When it comes to buying into a timeshare property scheme, it’s a case of buyer beware.Australia’s financial services regulator, ASIC, has released a report into timeshare schemes that reveals “a high level of discontent” among participants.“Timeshare memberships are complex and give rise to long-term financial commitments,” ASIC commissioner Danielle Press said.Data sourced from the Australian Timeshare Holiday Owners Council shows consumers pay an average of:$23,000 for their membership$800 in ongoing annual membership costs13.5% p.a for their loan interest rate“ASIC is concerned about the sales tactics used by timeshare operators that harness a range of well-known behavioural techniques to propel consumers toward a purchase decision such as the use of time-bound ‘exclusive’ offers,” Ms Press said.“We saw consumers spend large sums of money on a purchase they did not expect to make and then enter into ongoing financial commitments under time pressure.”If you own a timeshare or are thinking about getting one and want to know how it would impact your home loan, give me a call.Speak to an expertHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Speak to an expert today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Think carefully before buying a timeshare home