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Six warning bells against property spruikers

Noel Whittaker |  19 August 2019  |  Investing

Despite years of bad publicity — and some successful prosecutions — the property spruiking industry is alive and well. This week, I was contacted by a couple in their mid-50s who had completed a survey which asked them to tick the box most relevant to their financial challenges. They chose superannuation.

Within two days they had received a phone call from a person who claimed to know all about superannuation, and who made an appointment to see them at their home. They received the usual spiel: how superannuation is no good because they keep changing the rules, the share market is a mug’s game, and the only way to provide for the future is to buy a brand-new property, which of course would be built by the spruiker's company. The sales patter was so good that they signed up on the spot.

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