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Thread: Harmoney

  1. #2511
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    Given their ages and their income sources a bank would probably consider that their future income potential is always going to be benefit based - super will replace whatever they are on now. That makes the ability to repay equation unacceptable for a bank. I'd bet that they've been declined by banks which is why they are with Harmoney. So, potentially, unacceptable risk at standard bank mortgage rates but acceptable for Heartland Bank through Harmoney? The difference being that standard bank lending considers loans as individual transactions and Harmoney's bulk funders consider the pool of their investment.

  2. #2512
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    Quote Originally Posted by BJ1 View Post
    I posted the first two and this one because the first two tenets of lending are the willingness and ability to repay, not security (which we don't have) or asset values. After this one, no more. BUT, I won't be surprised if Harmoney cops more flack if these become quite normal.
    But look at the fee!!!! Or is the whole listing riddled with errors!

  3. #2513
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    Quote Originally Posted by Darchie View Post
    But look at the fee!!!! Or is the whole listing riddled with errors!
    Yes, the borrower fee is $4,700 which is massive. Something is fishy!

  4. #2514
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    Quote Originally Posted by icyfire View Post
    Yes, the borrower fee is $4,700 which is massive. Something is fishy!

    Look at the previous loans that were posted on previous page.

  5. #2515
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    Anyone been with harmoney for 3-5 years yet? would be interested to see how many loan actually reach maturity. Whats your RAR? Any1 making above 15%? (only those that have been with harmoney over 3yrs)

  6. #2516
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    Quote Originally Posted by XxOrooxX View Post
    Anyone been with harmoney for 3-5 years yet? would be interested to see how many loan actually reach maturity. Whats your RAR? Any1 making above 15%? (only those that have been with harmoney over 3yrs)
    Harmoney only started in Aug 2014. So will be very few here who hits 3 years. Will be an incredible achievement to have an RAR of 15+% after 3 years!

  7. #2517
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    Quote Originally Posted by Cool Bear View Post
    Harmoney only started in Aug 2014. So will be very few here who hits 3 years. Will be an incredible achievement to have an RAR of 15+% after 3 years!
    Jan 28, 2015 13.11% rar and roughly 60-80k over the period.
    Last edited by IntheRearWithTheGear; 01-08-2017 at 01:55 PM.

  8. #2518
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    My first deposit was October 2014, my RAR is currently 17.47%. I have been depositing steadily over that period, probably more heavily over the last 15-18 months (hence the high RAR today).

  9. #2519
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    Quote Originally Posted by BJ1 View Post
    Given their ages and their income sources a bank would probably consider that their future income potential is always going to be benefit based - super will replace whatever they are on now. That makes the ability to repay equation unacceptable for a bank. I'd bet that they've been declined by banks which is why they are with Harmoney. So, potentially, unacceptable risk at standard bank mortgage rates but acceptable for Heartland Bank through Harmoney? The difference being that standard bank lending considers loans as individual transactions and Harmoney's bulk funders consider the pool of their investment.
    Borrower fee so large must be as a result of payment protection. How's this for a scenario...borrower has terminal illness and life insurance as well as payment protection now. Want's last big OE with partner comfortable that repayment is fully covered in the not to distant future?

  10. #2520
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    On their incomes I'd hate to be paying life premiums for meaningful cover - and Payment Protect protects the borrower, not the lender.

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