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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Bully Boy Bankers and Developers target unit holders to enforce Sale of Homes. Hang on to your Titles!!!

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New rules could force Sydney unit owners to sell
22 December 2015
 

In NSW, your title to an apartment or terrace may not be quite as secure as you thought.

Until now, developers were required to buy out all owners before being able to terminate a strata scheme and redevelop a building. But under new legislation, developers will only need to acquire 75% of units in a building before the remaining owners can be forced to sell.

The new rules have the potential to affect over two million people in Sydney in 75,000 strata and community schemes. In Victoria and Western Australia, similar proposals are being considered by state governments.

The amendments to the Strata Titles Act have been welcomed by developers who argue thousands of ageing buildings in Sydney are run down and should be replaced.

Chris Johnson, Chief Executive of Urban Taskforce says “In NSW, there are lots of 50 year old apartment buildings that have reached their use by date.

“The legislation provides a number of safeguards including that applicants need to go to the environment court to get approval and ensure fair values and distributions are paid to members of the body corporate. This will make for a more level playing field, preventing owners playing off against each other and receiving different prices.

But Amelia Christie of the Combined Pensioners and Superannuants Association says their organisation has fielded numerous calls from concerned owners.

“People have bought their units on the understanding they have security of tenure and this law takes that way from them retrospectively,” she says.

“We have been inundated with calls from elderly residents afraid they will be forced to move out of their homes and won’t be able to buy back into the area or be able to afford to refit a new apartment with the mobility aids they require.”

Property smart: Strata title and company title, what’s the difference?

Johnson says the development of regulations and changes to local planning schemes will be needed before the market is likely to see any impact.

“The soon to be announced Greater Sydney Commission will look at the entire metropolitan area in six districts, each with a commissioner looking at what to do in relation to the overall planning strategy. District plans will lead to environment plans requiring fundamental work over the next year.”

Johnson is confident that the legislative changes along with the different approach to planning will produce better housing options for a growing city.

“What I would hope is that with the right planning instruments we will see an opening up of the urban renewal process and the replacement of older and substandard buildings. They will need to be accompanied with floor space incentives for the size of lot so we see the old three level walk up replaced by four or five level buildings.

Know the difference: Strata manager vs property manager

 

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