Gough Group Financial Services Pty Ltd

Gough Group Financial Services Pty Ltd Described by clients as highly efficient and knowledgable. Loans arranged are seamless no matter how

27/09/2021

Last Friday, 24 September 2021 I retired from the banking and finance industry.
I am no longer licenced to discuss, consider a new borrowing, nor handle a maintenance query or request.

20/12/2019

First Home Loan Deposit Scheme:
Initially 10,000 Scheme places will made available from 1 January 2020 and a further 10,000 will be made available from 1 July 2020 for the 2021 financial year. Of the 10,000, 5,000 will be made available through the two major lenders, currently CBA and NAB, and 5,000 will be made available through the 25 non-major lenders appointed to the panel.

04/02/2019

As most of you know, the Royal Commission into the Financial Industry was released yesterday afternoon.
I have not heard from my Aggregator nor Licensee.
If the media reports are accurate, and the Federal Government of the day adopts the recommendations for the industry I work. It will drive the majority of the 60% of Australian borrowers back to the majors where the culture problem exists.
The recommendation is for trials to be removed and for Credit Advisors (aka Mortgage Brokers) and to levy a Professional Fee of $2,000+ to enquirers.
Those among you who use my services have received my declared remuneration document and know that the interest rate and associated borrowing fees are no different to those in the market. Our decisions are not based on the level of % commission payment from your lender.
Our point of difference has been misunderstood by the RC.
I use the trial (not that different to Real Estate agents rental commission) for the ongoing management of my clients' files.

01/05/2018

As the Royal Commission into the MissConduct in the Banking, Superannuation and Financial Services Industry rolls along.
I feel vindicated in standing up and resigning on my terms, back in 2002, from a major bank.
KPI's and KRA's have their place to improve productivity, cross-sales, staff engagement and profitability. But when they are used solely for the bottom line at the detriment of good customer outcomes. That is when I chose to walk.
Now there are blaring headlines that what I thought all those years ago, is being tabled in this hearing.
My aim with my own company is to provide excellent customer outcomes. I stuck with my principles, ethics and outlook on long-term customer relationships.

13/09/2017

ASIC and APRA have increased their war chest to chase the big four for inappropriate behaviour.
This has not prevented them for competing for your business.

11/04/2017

Using Superannuation to assist a first Home Buyer has more cons then pros. Besides, this form of substitution to a pay rise (its original reason for existence) was never designed to retire debt, but for Retirement.

05/04/2017

The issue of late, is whether Lenders are approving Interest Only loans for Owner Occupied purchases. It is difficult to rationalise why a purchaser would not want to pay down their family property borrowing to improve their equity.
Conversely, if the strategy is to have an Interest Only repayment programme for your Investment Property portfolio, especially where the owner still has disposable surplus income. This has a place in the lending industry.

08/11/2015

ASIC has issued a fresh warning after an increased number of recent reports from victims who have lost thousands of dollars from particular scams.

“The scammers appear to be operating from overseas, and have impersonated genuine Australian companies and Australian credit licence holders,” the regulator said.

“After making a loan enquiry online, the victims generally receive a telephone call or email from the scammers advising them that they qualify for a loan, sometimes for a larger amount than they originally applied for.”

ASIC said victims are provided with fake loan contracts that look like legitimate contracts, and are often misled by the use of an Australian credit licence number or Australian company number belonging to genuine businesses that have no connection to the scam.

The scammers re-route foreign numbers to look like Australian phone numbers, which creates the impression they are located in Australia, ASIC explained.

“The scammers then tell the victims that they must pay insurance or fees for the loan before the loan can be provided, usually to Australian bank accounts set up for the purpose of receiving these payments."

Glenn's Comment: The Australian lenders that Mortgage Brokers use might only seek in their documentation (but rare) Credit Card details for up to $250 to cover a Valuation Fee, and only applied if the proposal does not proceed. Otherwise any associated borrowing fees are deducted from the loan funds - not paid UPFRONT! Also taking out Income Protection Insurance or similar, cannot be a condition of approval. However, taking out Building Insurance and having the lender's interest noted on the policy, can be a condition of approval.

01/06/2015

You may have noticed the media sharing that lenders are changing their pricing, criteria and policy towards those who wish to build a residential property Investment portfolio.
Yes, there are a few changes, however, do not be dissuaded from following this form of investment. There are still many borrowing options to assist you reach your strategy.

31/03/2015

Good to see my nephew joining this industry.

24/07/2014

The new Five Year Fixed Rate announced overnight looks good on the surface.
But the devil is in the Professional Annual fee attached and what is called the Revert Rate.
The Interest Rate that a loan facility reverts to on maturity of the Fixed Rate period.

13/04/2014

The five day late payment tolerance has been extended to two weeks.
The new reporting system is designed to reward those who pay on time and ahead of any due date.

Address

PO Box 1216
Aitkenvale, QLD
4814

Telephone

+61414840073

Website

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