Video warning about property spruikers

Video warning about property spruikers
Video warning about property spruikers

Consumer regulators across Australia are launching a national video campaign against spruikers, who run get-rich-quick seminars.

The national campaign, has been promoted by the likes of Consumer Protection WA.

Its director of property industries Stephen Meahger said spruikers must comply with Australian consumer law.

"We always are concerned in any spruiking when you see a big, glossy ad or a full page ad in the paper that says that it's a free seminar," Mr Meahger told the ABC.

WA spruikers often teach their students how to set up rent-to-buy housing deals, which offers people who do not have a home deposit the option of purchasing a home after paying above-market rent for a set period of time.

Miles Larbey from the Australian Securities and Investments Commission (ASIC) said unscrupulous operators had been put on notice.

"ASIC assesses every report of misconduct it receives about such operators and there are serious consequences for property spruikers who break the law by providing unlicensed financial or credit advice," he said.

"ASIC strongly supports the campaign warning investors about property spruikers."

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Housing Affordability Financial Scam

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