Businesses target NSW mortgage battlers
Predatory businesses are targeting home owners in western Sydney suffering from mortgage stress in an attempt to buy properties below market value, a federal minister said.
Consumer Affairs Minister and Assistant Treasurer Chris Bowen said several companies and businesses appeared to be relying on people undergoing mortgage stress for their business.
“These people advertised widely on the internet and also on telegraph poles around western Sydney encouraging people to sell them their homes,” Mr Bowen told reporters.
“Often it would appear this transaction takes place very quickly and is for a price below market value.”
He said he had referred the matter to the Australian Competition and Consumer Commission, which published on its website on Friday a new section providing information to assist homeowners undergoing mortgage stress or struggling to meet their repayments.
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Tags: Mortgage