowingly assist foreign investors to breach foreign investment rules”.
“Provisions currently exist under the Criminal Code for knowingly assisting another person to commit a criminal offence,” the government said.
As a result, NAB recently warned brokers about foreign investment.
Speaking at the NAB and Advantedge ‘Knowledge is Everything’ event in Sydney last month, NAB Broker general manager Steve Kane said “massive changes” in the Australian mortgage market mean brokers need to take special care with the loans they write for foreign property investors.
“It is very important that you understand, particularly in the Sydney market where you’ve got rapidly increasing investment lending and rapidly increasing property prices, that if you’re dealing in those markets, particularly around foreign investment, that you understand the rules and regulations,” he said.
“It is important because as the person involved in the transaction, it just doesn’t go to the bank or to the customer, it will come to you as well if you haven’t adhered to the rules and regulations that have already been in place, particularly around foreign investment and investing by foreign nationals.”"
http://www.theadviser.com.au/breaking-news/33046-govt-targets-third-parties-in-foreign-investor-crackdown
Edited by ThePauk, 20 Sep 2015, 04:18 PM.
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peter fraser
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ThePauk
20 Sep 2015, 04:17 PM

Speaking at the NAB and Advantedge ‘Knowledge is Everything’ event in Sydney last month, NAB Broker general manager Steve Kane said “massive changes” in the Australian mortgage market mean brokers need to take special care with the loans they write for foreign property investors.
“It is very important that you understand, particularly in the Sydney market where you’ve got rapidly increasing investment lending and rapidly increasing property prices, that if you’re dealing in those markets, particularly around foreign investment, that you understand the rules and regulations,” he said.
Yes he is correct, foreign buyers are considered high risk in AMLCTF terms, so anything suspicious must be reported for those brokers involved in those transactions.

Brokers involved in local transactions are faced with a reduced risk, but still there is a risk and they are obliged to report anything suspicious, with penalties if they don't report them. It's been this way for a long time.
Any expressed market opinion is my own and is not to be taken as financial advice
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Will
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ThePauk
20 Sep 2015, 10:18 AM
And all your ethics training makes you a master troll on this forum with the abuse and comments you throw out as if you have no qualifications or ethics at all...amazing... I have not done any ethics course, so I feel quite happy throwing shit back when thrown at me.
I must say, Peter is one of the more respectful and sensible persons on this forum. Someone who puts forward a well reasoned and logical argument. And I haven't seen any abuse at all from peter, at least none that wasn't deserved.
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The Whole Truth
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Ex BP Golly
20 Sep 2015, 11:20 AM
Why do all the anti terrorist- money laundering courses Peter?

Seems strange you'd have to do courses in something that has no application in the area you work in.
As if a broker would turn down a commission because they suspected such anyway :lol
They just get the punters to sign and then pass it on, it's the banks problem then.

RE agents work the same way, any commission based job the same way.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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Terry
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The Whole Truth
25 Sep 2015, 02:51 PM
As if a broker would turn down a commission because they suspected such anyway :lol
They just get the punters to sign and then pass it on, it's the banks problem then.

RE agents work the same way, any commission based job the same way.
Actually, if you're in the ticket clipping game, it's best not to think too much about future outcomes. Your energy should be focused on customer care and closing the sale. I've always had a healthy respect for the Electrolux model and believe their top performers can be valuable across multiple industries.
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peter fraser
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The Whole Truth
25 Sep 2015, 02:51 PM
As if a broker would turn down a commission because they suspected such anyway :lol
They just get the punters to sign and then pass it on, it's the banks problem then.

RE agents work the same way, any commission based job the same way.
Actually experienced brokers will certainly pass on deals where they suspect there are ethical issues. If they get caught knowingly lodging fraudulent deals they will lose their licence and banks will stop paying trailing commissions. Anyone with a Police record can't work in this industry, understandably so.

You and Terry are just airing your lack of understanding of commercial realities for all to see. I suggest that you think before posting next time.
Edited by peter fraser, 25 Sep 2015, 03:16 PM.
Any expressed market opinion is my own and is not to be taken as financial advice
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skamy
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Terry
18 Sep 2015, 03:02 PM
Your thinking is very much tied to the Anglo Saxon corporate model,
Ha ha couldn't resist a laugh at this one lol.

What exactly were those corporations back in the good old Anglo Saxon days? The days of the Anglo Saxons finished in 1066 ya silly duffer.
Andrew Judd
18 Sep 2015, 06:42 PM
I need the interest from my savings to live through my retirement, plus I need a rising house price to justify having so much of my capital in a house that is too big for me and needs a small fortune in annual repairs.

If you can get inflation to rise by borrowing more I think it will help me.
It is not sensible financially to live in a house that is underutilized. If you are on a 10 year plus savings investment plan it is better to not overconsume housing. Bu two smaller places and get some yield outta one of them.
Edited by skamy, 25 Sep 2015, 03:37 PM.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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Foxy
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Zero is coming...

herbie
18 Sep 2015, 08:47 AM
http://www.telegraph.co.uk/finance/economics/11869701/Jeremy-Corbyns-QE-for-the-people-is-exactly-what-the-world-may-soon-need.html

They just aren't at ALL happy to see us have our dodgy debt cleansing destructively creative Minsky Moment it seems?

Ah, the 'inhumanity' of it all ... :)
Debt as a whole can never be repaid.

A debt jubilee is the only way.

Debt across the board must be dissolved.

Peter



skamy
25 Sep 2015, 03:30 PM
Ha ha couldn't resist a laugh at this one lol.

What exactly were those corporations back in the good old Anglo Saxon days? The days of the Anglo Saxons finished in 1066 ya silly duffer.

It is not sensible financially to live in a house that is underutilized. If you are on a 10 year plus savings investment plan it is better to not overconsume housing. Bu two smaller places and get some yield outta one of them.
is that net yield Skamy??

Like after all costs :D :D :D
Peter

Edited by Foxy, 25 Sep 2015, 03:45 PM.
http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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