Property Management

Property Tutors defended in wake of FMA warning

Property Tutors – whose recent newspaper advert triggered a Financial Markets Authority (FMA) warning – has been defended by Gilligan Rowe & Associates (GRA) Matthew Gilligan.

Tuesday, November 01st 2011

The seminar advert promised Property Tutors would reveal "systems" to enable people with no income to obtain finance to purchase an investment property.

GRA is listed on the Property Tutors website among its key service providers, and while Property Tutors owner Sean Wood failed to respond to Landlords inquiries, Gilligan said the FMA reaction was due to a mis-understanding about the wording of the advert and the meaning of 'no income.'

"To my knowledge they have two types of people; people with lots of assets but no income, and people with lots of income and no assets," Gilligan said.

"You know bank lenders will only lend to people if you tick both boxes. The FMA, from what I understand, what they've done is assumed that they're dealing with beneficiary type people - no income equals beneficiary - it's just horseshit.

"We wouldn't associate with them if we saw them doing dodgy things."

Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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