Property Management

Property Tutors no income property investment adverts criticised by FMA

The Financial Markets Authority (FMA) is warning potential property investors with no income – currently being targeted by newspaper adverts from Property Tutors Ltd – to seek legal and financial advice.

Friday, October 28th 2011

The Property Tutors advert invites potential investors' to a seminar where they will be told the "systems" to buy property "even if you do not have an income."

"We will be giving you insight into the lending tools, which give us the ability to buy property under the hammer at auction, even if you have no or minimal income," the advert says.

Landlords is aware the advert has also been drawn to the FMA's attention over concerns Property Tutors' Sean Wood and Steve Goodey are referred to as Registered Financial Advisers (RFAs).

An email seen by Landlords, sent by a senior investment professional, said, "I question whether such presenters, being Registered Financial Advisers, even while presumably presenting at a 'class' level, can ever be said to be meeting the skill, care and diligence requirements of the Financial Advisers Act in promoting such a product/service to people with no income."

FMA chief executive Sean Hughes said investors need to be fully aware of the costs of property ownership and debt servicing, market fluctuations and the risk of losing assets used as security.

He said anyone considering taking on debt for investment purposes should obtain independent legal and financial advice from a registered or authorised financial adviser.

Most Read

Unity First Home Buyer special 4.29
SBS FirstHome Combo 4.29
Co-operative Bank - First Home Special 4.85
China Construction Bank 4.85
ICBC 4.85
TSB Special 4.89
Kiwibank Special 4.89
ASB Bank 4.89
SBS Bank Special 4.89
Westpac Special 4.89
BNZ - Std 4.89
Nelson Building Society 4.93
ICBC 4.95
SBS Bank Special 4.95
China Construction Bank 4.95
Wairarapa Building Society 4.95
TSB Special 4.95
ANZ Special 4.95
ASB Bank 4.95
Kainga Ora 4.95
Westpac Special 4.95
AIA - Go Home Loans 4.95
SBS Bank Special 5.39
Westpac Special 5.39
ICBC 5.39
Co-operative Bank - Owner Occ 5.59
BNZ - Std 5.59
BNZ - Classic 5.59
AIA - Go Home Loans 5.59
ASB Bank 5.59
Kainga Ora 5.69
Kiwibank Special 5.79
ANZ 5.79
SBS Construction lending for FHB 3.94
AIA - Back My Build 4.44
CFML 321 Loans 4.99
Co-operative Bank - Owner Occ 5.95
Co-operative Bank - Standard 5.95
Heartland Bank - Online 5.99
Pepper Money Prime 6.29
Kiwibank - Offset 6.35
Kiwibank 6.35
TSB Special 6.39
Kainga Ora 6.44

More Stories

Four decades of 6-7% yearly house price growth ending

Friday, March 21st 2025

Four decades of 6-7% yearly house price growth ending

New Zealander’s reliance on property capital gains in the mid-single digits is at an end.

[TMM Podcast] Yelsa serves up “marine reserve” of property buyers

Friday, January 31st 2025

[TMM Podcast] Yelsa serves up “marine reserve” of property buyers

It’s been years in the making and former real estate agent Mike Harvey is now coming to market with his platform matching buyers and sellers, an offering he says will be a gamechanger for the industry.

Leaving last year's stumbling housing market behind

Friday, January 17th 2025

Leaving last year's stumbling housing market behind

As interest rates ease and job losses climb, New Zealand’s housing market faces a mixed year of modest growth, with conflicting forces shaping the outlook for homebuyers and investors.

Don’t bet on house prices rising faster than incomes

Wednesday, January 15th 2025

Don’t bet on house prices rising faster than incomes

Former Reserve Bank Governor and National Party leader Don Brash says there are grounds for believing that house prices may finally have ended the three-decade period when they rose significantly faster than incomes.