Rent-to-buy schemes slammed by Consumer Action Law Centre
October 6, 2016
Schemes which encourage vulnerable people into rent-to-buy arrangements for homes have been heavily criticised in a new report prepared by the Consumer Action Legal Centre.
Fringe dwellings: The vendor finance and rent-to-buy housing black market, was released on 5 October 2016 and was launched by Prof. Allan Fels. It discusses the complex legal status of vendor finance and rent-to-buy schemes, the lack of protection for consumers and the lack of industry regulation compared to normal home purchases.
The report, funded by a grant from the Victorian Legal Services Board, can be downloaded from the Consumer Action Law Centre website.
See also media coverage of the report:
- Vulnerable Australian targeted by unscrupulous property vendors (SBS)
- Rent-to-buy: Melbourne man in legal fight after losing thousands in ‘unfavourable’ housing loan (ABC News)
- Aspiring homeowners lose tens of thousands to risky ‘no loan’ deals (Herald Sun – paywalled)