Application for Winding Up Order: Softec Homes

Catch up: Adelaide’s worst-ever builder – he’s on the run, while those he’s ruined cry out for industry reform. Hendrik Gout reports. https://www.facebook.com/ttadelaide/videos/1331488006872812/ Write a comment... Leslie Briggs Khiara Barbra Unlike · Reply · 1 · 3 hrs Joel Skinner Thomas McCormack Unlike · Reply · 1 · 15 hrs Thomas McCormack Why'd you tag me in this? 😂 Unlike · Reply · 2 · 14 hrs Write a reply... Sophear Ní Dhálaigh John Daly Unlike · Reply · 1 · 24 January at 14:32 Residential & Commercial Real Estate Investment, South Australia What went wrong? Like · Reply · 8 mins Write a reply... Sana Ahmed There are few flaws in report...its very one sided story. I am sure there must be MaNy happy customers who got their houses built on time. Work was given to local contractors and any defect relates to them. N itz very common practice that house build g...See more Unlike · Reply · 6 · 15 January at 08:02 · Edited Hide 21 Replies Residential & Commercial Real Estate Investment, South Australia Totally agreed, let's not be judgmental and wait for court outcome. Best wishes. Like · Reply · 1 · 15 January at 12:30 Jack Connor builders are always responsible for the work done by the sub-contractors - what is a site supervisor for? and no its not 'common practise' for houses to be delayed 2-3 years with no end in sight, not sure what world you're living in ...See more Like · Reply · 6 · 15 January at 21:53 Sana Ahmed Duh...if you carefully read my comment, it should answer most of your concerns. N softec didnt reply 😕. ..how the heck i know that !! ...See more Unlike · Reply · 1 · 15 January at 22:50 Jack Connor Im not saying that not sharing something means that its softecs fault, I'm just saying that its not a ONE SIDED STORY as they were given the chance to respond. you would know that if you carefully listened to the report in the first place! Unlike · Reply · 1 · 15 January at 23:24 Sana Ahmed It still IS one sided story !! Even if by choice 😶 Unlike · Reply · 2 · 15 January at 23:28 Mandeep Singh Sana : I must say it totally Softec fault. Did you notice poor design of wardrobe, bathroom door etc? Company owner just wanted to become millionaire in one day by cheating everyone Unlike · Reply · 3 · 15 January at 23:53 Sana Ahmed Do i even care!! Like · Reply · 15 January at 23:59 Jack Connor You can never justify a house being under construction for 2-3 years plus. just imagine if you were the client and were forced to pay mortgage for your unbuilt home on top of your existing house rent. at least have some regards for what a lot of people are going through! Unlike · Reply · 7 · 16 January at 00:03 Jack Connor You clearly do care Sana Ahmed as you have edited your original comment multiple times and it is still full of incorrect grammar and punctuation. You have also attempted to defend softec but have failed miserably Like · Reply · 1 · 16 January at 00:09 Vish Joshi yes sweetie it's seems that you do! Unlike · Reply · 3 · 16 January at 07:31 Sana Ahmed Dearest sweetie....i do care when i watch a story and post comment just the way u cared n replidd here! But do i care he made millions or not or whether he was at fault or not...thats not my call...get your head clear on it 😊 Unlike · Reply · 1 · 16 January at 08:18 Zach Ryan Pratt He needs to be gutter stomped, Hopefully the turn of Trump and the new revolution removes dirty scum like this guy off the earth. Bring back the death penalty, Starting with this guy. too many business are doing wrong and getting away with it, he clearly doesn't care about his clients, he shouldnt have a business... or a life. at least don't let him breed. scummy rat excuse of a human. Unlike · Reply · 2 · 16 January at 21:03 · Edited Residential & Commercial Real Estate Investment, South Australia Everything flows from top to bottom. We all have seen enough corrupt practices within gov ranks. The company has a lawyer, if anyone have any objections, make an appointment. Like · Reply · 1 · 16 January at 21:05 Nathan Dwyer Sana Ahmed there is no excuse for four years of delays being told for years, 'it'll be done next month'. And it is only a 'one sided' story, because; A) you obviously didn't do your own research, and B) they refused/cancelled interviews (no matter what you think, they had their chance and knew it would be better not saying anything). Luckly, there are a bunch of people that aren't as dumb as you and can see this for what it is. Hope everything gets taken away from this company and employees, so they can see how it feels to have their world cumble around them and live constant stressful lives for a period or eternity. Unlike · Reply · 2 · 19 January at 10:04 Sana Ahmed Hey smartest nathan....wheres 4 years in the documentry 🤔...oh that pal whose dream house started hatching in 2013.. Its not yet 4 years mate...who is dumb...you or me? N you again very smart person where did i say that builder did the right thing???? N what customer accusing isnt alone justifiable..give some air to ur brain n be bit more patient Like · Reply · 19 January at 16:17 Jack Connor Sana Ahmed your grammar was already wrong but it seems your maths is wrong too. How many years is it from 2013 to 2017? Please go back to school :) Like · Reply · 1 · 22 January at 00:18 Sana Ahmed N when u dont have real stuff to talk...u end up on little ones 🙄🙄 coming down to interesting level... Like · Reply · 22 January at 00:33 · Edited Sana Ahmed PS...how about i send you calculation on your real profile 😊 Like · Reply · 22 January at 00:29 Jack Connor Ill save you the trouble. 2017-2013=4 Like · Reply · 22 January at 22:29 Jack Connor Since you've realised all your arguments are false and stupid, you made another stupid claim that apparently i'm a fake person. Either softec is paying you to say all this or you're just blatantly dumb. Like · Reply · 23 January at 18:24 Sana Ahmed Buahaah so much fun pissing u off.. n u think i realised my mistake...buahaaha u are sucha a joke, i wudnt even bother replying you... Keep sharing ur frustration. ....goodluck Like · Reply · 23 January at 19:16 Write a reply... Brandon Brooks Gridz Rambo Gridley i Deliver timber to them townhouses in Port Noarlunga 😅 Unlike · Reply · 2 · 23 January at 19:02 Residential & Commercial Real Estate Investment, South Australia so what went wrong Like · Reply · 3 mins Write a reply... Ebi Qasimi Mohammad Reza Qasimy Unlike · Reply · 1 · 23 January at 16:27 Amir Sefat George Kelzi Unlike · Reply · 2 · 22 January at 08:31 Ashvin Halai Raxa Patel Unlike · Reply · 1 · 21 January at 13:45 Ali Ibn HajjAbdulkarim El-sayed Ahmad Eid Zreika Unlike · Reply · 1 · 21 January at 09:50 Gopal Kirshan I love to youer contacet Unlike · Reply · 1 · 21 January at 06:17 Mobin Vaezi Varqa Homayoon Hamid Unlike · Reply · 1 · 21 January at 00:50 Lawrence Mazzaferro I would rather have no money at all than to live like that scum does Unlike · Reply · 1 · 20 January at 18:32 Kurt Bruns Mograls like this should be jailed for long periods Unlike · Reply · 1 · 18 January at 21:38 Shahzad Alam Mansoor Hashimi Unlike · Reply · 1 · 18 January at 16:39 Residential & Commercial Real Estate Investment, South Australia Very sad. Like · Reply · 1 min Write a reply... Alex English Ashley Norton the supervisor hit me up a few years ago to do work for these guys. I said no thanks... Gotta love intuition hey. Cat Jak have you cleaned up your debts with your builders who robs Peter to pay Paul yet?? Unlike · Reply · 3 · 16 January at 19:01 · Edited Residential & Commercial Real Estate Investment, South Australia Any further updates! Unlike · Reply · 1 · 16 January at 21:08 Cat Jak Most of it 🙈 Unlike · Reply · 1 · 18 January at 15:30 Write a reply... Daniel Romano George Choimes Unlike · Reply · 1 · 18 January at 12:43 Snarita Dorson I dnt live in Australia but I used to be same kind of victim like this poor guy, How come a painter is painting when he hasn't paid since four years?? Unlike · Reply · 6 · 15 January at 05:13 Residential & Commercial Real Estate Investment, South Australia Good question, may be on hope of getting paid one day. Like · Reply · 15 January at 15:38 Muhammad Nawaz Lol good question Like · Reply · 17 January at 22:23 Write a reply... Courtney More There are so many builders like this in Adelaide! Unlike · Reply · 1 · 16 January at 14:19 3 Replies · 17 January at 21:06 Naveed Khan I hope God help him... that's the only way people can get their money back... Unlike · Reply · 3 · 14 January at 14:52 1 Reply Sonia Tully And yet they get away with it and do the same thing again with a new company name why can't our government do something about this to help the hard working Aussies 🇦🇺😡 Unlike · Reply · 2 · 17 January at 00:20 2 Replies · 17 January at 20:40 Lorraine Boomer About time this was reported. Council was slack as well. Maybe something will get done at last Unlike · Reply · 1 · 17 January at 07:56 1 Reply Christopher Bills Hey #TTAdelaide, I'd love you to contact me about another dodgy builder, the list of problems is so long I don't even know where to begin! Approx 5 months after handover, my house is still on construction key, my flooring ripped up and now I have to pa...See more Unlike · Reply · 8 · 16 January at 22:22 1 Reply Kulbir Dhillon Jasharjit Singh Jhajj Unlike · Reply · 1 · 17 January at 13:33 Corbin Weir Garry Brickie Watherston Unlike · Reply · 1 · 17 January at 10:48 Courtney More These guys also threaten trades when they refuse the work. My partner was gonna do some work but refused once he seen how it was run and condition of houses Unlike · Reply · 1 · 17 January at 10:22 Smarty Singh Saggu I just don't get it that how can you keep enjoying your life by destroying so many other lives by making them miserable. I hope God does the justice with people like you. #heartlesspricks. Asad Sheikh 39 mins .. Guys we all know about What stories are shapping up about PAASA's ex-president. I have quite closely seen his Faulty Work and am witness to his FRAUDS etc. but I am not allowing any posts relating to this issue to be posted here as there are other forums at which this can be discussed. Thank you. www.todaytonightadelaide.com.au #TTAdelaide Application for Winding Up Order

TT Adelaide | Softec

Catch up: Adelaide’s worst-ever builder – he’s on the run, while those he’s ruined cry out for industry reform. Hendrik Gout reports. https://www.facebook.com/RealEstateSA5000 #TTAdelaide

Posted by Today Tonight Adelaide on Friday, 13 January 2017

Saqlain Naqvi .. Ismail Khan .. Sana Ahmed https://www.facebook.com/ttadelaide/videos/1331488006872812/ Sana Ahmed There are few flaws in report...its very one sided story. I am sure there must be MaNy happy customers who got their houses built on time. Work was given to local contractors and any defect relates to them. N itz very common practice that house build g...See more Unlike · Reply · 4 · Yesterday at 08:02 · Edited .. Hide 13 Replies . Residential & Commercial Real Estate Investment, South Australia Residential & Commercial Real Estate Investment, South Australia Totally agreed, let's not be judgmental and wait for court outcome. Best wishes. Like · Reply · 1 · Yesterday at 12:30 .. Jack Connor Jack Connor builders are always responsible for the work done by the sub-contractors - what is a site supervisor for? and no its not 'common practise' for houses to be delayed 2-3 years with no end in sight, not sure what world you're living in ...See more Like · Reply · 4 · 23 hrs .. Sana Ahmed Sana Ahmed Duh...if you carefully read my comment, it should answer most of your concerns. N softec didnt reply 😕. ..how the heck i know that !! ...See more Unlike · Reply · 1 · 22 hrs .. Jack Connor Jack Connor Im not saying that not sharing something means that its softecs fault, I'm just saying that its not a ONE SIDED STORY as they were given the chance to respond. you would know that if you carefully listened to the report in the first place! Unlike · Reply · 1 · 21 hrs .. Sana Ahmed Sana Ahmed It still IS one sided story !! Even if by choice 😶 Unlike · Reply · 1 · 21 hrs .. Mandeep Singh Mandeep Singh Sana : I must say it totally Softec fault. Did you notice poor design of wardrobe, bathroom door etc? Company owner just wanted to become millionaire in one day by cheating everyone Unlike · Reply · 2 · 21 hrs .. Sana Ahmed Sana Ahmed Do i even care!! Like · Reply · 21 hrs .. Jack Connor Jack Connor You can never justify a house being under construction for 2-3 years plus. just imagine if you were the client and were forced to pay mortgage for your unbuilt home on top of your existing house rent. at least have some regards for what a lot of people are going through! Unlike · Reply · 3 · 21 hrs .. Jack Connor Jack Connor You clearly do care Sana Ahmed as you have edited your original comment multiple times and it is still full of incorrect grammar and punctuation. You have also attempted to defend softec but have failed miserably Like · Reply · 1 · 21 hrs .. Vish Joshi Vish Joshi yes sweetie it's seems that you do! Unlike · Reply · 2 · 13 hrs .. Sana Ahmed Sana Ahmed Dearest sweetie....i do care when i watch a story and post comment just the way u cared n replidd here! But do i care he made millions or not or whether he was at fault or not...thats not my call...get your head clear on it 😊 Unlike · Reply · 1 · 13 hrs .. Zach Ryan Pratt Zach Ryan Pratt He needs to be gutter stomped, Hopefully the turn of Trump and the new revolution removes dirty scum like this guy off the earth. Bring back the death penalty, Starting with this guy. too many business are doing wrong and getting away with it, he clearly doesn't care about his clients, he shouldnt have a business... or a life. at least don't let him breed. scummy rat excuse of a human. Unlike · Reply · 1 · 17 mins · Edited .. Residential & Commercial Real Estate Investment, South Australia Residential & Commercial Real Estate Investment, South Australia Everything flows from top to bottom. We all have seen enough corrupt practices within gov ranks. The company has a lawyer, if anyone have any objections, make an appointment. .. Jack Connor Jack Connor you shouldn't feel sorry for them. there is clearly truth to the story. my friends got stung by this scumbag who fooled so many people. he ruined the lives of many families, karma comes around. Like · Reply · 23 hrs .. Jack Connor Jack Connor not everyone can go to court. it costs a lot of money for court fees. people take years just to save for a deposit to build a home then make monthly payments to these scumbags who have no respect for anyone else but to serve their own dirty motives. they should be ashamed of themselves. where is all the money going? why don't they tell us their side of the story? Like · Reply · 23 hrs .. Adam SA Adam SA Jack Connor was just going through this story via link you shared on a buy sell page. Its a shame that people are suffering. But on that page you said you personally suffered. Here you say friends. Who actually was affected durectly you or friend. ? Like · Reply · 6 hrs .. Adam SA Adam SA There z a Ex Senator in dodgy builders list too.. They put family first. smile emoticon:) Like · Reply · 6 hrs Sadaf Sagheer .. Fahad Khan 3 mutual friends.. Zubair Khan . Company: Softec Homes Pty Ltd ACN: 142 131 413 ABN: 51 142 131 413 (active from 1/4/2010) Published: 22/12/2016 Court: Federal District: South Australia Place: Roma Mitchell Commonwealth Law Courts Building Level 5 3 Angas Street ADELAIDE SA 5000 Date: 2:30 PM, 7/2/2017 Action #: SAD 297/2016 Plaintiff: Stair Lock Pty Ltd Contact: Stewart-Rattray Lawyers 47 MORPHETT STREET 5000 Telephone: 0882120214 Fax: 0882120214 ============ Kazim Khan It was expected the way he was running his business. I have advised him few times but he never listened. I have saved 7 Pakistani families from his trap. Builders are builders not financial advisers. It damages many Pakistani business reputation in Adelaide and even in Australia. Unfortunately he is Pakistani Association South Australia President. Sham on us to trust & elect such people .. Hamid Naseer Hamid Naseer i personally feel sorry for bad comments here, why posting bad comments based on one sided story?, it means just one short news clip can change people minds, this is very strange...In building business things can get out of hands some times and people can be compensated for their damages..instead of giving interviews on news channel why don't these people go to court to claim the damages???...every project has an agreed start and finish time and agreed workmanship, why these affected people don't go to court and claim their money back???...it simply means the motive here is to bring bad name to company...also doing any business is a team effort, why are people here only blaming the owner of the company??..so sad.. Like · Reply · 58 mins .. Kazim Khan Kazim Khan Your identity? Plus I agree with you but 10 out of 10 projects have issues??? Sir if you are in Adelaide I would love to show you some evidence Like · Reply · 32 mins .. Hamid Naseer Hamid Naseer please don't take my comment personal...i used to see him in mosque some time, that is why feeling sad for him... Like · Reply · 23 mins .. Kazim Khan Kazim Khan Hamid Naseer no brother no personal matters hear. But reality is totally different on the ground. Doctors are doctors and they can't advise you on surgery etc... similar builders are builders not financial brokers... Like · Reply · 14 mins .. Saqlain Naqvi Saqlain Naqvi The case is now under court, let's give benefit of doubt until proven guilty. ======== Smarty Singh Saggu I just don't get it that how can you keep enjoying your life by destroying so many other lives by making them miserable. I hope God does the justice with people like you. #heartlesscunts. Unlike · Reply · 6 · 10 hrs .. Sattar Bagherloei Sattar Bagherloei I got employed as their accountant. Lucky stayed only 3 days. Unlike · Reply · 5 · 8 hrs .. Residential & Commercial Real Estate Investment, South Australia Residential & Commercial Real Estate Investment, South Australia I might have seen you in his office. Like · Reply · 5 mins .. Residential & Commercial Real Estate Investment, South Australia Write a reply... . Ritesh Bhavsar Ritesh Bhavsar building license process should be tough, so dodgy prople can not start business and make money Unlike · Reply · 1 · 30 mins .. Naveed Khan Naveed Khan I hope God help him... that's the only way people can get their money back... Unlike · Reply · 2 · 7 hrs .. Monika Budhiraja Kumar Monika Budhiraja Kumar Very sad for those who put their trust in these dodgy ppl Unlike · Reply · 2 · 11 hrs .. Hayley Waller Hayley Waller Kel A. Hans Gemma AntczakGemma Antczak Unlike · Reply · 3 · Yesterday at 02:54 .. Amit Panchal Amit Panchal Y can not he be punished? Unlike · Reply · 1 · 8 hrs .. Mandeep Verma Mandeep Verma Hang him... Unlike · Reply · 1 · 5 hrs .. Harpreet Sekhon Harpreet Sekhon Manamger l😂😂😂 Unlike · Reply · 1 · 9 hrs .. Jasmeet Singh Jasmeet Singh Gagandeep Singh bhaji be careful of such scumbags. Unlike · Reply · 1 · 7 hrs .. Premjitsinh Rathod Premjitsinh Rathod Adelaid's own bhatla buildee.... Unlike · Reply · 1 · 8 hrs .. Hari Krishnan P Hari Krishnan P David Masilamoni Let's take this as a what not to do lesson. Unlike · Reply · 1 · 9 hrs .. Surjit Godara Surjit Godara Jonty Godara Inderjeet Kulchania Hanuman Sihag Naveen Jakhar Unlike · Reply · 3 · 21 hrs .. Vick Singh Vick Singh Mark Thorp Paul Reilly Paul O'Connor Unlike · Reply · 3 · 12 hrs .. Gurwinder Singh Gill Gurwinder Singh Gill Kulbir Dhillon Sony Dhillon Unlike · Reply · 3 · 13 hrs .. Sattar Bagherloei Sattar Bagherloei Fatemeh Bagherlouei Abbas Bagherloei Unlike · Reply · 3 · Yesterday at 02:58 .. 1 Reply . Rubal Kaliron Rubal Kaliron Supan Senger 😟😟 Unlike · Reply · 2 · 12 hrs .. 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Maneetpal Singh Kamboj Maneetpal Singh Kamboj Sahi gal ae Unlike · Reply · 1 · 4 hrs .. Residential & Commercial Real Estate Investment, South Australia Write a reply... . Gibran Ahmed Gibran Ahmed Mohammed Ali Khan this in Australia? Unlike · Reply · 1 · 5 hrs · Edited .. Wal Eed Wal Eed Mehreen Unlike · Reply · 1 · 5 hrs .. Mandeep Verma Mandeep Verma Hang him... Unlike · Reply · 1 · 5 hrs .. Aman Birdi Aman Birdi Haider Iss sale ne pakistan ka nam dubo diya. Yogesh Patti Himanshu Vig Ronnie Rel Shaz Gill Manoj Badri Unlike · Reply · 2 · 6 hrs .. Himanshu Vig Himanshu Vig Narinder bains v naal aa ena de Unlike · Reply · 1 · 6 hrs .. Residential & Commercial Real Estate Investment, South Australia Residential & Commercial Real Estate Investment, South Australia Himanshu Vig Where are them now? Like · Reply · Just now .. Residential & Commercial Real Estate Investment, South Australia Write a reply... . Jitender Chahar Jitender Chahar Pragya Chandel Unlike · Reply · 1 · 6 hrs .. 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Navtej Grewal Navtej Grewal Bains Varinder Hardip Gill Preet Muggowalia Unlike · Reply · 1 · 7 hrs .. Naveed Khan Naveed Khan I hope God help him... that's the only way people can get their money back... Unlike · Reply · 2 · 7 hrs .. Manpreet Sekhon Manpreet Sekhon Billy Mander Unlike · Reply · 1 · 7 hrs .. Kapil Arora Kapil Arora Jag Deep Parminder Singh Ukharry Brar Unlike · Reply · 1 · 8 hrs .. Sukh Padda Sukh Padda Harjinder Sandhu Sikander Aulakh Unlike · Reply · 2 · 8 hrs .. Aj Hajar Aj Hajar Aman Baryah Unlike · Reply · 1 · 8 hrs .. Rav Jarewal Rav Jarewal Paaru Jarewal Unlike · Reply · 1 · 8 hrs .. Premjitsinh Rathod Premjitsinh Rathod Adelaid's own bhatla buildee.... Unlike · Reply · 1 · 8 hrs .. Simran Dhillon Simran Dhillon Navdeep Singh Jogi Gill Unlike · Reply · 1 · 8 hrs .. Amit Panchal Amit Panchal Y can not he be punished? Unlike · Reply · 1 · 8 hrs ====== Unlike · Reply · 2 · 26 January at 12:36 Joe Munro The builder is low life,and some here are selling the products Unlike · Reply · 2 · 26 February at 08:28 Rania Brampton Chahine Sana you are not making sense! Your comments are really nothing but stupid, for us to be able to understand what your saying first why don't you type something that is legible!! The building company is to blame, do you work for them! Or maybe you do shonky jobs too........ Unlike · Reply · 1 · 2 March at 05:27 Sana Ahmed Yes - because I was arguing with few stupids! My point is very clear - its easy to conclude a builder is fraud but does that show what was customer's part in the story. I believe there is more to it. But hey - who I am replying, who concluded about me from these messages on this post. For now, your observation is stupid to make such judgement barely based on these messages Like · Reply · 2 March at 07:13 · Edited Residential & Commercial Real Estate Investment, South Australia Joe Munro It's already in Liquidation now. Like · Reply · Just now Write a reply... Smarty Singh Saggu I just don't get it that how can you keep enjoying your life by destroying so many other lives by making them miserable. I hope God does the justice with people like you. #heartlesspricks. Unlike · Reply · 21 · 15 January at 13:48 · Edited Write a reply... Ajay Anand Nirvail Virk Unlike · Reply · 1 · 1 March at 04:01 Residential & Commercial Real Estate Investment, South Australia It's already in Liq. Like · Reply · 3 mins Write a reply... Peter Healey Why isn't he in jail surely what he is doing is illegal Unlike · Reply · 1 · 28 February at 22:11 Norm Mitchell Put a price on him Unlike · Reply · 1 · 25 February at 19:58 Residential & Commercial Real Estate Investment, South Australia It's already in Liquidation now. Like · Reply · 2 mins Write a reply... Sofia Mass Deport the the scum Unlike · Reply · 1 · 25 February at 13:38 Residential & Commercial Real Estate Investment, South Australia Sorry to hear that? Are you one of affected person too? Like · Reply · 10 mins Write a reply... Alf Derabs Zee Dee Unlike · Reply · 1 · 25 February at 08:09 Fred Taouk Yalda Evan Unlike · Reply · 1 · 25 February at 06:41 Residential & Commercial Real Estate Investment, South Australia It's already in Liquidation now. Like · Reply · 2 mins Write a reply... Edgar R Rios Kill him Unlike · Reply · 1 · 22 February at 16:13 Adnan Chaudhry Aamir Chaudhry Unlike · Reply · 2 · 22 February at 15:41 Aamir Chaudhry Lmfao 😂 Unlike · Reply · 3 · 22 February at 15:52 Aamir Chaudhry I'm the managmer 😂 Like · Reply · 2 · 22 February at 15:52 Residential & Commercial Real Estate Investment, South Australia Aamir Chaudhry Manager of whom? It's already in Liquidation now. ==================== SAD 297/2016 Home Our Team » Our Services » Insolvency Matters » Contact Us Posted on our site: February 16, 2017 Softec Homes Pty Ltd (In Liquidation) A.C.N. 142 131 413 Liquidation Date: 15/02/2017 Appointee: Mr Anthony Matthews File Manager: Mr Christopher Matthews chris@matthewsassociates.com.au Mr. Anthony Matthews of this office was appointed Liquidator of the Company by Order of the Federal Court of Australia on 15 February 2017. We are currently investigating the affairs of the Company. Creditors will be informed in writing once we are in a position to comment further on the potential recoveries. South Australian homeowners with current or pending contracts with the Company should lodge a building warranty claim or seek independent legal advice. To discuss this matter further please contact QBE – Builders Warranty Insurance – Phone number 1300 790 723 Option 1. Employees may be eligible to claim their unpaid employee entitlements though the Fair Entitlements Guarantee (“FEG”). Accordingly, please complete a FEG claim form at the link below. I advise that FEG does not provide for unpaid superannuation. FEG Link:- https://www.employment.gov.au/fair-entitlements-guarantee-feg Creditors should complete a proof of debt claim form including documentary evidence in support of their claim and return it to our office at info@matthewsassociates.com.au so that their claim may rank for any dividend payment that may become available. Updates on 6 March 2017 – please note a meeting of creditors will be held at Room 1, Chartered Accountants Australia & New Zealand, Westpac Building, Level 29/91 King William Street, Adelaide, South Australia on Wednesday, 22 March 2017 at 10:00am (ACDT). Relevant Documents: Proof of Debt or Claim Form FEG Information Sheet Circular to creditors – Softec Homes Pty Ltd (In Liquidation) Anthony Matthews & Associates Complete list of Insolvency Cases Quick contact list Email: info@matthewsassociates.com.au Address: 46 Fullarton Road NORWOOD SA 5067 See live map HERE Phone: +61 8 8363 9505 Facsimile: +61 8 8363 9506

NAB names top postcodes at risk of mortgage default

Story image for nab-names-top-postcodes-at-risk-of-mortgage-default-20150928-gjwb6x from The Australian Financial Review The Australian Financial Review-8 minutes ago A range of Sydney suburbs are in the risky category including Glebe and Chippendale, to Campsie, Kingsgrove, Chatswood, Baulkham National Australia Bank has identified 34 Sydney postcodes where it believes there may be rising risk in the mortgage market, and it will require home buyers to stump up a deposit of at least 20 per cent. The lender has also red-flagged 22 post codes in Western Australia and 11 post codes in Queensland as even higher-risk areas, where it says there has been a "significant deterioration in credit risk." In a note received by mortgage brokers last week, NAB listed more than 80 "restricted postcodes" across the country where it is capping the percentage of a property's purchase price it will lend, known as a loan-to-valuation ratio. Within this group, NAB identified 40 highest-risk postcodes, which were dominated by mining areas in WA and Queensland. Known as "Group A restricted postcodes" these are "areas where significant deterioration in credit risk has been observed," the bank said. In these areas, NAB said it had introduced a cap of 70 per cent on loan-to-valuation ratios for new lending - meaning new borrowers will need a deposit of at least 30 per cent. NAB also included a second group of "Group B" postcodes where it is eyeing future risks and capping LVRs for new lending at 80 per cent. The second group of postcodes takes in "areas which are exhibiting characteristics which may indicate future deterioration in credit risk," the bank said. Sydney highest risk This group was dominated by Sydney suburbs, which accounted for 34 of the 43 postcodes listed in this category. It included a range of suburbs from across city, ranging from inner-city areas such as Glebe and Chippendale, to Campsie, Kingsgrove, Chatswood, Baulkham Hills and Cabramatta. Five Melbourne suburbs were also included on the list of "Group B" areas, including the Melbourne CBD, St Kilda Road Central and Abbotsford. NAB will also cap LVRs at 80 per cent in central business districts of Adelaide, Perth and Brisbane, the note says. "We continually review our risk settings to ensure we're lending responsibly and sustainably. This is a very normal practice for any bank," a NAB spokeswoman said. "We recognise that in any property market, no two suburbs are the same and these strategies take into account a range of economic factors and provide an extra level of caution to our risk settings." While banks commonly take a more cautious approach to mining and one-industry towns, brokers say it is unusual for a bank to adopt such a cautious approach towards suburbs in Sydney. It comes after NAB chief risk officer last month David Gall said the bank had developed a list of 40 hostpots, but it did not identify the areas. NAB said the postcode policy would apply to all new loan applications received that had been received after September 18. The managing director of mortgage broker Homeloanexperts.com.au, Otto Dargan, said the policy may affect first home buyers especially, as they typically had smaller deposits. With Sydney dwelling prices up 17.6 per cent in the last year, Mr Dargan also questioned whether the policy was a vote of no confidence in parts of Sydney. "It could be NAB did this for internal reasons, such as being overexposed in those suburbs. Or it could be vote of no confidence in large parts of the Sydney property market," he said. Read more: http://www.afr.com/business/banking-and-finance/nab-names-top-postcodes-at-risk-of-mortgage-default-20150928-gjwb6x#ixzz3n0YlDlK3 Follow us: @FinancialReview on Twitter | financialreview on Facebook Ask for property listings and purchasing risk free properties in South Australia. ============================= Almost one-quarter of the top 100 postcodes set for mortgage default are in Tasmania. Glenn Hunt by Mark Ludlow It's not just households in Western Sydney and the outer suburbs of Melbourne and Brisbane who are feeling the pressure of paying their monthly mortgage. A compilation of the top 100 postcodes most at risk of mortgage default by consultancy firm Digital Finance Analytics found a wide geographic spread of suburbs across the country where people could face financial collapse when interest rates start to rise. The outer suburbs of Canberra, southern Tasmania, Darwin and southern Gippsland in Victoria are some of the regional areas that have been hit by mix of industrial closure, high unemployment and low wages growth, which leaves resident vulnerable to financial collapse. Digital Finance Analytics principal Martin North said residents of Western Sydney were used to flying close to the wind when it came to household finances. "There are clearly some western Sydney suburbs and inner-Sydney in the top 200 or 300 postcodes but this is about the probability of default," Mr North told The Australian Financial Review. "The probability of default is a complex matrix. It's not just the lower socio-economic areas [like Western Sydney] because they don't have big loans and already have more conservative loan criterias." Mr North said the postcodes where households are at risk are quite often in regional areas with increasing unemployment – and where they may struggle to find another job. "The most difficult thing for a mortgage holder is suddenly losing your job because income goes from a certain level to a lower level and it's quite hard to manage," he said. "Events across Australia impacting on employment are probably the best leading indicator of the probability of default." Many of those in regional areas are also geographically isolated if they lose their jobs – and don't have the same employment alternatives that may be on offer for those living in bigger cities such as Sydney, Melbourne and Brisbane. Two per cent increase poses high risk In a breakdown of the top 100 postcodes, almost a quarter were in Tasmania (23), followed by Victoria (19), NSW (18), Queensland (16), South Australia (14) and Western Australia (5). The closure of manufacturing industries in northern Adelaide, the mining downturn in Western Australia, Queensland and in NSW's Hunter Valley and the public service heartland of Canberra are all mortgage stress hotspots, according to the modelling. There was also an intergenerational element with most of the households at risk of default including those under 35-years-old who have been lured by record low interest rates. "My view is these are households that are maxed-up because of the debt they've got and with current low interest rates they are just getting by," Mr North said. "But if interest rates go up this is where you'll see the first impact. If interest rates are 2 per cent higher it would create significant pain for households. "And the risks seem to be higher amongst younger households. I think people have been lured into the market probably sooner than they should have by lower interest rates and rising property values." The Canberra postcodes of 2902 (Kambah), 2900 (Tuggeranong, Greenway) and 2903 (Oxley, Wanniassa) top the mortgage stress list, with Tasmanian postcodes in the state's north and south rounding out the top 10. Queensland's mining belt of Mackay (postcode 4721), Brisbane's outer suburbs (4131), and the outer-suburbs of Melbourne (Essendon, Tullamarine) as well as Hunter Valley's 2343 scrape into the top 50. The top 100 postcodes are rounded out by more mining towns (Fitzroy and Blackwater in Queensland), the suburban battlers in south-east Queensland's Logan (4128), NSW's Macquarie Fields (2564) and The Ponds (2769). The typical assumptions about mortgage stress is where more than 30 per cent of household income is spent on home repayments. But Mr North said this was too simplistic. He also overlays industry employment data as well as information from credit rating agencies about actual defaults. The National Australia Bank has red-flagged 40 postcodes across the country where business and personal loans are at a higher risk of default, especially when mixed with the stressful combination of rising interest rates and higher unemployment. In its 40 hotspots, NAB is conducting a more stringent assessment of loan applications, including increasing the amount of equity that borrowers require. Reserve Bank of Australia assistant governor Christopher Kent last week said the central bank predicted unemployment would remain high until 2017. ========================== AS HOUSE prices rise globally, in Britain they are soaring. In the past 20 years they have increased by more than in any other country in the G7 (see chart 1); by some measures British property is now the most expensive in the world, save in Monaco. It is particularly dear in the south-east, where about one-quarter of the population lives. According to Rightmove, a property website, at today’s rate of appreciation the average London property will cost £1m ($1.5m) by 2020. In this section Through the roof Build up The China syndrome Back to the comfort zone A transfusion, not a leech Doctors without borders Foundering Down by the jetty The Osborne Doctrine Reprints The booming market weighs heavily on the rest of the economy. People priced out of the capital take jobs in less productive places or waste time on marathon commutes. Young Britons have piled on mortgage debt—those born in 1981 have one-half more of it than those born in 1961 did at the same age—making them vulnerable to rises in interest rates, which are coming. Some will retire before they pay it off. Who is to blame? One oft-cited culprit is rich foreign buyers, who are said to see London property as a tax-efficient investment, or even a way to launder ill-gotten gains. Having bought plum properties, they often leave them empty. Transparency International (TI), a pressure group, identified 36,342 London properties held by offshore companies. Polls by YouGov show that the most popular explanation for high prices is “rich people from overseas buying top-end London property”. The argument does not stand up. For one, the number of vacant houses in England has fallen, from 711,000 in 2004 to 610,000 in 2014. And foreign ownership of houses is rare beyond a tiny corner of the capital. TI says that in Westminster one-tenth of all property is owned by firms in tax havens. But outside the centre things look different; the rate is just 1.3% in posh Islington, for instance, and beyond London it is even lower. Explore and compare house prices in 13 British regions over time with our interactive house-price tool Demand from within Britain exerts a much bigger effect. In the past 20 years the population has grown by 11%, twice the average in the European Union. As in other countries, people are marrying later and divorcing more readily than they did in previous decades, meaning that one in ten Britons now lives alone, boosting the demand for homes. Despite stagnant incomes, buyers have more bite in the housing market. The Bank of England’s base rate of interest has been 0.5% since 2009; in real terms, rates have been below their historical peacetime average since 2004 and in nominal terms they are at their lowest ever. Demand has been stoked by “Help to Buy”, a mortgage-subsidy scheme launched in 2013. Britons have thus taken on masses of cheap debt. In the 1970s it took the average mortgage-holder eight years to pay off his loan, estimates Neal Hudson of Savills, an estate agent. These days it will take 20 years. Small wonder: the average loan-to-income ratio has jumped from 1.8 in 1981 to 3.2 in 2014. And many are not just buying houses for their own use. Outstanding “buy-to-let” mortgages for landlords are now worth £190 billion, more than 20 times their value at the turn of the century. The National Housing and Planning Advice Unit, a former public body, found that 7% of a total increase in house prices of 150% between 1996 and 2007 was accounted for by increased lending to landlords. All this demand has run up against sluggish supply. Over the past 40 years growth in Britain’s housing stock has slowed sharply (see chart 2). In the 1970s local authorities built about 130,000 dwellings per year; they now build 2,000. After Margaret Thatcher’s government allowed local-authority tenants to buy their homes, councils struggled to replace them because they had to set aside most of the proceeds. New restrictions on the amount councils could borrow put another brake on building. According to an estimate from 2008, the public sector owns one-quarter of the land in Britain suitable for residential development, in old garages, ex-military bases and poorly designed council estates. Private housebuilders have been idle, too. Strict planning laws are partly to blame. A quarter of English planning applications for houses are rejected, and even successful ones are often delayed. Protected “green belts”, which are supposed to contain urban sprawl and offer pleasant spaces to city-dwellers, now cover 13% of England. Much green-belt land is far from green: one-third of London’s and three-quarters of that in Cambridge is intensive arable land, estimates Paul Cheshire of the London School of Economics, who says there is enough green-belt land in Greater London to build 1.6m houses. The green belt remains sacred, but George Osborne, the chancellor of the exchequer, has vague plans to make it easier to force through some planning applications in the face of recalcitrant local authorities. Yet even when planning permission is forthcoming, housebuilders have held back. As of October 2013, of the 507,000 units of land with planning permission, half had yet to see any building. For reasons that economists do not fully understand, for 40 years the construction of new houses has been a remarkably stable one-tenth the number of houses bought and sold. Mr Hudson says this relationship probably holds because housebuilders try to sell new-builds at a price in the upper decile of those prevailing in the local market. The number of transactions has steadily fallen since the 1980s, putting a ceiling on the probable number of new-builds. One brake on buying and selling homes is stamp duty, a tax levied on housebuyers. Buying a house costing £430,000 (the average in London) would trigger a tax bill of £11,500, payable immediately. Last year the government changed stamp duty from a flat tax into a graduated one, turning it from a “very bad” tax into a merely “bad” one, in the words of the Institute for Fiscal Studies, a think-tank. Removing it entirely could boost housing transactions by 8-20%, according to different estimates. Also ripe for reform is council tax, a property levy collected by local authorities. Last updated in 1993, it hits residents in cheap areas relatively harder than those in pricey places. (The highest council-tax band in flash Kensington and Chelsea applies to dwellings worth more than £320,000; the average price there is £2m.) With these revenues held down, councils have less incentive to build more homes. And relatively low taxes on the priciest homes encourage people to remain in houses that are bigger than they need, thus reducing the supply of large houses to families. Despite Britain’s acute housing shortage, one-third of households have two or more spare bedrooms. Since coming to power in 2010 the Conservative government has done more to boost demand for housing than increase its supply. Labour, meanwhile, talks about rent controls, which could flatten supply further still. Persuading homeowning voters that more building is needed is hard. “When The Economist’s readers all write in to me having read your editorial and say: ‘Oh yes, and by the way, I’d like a house next to me,’ then we’ll know we’re winning,” says Mr Osborne. Letters should be addressed to the Treasury, London, SW1A 2HQ, before prices get any sillier. ============================================= Oct 1 2015 at 10:21 AM |Updated 25 mins ago Save article | Print Reprints & permissions Melbourne takes Sydney's house price lead Share via Email Share on Google Plus Post on facebook wall Share on twitter Post to Linkedin Share on Reddit NaN of "Fatigue has set in. For Sydney, back in 2001 the market rose for three years and three months then slowed. We are at that point now with Sydney," Corelogic RP Data's senior research analyst, Cameron Kusher said. "Fatigue has set in. For Sydney, back in 2001 the market rose for three years and three months then slowed. We are at that point now with Sydney," Corelogic RP Data's senior research analyst, Cameron Kusher said. Erin Jonasson Share on twitter Share on Google Plus by Su-Lin Tan Melbourne's property market took the lead in September, posting a 2.4 per cent rise in prices, as the Sydney market stalled, CoreLogic RP Data finds. Sydney housing prices hardly moved, rising 0.1 per cent over the month, down from 1.1 per cent while Melbourne grew at 2.4 per cent, up from zero in August. The Brisbane market was a surprise performer rising 1.4 per cent over the month, up from no growth in August. "Fatigue has set in. For Sydney, back in 2001 the market rose for three years and three months then slowed. We are at that point now with Sydney," Corelogic RP Data's senior research analyst, Cameron Kusher said. "Also some of the push to slow down investor lending is working its way in." Across the country, capital city dwelling values rose 0.9 per cent rise in September and 4 per cent lower than the September quarter. The results mirrored auction clearance rates in the major cities. Both Sydney and Melbourne have cooled to clearance rates in the 70s in recent weeks. Mr Kusher said despite the flat conditions in the dwelling prices, the market is still strong with supply just meeting demand. "The rest of spring will be a bit patchy though," he said. Brisbane surprises Strong investor interest and a net growth in population in Brisbane is fuelling some of the rise in dwelling prices for the city. Over the quarter, Brisbane grew 1.9 per cent and 4.6 per cent for the last 12 months. ​While half of Australia's capital cities have seen values rise over the past quarter and year, the other half did not fare as well. In Darwin, dwelling values fell by 3.9 per cent over the 12 months to the end of September, while in Perth, values were 0.9 per cent lower over the year. Adelaide home values dropped by 0.3 per cent, and Hobart values are 0.2 per cent lower. "Weakening labour markets, slower population growth and less demand for housing is placing downwards pressure on prices to differing degrees across these markets," Corelogic's head of research, Tim Lawless said. Yields still low While house prices are cooling, rental yields across the cities remained compressed. The lowest gross rental yields can be found in Melbourne where the typical house is now providing a gross return of just 2.9 per cent, and units are providing a gross return of 4.1 per cent, Corelogic said. In Sydney, gross yields are also at a record low with houses providing a gross return of 3.1 per cent and units yielding 4.1 per cent. "With the first month of Spring behind us, it is clear that housing market conditions are being tested, particularly in Sydney," Mr Lawless said. It is still better to buy than rent in some parts of Sydney. Property valuer Propell tipped Sydney and Melbourne house prices would slow to 5 per cent growth. Read more: http://www.afr.com/real-estate/residential/melbourne-takes-sydneys-house-price-lead-20150930-gjynx8#ixzz3nH0s6gNo Follow us: @FinancialReview on Twitter | financialreview on Facebook

Slowing population growth presents economic, housing market challenge

By business reporter Michael Janda Updated about an hour ago Arrivals and departures sign, Newcastle airport at Williamtown. Photo: Net overseas migration to Australia dropped 16 per cent on the previous year. Related Story: Home price growth continues, but not because of supply shortage: analysts Related Story: Housing boom has peaked, recession risk mounts: Morgan Stanley Map: Australia A slowdown in population growth, due mainly to a fall in immigration to Australia, will pose further challenges to economic growth and the housing market. The latest Bureau of Statistics estimates, released today, reveal the nation's population grew to 23.7 million by the end of March, up by around 316,000 people, or 1.4 per cent, on the same period a year earlier. The bureau said that is the slowest growth in almost a decade, with a steep fall in net overseas migration the main cause. The ABS estimates that 173,100 more people migrated to Australia than left it over the year to March, down 16 per cent on the prior year. However, migration was still the biggest contributor to population growth, with natural increase adding 142,900 people as the number of births eased and number of deaths rose slightly. The figures show starkly the impact that the mining investment slowdown is having on resources-focused Western Australia and the Northern Territory. Net overseas migration to Western Australia has dropped 71 per cent over the past two years, while more people are leaving WA for other states than moving to it from other states for the first time in more than 10 years. The Northern Territory is faring even worse, with population growth of only 0.2 per cent its lowest in 11 years. "Net interstate migration losses were the greatest contributor to this slower growth, with the territory recording its largest ever interstate migration loss in the year to March 2015," said the bureau's Denise Carlton. Those leaving WA and the NT were generally moving to Victoria and Queensland, which the ABS said are the only states experiencing a net gain from interstate migration. The New South Wales population grew at the national average of 1.4 per cent, thanks to migrants coming from overseas. Ms Carlton said Australia's population overall is now growing more slowly than usual. "Australia's population growth rate continued to slow from its peak in 2008-09 and is now just below the 20-year average growth rate," she added. Economic and housing implications The slowdown in population growth has serious economic ramifications. On the positive side, the Reserve Bank recently observed that it is one reason why the unemployment rate has remained in the low 6 per cent range, despite weak economic growth of just 2 per cent over the year to June. The Reserve Bank recently lowered its population growth forecasts from around 1.75 per cent to 1.5 per cent, which is still higher than the current level. However, on the downside, slower population growth equals slower growth in consumption, meaning that it is harder to lift GDP growth back towards the 3/3.25 per cent level that Australian businesses and households are more accustomed to. That caused the RBA governor to question whether such growth expectations are any longer valid. Possibly the biggest impact from population growth undershooting expectations is that Australia's recent housing boom may be building homes for people that never show up. Is Australia really short of homes? ABC business reporter Michael Janda crunches ABS data and concludes that the housing shortage is more myth than reality. The latest building approvals figures suggest that over 200,000 dwellings per annum are likely to be constructed over the next year or two, or one for every 1.6 extra people at the current population growth rate. Given that the average household size was 2.6 people in 2011, and projected by the ABS to stay around those levels, Australia is clearly currently building more new homes than it needs to house new arrivals. Depending on how large Australia's current dwelling shortage is - if it exists at all - that may see a surplus supply of homes hit the market, putting downward pressure on prices that have surged on faith in an acute housing shortage and a virtually unrestricted supply of credit. That has led global investment banking giants Goldman Sachs and Morgan Stanley to warn that risks of a recession in Australia are rising, with a nasty downturn in 2016 quite possible. ==================== Imran Khan denies reports of marriage collapse with Reham 4 Ali Mohammad al Nimr. PHOTO: GOLBALPOLITIK Saudi Arabia preparing to behead and crucify 21-year-old Shia activist Powered by Bing Topics: economic-trends, population-and-demographics, housing-industry, australia 5bn spring exit for real estate market - Financial Review 2 days ago - Australian investors will put over $5 billion worth of office towers, shopping malls and logistics centres up for sale over the next three months as ...