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Fair warning on scheme

BE WARY of claims made about a cheap home loan scheme promoted by Home Equity Associates.

This is the latest warning issued by the Ministry of Fair Trading.

According to the Ministry, the scheme’s promoter presents it as an organisation committed to helping low income earners,

discharged bankrupts, retirees, pensioners, single parent families and the elderly.

In July 1999, Victoria’s Office of Fair Trading reported the success of the scheme was dependent upon other members joining.

Existing members were urged to encourage other to participate.

The Victorian Office of Fair Trading warned the nature of the scheme was fraught with risks.

Fair Trading Commissioner Patrick Walker said he was particularly concerned about a statement in the company’s literature that implied his Ministry had approved the scheme in some way.

“The Ministry of Fair Trading has not approved the scheme or the organisation,” Mr Walker said.

“To state or imply Ministry approval or endorsement is an offence under the Fair Trading Act.”

While no charges have been laid the matter is now being investigated.

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