Property Tutors defended in wake of FMA warning

Tuesday 1 November 2011

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

By Benn Bathgate

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."

Commenting is closed

Property News

A tale of two cities prices

Asking prices in Auckland continue to decline while Wellington’s asking prices are still running hot, according to the latest Trade Me Property Price Index.

House Prices

Pushing up the national average price

The main centres used to drive New Zealand’s market but it was strong provincial markets that contributed to the national average asking price’s rise in July.

Commercial

Join the office space revolution

Flexible working spaces are more than just a fleeting trend and the launch of a new co-working serviced office franchise programme will open up the market to investors.

Mortgages

OCR cut could prompt housing market upturn

The Reserve Bank’s decision to slash the Official Cash Rate (OCR) by 0.5% to a historic low of 1.0% has shocked the financial community, but what could it mean for the housing market?

Site by PHP Developer