Australia's corporate regulator is investigating complaints real estate agents are illegally advising tenants to raid their super funds to make payments on their rent. The government announced new rules allowing Australians facing financial hardship to access their superannuation up to $10,000 this financial year and a further $10,000 next financial year.
However, there are claims real estate agents urged tenants to use the funds to pay rent despite the fact it is illegal for real estate agents to offer financial advice. The government also announced a special moratorium on evictions for six months. Labor was critical of the superannuation scheme arguing it would wipe hundreds of thousands of dollars off the value off super funds in the coming decades.
We international students need to have access to our SUPER. We’re losing our jobs as well! Our bills won’t stop! covid19australia coronavirusaus Coronavirustruth
Because a) real estate agents arent licenced financial planners so can't tell you the pros and cons of such a decision and B) conflict or interest for the agent ie raid your super so I get paid
Why is it illegal?
Real estate agents are parasites. Take a lot of money for doing very little.
geoffrey_payne I got one of those letters. Who’s going to stop them? It’ll be like the Banking Royal Commission: they’ll basically investigate themselves, get a slap on the wrist and go right back to their rent-raising campaigns to force tenants to leave “voluntarily” instead of being evicted
Typical corrupt Liberal real estate agents