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Thread: Harmoney

  1. #4396
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    Quote Originally Posted by Toukshare View Post
    Hi,
    Speaking of tax, have all of you put this investment in your kids name/IRD no, or yours? Kids would get 10.5% RWT rate, would they not? (unless they already earn, but I am talking young kids, under the age of 10)
    I am going to assume you are wanting to invest your kids money on their behalf, rather than attempt a tax dodge. When I last enquired to do this on behalf of my son Harmoney didn't allow kids to invest on their platform.

    And neither did Lending Crowd either.

  2. #4397
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    Quote Originally Posted by andrewfreestuff View Post
    I am going to assume you are wanting to invest your kids money on their behalf, rather than attempt a tax dodge. When I last enquired to do this on behalf of my son Harmoney didn't allow kids to invest on their platform.

    And neither did Lending Crowd either.
    I absolutely do not advocate a tax dodge. But I do invest some money on my children's behalf and as a responsible parent, want them to have a diverse portfolio. P2P Lending is part of that, as well as Kiwisaver, term deposits and property. They are not at an age where they can manage their investments, so I do it for them. But I believe they are entitled to their fair tax rate, even if the actual management is done by me.

    As a man wiser than me said "tax evasion is a crime, tax avoidance is a duty"

  3. #4398
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    another HEADS UP: if you hold it as their trustee (in your name, not theirs) then the trustee tax rate applies.

  4. #4399
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    An inglorious milestone: today my dashboard told me I have earned more in gross interest than the value of loans remaining outstanding. From the significantly reduced commentary on this forum in recent months I guess that many other lenders are feeling the same frustration I am - or perhaps, as usually happens when market returns fall, people are taking on increased risk.

  5. #4400
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    interest.png

    I'm still happy with the return - not so happy with the volume of loans.

    I've pretty much settled on try to keep about $120K invested. Anything over that and my funds available just grows.

  6. #4401
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    yep, RAR and filters stable but cash is growing again!

  7. #4402
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    Quote Originally Posted by BJ1 View Post
    From the significantly reduced commentary on this forum in recent months I guess that many other lenders are feeling the same frustration I am ...
    Indeed, I am too. RAR falling, have had to extract more than half my (peak) funds now, since there has been little opportunity to deploy them on this platform in recent months. Checking it is becoming a waste of time.

    Thank you Harmoney and Institutionals for usurping my share...

  8. #4403
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    Quote Originally Posted by BJ1 View Post
    From the significantly reduced commentary on this forum in recent months I guess that many other lenders are feeling the same frustration I am - or perhaps, as usually happens when market returns fall, people are taking on increased risk.
    Having only recently joined Harmoney, I am at a different stage in the cycle than many of the established commenters here. I am so recent I don't even had a RAR yet!
    Before investing, I read your whole thread, as I found it to be the most informative and impartial piece of information on HM anywhere on the web. It seems to me also that you guys thought the best days of HM were a few years ago. That's no good to me but I'll still plough on regardless. Currently reinvesting any interest and principal paid back, checking daily, one $25 note at a time...

  9. #4404
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    Anybody else having login issues this morning? My email & password (saved in LastPass) apparently don't match, and the forgot password page is down.

    Edit: Seems it was a very temporary thing, or I hit the end of it. App & website now both working.
    Last edited by ream; 23-10-2019 at 08:28 AM.

  10. #4405
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    Harmoney is proposing a new scorecard (v1.6), got an email yesterday about it. Rates charged to borrowers are much reduced in grades C, D and E, a bit reduced in Bs and Fs, and unchanged in As.
    The amount they can borrow will also change: Fs will be able to borrow up to $15k, Es up to $25k, Ds up to $35k, Cs up to $45k, Bs up to $55k and As unchanged at $70k.


    grade old rate new rate variance old limit new limit
    -----------------------------------------------------------------
    A1 6.99% 6.99% NIL $70,000 $70,000
    A2 7.99% 7.99% NIL
    $70,000 $70,000
    A3 9.20% 9.20% NIL $70,000 $70,000
    A4 10.50% 10.50% NIL $70,000 $70,000
    A5 11.99% 11.99% NIL $70,000 $70,000
    B1 13.39% 12.39% -1.00% $55,000 $50,000
    B2 14.75% 12.59% -2.16% $55,000 $50,000
    B3 15.80% 12.80% -3.00% $55,000 $50,000
    B4 16.99% 13.99% -3.00% $55,000 $50,000
    B5 17.80% 14.80% -3.00% $55,000 $50,000
    C1 18.90% 15.90% -3.00% $45,000 $40,000
    C2 20.40% 17.40% -3.00% $45,000 $40,000
    C3 21.90% 17.59% -3.00% $45,000 $40,000
    C4 22.99% 17.99% -5.00% $45,000 $40,000
    C5 23.99% 18.49% -5.50% $45,000 $40,000
    D1 24.70% 18.99% -5.71% $35,000 $30,000
    D2 25.20% 19.49% -5.71% $35,000 $30,000
    D3 25.49% 19.99% -5.51% $35,000 $30,000
    D4 25.99% 20.99% -5.00% $35,000 $30,000
    D5 26.49% 21.49% -5.00% $35,000 $30,000
    E1 26.99% 21.99% -5.00% $25,000 $20,000
    E2 27.49% 22.49% -5.00% $25,000 $20,000
    E3 27.99% 23.99% -4.00% $25,000 $20,000
    E4 28.29% 24.29% -4.00% $25,000 $20,000
    E5 28.69% 24.69% -4.00% $25,000 $20,000
    F1 28.99% 26.99% -2.00% $15,000 $10,000
    F2 29.19% 27.99% -1.20% $15,000 $10,000
    F3 29.49% 28.99% -0.50% $10,000 $15,000
    F4 29.69% 29.69% NIL $10,000 $15,000
    F5 29.99% 29.99% NIL $10,000 $15,000


    New scorecard and details here. HM also says that a new C3 will not be an old C3, hence why the rates were adjusted.
    I find the rate drop in Cs and Ds quite drastic - it will be hard to go and chase the 20%+. I guess it depends on an individual investor's strategy. Personally, I was quite content to stay B5 to D3, but to achieve reasonable returns of, say, 17-18%, I will either have to go "deeper" to the mid Es, or to forgo As and Bs and reduce diversification and solely focus on C1 to D5 or thereabouts.
    Food for thought...
    Last edited by Toukshare; 23-10-2019 at 09:25 AM.

  11. #4406
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    Harmoney is proposing a new scorecard (v1.6), got an email yesterday about it. Rates charged to borrowers are much reduced in grades C, D and E, a bit reduced in Bs and Fs, and unchanged in As.
    The amount they can borrow will also change: Fs will be able to borrow up to $15k, Es up to $25k, Ds up to $35k, Cs up to $45k, Bs up to $55k and As unchanged at $70k.


    grade old rate new rate variance old limit new limit
    -----------------------------------------------------------------
    A1 ... 6.99% .. 6.99% . NIL .... $70,000 . $70,000
    A2
    ... 7.99% .. 7.99% . NIL.... $70,000 . $70,000
    A3
    ... 9.20% .. 9.20% . NIL .... $70,000 . $70,000
    A4
    ...10.50% ..10.50% . NIL .... $70,000 . $70,000
    A5
    ...11.99% ..11.99% . NIL .... $70,000 . $70,000
    B1
    ...13.39% ..12.39% .-1.00% .. $55,000 . $50,000
    B2
    ...14.75% ..12.59% .-2.16% .. $55,000 . $50,000
    B3
    ...15.80% ..12.80% .-3.00% .. $55,000 . $50,000
    B4
    ...16.99% ..13.99% .-3.00% .. $55,000 . $50,000
    B5
    ...17.80% ..14.80% .-3.00% .. $55,000 . $50,000
    C1
    ...18.90% ..15.90% .-3.00% .. $45,000 . $40,000
    C2
    ...20.40% ..17.40% .-3.00% .. $45,000 . $40,000
    C3
    ...21.90% ..17.59% .-3.00% .. $45,000 . $40,000
    C4
    ...22.99% ..17.99% .-5.00% .. $45,000 . $40,000
    C5
    ...23.99% ..18.49% .-5.50% .. $45,000 . $40,000
    D1
    ...24.70% ..18.99% .-5.71% .. $35,000 . $30,000
    D2
    ...25.20% ..19.49% .-5.71% .. $35,000 . $30,000
    D3
    ...25.49% ..19.99% .-5.51% .. $35,000 . $30,000
    D4
    ...25.99% ..20.99% .-5.00% .. $35,000 . $30,000
    D5
    ...26.49% ..21.49% .-5.00% .. $35,000 . $30,000
    E1
    ...26.99% ..21.99% .-5.00% .. $25,000 . $20,000
    E2
    ...27.49% ..22.49% .-5.00% .. $25,000 . $20,000
    E3
    ...27.99% ..23.99% .-4.00% .. $25,000 . $20,000
    E4
    ...28.29% ..24.29% .-4.00% .. $25,000 . $20,000
    E5
    ...28.69% ..24.69% .-4.00% .. $25,000 . $20,000
    F1
    ...28.99% ..26.99% .-2.00% .. $15,000 . $10,000
    F2
    ...29.19% ..27.99% .-1.20% .. $15,000 . $10,000
    F3
    ...29.49% ..28.99% .-0.50% .. $15,000 . $10,000
    F4
    ...29.69% ..29.69% . NIL .... $15,000 . $10,000
    F5
    ...29.99% ..29.99% . NIL .... $15,000 . $10,000

    New scorecard and details here. HM also says that a
    new C3 will not be an old C3, hence why the rates were adjusted.
    I find the rate drop in Cs and Ds quite drastic - it will be hard to go and chase the 20%+. I guess it depends on an individual investor's strategy. Personally, I was quite content to stay B5 to D3, but to achieve reasonable returns of, say, 17-18%, I will either have to go "deeper" to the mid Es, or to forgo As and Bs and reduce diversification and solely focus on C1 to D5 or thereabouts.
    Food for thought...

  12. #4407
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    Quote Originally Posted by Toukshare View Post
    But I do invest some money on my children's behalf and as a responsible parent, want them to have a diverse portfolio. P2P Lending is part of that, as well as Kiwisaver, term deposits and property. They are not at an age where they can manage their investments, so I do it for them. But I believe they are entitled to their fair tax rate, even if the actual management is done by me.
    While I have not enquired for a while, I have not found any NZ P2P providers that accept children. Like you I wanted to invest on behalf. Does anyone have any ideas about WHY the P2P lenders wouldn't accept children? Is there a legal reason? Or is it just a hassle to set up and associate the responsible parent etc? Quite a few managed funds have accepted his money and tax bracket.

  13. #4408
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    Quote Originally Posted by Toukshare View Post
    Harmoney is proposing a new scorecard (v1.6), got an email yesterday about it. Rates charged to borrowers are much reduced in grades C, D and E, a bit reduced in Bs and Fs, and unchanged in As.
    The amount they can borrow will also change: Fs will be able to borrow up to $15k, Es up to $25k, Ds up to $35k, Cs up to $45k, Bs up to $55k and As unchanged at $70k.


    grade old rate new rate variance old limit new limit
    -----------------------------------------------------------------
    A1 6.99% 6.99% NIL $70,000 $70,000
    A2 7.99% 7.99% NIL
    $70,000 $70,000
    A3 9.20% 9.20% NIL $70,000 $70,000
    A4 10.50% 10.50% NIL $70,000 $70,000
    A5 11.99% 11.99% NIL $70,000 $70,000
    B1 13.39% 12.39% -1.00% $55,000 $50,000
    B2 14.75% 12.59% -2.16% $55,000 $50,000
    B3 15.80% 12.80% -3.00% $55,000 $50,000
    B4 16.99% 13.99% -3.00% $55,000 $50,000
    B5 17.80% 14.80% -3.00% $55,000 $50,000
    C1 18.90% 15.90% -3.00% $45,000 $40,000
    C2 20.40% 17.40% -3.00% $45,000 $40,000
    C3 21.90% 17.59% -3.00% $45,000 $40,000
    C4 22.99% 17.99% -5.00% $45,000 $40,000
    C5 23.99% 18.49% -5.50% $45,000 $40,000
    D1 24.70% 18.99% -5.71% $35,000 $30,000
    D2 25.20% 19.49% -5.71% $35,000 $30,000
    D3 25.49% 19.99% -5.51% $35,000 $30,000
    D4 25.99% 20.99% -5.00% $35,000 $30,000
    D5 26.49% 21.49% -5.00% $35,000 $30,000
    E1 26.99% 21.99% -5.00% $25,000 $20,000
    E2 27.49% 22.49% -5.00% $25,000 $20,000
    E3 27.99% 23.99% -4.00% $25,000 $20,000
    E4 28.29% 24.29% -4.00% $25,000 $20,000
    E5 28.69% 24.69% -4.00% $25,000 $20,000
    F1 28.99% 26.99% -2.00% $15,000 $10,000
    F2 29.19% 27.99% -1.20% $15,000 $10,000
    F3 29.49% 28.99% -0.50% $10,000 $15,000
    F4 29.69% 29.69% NIL $10,000 $15,000
    F5 29.99% 29.99% NIL $10,000 $15,000


    New scorecard and details here. HM also says that a new C3 will not be an old C3, hence why the rates were adjusted.
    I find the rate drop in Cs and Ds quite drastic - it will be hard to go and chase the 20%+. I guess it depends on an individual investor's strategy. Personally, I was quite content to stay B5 to D3, but to achieve reasonable returns of, say, 17-18%, I will either have to go "deeper" to the mid Es, or to forgo As and Bs and reduce diversification and solely focus on C1 to D5 or thereabouts.
    Food for thought...
    Thanks for the analysis. You would need to line up interest rate against probability of default to get comparable interest rate changes but on the face ot it looks like a massive rate cut that will send RAR's crashing through 10%.

  14. #4409
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    Ah, I think you are not comparing to 1.5! The rate reductions are much less... but shows how much times have changed since launch

  15. #4410
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    Quote Originally Posted by RMJH View Post
    Thanks for the analysis. You would need to line up interest rate against probability of default to get comparable interest rate changes but on the face ot it looks like a massive rate cut that will send RAR's crashing through 10%.
    Yuck

    On the plus side for Harmoney they'll pick up plenty of extra rewrite commissions
    Last edited by leesal; 23-10-2019 at 02:27 PM.

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