Australia’s consumer protection laws should be strengthened to avoid disastrous decisions when buying a property... CANSTAR reveals Customer Owned Bank of the Year...
"Lemon laws" should be extended to property purchases
Australia’s consumer protection laws should be strengthened to help prevent people from making potentially disastrous decisions when buying a property.
While those who buy a car, household appliance or any other number of other everyday items are afforded some sort of protection if their purchase turns out to be faulty, the vast majority of Australia has no similar system in place for those who purchase a defective property.
Trish Mackie-Smith, general manager of building and pest inspection firm BuildingPro, believes the current situation across much of Australia needs to be changed with more protection for buyers.
“We have lemon laws for all other products and services, except for houses,” Mackie-Smith told MPA's sister site Your Investment Property.
“There’s no consumer protection for buyers if they buy a defective property. They have no comeback, no recourse against a seller if they’ve sold them a property that has structural defects and I believe that’s wrong,” she said.
(Your Investment Property)
CANSTAR reveals Customer Owned Bank of the Year
Bank Australia has been selected as CANSTAR Customer Owned Bank of the Year.
CANSTAR evaluated the product offerings of over 50 customer owned banks in Australia, determining that Bank Australia’s products offered the best overall value to consumers.
CANSTAR particularly highlighted Bank Australia’s residential home loan product as offering 'outstanding value' compared to other products in the market.
CANSTAR group manager research, Mitchell Watson says, “Bank Australia has showed outstanding value overall across the product areas that we consider within our star ratings, particularly within residential home loans. Bank Australia not only offers outstanding value products within the lending space, but also offers its customers value for money when it comes to its savings and transaction accounts.
"Overall CANSTAR researched 266 deposit accounts, 1,211 home loans, 63 credit cards and 200 personal loans, so Bank Australia's achievement is both significant and well-deserved.”
Australia’s consumer protection laws should be strengthened to help prevent people from making potentially disastrous decisions when buying a property.
While those who buy a car, household appliance or any other number of other everyday items are afforded some sort of protection if their purchase turns out to be faulty, the vast majority of Australia has no similar system in place for those who purchase a defective property.
Trish Mackie-Smith, general manager of building and pest inspection firm BuildingPro, believes the current situation across much of Australia needs to be changed with more protection for buyers.
“We have lemon laws for all other products and services, except for houses,” Mackie-Smith told MPA's sister site Your Investment Property.
“There’s no consumer protection for buyers if they buy a defective property. They have no comeback, no recourse against a seller if they’ve sold them a property that has structural defects and I believe that’s wrong,” she said.
(Your Investment Property)
CANSTAR reveals Customer Owned Bank of the Year
Bank Australia has been selected as CANSTAR Customer Owned Bank of the Year.
CANSTAR evaluated the product offerings of over 50 customer owned banks in Australia, determining that Bank Australia’s products offered the best overall value to consumers.
CANSTAR particularly highlighted Bank Australia’s residential home loan product as offering 'outstanding value' compared to other products in the market.
CANSTAR group manager research, Mitchell Watson says, “Bank Australia has showed outstanding value overall across the product areas that we consider within our star ratings, particularly within residential home loans. Bank Australia not only offers outstanding value products within the lending space, but also offers its customers value for money when it comes to its savings and transaction accounts.
"Overall CANSTAR researched 266 deposit accounts, 1,211 home loans, 63 credit cards and 200 personal loans, so Bank Australia's achievement is both significant and well-deserved.”
