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Housing Affordability Expert and Certified Financial Planner (specialising in millennial/Gen Y finan

CONSUMER WARNING: BANKS AND BROKERS LAUNCH FIRST HOME COACHING SERVICE THAT SELLS DEBT, CONSUMERS MAY END UP LOSING THEIR SHIRT RATHER THAN REALISING THEIR DREAM

    MEDIA ADVISORY: EXPERT ANALYSIS & INTERVIEW OPP

Contact Stieve De Lance, Tel: 0431139681 sdelance@reputationaustralia.com.au

CONSUMER WARNING: BANKS AND BROKERS LAUNCH FIRST HOME COACHING SERVICE THAT SELLS DEBT, CONSUMERS MAY END UP LOSING THEIR SHIRT RATHER THAN REALISING THEIR DREAM

WHO:      Housing Affordability Expert and Certified Financial Planner (specialising in millennial/Gen Y finances), Robert Snell

WHAT:    [16 September 2017] In the past  two weeks three of the four the major banks have announced 'first home buying coach' offers and just like other supposed coaches like first homebuyers, services, who are mortgage brokers, collectively these lenders ARE NOT licensed to provide financial planning advice to Australians. Banks and Mortgage brokers sell debt. They have a financial interest in keeping mortgage holders in debt for the longest possible time. Consumers should be warned to establish exactly who it is they are dealing with and who is paying them to give you advice.

The 2016 ASIC Review of mortgage brokers remuneration (items 26, 27 pp9.) found that brokers almost universally receive commissions from lenders who paid out approximately $1.42 billion in upfront commissions and $984 million in trail commissions per year. The review also found that rewards and incentives also have the potential to create conflicts of interest (item 937 pp.183). The lender often has to keep paying the mortgage broker a commission each year the loan continues. If the home loan is for 30 years, this can add up to be a very large amount.

WHY:       Robert says that young people may be better off seeking help from a Licensed Financial Planner who is different to a Bank Lender or Mortgage Broker. Lenders are transactional debt sellers. Financial Planners are transformational around goal achievement. A real home buying coach MUST:

  • Be authorised to provide you with financial planning advice.
  • Offer young Australians who want to buy a home nurturing advice that empowers them to take control of their long-term financial well being.
  • Utilise a program like ‘Own It’ that isn’t designed to just get you to buy a home; a financial planning coach will also work with you until you pay it off through a series of realistic and achievable steps. Home prices are currently over 12 times average yearly earnings and young Australians are unlikely to be able to own without having a clear home ownership plan. The Own It program seeks to help first homebuyers pay off their home in 80-120 months.
  • A real home buying coach also realises that Young Australians still need to be able to live – and eat avocados. Harsh savings regimes and high debt repayment obligations are more likely to lead to failure. 

HOW:      Robert can do on camera or down the line interviews, answer questions via phone and email, and provide insights on current situations within the subject matter. First Home Buyers Financial Planning Advice, Housing Affordability Statistics and Policy, Home Buyer Coaching and Advice Services and First Home Buyer Advocacy. 

Robert has written a comprehensive plan for Government to solve the housing affordability issue with many of his ideas subsequently being supported and published by organisations such as CEDA and the RBA. Robert holds Degree's with Majors in Economics and Political Science and a Diploma of Financial Planning. Robert is recognised as an SMSF Specialist AdvisorTM and a Certified Financial Planner®. Unlike other advisors and brokers, Robert has been a fee-for-service advice provider for more than 29 years. 

WHERE:     Sydney, Australia  - However Robert can provide insights for any area in Australia upon request

Important Information

Robert Snell is an Authorised Representative, and Life Values Pty Ltd is a Corporate Authorised Representative of Financial Services Partners Pty Ltd AFSL 237 590 ABN 15 089 512 587.  The views expressed in this publication are solely those of the author; they are not reflective or indicative of Financial Services Partners Pty Ltd’s position and are not to be attributed to Financial Services Partners Pty Ltd. They cannot be reproduced in any form without the express written consent of the author

 

Tax Advice Warning

This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement.

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