Their advertising material suggests they are targeting the most vulnerable in our community – people struggling to keep their head above water; people behind in their mortgage repayments, people who have lost their jobs, people who have fallen ill and people getting divorced.
I want to make sure that people selling properties to these companies are getting a fair deal – and not being ripped off.”
“That’s why I have asked the new Federal Minister for Competition Policy and Consumer Affairs, Chris Bowen, to look into these practices and advise me if we need to better regulate this industry,” Mr Clare said.
“We have enough problems in our local area without this. Blaxland is the mortgage stress capital of Australia and more homes are repossessed in my electorate than anywhere else in the country.
My advice is be very careful, and go in with your eyes wide open. Get an independent valuation of your property.
I am also concerned that they are offering $1,000 incentives for tip offs, if you refer them to a property they subsequently buy.”
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