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$200 Extra for First Home Buyers - Grant Ending June 30 2011 - We Share Direct to Bank Refunds

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$200 Extra for First Home Buyers - Grant Ending June 30 2011 - We Share Direct to Bank Refunds
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AssociatedPneo21 on 13/05/2011 - 11:13 weshare.com.au (172 clicks)

From 10/05/2011 to 30/06/2011 We Share will give $200 on top of the average $1000 We Share cash refund to First home buyers, if they are referred to their lender of choice via We Share. This payment is made one month after settlement, which is the same time We Share is paid by the bank.

About We Share:-
We Share is NOT a mortgage broker, the banks pay We Share to refer customers to their direct channel. We Share then refunds the majority of up front commission, paid by the bank back to the borrower, 1 month after settlement.

With We Share the borrower deals direct with their bank of choice and is NOT charged any extra fees or charges by We Share or the bank for this service. You will receive the same if not better loan package (interest rates) via going through We Share as going direct to the lender itself.

We Share has direct agreements with it's lenders

We Share is a credit representative of ASIC and a member of the Credit Ombudsman Service Limited

How to Apply:-

Just complete the application form and your lender will contact you within 48 hours. We are notified by the lender if you are a first home buyer.

Financial Banking Cashback Home Loan Interest We Share

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closed Comments

  • jv on 13/05/2011 - 11:16
    +1

    Where is the Product Disclosure Statement as required by law ???

    • Associatedneo21 @ weshare.com.au on 13/05/2011 - 11:21

      Hi JV, this not required by law for referrers, you receive these from the lender.

      • jv on 13/05/2011 - 11:24
        -1

        everyone offering any financial product or service requires this…

        you are obviously making some money from this deal, it needs to be formally disclosed so a consumer can make an informed choice…

        • neil on 13/05/2011 - 11:25
          +3

          Question to either party, Have a link to back this up?

        • jv on 13/05/2011 - 11:33

          Have a link to back this up?

          from the govt website…

          http://www.moneysmart.gov.au/glossary/p/product-disclosure-s…

          product disclosure statement (PDS)

          A document that financial service providers must provide to you when they recommend or offer a financial product. It must include information about the product’s key features, fees, commissions, benefits, risks and the complaints handling procedure.

        • Associatedneo21 @ weshare.com.au on 13/05/2011 - 11:38

          Hi JV, I'm not offering a product like a bank, this is a service we have created with Senior levels of banking management.
          As I am not offering a product I do not require a product disclosure statement.

          It's a simple referral program, borrower selects their bank, I refer them on to that bank, they deal directly with that bank for the whole loan process, loan settles, bank pays We Share a commission for referring customer, We Share pays 50% commission back to customer. Very very simple.

          I have been doing this for over 2 years offline, just placed on line in March with fantastic results.

          The whole process was reviewed by Gadens Lawyers, who had input into the new credit licensing regulations last year.

          I'm happy you asked the question.

          How do you feel to know the banks are now paying for customers to come directly and not via a broker? FYI its been happening since 2000, its only now via We Share that this commission is being shared to the public and not the professional sector.

          Regarding below comment: We Share as it is a referrer does not require any of the documentation mentioned by JV,

          JV, do you think the banks would have direct agreements with We Share, if proper documentation wasn't in place? Do you think ASIC would give us credit rep status if proper documentation wasn't in place?
          Do you think We Share would be a member of COSL if proper documentation wasn't in place?

          I understand where you are coming from regarding disclosures but they do not apply to referrers.

          We also do disclose what commission We Share earn. We give 50% back to the customer and retain 50%. Using the online calculator a borrower can see the amount We Share retain and the amount we give back to the customer.

          Remember without We Share, you get the same loan, see the same banker, but you dont get any money back from the bank.
          So as a borrower, you need to ask yourself, do you prefer the bank to have your money or for you?

          Again it impresses me, people attempting to bastardise We Share, when our goal is to return the money given to professional firms over the 10 years back to the public.

          If you don't wish for We Share to have any commission, you can state this to your banker and neither We Share or you the borrower will receive any refund.

        • jv on 13/05/2011 - 11:46
          -1

          this is a service we have created

          yes, a financial service… where people are making decisions about their money…

          Disclosure was one of the main things to come out of the Financial Services Reform Act 2001…

  • aussman on 13/05/2011 - 11:26

    these guys incessantly post spam here and get negged every fortnight I vote for ban on this rep!

    • jv on 13/05/2011 - 11:34

      especially when they don't disclose their commissions !!!

      • altomic on 13/05/2011 - 11:39

        especially -

        when they recommend or offer a financial product.

      • neil on 13/05/2011 - 11:49
        +1

        So would that be the same rule for moneybackco/buckscoop etc as they refer people to banks, insurance etc and make a commision?

        • STEVEOO6 on 13/05/2011 - 12:13

          good question…?

  • lazed on 13/05/2011 - 11:44

    Spam. Dupe. Advertising. Dont waste your time.

  • jv on 13/05/2011 - 11:47

    a bargain is where I get all the savings, not when some middleman takes the largest chunk…

    • quop on 13/05/2011 - 14:30
      -1

      let's ban scoopon, spreets, cudo, jumponit et al while we're at it, eh? after all, the middlemen are reducing my savings with their commissions… grrrr…

      :p

      • lazed on 13/05/2011 - 17:03
        +2

        Do they all take "the largest chunk"?

        • quop on 13/05/2011 - 17:26

          the emphasis of my response was on jv's comment about a bargain being one where

          I get all the savings

          all the savings, i say!

          and it's called tongue-in-cheek, in case you or anyone else missed it… (i'm not sure why else ppl would be negging, ah well)

  • sweefu on 13/05/2011 - 12:02
    +2

    Just had a look round the we share website, discovered its founder is Kane Sherwell. A quick google search got to his facebook page, and I think his 'about me' quote will interest everyone here.

    Direct paste from facebook: "The secret of life is honesty and fair dealing. If you can fake that, you've got it made."

    Probably not the best quote to put publicly visible when offering a financial service.

    • jv on 13/05/2011 - 12:07

      …and the quote from the OP earlier…

      "I understand where you are coming from regarding disclosures but they do not apply to referrers."

      not wanting to tell you what cut of your money they are getting… very, very suss…

      • sweefu on 13/05/2011 - 12:24
        +2

        To be fair, in his reply to you above he has stated that 50% of the commission is given back to the lender.

      • Associatedneo21 @ weshare.com.au on 14/05/2011 - 09:18

        Hi JV, as stated I give 50% back and I retain 50%. If you use the on-line calculator, I'm sure you can do the maths.

    • sweefu on 13/05/2011 - 12:34

      QUOTE IS NO LONGER ON FACEBOOK!!

      • jv on 13/05/2011 - 13:46
        +1

        lol… too slow though…

  • SKiZO on 13/05/2011 - 12:29
    +2

    "We Share is NOT a mortgage broker, the banks pay We Share to refer customers to their direct channel"
    Ummm… isn't that the definition of a broker?

    I have to agree they don't need a PDS though, it's the bank that supplies the end product.

    • jv on 13/05/2011 - 13:47
      -1

      if they are 'referring' you to a particular bank, this is a financial service

      • neil on 13/05/2011 - 14:20

        I'm not sure your interpretation is correct jv otherwise sites such as Buckscoop, moneybackco and even Google ads would be in these categories.

        Common sense would tell you that a company doing this service would probably check that this is the law and as stated, consult with a law firm before entering into this market.

  • quop on 13/05/2011 - 14:22
    +2

    if, as i understand from the given descriptions here and on the weshare site, the process works more or less as:

    • a borrower chooses their lender (borrower: i've decided i want a loan with lender X)
    • the borrower goes to weshare to arrange the referral (borrower: hi weshare, i want a loan with lender X, here's my details)
    • weshare refers the borrower to the borrower's chosen lender (weshare: hi lender X, borrower wants a loan with you… here's the borrower's details)
    • the lender then deals directly with the borrower (lender: hi borrower, these are the loan products we offer (and here are the relevant product disclosure statements for them)… let's talk/sign some paperwork)
    • 1 month after settlement, the lender gives weshare commission for the referral (lender: hi weshare, thanks for the referral, here's some money)
    • weshare gives some of this commission to the borrower (weshare: hi borrower, thanks for letting us refer you to lender X, here's some money)

    then where/when does weshare offer or recommend a financial product?

    also, the smartmoney glossary says a broker is

    A person who arranges a contract between you and, for example, an insurance or mortgage service provider. Brokers usually receive a commission or fee for arranging a contract.

    if i (as an ordinary consumer) refer a friend to my lender (ie tells my lender my friend is interested in a loan and here's my friend's phone number/contact details), and receive a commission for it (call it a referral fee, headhunters fee or just a thank you gift etc), am i acting in the capacity of a broker? have i arranged a contract between my friend and the lender? i'd say no. and i'd also say that this is essentially what weshare says they do - pass on the contact details.

    to those that insist/agree that weshare's referral constitutes brokerage, or the provision of a financial service

    A service dealing with the management of money. It includes providing advice on financial products, dealing in financial products, making a market for financial products, operating a registered scheme or providing a custodial or depository service.

    what is the basis for your assertion? cos i for one can't see it, and would be pleased if you could enlighten me.

  • saxlady on 13/05/2011 - 15:28

    Tell me if I have this right…?

    A - I use a broker, they go through various loans with me, liase with the bank and help organize paperwork. In return on settlement, they collect a lump sum commission from the bank and a small percentage for the life of the loan.

    B - I go to the bank directly, I do all my own loan comparing, all my own paperwork (and the loans officer collects a bonus??)

    C - I go to the bank directly, I do all my own loan comparing, I tell weshare I'm about to get a loan, I do all my own paperwork and weshare (having done nothing essentially) collects a lump sum commission from the bank (and a small percentage for the life of the loan?) One month after settlement they give me 50% of their lump sum commission.

    So they are building a nice little income for themselves, without any actual work involved (sounds like a great business model hey?! )

    But…. I'm still better off with option C, than A or B

  • quop on 13/05/2011 - 16:41

    C seems to be a no-brainer better option than B.

    the value of A (vs. C) is in the eye of the beholder - either you spend the time/do the work yourself and get some money for it, or a broker spends the time/does that work for you and they get some money for it. which is better? you decide :)

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