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It has been announced that the central bank of Australia has cut base rates in the country by one full percentage point overnight to try and avert a banking crisis in Australia. While this move...
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Sunday 25th May 2008
In a move which many in the market believe is long overdue, the Office of Fair Trading (OFT) has announced plans to investigate the Sale and Lease Back sector with observers concerned that we have a real consumer scandal in the making. In affect these are the companies that will buy your house from you at a discount to the market price and lease back to you for an agreed period. After that period is up they are free to sell the property in the open market.
While again it would be wrong to question each and every company in the sector, there have been a number of incident s where homeowners, often short of capital, have been encouraged to sign up to deals which they did not fully understand. Often under pressure from short term financial problems it seems that more and more people are not looking at the bigger picture. The vast majority do not seem to realise that they could be homeless when their lease runs out.
It will be interesting to see what conclusions the OFT draw from their investigation but there are many who have grave concerns about the results. |
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