Property investment promoters in
Minister for Consumer Affairs
Consumer Affairs Victoria has contacted nearly 20 property investment promoters in
When potential investors attend a free seminar for information and advice, they should not 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 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.
Ms Victoria said consumers can take steps to protect themselves from high-risk property investments.
If the claims about the returns from the scheme sound too good to be true, they probably are, Ms Victoria said.
Ms Victoria urged consumers to seek independent financial and legal advice before investing in property.
Be particularly wary of property investment promoters who advocate high-risk property investment through self-managed super funds.
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