Property promoters put on notice
Property promoters put on notice
Posted on Thursday, July 10 2014 at 12:09 PM
Anyone marketing investment property in Victoria has been warned to ‘play it straight’ with consumers about their legal rights.
Heidi
Victoria, the State’s Minister for Consumer Affairs, says her department is
working with regulators to examine the practices of property investment
promoters.
She says
nearly 20 investment property marketers have been contacted in relation to
compliance with Australian
Consumer Law.
“The Australian Consumer
Law provides cooling-off rights on contracts signed in certain
circumstances, and promoters must also ensure only true and accurate
information is given during seminar presentations.”
Victoria says when
potential investors attend a free seminar for information and advice they
shouldn’t be subject to a hard sell.
“Some
promoters are using high-pressure sales tactics at such seminars to push
training packages or educational services.”
The
Minister has urged potential buyers to be wary of those selling extraordinary financial
gains.
“If the claims
about the returns from the scheme sound too good to be true, they probably
are.”
Victoria says
consumers should be extra cautious when it comes to their retirement savings.
“Be
particularly wary of property investment promoters who advocate high-risk property
investment through self-managed super funds.”
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Property promoters put on notice
Property promoters put on notice
Posted on Thursday, July 10 2014 at 12:09 PM
Anyone marketing investment property in Victoria has been warned to ‘play it straight’ with consumers about their legal rights.
Heidi
Victoria, the State’s Minister for Consumer Affairs, says her department is
working with regulators to examine the practices of property investment
promoters.
She says
nearly 20 investment property marketers have been contacted in relation to
compliance with Australian
Consumer Law.
“The Australian Consumer
Law provides cooling-off rights on contracts signed in certain
circumstances, and promoters must also ensure only true and accurate
information is given during seminar presentations.”
Victoria says when
potential investors attend a free seminar for information and advice they
shouldn’t be subject to a hard sell.
“Some
promoters are using high-pressure sales tactics at such seminars to push
training packages or educational services.”
The
Minister has urged potential buyers to be wary of those selling extraordinary financial
gains.
“If the claims
about the returns from the scheme sound too good to be true, they probably
are.”
Victoria says
consumers should be extra cautious when it comes to their retirement savings.
“Be
particularly wary of property investment promoters who advocate high-risk property
investment through self-managed super funds.”
Follow us on Twitter.
Was this article helpful? Place a link to it from your website, or share it using the button below.
Recent articles:
Property promoters put on notice
Tourism towns given a boost
Holland Park tops suburb searches
Financial year produces property price rises
Interest rates stay on hold
Darwin market steadies
Leave a comment
Comments
Article source: http://feedproxy.google.com/~r/API_Property_News/~3/7vrMHwGRxOw/property-promoters-put-on-notice