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.


    Bookmark and Share

    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