|
Contents
- Is Member
Confidentiality assured?
- Are
Syndicates
and Groups Allowed?
- Is Home
Equity Associates an MLM Organisation?
- Why
Home Equity Associates and not a Bank?
- What are the Membership and Renewal Fees
used for?
- Where does the money come from?
- When will I receive my Loan?
- I'm not very good at
telling people about HEA?
- Can I introduce
people from other countries to HEA?
- Can my children
register and benefit from HEA?
- What happens if my
membership lapses?
- What is the simple
way to organise application forms?
- Do I have to accept
US $120,000 or AU $190,000?
- Can I transfer
surplus Multiple Home Ownership Plans?
- How much is a
renewal if I have multiple Home Ownership Plans?
- When am I eligible
for my Home Ownership Plan?
- Is the interest
rate fixed for the entire term?
- How will my status
be assessed?
- How will my Home
Ownership Plan work?
- Can I use my Home
Ownership Plan for other things?
- When can I apply for my Home Ownership
Advance?
- How can HEA help
older/retired members?
- Can HEA help seniors
who don't want to retire?
Top
of Page
1: Is Member
Confidentiality assured ?
Answer: Home
Equity Associates pledges to its members to hold all personal
information received by the Association as strictly confidential. Home Equity
Associates undertakes not to sell or divulge such confidential
information to any other individual or organisation for marketing,
advertising, or any other purposes, unless expressly ordered to do so by a
Court of Law.
Top
of Page
2: Are
Syndicates
and Groups Allowed ?
Answer:
Remember that the Association is about helping one another
and assisting as many people as possible to achieve their goals of home
ownership that they would otherwise not be able to meet, many due to
financial reasons.
These financial reasons often mean that to an individual,
the membership fee and renewals are not manageable, and quite often the
individual will not require a home ownership plan as high as $120,000 US
dollars.
Home Equity Associates have provided the solution for this problem by
allowing and promoting the use of syndicates or groups. This way the
membership can be shared amongst as many people as necessary to fund the
membership, or alternatively the number of people who wish to share the
Home Ownership Plan.
For example a syndicate of 10 people would only have to contribute $15 US
each towards One Home Ownership Plan. They can share the the Home
Ownership Plan Advance or put it towards a common goal, such as a
community hall or church building.
The other way to look at it, is that families in a village may only need
$20,000 US each to own their own home, in this example there could be 6
families in a syndicate and they would only have to contribute $25 US per
family toward the syndicates membership in HEA.
Therefore when the Home Ownership Plan Advance becomes available, each
family would have their own smaller entitlement available and would be
able to purchase their own home. That is a great benefit, since
there are millions of families around the world that have a little chance
of owning their own home.
Top
of Page
3: Is Home
Equity Associates an MLM Organisation?
Answer:
Home Equity Associates is a
Division of Western Australian Institute of Co-operation (WAIC) Inc. an
incorporated entity. It is an Association, NOT
a Multy-Level Marketing (MLM) Organisation.
The aims and objectives of the Incorporated Association, WAIC Inc. have
been approved by the West Australian Ministry of Fair Trading &
Incorporation.
Projects are encompassed through the registration of Allied Community
Enterprise, this means that business like projects can be set up and
developed under a cooperative model.
Top
of Page
4: Why
Home Equity Associates and not a Bank?
Answer:
Home Equity Associates is not a
bank, but rather defined as a Home Ownership Association or a Club.
As you know, the Bank requires a deposit of up to 20% of the purchase
price of your selected property.
In addition to this, you will need to show that you have the savings to
cover the cost of your Solicitors fees, Government Taxes, Stamp Duties and
Fees, Application fees, Valuation Fees, Administration Fees, and possibly
Agency Fees if you are applying through a Mortgage Broker. All these
fees and charges can amount to up to 7% of the loan or approximately
$8,400 on a $120,000 loan.
There is a wide range of fees and charges that the Bank can impose at any
time, which effectively increases the amount which you pay dramatically
over the term on your loan. These extra fees can be interest
increases, Monthly Account Keeping Fees, Transaction Fees, and penalty
fees if you make additional payments off your loan.
Home Equity Associates was created to assist
the 'ORDINARY INDIVIDUALS' to obtain a Home Ownership Plan that suits the
borrower, and not the lender.
You are not expected to have $240,000 in your bank account as a deposit,
and you are not required to have up to $9,000 'under your bed' for Bank
Application and other fees.
When others with your 'HOME OWNERSHIP CLUB', and members cooperate to
create a strong membership base, then members will be rewarded with 'NO
FEE, 3% FIXED INTEREST RATE HOME OWNERSHIP, FIXED FOR THE ENTIRE TERM OF
THE ADVANCE.
This will prove to be of enormous benefit to every member involved.
Top
of Page
5: What are the Membership and Renewal Fees
used for ?
Answer:
Membership and renewal fees are used to meet overheads, operating costs,
newsletters, training subsidy, research and development, as well as to build
reserves to meet contingencies. The larger the advance, the greater
the risk factor, and the greater the risk factor, the more money is needed
for adequate reserves. The initial membership and joining fee for the
standard Home Ownership Plan is US $150, or AU $240, with the annual renewal
fee of US $100 or AU $160 which falls due on the anniversary of your joining
the Association. Members of the association are automatically accorded
membership to the Western Australian Institute of Co-operation Inc.
Top
of Page
6: Where does the money come from ?
Answer:
Home Equity Associates is
totally debt free, and does not borrow capital from 'regular financial
sources' to fund its day to day operations.
Income derived from memberships, membership renewals, and other activities
such as lotteries, health insurance and telephone plans, develop into an
asset, which, after operating expenses are deducted, is utilised in various
projects of WAIC Inc. to generate a compounding interest component. As
well as income from these souces, HEA, under the rules of association, as
authorised to accept deposits and investments from interested members.
As the Association grows in strength, funding will be sourced elsewhere in
bulk, on terms favourable to members. Once again the savings are
passed on to members by the way of low interest Home Ownership Plan.
As a Not-For-Profit organisation HEA can accept donations, and is also
sourcing Corporate sponsorship, which will provide products and services to
members, and donations to pay for publications etc, resulting in even more
benefits to members.
All that you have to do as a member is embrace the principles, use the
products and services and encourage others to do so. The Board has
worked hard to put the plans in place, but if members do not participate,
and generate growth, the project can not achieve its goals.
Top
of Page
7: When will I receive my Loan ?
Answer:
As a Not-For-Profit Association it is our goal to provide as many benefits
as possible to members. The stronger the Association becomes, and the
more well known our goals become, the more we will be able to achieve.
Therefore to certain extent the availability of Home Finance to members
depends on the strength of the Association. Growth of memberships,
renewals, provision of goods and services. sponsorships, donations, all
increase the prospects of the Association to access benefits to
members. There is no specific time frame and to a certain extent, it
depends on membership activity.
Top
of Page
8: I'm not very good at
telling people about HEA?
Answer: You are not required to promote your Association yourself if
you are not confident enough to do so. You could simply provide you
Association with Names and Addresses of people you consider make good
members, and every genuine enquiry will be sent an explanation booklet
detailing the Association's activities, as well as the Application for
Membership form. AND THAT IS ALL YOU NEED TO DO, It's called the Mail
Response Strategy.
Top
of Page
9: Can I introduce
people from other countries to HEA?
Answer:
You certainly can! Home Equity Associates now has members in more than
fifty countries around the world, and is expanding all the time.
This fact alone proves to you the enormous power that an Association of this
type of representation can invoke, and it won't be the first time in
history, that "PEOPLE POWER" has won over discrimination,
victimisation, and bureaucratic subversion.
Top
of Page
10: Can my children
register and benefit from HEA ?
Answer:
HEA encourages the young people in our community to become involved in an
Association that is working for the benefit of the humanity, towards the
release of the burden of debt, and an opportunity to d something for
themselves by learning the skills of making money working for them instead
of them working for money, which usually involves debt.
Home Equity Associates teaches members
how to control assets and cash
Top
of Page
11: What happens if my
membership lapses?
Answer:
Financial membership to the Association is a prerequisite for your low
interest Home Ownership opportunity, (including the continued contribution
of the annual membership renewal fees, even after you have obtained your
advance). If your payments are delinquent for more than three (3)
months past the due date, your entitlements and membership privileges will
be suspended. Subject to Board approval, you may apply for
reinstatement at any time within six (6) months of the renewal date, after
which time your membership will automatically lapse without further
recourse. Please note that the qualifying period for any Home
Ownership Plan will be extended by the duration of any periods of
suspension or overdue subscriptions. Market interest rates may apply
to loans already advanced to members, who then become non-financial.
Top
of Page
12: What is the simple
way to organise application forms?
Answer:
HEA has committed a great deal of time and effort into designing a
straightforward registration form, so it's simply a matter of commencing
with the application as folows:
-
Home Equity Associates Application forms
-
Chose the side applicable to your payment method
-
Write in your FAMILY NAME into the first space. (This is your
SURNAME).
-
Write your FIRST NAMES into the next space. (Your CHRISTIAN NAMES).
-
Next, complete your address in full in the spaces provided, including your
Country and Post Code or Zip. Be certain to include your telephone
number, fax number, and e-mail if any.
-
If the section asking for your proposer is Blank, and you do not know who
sent you the forms, write: Home Equity Associates.
-
Next complete the type of Home Ownership Plan and fill in the contribution
amount.
-
Now sign your signature in the space provided and place the date of your
signature in the spaces provided.
Top
of Page
13: Do I have to accept
US $120,000 or AU $190,000?
Answer:
No, once you have been invited to apply, you only need to choose an amount
to suit your lifestyle or financial requirements, the amounts of US
$120,000 o AU $190,000 are your MAXIMUM entitlement amounts per project.
For example, If your current mortgage or the home that you whish to own is
only US $50,000 then you only need to set your Home Ownership Project at
this amount. And repayments will only be related to this amount over
the selected term. Ultimately any advance needs to be paid back and
your ability to make repayments will determine the maximum amount that you
can borrow.
Top
of Page
14: Can I transfer
surplus Multiple Home Ownership Plans?
Answer:
Yes, you may transfer some or all of your Multiple Home Ownership Projects
to your family members, or any other persons, without incurring any
penalties, provided they are prepared to join Home Equity Associates and
W.A.I.C Inc., and take over the responsibility for the annual renewal
fees. You may choose this option if you no longer need the higher
advance amount, or as a means of reducing your future renewal fee
commitments, or you may simply allow your excess Home Ownership Plans to
lapse by reducing the number of renewal fee multiples in line with your
reduced financial requirements. Unfortunately the Association can
not provide refunds on lapsed or cancelled Home Ownership Projects.
Top
of Page
15: How much is a
renewal if I have multiple Home Ownership Plans?
Answer:
Members who need a Home Ownership amount larger than the amount of US
$120,000 (AU $190,000) may increase their potential total accessibility in
multiples of US $120,000 (AU $190,000). This means that the member
will need to contribute an extra membership of US $150 (AU $240) and
annual renewal fees when due, for each additional Home Ownership Plan.
Top
of Page
16: When am I eligible
for my Home Ownership Plan?
Answer:
The granting of the advances in on invitation only, there is no set
waiting period as this depends entirely on the availability of sourced
funds, and the rate of growth of your Association. You should help
the Association to help you and others in true cooperative spirit.
The Association will endeavor to reduce the waiting period by advertising,
promotion, productive investments, opportune fund sourcing.
Top
of Page
17: Is the interest
rate fixed for the entire term?
Answer: Our goal is to maintain interest rate for the Home Ownership
Plan fixed for the term of the advance directly from HEA. Possible
future drastic changes in prevailing market interest rate could, however,
affect the interest rate of Home Ownership Plans offered in the
future. Nevertheless, the Association guarantees to always maintain
the interest rates for members at significantly lower levels than the
prevailing market bank rates.
Top
of Page
18: How will my status
be assessed?
Answer:
You will receive regular assessment of your of your Home Ownership Plan
status. When the requisite qualification period has been fulfilled,
you will need to meet the following conditions before your Home Ownership
Plan can be finally approved:
- Proof of identity
- Provide adequate proof of your ability to repay the advance; (ie. rent
receipts).
- Comply with all current statutory regulations pertaining to the
advance ant the purpose of the advance (at the time of granting of the
advice), for your Country or State.
- Provide acceptable collateral and/or guarantors; (the property you are
purchasing is your collateral and you do not require anything
else). This means exactly what Home Equity Associates states in
its publications. "No deposit, or cash is required once a
financial member qualifies for their Home Ownership Plan".
Guarantor means that, "if the advance can not be secured by
collateral in property, then an alternate guarantee will be
required".
- Take out all necessary insurance's to cover all major risk factors.
- Your membership of the association must be current and financial, at
all times. and in compliance with its rules and regulations.
Top
of Page
19: How will my Home
Ownership Plan work?
Answer:
The Home Ownership Plan that you obtain through Home Equity Associates, will
work just like any normal financial arrangement in your Country or State.
Home Equity Associates, or a mortgagor appointed by HEA will hold the title
over property that you purchase and any advance would go to the vendor in
the contract for any property that you are purchasing on the day of
settlement, normally it would go to their solicitor (lawyer).
Any advance will comply with any relevant Act or Law in your State or
Country. All Home Ownership Plan Projects will be repaid in the
currency or your choice, so if you live in Canada for example, your advance
will be in Canadian dollars and you would repay it automatically through
your bank in Canadian dollars.
Top
of Page
20: Can I use my Home
Ownership Plan for other things?
Answer:
Yes, you can when invited, apply for a Home Equity Advance, which requires
that you have adequate equity in your home and are able to furnish this as
collateral. Approval will depend on the purpose of the funds and the
nature of the business or investment. The annual interest rate for a
Home Equity Advance is currently available from 3%. No funds
will be approved without security that is acceptable to any other lending
institution and the final decision rests with the Board. Qualification
requirement is that you be eligible for your Home Ownership Plan of US
$120,000 or Australian $190,000.
Top
of Page
21: When can I apply for
my Home Ownership Advance?
Answer:
Home Ownership Loan Applications will only be accepted from members who have
previously been formally advised that they are eligible, and invited to
apply on the basis that there are sufficient sourced funds available.
Any request for advances from members who have not been advised by HEA of
their eligibility, including e-mails, phone calls and faxes will not be
accepted or answered.
Home Ownership Plans are available up US $120,000 or AU $190,000.
Funds will be advanced in the local currency of the member's choice,
provided that the currency is stable and accepted by the Board.
Repayments will be then made in that currency.
Advances to non members of the Association will not be accepted in any
circumstances and Home Ownership Plans are distributed to members on first
come first served basis, from available sourced funds.
In-house credit checks will be conducted and will encompass such information
as, prompt payment of annual membership (arrears or lateness could affect
loan eligibility), prompt repayment of any existing loans, satisfactory
evidence of ability to repay, (ie. Rent), details of current retail credit,
evidence of previous loan repayments, satisfactory evidence of true market
value of security, secure arrangements for repayment, evidence of personal
stability to a level to repay the advance and positive identification of the
member. The final decision on all advances is made by the Board, to
protects other member's interests.
Top
of Page
22: How can HEA help
older/retired members?
Answer:
Home Equity Associates does not does not discriminate against the aged, or
any other section of the community. Your Home Ownership Plan can be
fixed at the term that you whish, up to thirty (30) years if that is your
requirements.
Remember, that your Home Ownership Plan is not only transferable, but
bequeathable, so not only are you and your family protected, but so is your
Association.
What this means, is that you can bequeath your property as well as the
mortgage in your Will, if the property is not required by your family, it
can be sold by the Association, or donated to the Association, for the use
as emergency or permanent housing for the needy.
Top
of Page
23: Can HEA help seniors
who don't want to retire?
Answer:
How many organisations offer our seniors a chance to own a freehold home of
their own, never to pay rent again, or perhaps a property investment
portfolio, that will provide a secure rental income far in excess of
pensions or social security benefits? HEA does not discriminate
against the elderly or any other section of the community.
Top
of Page
|
