A recent Article in the Australian Financial Review entitled , “ASIC goes undercover to expose property spruikers”, shows that a crackdown in the practices of these Property Investment spruikers is imminent.
The article goes on to say , “Australian Securities and Investments Commission” investigators pretending to be investors will pursue property spruikers..” The question we then need to ask is ‘Why is ASIC investigating property spruikers ?’. It is obvious that the reasons for this include poor advice from the property investment groups, and conflicts of interest over commissions with Mortgage Brokers, Financial Advisers and Accountants, some of whom may be on the gravy train.
We are aware that many of these Property Spruiker groups are convincing people to buy under performing Investment Properties in Queensland and other areas. The major cause of this type of incorrect selection of Investment Properties is the poor advice offered in Property Spruiker seminars. If you are looking to buy an Investment Property it is absolutely essential that you obtain independent advice from an Accountant or Mortgage Broker who is not linked in any way to the property group. If you talk to someone who is getting a Commission kickback, or who works for the property group, you are not getting independent advice.
This is the link to the AFR article,
Would you like assistance with your next property purchase ? Phone 1300 541 777 Australia wide.