The regulator has warned that mortgage fraud is becoming increasingly sophisticated... Wollongong real estate gaining attention from investors...
Sophisticated mortgage fraud on the rise, says ASIC
The Australian Securities and Investments Commission has warned that mortgage fraud is becoming increasingly sophisticated, according to an article in The Australian.
The regulator plans to launch an inquiry into pay and ownership structures of mortgage brokers and says false documents provided to lenders in many cases are of such quality that a lender would not be able to identify them.
ASIC has taken action against 97 individuals since it became the regulator of consumer credit in 2010, including permanent banning of 25 brokers and two former bank loan managers and another 20 brokers banned for fixed periods.
“This misconduct has been the most frequently investigated by ASIC under the national credit legislation,’’ ASIC said in a submission to the Senate Committee reviewing the performance of ASIC.
But the Mortgage and Finance Association of Australia has said the number of offences is far less than 1 per cent of the industry, whose members process around 440,000 loan applications every year.
Wollongong real estate gaining attention from investors
One of New South Wales’ major regional centres is beginning to attract an increasing amount of attention from investors, according to a leading Sydney buyers’ agency.
As it benefits from proximity to Sydney and its own amenities, the attractiveness of real estate in Wollongong and the wider Illawarra region is beginning to grow.
“Wollongong and the Illawarra in general have really started to come up on people’s radar recently. People seem to be looking there and seeing some better value for money,” Rich Harvey, managing director of Property Buyer, said.
“Sydney’s run recently has probably helped it, but Wollongong has its own separate economy as well, which is a definite positive. Wollongong University is a highly regarded uni and the education hub it’s establishing is a big drawcard,” Harvey said.
Also helping the region is that fact that it, like Newcastle, has started to throw off some of the stigma that has long been attached to it.
“With BHP having a big presence there it was a bit like Newcastle where people had this idea of it being a real industrial area, but it’s moved on from that now and people are beginning to see it as a much more attractive location,” Harvey said.
“You come of Bulli Pass and you’re hit by some pretty good views and Wollongong itself has a really picturesque harbour and some other great attractions. It’s the type of place where you can get a really affordable house and be only a five-minute walk from the beach.”
Such is the growing interest in the region, Harvey said his firm has recently hired a new buyers’ agent to focus solely on the region.
“We’ve bought in an expert who’s had years of experience on the ground down there and really knows the market, down to what streets to look at and which ones to avoid.
“Every person is different and has a different budget, but hopefully we’ll be able to help them achieve what they want to. If you’re looking to spend $650,000 then maybe you might want to consider a house in Wollongong, rather than an apartment in Marrickville.”
The Australian Securities and Investments Commission has warned that mortgage fraud is becoming increasingly sophisticated, according to an article in The Australian.
The regulator plans to launch an inquiry into pay and ownership structures of mortgage brokers and says false documents provided to lenders in many cases are of such quality that a lender would not be able to identify them.
ASIC has taken action against 97 individuals since it became the regulator of consumer credit in 2010, including permanent banning of 25 brokers and two former bank loan managers and another 20 brokers banned for fixed periods.
“This misconduct has been the most frequently investigated by ASIC under the national credit legislation,’’ ASIC said in a submission to the Senate Committee reviewing the performance of ASIC.
But the Mortgage and Finance Association of Australia has said the number of offences is far less than 1 per cent of the industry, whose members process around 440,000 loan applications every year.
In depth: BDM in the spotlight: Rebecca Parkin
Five years in the job with Vow Financial, this state manager used to own a HR/Training & Development consultancy business.
Five years in the job with Vow Financial, this state manager used to own a HR/Training & Development consultancy business.
Wollongong real estate gaining attention from investors
One of New South Wales’ major regional centres is beginning to attract an increasing amount of attention from investors, according to a leading Sydney buyers’ agency.
As it benefits from proximity to Sydney and its own amenities, the attractiveness of real estate in Wollongong and the wider Illawarra region is beginning to grow.
“Wollongong and the Illawarra in general have really started to come up on people’s radar recently. People seem to be looking there and seeing some better value for money,” Rich Harvey, managing director of Property Buyer, said.
“Sydney’s run recently has probably helped it, but Wollongong has its own separate economy as well, which is a definite positive. Wollongong University is a highly regarded uni and the education hub it’s establishing is a big drawcard,” Harvey said.
Also helping the region is that fact that it, like Newcastle, has started to throw off some of the stigma that has long been attached to it.
“With BHP having a big presence there it was a bit like Newcastle where people had this idea of it being a real industrial area, but it’s moved on from that now and people are beginning to see it as a much more attractive location,” Harvey said.
“You come of Bulli Pass and you’re hit by some pretty good views and Wollongong itself has a really picturesque harbour and some other great attractions. It’s the type of place where you can get a really affordable house and be only a five-minute walk from the beach.”
Such is the growing interest in the region, Harvey said his firm has recently hired a new buyers’ agent to focus solely on the region.
“We’ve bought in an expert who’s had years of experience on the ground down there and really knows the market, down to what streets to look at and which ones to avoid.
“Every person is different and has a different budget, but hopefully we’ll be able to help them achieve what they want to. If you’re looking to spend $650,000 then maybe you might want to consider a house in Wollongong, rather than an apartment in Marrickville.”
In depth: Loyalty: are your clients in the raving fans category?
The biggest source of leads for Top Brokers is often referrals and the more loyal your clients, the more they will refer you.
The biggest source of leads for Top Brokers is often referrals and the more loyal your clients, the more they will refer you.
