ASIC urged to rein in agents as tenants told to use super for rent

The corporate regulator has been urged to caution landlords and property managers against encouraging tenants to dip into their superannuation to cover rent.

Shadow assistant treasurer Stephen Jones wrote to the Australian Securities and Investments Commission this week raising concerns about "unqualified financial advice" being given by real estate agents to tenants who are struggling to pay. Tensions over unpaid rent are rising, with some property managers suggesting tenants chip in with their superannuation.The Age,

Mr Jones pointed to media reports of real estate agents advising tenants to use the federal government'sThe scheme, which starts this month, allows people suffering financial hardship due to the coronavirus outbreak to withdraw up to $20,000 from their super if they've lost 20 per cent or more of their work.

"Financial advice should only be provided from qualified advisers and financial counsellors, not their real estate agent," Mr Jones said in the letter. "We ask you to consider issuing a warning on this matter."

If SF retirees who are landlords need to dip into there savings so can tenants. Remember media “we are all in this together”. Media and public servants (doctors, nurses) are paid. Some of us are in this a little more than others.

Real estate agents are not getting in trouble because it’s wrong to advise tenants to take money out of super. They are getting in trouble because they don’t have a licence to offer financial advice.

'rogue real estate agent' - oxymoron?

Without private investors in Victoria's housing market, homeless people would be in their 10s of thousands. State government have done nothing to increase public housing rentals since the arrival of the labor government. Good old blue collar days are over.

What's wrong with that? The tenants owe the money. They have money in Super. So let them use it. After all it does belong to them and not the greedy banks and fund managers

‘Ken real estate agents..they are not acting for landlords but only for themselves to protect their rent commission

If the tenants don't have emergency fund for themselves, this is a way to get it through! Should ask landlords to take the losses? Come on, we are all ADULTS. Be responsible!

Who’s Ben?

ok, let's name them, so after we're through this shitstorm we know which businesses deserve to go under!

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Investigation underway as real estate agents raid tenants' super for rent | Sky News AustraliaAustralia's corporate regulator is investigating complaints real estate agents are illegally advising tenants to raid their super funds to make payments on their rent.\n\nThe 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.\n\nHowever, 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. \n\nThe government also announced a special moratorium on evictions for six months.\n\nLabor 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.\n\nImage: News Corp Australia Typical corrupt Liberal real estate agents 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 Real estate agents are parasites. Take a lot of money for doing very little.
Source: SkyNewsAust - 🏆 7. / 78 Read more »

Government stresses importance of paying rent despite eviction moratoriumAs the national cabinet prepares to discuss the coronavirus pandemic's impact on housing, a senior minister has called for balance between tenants and owners. How does a business pay rent if they have been told to close and their income has gone to zero ? Well, that’s the message a lot of tenants received and they’re doing it en masse. Lol
Source: SBSNews - 🏆 3. / 89 Read more »