Court to rule on whether investors can buy a house
The Australian Competition and Consumer Commission has started legal action against property company We Buy Houses and its owner Rick Otton. The ACCC alleges Otton has broken Australian consumer protections laws by telling investors they can purchase homes for $1 without new loans.
Mr Otton said investors can take over the properties and loan repayments of struggling borrowers for $1. The ACCC said Mr Otton is targeting vulnerable consumers.
Source: The Adviser