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Poorly trained SMSF brokers risk 'spoiling the broth' for the majority

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Australian Broker | 21 Jan 2013, 08:03 AM Agree 0
Following APRA's warning on mortgage-backed SMSFs, an industry spokesperson says inexperienced brokers risk ruining the market by creating extra regulation
  • anon | 21 Jan 2013, 10:29 AM Agree 0
    Absolutely agree, we are currently assisting a client who thought they would save money and went to an ill-informed mortgage broker without financial planning advice.
    The end result is a client that is looking at a $10,000 stamp duty bill for putting the property in the wrong name and additional financial planning costs as they try to untangle the mess. The banks need to take more responsibility in checking that client taking out these loans have received the appropriate advice.
  • Country Broker | 21 Jan 2013, 11:03 AM Agree 0
    Agree, we work with a group of financial planners and accountants. If a client comes to us and wants a loan for a SMSF , the first thing i we ask is have you had advice on the SMSF buying property and al loan on it? If have not we will refer them straight back to the planner .

  • Barrie Sutton | 21 Jan 2013, 11:34 AM Agree 0
    The loan must be via the trustee who must hold the freehold and you must borrow at first all the funds you need. Watch if there is more than one title each title needs a seperate laon.
  • SteveL | 21 Jan 2013, 11:57 AM Agree 0
    Like anything new brokers should align themselves with the right companies to ensure their clients receive the best possible advice and experience. "Jacks of all trades" make clients jack of everyone!
  • Bill from Perth | 21 Jan 2013, 12:27 PM Agree 0
    Brokers don't give advice on SMSF's. How would a broker "spoil the broth"? Why don't these other industries concentrate on sorting out their own problems without trying to "bag" brokers for their own shortcomings?
    There's more chance of an ill-trained planner spoiling the broth!
  • Anon | 21 Jan 2013, 02:05 PM Agree 0
    To enhance your current business model for 2013.Develop your network with qualified financial planners who understand SMSF and not project managers who then refer the business on.
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