A Priest Encourages Congregation to Buy Property in His Suburb and Now They Struggle to Pay Mortgage

Frankensnore on 04/01/2024 - 19:08
Last edited 04/01/2024 - 22:37

Asking for a friend:

A priest (of a church) influences his congregation to buy a property where he has bought. Possibly for his own benefit. This was before the inflation. Now everyone who follows his advice struggle to pay the mortgage.

My question is, isn’t it a crime to offer financial advice that benefit themselves in public forum?

Some of the words was: Buy in this suburb, it is surely will go up, if you want to live in Australia, buy land, not apartment! Where else otherwise are you gonna buy?

From this advice, many sold their own homes and move to this suburb. However price didn’t rise as predicted and interest rates keep rising.

For privacy reasons, please don’t ask me which suburb or church or priest is this. I will ignore. Thanks.

Financial

Comments

  • roguescholar on 04/01/2024 - 19:49
    +5

    Why yes, I'd like more of this refreshing Kool-aid.

  • elgrande on 04/01/2024 - 20:01

    Let me guess, they sold up in Windsor…

  • Almost Banned on 04/01/2024 - 20:02
    +2

    I am curious to know what location in NSW has not increased in value since "before the inflation"?

    • star-ggg on 04/01/2024 - 22:25

      Maybe the priest was selling OTP packages

    • markathome on 04/01/2024 - 23:01
      +1

      I'm curious too. I follow property pretty closely, admittedly in WA, and it's just a constant state of dismay for buyers. House prices are one of several things that upset me today.

      • Ghost47 on 05/01/2024 - 18:49

        Saw that Perth prices are going up thanks to investors from the other side of the country. Now you know how people in Vic and NSW have been feeling.

        • markathome on 05/01/2024 - 19:22
          +1

          Someone suggested travelling and I think that's good plan. The market can eat itself.

  • mrkorrupt on 04/01/2024 - 20:10
    +1

    lol is this around Bankstown or Merrylands?

  • AndyC1 on 04/01/2024 - 20:14
    +1

    Any more info?

  • monky on 04/01/2024 - 20:15

    lmao

  • Protractor on 04/01/2024 - 20:17
    -1

    Is this saga related to a post last year about a noisy religious neighbour with the street parked out?

  • Jugganautx on 04/01/2024 - 20:22

    Hope not ever to see Heaven. I have come to lead you to the
    other shore; into eternal darkness; into fire and into ice.”
    ― Dante Alighieri, Inferno

  • Dollar General on 04/01/2024 - 20:25
    +3

    A priest, property developer & real estate agent walk into a pub…….

    • Hydralyte on 04/01/2024 - 21:51
      +4

      Sounds like the Coptic Christian, Greek, Assyrian, and Lebanese church.

      Never seen so many crook things go on than in those 4 churches in particular.

  • ihbh on 04/01/2024 - 20:25
    +2

    Some of the words was: Buy in this suburb, it is surely will go up

    Is this the priest's broken English, or yours in paraphrasing?

  • GordonD on 04/01/2024 - 20:29

    A link to the story, somewhere, anywhere, or it didn't happen.

    • timhn on 05/01/2024 - 05:46
      +1

      And we need a MS Paint pic showing those properties having mortgage stress.

  • ihbh on 04/01/2024 - 20:35
    +5

    My question is, isn’t it a crime to offer financial advice that benefit themselves in public forum?

    The only crime is if you listen to the wrong person and then start blaming them for your stupidity and not taking any responsibility.

    The garbo in my old suburb used to give real estate advice too. My whole street sold our homes and moved to his suburb and lo and behold, … price didn’t rise as predicted and interest rates keep rising. Prices increased more than expected. The garbo has now retired early, as have the rest of his disciples.

    • Noob Noob on 04/01/2024 - 21:46
      +3

      My thoughts exactly.

      Doesn't matter if it's a Priest, Garbo, President, Uncle, or Late-Night TV Host who has some 'hot tips' on property investment, the bottom line is that it's our own choice to act on that advice.

      If someone blackmails you into buying property, well that's on them.

      But if you simply trust advice without doing your own due diligence, well that's on you.

    • Never Pay RRP on 05/01/2024 - 15:54
      +2

      Praise be to Garbo?

      • gyrex on 06/01/2024 - 10:35

        At least the garbo performs a service which has a meaningful and tangible benefit to the community and I've never come across any garbo pedo rings or garbo terrorist groups before so based on that logic, you'd be crazy to praise a church/priest/mullah over your friendly garbo.

  • Cave Fire on 04/01/2024 - 21:17
    +2

    I believe the saying is "the silver tongued pastor". "In his suburb" could actually mean "buy from my real estate friend". Even mortgages had large commissions for referrals. Am reminded of Priests near Auckland, NZ and Mega churches. They ask for tithes aggressively and some had million dollar homes bought with church money. Would expect that has mostly been cleaned up now.

  • brendanm on 04/01/2024 - 21:28
    +3

    Yet again, play stupid games, win stupid prizes.

    • MS Paint on 04/01/2024 - 21:36
      +4

      Ironically, this free book has just been listed on Amazon in the deals section…

      Critical Thinking, Logic & Problem Solving: The Complete Guide to Superior Thinking, Systematic Problem Solving, Making Outstanding Decisions, and Uncover Logical Fallacies Like a Pro

      I'll send op the direct link to pass on to his "friends".

      • gyrex on 06/01/2024 - 10:40

        The added benefit of that book is once he's finished reading it, digesting it and putting the critical thinking to use; he'll have released himself of his religious burdens and will no longer be a member of the malevolent cult he once used to follow.

  • FocusRider on 04/01/2024 - 21:32

    Sucks to be you

  • SBOB on 04/01/2024 - 21:41

    priest (of a church) influences his congregation

    It's like the priest and his congregation are taking ideas from the seven sins as a list to try and tick off..

  • Hydralyte on 04/01/2024 - 21:50
    +6

    For privacy reasons, please don’t ask me which suburb or church or priest is this. I will ignore. Thanks.

    For my own mental health, I will not respond to your stupid post.

  • ttt888 on 04/01/2024 - 22:04
    +1

    Lol nonsense.
    Blame the priest becos rate rises.
    Thank the priest since property price did not go up.

  • bmerigan on 04/01/2024 - 22:06
    +1

    There's a saying about a fool and their money…

  • May4th on 04/01/2024 - 22:08
    +1

    if you are silly enough to take investment advice from a priest then you deserve whatever consequences fall your way

  • Benoffie on 04/01/2024 - 22:09

    Assuming it's not horseshit…

    First, priests dont own property. If you're not going to name the church then at least get the terminology right. Im going to go with Minister or Pastor here.

    Second, this isnt uncommon in several religions, even in Australia. Many even expect donations in the form of payroll sacrificing.

    Lastly, if it was financial advice, and at the moment all you have is heresay, then you speak to ASIC

    https://asic.gov.au/regulatory-resources/financial-services/…

    • mskeggs on 04/01/2024 - 22:32
      +12

      Just so the OP doesn’t get mixed up, from the link above:
      “Professional standards apply to financial advisers who provide personal advice on relevant financial products to retail clients.”

      Real estate is not a relevant product (it is excluded) and it doesn’t sound like the advice was personal. If the priest was a registered financial advisor, and the advice was substandard, they could possibly have a complaint lodged.
      If they were presenting personalised professional financial advice without a licence, they could possibly be breaking licensing regulations.

      Since it seems they weren’t being paid for the advice, did not provide personalised advice, and advised an excluded category being real estate, from a regulatory standpoint I don’t think they did anything wrong at all.

      • Frankensnore on 04/01/2024 - 22:36
        +2

        Very fair point

        • mskeggs on 04/01/2024 - 22:51
          +2

          Of course, that doesn’t make it right for a priest to offer such advice!

      • Brianqpr on 05/01/2024 - 13:51
        +1

        Have had this tested at AFCA, real estate is not a financial product so even for investment it isn't in AFCA's scope. The exception to this is when it is in super as part of a SMSF (which is a financial product) strategy. I had one complainant try to have personally owned investment properties included in a complaint and AFCA excluded those properties from its review of the complaint.

        I have always thought its a bit unfair that real estate agents can talk up how brilliant a property is for investment with no comeback if it goes wrong, whereas a financial adviser has to jump thru all sorts of hoops and provide endless disclosure to recommend investing even $20k.

      • binti33 on 12/01/2024 - 14:25

        Just to clarify, it doesn’t have to be so “personalised” to be personal advice. Him saying “for Christians (a group to which the people receiving advice belong to) it is a good idea to purchase in this area” that is sufficient as he has taken into account their faith. But as you mentioned, property advice is not financial advice.

    • thesilverstarman on 05/01/2024 - 09:35
      +1

      Priests can and do own property, unless they are in orders that have vows of poverty.

  • gromit on 04/01/2024 - 22:13
    +1

    seriously, anyone dumb enough to take financial advise from a priest is begging to lose everything.

    • Never Pay RRP on 05/01/2024 - 16:12

      anyone dumb enough to take financial advise from a priest

      Well these people already willingly go to a regular weekly meeting where they are expected to voluntarily donate a percentage of their income in exchange for “divine blessings”.
      In my experience these people also actively go out of their way to attempt to indoctrinate as many other people as they can to then do the same

  • Antikythera on 04/01/2024 - 22:14
    +2

    i think this is a brilliant plan. good neighbours are priceless.

    Worked very well already in Caulfield Elsternwick area. Just takes a generation or two to take full effect.

    mortgage stress and capital gain are two different concepts though. first can still apply whilst second is happening.

    • gyrex on 06/01/2024 - 10:44

      Heard of Jim Jones/Jonestown?

      • Antikythera on 06/01/2024 - 23:39

        yeah he made a killing, right?

  • Shame on 04/01/2024 - 22:21
    +2

    "The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty." Proverbs 21:5

  • Gunnar on 04/01/2024 - 22:34
    +4

    Did the priest want more kids in the area?

    • gyrex on 06/01/2024 - 10:49

      Underrated comment

  • xrayed giraffe on 04/01/2024 - 22:41
    +1

    Worried his advice about buying a house turned out to be bad?
    Wait to you hear about the other big lie he's been telling the gullible congregation

  • Randolph Duke on 04/01/2024 - 22:43
    +7

    Sounds like someone hasn’t prayed hard enough.

  • DashCam AKA Rolts on 04/01/2024 - 22:50
    +3

    Making sure his flock can get through the eye of the needle, unlike the camel.

  • Protractor on 04/01/2024 - 23:05
    -1

    Did 'priesty boy' answer to the name of Scomo?

  • KaTst3R on 04/01/2024 - 23:27
    +2

    I am sure God can foresee the future and the interest rate rise years before it happened. If the priest didn't get the message from God, then he is not the chosen messenger.

    isn’t it a crime to offer financial advice that benefit themselves in public forum?

    Unpaid advice from a "friend" is not illegal.

  • Hardlyworkin on 04/01/2024 - 23:28
    +2

    Better sue Philip Lowe while they are at it.

  • Mechz on 04/01/2024 - 23:38
    +2

    A fool and his money are soon parted.

  • bdl on 04/01/2024 - 23:59

    Which suburb or church or priest is this?

    • CommuterPolluter on 05/01/2024 - 00:25

      I suspect a small protestant church (one man operation), hence the encouragement to all live nearby (and strengthen their bonds). Established religions such as Catholics and Anglicans tend to control the finances of their clergy and where they work, so the priests are assigned to local churches with attached housing. Ethnic minorities tend to live near each other, so doesn’t make sense for it to be an ethnic church either IMO.

  • AustriaBargain on 05/01/2024 - 04:17
    +1

    Never trust a priest just because they are a priest. In fact I would be inclined to not trust a priest because they wanted to become a priest, though I know there are some good priests out there, not because they are priests but they are just good people. In general though I think people that seek positions of power for the sake of power are seedy.

  • kraigg on 05/01/2024 - 07:57
    +5

    "Buy land, not apartment". That seems like good advice, if not common knowledge, no?

    • katz on 05/01/2024 - 08:19
      +1

      He was right about that :)

    • THICKnSLOW on 05/01/2024 - 08:37
      -3

      Correct, land is a tangible commodity, whatever can be rebuilt on it if a terrorist attacks and bombs it.

      Apartments on the other hand, when bombed, cease to exist in reality.

      Maybe found what religion this priest is!

      • imurgod on 05/01/2024 - 11:46
        +2

        If you own an apartment you own part of the land it's built on

        • THICKnSLOW on 05/01/2024 - 15:26
          -2

          So in the event the apartment is destroyed, as a part property owner of that land you can set up a tent and reside in the tent on the land with the other property owners short term?

          I don't think so.

          • imurgod on 05/01/2024 - 15:31

            @THICKnSLOW: Why would I need to when the insurance policy covers alternate accommodation?

            But I suppose if I wanted to, yes I could.

        • miwahni on 06/01/2024 - 01:36

          No you don't, you own the air space in between the inner walls. Even if your apartment comes with a garage, you only have "exclusive rights" to that garage or parking space and don't own any part of the land it's situated on.

          • imurgod on 08/01/2024 - 13:14

            @miwahni: Lot owners actually do own that space as well. They own the entire building and the land.

            You're confusing OC vs lot owners rights and responsibilities.

            Who did you think owned it?

      • Randolph Duke on 05/01/2024 - 12:13
        +1

        In Australia I definitely base my housing decision on if the land is available to rebuild on in the event of a terrorist bombing of my private residence.

  • Maxi Pad on 05/01/2024 - 08:01

    Alot of assumptions this is a Christian church however the OP could have used the term 'Priest' to describe the leader of another religion.

    There are a large number of mosques / temples that are establishing themselves in poor suburbs and encouraging their congregation to do the same.

    The main benefit for the church is typically locking in their congregation which has an indirect financial benefit.

    I'm not sure if there would be many that would have subdivided land (hence directly benefiting financially).

    • gromit on 05/01/2024 - 08:50
      -1

      In fairness the Christian church uses the term priest more than a lot of those other religions, The Christian church also tends to be a lot more greedy and self serving.

    • Protractor on 05/01/2024 - 09:23

      Unless and until it is specified it's a 'non christian ' religion, we are right to assume it is.It goes with the vernacular.
      But do throw in Mosque & temple to take the heat off

      "A priest (of a church) "

      • LFO on 05/01/2024 - 10:55

        And a synagogue!

        Vacluse and Bondi don't lie.

        It did work indeed.

      • Maxi Pad on 05/01/2024 - 20:37

        I'm not religious. I just see this happening a lot in Melbourne with Mosques and Temples.

    • Dreamcast on 06/01/2024 - 04:35

      Less likely to be an 'Islamic' priest, as interest is forbidden in Islam. Not to say that they couldn't still take out a mortgage.

  • BeamMeUp on 05/01/2024 - 08:05
    -1

    No comment, just 🤦…

  • cashless on 05/01/2024 - 08:06
    +1

    The Lord moves (suburbs) in mysterious ways

  • afah0447 on 05/01/2024 - 08:17
    +1

    Hilarious! Good to see some things never change. The Church has always been in the business of making money.

  • LaProblematique on 05/01/2024 - 08:56
    +7

    F A L S E P R O F I T

  • JafferMoney on 05/01/2024 - 08:56
    +2

    Many religious idiots everywhere!

  • BillyStm on 05/01/2024 - 08:57
    +3

    This is like wanting to sue a psychic because they failed to tell you that interest rates were going to go up or failed to tell you the winning lottery numbers!

    As you pointed out these purchases are years old when interest rates were low, not too many people foretold the events of the past 3-4 years….but now you want to jump up and down about someone's suggestion/recommendation (i say this as I'm sure they weren't held at gunpoint). People need to consider possibilities of future increases when taking on any loan that is over a multiyear period as inevitably nothing stays the same for long!

    Value is in land over townhouses/units.

  • JimB on 05/01/2024 - 09:04

    You take advice from a person who believes in talking snakes, a virgin who gave birth, animals on a boat re-populating the earth etc. ?

    What he has said about houses/land performing better than apartments is probably the truest thing he has preached

  • Sinnerator on 05/01/2024 - 09:49

    Priest should be selling NFTs

    • Cluster on 05/01/2024 - 10:32

      The whole premise of Christianity is to sell you something you can only redeem once you are dead. It's brilliant when you think about it. Much better than NFTs.

      • [Deactivated] on 05/01/2024 - 17:10
        +1

        Premise of Christianity is basically be a good person, not a scumbag, and to abide by Jesus Teachings which are

        Love God
        Love your neighbor as yourself
        Forgive others who have wronged you
        Love your enemies
        Ask God for forgiveness of your sins
        Repentance of sins is essential
        Don’t be hypocritical
        Don’t judge others

        The point that you refer to is, It’s not the rich and powerful—but the weak and poor—who will inherit this kingdom of God.

        You will redeem yourself daily if you live using these principals. These are all good ways to live, regardless what you beliefs are.

  • 2esc on 05/01/2024 - 09:51

    Why would you rely solely on the advice of a priest?

    I wouldnt rely on the advice of a single real estate agent or financial advisor without further advise or research.

    Why would anyone take real estate advice from a priest?

    "Now everyone who follows his advice struggle to pay the mortgage"

    No matter where they bought they would be in a similar situation.

    Is your post serious?

  • Pufff on 05/01/2024 - 10:25
    +1

    Why is your 'friend' blaming the priest? Take it up with god.

    • Baysew on 05/01/2024 - 11:18

      Odgodsmen.

    • Randolph Duke on 05/01/2024 - 12:14
      +1

      “Excuse me, I’d like to speak to the manager”

    • fatpizza on 05/01/2024 - 15:17

      Praise the landlord!

  • LFO on 05/01/2024 - 10:52

    Life if full of disappointment and falsehoods.

    I drank Coca-Cola profusely because lots of advertisements advice told me I'll be so bubbly happy.
    Now all I have is rotten teeth and stomach ulcers.

    Not fair.

  • gar519 on 05/01/2024 - 10:59
    +2

    Is it the same priest who says Covid was a hoax, the last Federal election was a fraud and supports Trump.

  • Succulent on 05/01/2024 - 11:27
    +1

    TLDR: I neither sound like a crime nor financial advice.

    I think we need more context to what OP refer as "being influenced".

    Religious leaders like priests, pastors, or ministers may express their personal views on property investment during sermons or as part of a side story, just like recommending a restaurant based on personal experience. If someone took this as an advice and influenced by it, then they should do their own diligence, especially for those with big decisions such as buying property. I am sure they did and now as its a sour grape, they seek someone to blame.

    If the context involves the priest claiming that God instructed their followers to invest in a particular suburb explicitly for financial gain, then one should consider if they are joining the right church with the right teaching. From example of the words in OP post, it didnt seems to be a divine direction from their God.

    If the church member just blindly follow whatever the religious leader says on the pulpit, then they should question themselves if they might be in a cult.

    if the priest shares their views on property investment during informal gatherings outside the pulpit, emphasizing their personal beliefs and optimism about a suburb's future, it may be more appropriate to view their influence as that of a friend or acquaintance rather than a divine message. In such cases, the title of priest may be set aside as the influence is conveyed more as a personal perspective than a divine directive.

  • Navanod66 on 05/01/2024 - 11:30

    Is this a good time to play the song from Phil Collins/Genesis - Jesus he knows me?
    "Touch the screen! Touch the screen!" 🤣

  • imurgod on 05/01/2024 - 11:37

    Surprise, surprise, nobody saw the red flags from a cult leader.

    Oh well, play stupid games, win stupid prizes.

    Next up…. taking medical advice from a concreter…..

  • acoma on 05/01/2024 - 12:15

    Maybe they need to pray harder.

  • wau2 on 05/01/2024 - 12:26

    Was it encouraged? Or threatened ? With a sharp cross? Doorway to heaven?

  • GuitarXXX on 05/01/2024 - 12:44

    House price will increase (next year)(in 5 years)(in 10 years)(in 20 years).

    Can't be all wrong right?

  • Bid Sniper on 05/01/2024 - 13:16

    Jesus Christ

    /facepalm

  • fatpizza on 05/01/2024 - 13:20

    Seems like they forgot the 11th commandment…

    Thou shalt not invest in the unsustainable property bubble.

  • Brianqpr on 05/01/2024 - 13:45
    +1

    The biggest problem here is believing anything a priest tells you.

  • pn09 on 05/01/2024 - 13:57

    St Ponzi of Gimmegimme

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