Harmoney

[noodles]

What's the tax situation for lenders? Do Harmoney deal with the RWT? Is it tax free?

[Halebop]

What's the tax situation for lenders? Do Harmoney deal with the RWT? Is it tax free?

They have a similar process to banks - you specify the with-holding tax or prove to them why you should be zero rated.

[Cricketfan]

I just signed up today and tried to invest a small amount, but apparently there aren't enough loans on the marketplace. Is that a sign of not many borrowers, or has the recent media attention created a flood of investors? I hope it's not normally this hard to find loans to invest in!

[Harvey Specter]

How many loans are up all the platform at once? Could you spread for example $50K across a decent number of loans to minimise the default risk/exposure?

no

Currently 22 loans (only 2 meet my criteria). Over the course of a few weeks you could (depend on what your criteria are). Say 100 loans at $500 max is descent spread. I would do it slower though as $500 per loan is a lot.

There are others here that have invested that much so they may let you know how long it took, and the max they put into each.

[Harvey Specter]

Ive never used quick invest. What rate did you ask for?

It is pretty quick using the filters to fine loans you are interested in (for me C-E 36 month). When I was investing, I would guess I would average about 10 loans (so multiply that by the number of notes per loan you want to get $ amount) a week ( I did weekly deposits). In some cases this only took a day, in others it took the whole week to find them. In others I found them quickly but they expired without filling fully. It would probably be a bit quicker now so maybe expect 20 loans per week depending on how strict with criteria you are.

[Cricketfan]

Ive never used quick invest. What rate did you ask for?

I didn't get to that stage. First you enter an amount (I tried low amounts like $500 and higher amounts like $3000) and every time it comes back saying there are no notes available.

Never mind, maybe I will look into it again when it gets more popular and there are more loans at any given time.

[ruaboy]

I didn't get to that stage. First you enter an amount (I tried low amounts like $500 and higher amounts like $3000) and every time it comes back saying there are no notes available.

Never mind, maybe I will look into it again when it gets more popular and there are more loans at any given time.

just in case there is a misunderstanding, when you say you are trying low amounts eg $500. the box that you put what you want in, is in units of $25 so if you put 500 in the box it is assuming you what $12,500 worth.If you want $500 worth you put in 20 .

[Harvey Specter]

just in case there is a misunderstanding, when you say you are trying low amounts eg $500. the box that you put what you want in, is in units of $25 so if you put 500 in the box it is assuming you what $12,500 worth.If you want $500 worth you put in 20 .

He is looking at the Quick Invest page which is in dollars, not number of notes.

I cant currently test it as I am fully invested.

[unhuman]

So I assume all other Trade Me uses got an email today promoting Harmoney like I did.

Hopefully this publicity will increase the demand for loans and give some supply easing for investors (if that was the case above).

Anyone else looking at investing in this?

[Harvey Specter]

So I assume all other Trade Me uses got an email today promoting Harmoney like I did.

NOt yet. I would expect them to do it in batchs so they can test response rates etc with varous wording. Trademe must have massive mailing list o it is good to hear Harmoney is putting their new investor to work.