Consumer Alert

Why auction theory won two American economists a Nobel Memorial Prize

Posted on October 19, 2020 by | 0 Comments
Why auction theory won two American economists a Nobel Memorial Prize. Think of what happens when you bid for a house at an auction. As a bidder you’re going to behave strategically, based on the available information, in competition with other bidders. You’ll take into consideration what you know about the house, but also what you believe other people know about the house. But what’s the best format for an auction? If you had to...

Continue Reading »

What Is Domestic Financial Abuse?

Posted on October 14, 2020 by | 0 Comments
Financial abuse happens when someone is controlling with money and assets. It’s a serious problem that can happen to anyone at any age, regardless of your wealth, ethnic background, gender, age or ability. It can manifest as economic control – like a carer denying a person access to their money, or a spouse making financial decisions for their partner without consulting them. Or it can be through financial exploitation, such as an independent adult child...

Continue Reading »

Young UK Homeowners Specifically Targeted By Fraudsters – Lesson for Aussies?

Posted on September 30, 2019 by | 0 Comments
First-time buyers and younger homeowners are at increasingly high risk of cyber crime. According to Experian, the number of financial applications made by third party fraudsters between January and June was 14% higher when compared with the same time in 2018. Third party fraud occurs when sensitive information is stolen from a person and used without their knowledge and against their wishes. This type of fraud is prominent online with cyber criminals using social engineering...

Continue Reading »

Referral Fees – Transparency Could Result In The Demise Of Both Agents And Conveyancers

Posted on September 30, 2019 by | 0 Comments
Over six months ago the National Trading Standards Estate Agency Team revealed new industry guidance to make referral fees more transparent to consumers.[ Failure to disclose referral arrangements may render an estate agent liable for criminal prosecution under the CPRs and/or action by NTSEAT for warning or prohibition under the Estate Agents Act 1979. The government wants referral fees to be transparent and would consider banning the fees if this could not be achieved by...

Continue Reading »

Little hope governments will foot cladding bill

Posted on March 6, 2019 by | 0 Comments
The failure by governments to warn industry about the risks of combustible cladding, even though they knew the widely-used material was combustible would do little to make them pay for cladding rectification, the country’s peak industry body for strata managers said on Tuesday. Revelations this week that state and territory building regulators discussed concerns about aluminium composite panels raised by fire authorities and did not pass on any indication to their industries that the materials...

Continue Reading »

Apartment tower residents awarded millions in damages after cladding fire

Posted on March 5, 2019 by | 0 Comments
Apartment owners at the Lacrosse building in Melbourne’s Docklands have been awarded millions of dollars in damages following a fire in 2014 that was fuelled by combustible cladding. The fire, ignited by a cigarette left on a balcony, led to Lacrosse’s owners seeking millions in damages during a month-long Victorian Civil and Administrative Tribunal case against the tower’s builder, LU Simon, which ended in October. While nobody died in the blaze, the tower fire sent...

Continue Reading »

Standard posting

Posted on November 2, 2016 by | 0 Comments
Australia’s big four banks have quietly destroyed all paper land titles they hold for 1.6 million Victorian mortgagees, forcing property owners to use a bank-owned electronic transaction system. Any future sales of properties whose titles are held by the bank will need to be transacted, at least in part, electronically. The mass destruction of paper titles and their replacement with electronic certificates has been questioned by property lawyers who fear it will compromise security and effectively...

Continue Reading »

Gold Coast agents giving out money, food and coffee to attract sellers and buyers

Posted on October 17, 2016 by | 0 Comments
COMPETITION in the cut-throat real estate market is so intense one Gold Coast agent is giving out $1000 incentives for referrals. Andre Sharples, of Professionals John Henderson Real Estate, has given away $10,000 this year — and hopes to give out more. “It gets me business as I’ve got people out there promoting me to get their $1000,” Mr Sharples said. “Listings are very tight and it’s another way to promote yourself. “It doesn’t affect...

Continue Reading »

Verification of Identity – Why It Matters

Posted on August 22, 2016 by | 0 Comments
A woman whose house and identity was stolen by overseas scammers has been forced to sue the government to retrieve her money. International fraudsters, who are still at large, pocketed $430,000 when they sold the four-bedroom Canberra house in 2014 in a sophisticated scam spanning several months and countries, including South Africa, Australia and Indonesia. Fresh details of the crime were aired in the ACT Supreme Court last week, as court documents reveal the thieves...

Continue Reading »

Changes to Victorian residential building legislation

Posted on July 12, 2016 by | 0 Comments
The Building Legislation Amendment (Consumer Protection) Act 2016(the Act) which was passed by the Victorian Government on 19 April 2016 imposes sweeping reforms in respect to a number of significant areas affecting residential construction in Victoria. By reason of a Proclamation published in the Victoria Government Gazette No. S 194 dated 21 June 2016, certain sections of the Act are to commence and ‘become live’ on 4 July this year. While the purpose of the...

Continue Reading »