ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jul 2, 2017 12:59:49 GMT
Greetings fellow P2P Persons. (Oh, I am so Politically Correct  ) Whilst I am studiously winding down from RateSetter UK I do have funds with RS Oz and noted a few Threads about RS Oz so thought it might be worthwhile to start this Topic as The Main Thread for All Things RS Oz. If that hasn't already been done and assuming it is OK with you lot?  And I do have a question - Of the myriad various stuff written here about how RS UK "operates", how much is applicable to RS Oz do you think? |
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elliotn
Member of DD Central
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Post by elliotn on Jul 2, 2017 13:28:57 GMT
Was very interested and seemed they would accept an overseas referee whilst I'm out of UK but finally got invested in UK after selling out from RS UK without the exchange risk (which given current circumstances could see the buck strengthen further) - how have you found it, still c9% for consumer loans?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,003
Likes: 4,449
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Post by ozboy on Jul 2, 2017 15:56:11 GMT
Hi Elliott, sun as good there as it is here today? You might get your 9% if you invest for 5 years, but the 1 Month market at the mo is circa 4% which I am utilising whilst the 1 Year market hovers around only 4.5% or so. I only bang in for 1 Year when the rate is around 5.3-4%+ + After reading about various allegations of how RS UK may manipulate the UK Interest rates to the detriment of UK Investors I was wondering if RS Oz is up to the same (or worse!?) shenanigans? As I am fond of sometimes saying, Caveat Emptor Indeed!!! (I suppose that is LatinGlaise??!) |
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Post by p2plender on Jul 4, 2017 19:57:36 GMT
The problem I find is the repayment time. Because of the Aus banking system, some direct debit 'repayments' can take up to 3 days thus cash drag is certainly high. Rates are of course much better than UK. Do often wonder when Aus will join the world of cheap credit..
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,003
Likes: 4,449
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Post by ozboy on Jul 18, 2017 21:19:38 GMT
Are the current Ratesetter UK shenanigans indicative of what Ratesetter Oz may be up to? Guess I'll email 'em and ask! They couldn't possibly fib in their reply. Could they?  |
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Post by stevel on Jul 19, 2018 12:00:31 GMT
Wow! 9% on Ratesetter, I'd be up for that. But looks like you need an Australian bank account and looks like you can't open one (or at least withdraw any money from one) without living there. Any way round that?
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stua
New Member
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Post by stua on Aug 19, 2018 17:09:49 GMT
there are australian banks in london. surely you could open an account there?
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Post by wiseclerk on Aug 19, 2018 19:59:32 GMT
Wow! 9% on Ratesetter, I'd be up for that. But looks like you need an Australian bank account and looks like you can't open one (or at least withdraw any money from one) without living there. Any way round that? German investors are using the (free) Transferwise Borderless account for this which offers AUD. There are some quirks with the registration process as a foreign investor but they figured it out. You can even get $75 AUD signup bonus, if you follow the detailed instructions an investor posted here
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Post by p2plender on Aug 19, 2018 23:58:43 GMT
They'll need a TFN and Australian address.
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Post by wiseclerk on Aug 20, 2018 6:22:23 GMT
German investors managed without - you don't follow the web signup all the way (see description), at one point it continues through support
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Post by p2plender on Aug 20, 2018 6:31:22 GMT
Might be worth emailing the company. Not sure the Ozzies will want to see good rates pulled down by outside influence. Personal loan rates are very high in Australia compared to much of the rest of the world.
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Post by nycmw on Aug 20, 2018 17:40:56 GMT
People taking publicly about how to 'get around the rules' will of course end up with any loopholes being closed.
Thanks!
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Post by wiseclerk on Aug 23, 2018 6:28:08 GMT
I opened an account in the past days too.
Here is the detailed description how I did that as a non-resident
This is not about using 'loopholes', I told them straightforward that I am a German resident when I opened the account.
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tyrex
Posts: 78
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Post by tyrex on Aug 23, 2018 9:57:05 GMT
I don't see this as a loophole either, rather it is exposing the investor to an additional currency risk on top of all the usual P2P risk factors, of which there are plenty! That said, 9% does look interesting  |
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cb25
Posts: 3,452
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Post by cb25 on Aug 23, 2018 10:03:11 GMT
I opened an account in the past days too.
Here is the detailed description how I did that as a non-resident
This is not about using 'loopholes', I told them straightforward that I am a German resident when I opened the account.
Isn't it possible that currency fluctuations (e.g. Australian dollar vs Sterling) could more than wipe out the extra interest (9% RS Aus vs 6% RS UK) ?
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