Property Tutors defended in wake of FMA warning
Property Tutors – whose recent newspaper advert triggered a Financial Markets Authority (FMA) warning – has been defended by Gilligan Rowe & Associates (GRA) Matthew Gilligan.
Tuesday, November 1st 2011, 12:00AM
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."
Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz
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