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Brokers called on to help raise standard of property investment advice

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Australian Broker | 22 Jan 2013, 08:00 AM Agree 0
Property Investment Professionals of Australia is calling on mortgage brokers to help raise the level of professionalism in property investment advising - and the MFAA agrees
  • Peter Fast | 22 Jan 2013, 10:01 AM Agree 0
    A good start would be requiring industry participants refraining from making "factual" statements that houses have doubled in value since 1066 unless of course they offer a comparison with a house of today (with its electronic gadgets) with a wattle and daub house with only one entrance and no windows like those around in 1066.
  • Papery | 22 Jan 2013, 10:17 AM Agree 0
    Couldnt agree more! Govt should now leave NCCP alone & spend a good deal of its energy here where the ripp off potential of naive consumers is so pronounced, the conflits of interest & non disclosure so open to abuse, the forecasting so rubbery it bounces & it really doesnt matter how ethical the marketeers claim to be.
  • Country Broker | 22 Jan 2013, 10:27 AM Agree 0
    Thios is a good start , to stop this related parties suitation, I am not an investment advised or estate agent and never will be , what I have is trusted referral sources which work both ways .
    What I am and always will be is a mortgage broker who has a licence and will work within that licence. I have trusted professional people who to me and take referrals from me, including an investment adviser and accounting group who are in the same building, all independantly owned and controlled. This way I have no concerns and sleep very well!!
  • Sreve McClure | 22 Jan 2013, 10:41 AM Agree 0
    It's a great idea and particularly relevant at a time when SMSF property borrowings are being heavily promoted.
  • Nic Harrigan | 22 Jan 2013, 12:29 PM Agree 0
    The Property Research Institute of Australia will be launching their new independant property research reports by March in an effort to give consumers unbiased advice prior to proceeding with an investment property purchase.

    It appears there are way too many companies and individuals selling their clients over-inflated properties, and in many instances this reflects poorly on the broker who referred the client.

    Lets hope the Property Research Institute of Australia will expose those that shouldn't be selling properties in the first place.
  • Chris C | 22 Jan 2013, 01:07 PM Agree 0
    Sounds great - if it will work in a perfect world but the cynical side of me sees that Mortgage brokers will have to obtain investment qualifications to give that advice (just like financial planners are now having to gain credit qualifications), our PI and costs of doing business go up and it gives the investor another avenue they can blame and sue for their own bad investment choices.
  • iMac | 22 Jan 2013, 01:28 PM Agree 0
    There are powerful forces at work that maybe don't want Investment Property (IP)to be regulated. Think of ALL the EXTRA COMPLIANCE for a Mortgage Broker or Real Estate Agent, who just want to sell an investment property, that the Bank valuer says is reasonable value.
    As soon as IP is regulated, you watch all the Fin Planners suddenly get on the band wagon.
    And Ah guys, remember the banks valuation ? That indicates to buyers if the Investment Property (IP)in reasonable value. If its reasonable value why should we not recommend it.
    It seems making an honest profit is a criminal offense the way some of you carry on.
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