The corporate watchdog has intervened to stop real estate agents advising tenants struggling to pay rent to withdraw money from their superannuation, warning that those who do so could face hefty fines and jail time for unlicensed financial advice against people's best interests.

Key points: The intervention comes after reports of real estate agents demanding tenants access their super

The intervention comes after reports of real estate agents demanding tenants access their super ASIC warned the actions could breach the Corporations Act

ASIC warned the actions could breach the Corporations Act Real estate agents could face a maximum of five years imprisonment

The Australian Securities and Investments Commission (ASIC) has written to real estate institutes in each state, calling on them to pass on the letter to all members "as a matter of priority".

The action comes after numerous reports of real estate agents demanding that tenants access their superannuation before they will be considered for rent relief.

ASIC's executive director of financial services enforcement, Tim Mullaly, warned in the letter that the actions of real estates could breach the Corporations Act.

"Tenants facing financial difficulty need sound financial guidance and potentially debt counselling. Specifically pointing them to and recommending them to consider the specific possibility of accessing superannuation is … likely to amount to a breach of the act," he wrote.

"As part of the Federal Government's COVID-19 economic response package, the Australian Tax Office is putting in place measures to allow people affected by COVID-19 to access their superannuation early, up to $10,000 in 2019-2020 and a further $10,000 in 2020-2021.

"ASIC is aware that some real estate agents are advising tenants who are unable to pay their rent, or who may find themselves in such a situation in future, to consider applying for early release of their superannuation," the regulator wrote, describing this as of "significant concern".

Despite Prime Minister Scott Morrison promising a six-month moratorium on residential evictions, ABC Radio's AM program found some people who had lost their jobs had been getting letters from their real estate agents urging them to consider using their superannuation to pay the rent.

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When COVID-19 restrictions saw Chris (who asked for his surname to be withheld over fears for his tenancy) laid off from his job, the Brisbane hospitality worker tried to stay positive about his prospects of keeping a roof over his head.

But then an email from his real estate agent this week got him worried.

"I received a letter basically stating, please check your super, check your flatmates, any mispayments, any late payments will go straight on your rental record, so it was kind of like a thinly veiled threat that despite what the Government's saying, you've still got responsibilities, we don't care about your plight," he said.

"Despite us not being able to evict you in six months, this is all going on your record, and once six months is up you're on your own big fella."

The email, seen by AM, arrived in Chris's inbox less than an hour after Mr Morrison announced the moratorium on evictions.

It went on to warn tenants they would still owe money after the moratorium and details such as their ability to access their superannuation would be noted on their rental history.

Chris said the email made him feel concerned.

"It made me feel a little bit sick as soon as I saw it, like especially with everything else going on, the last thing people should be concerned about is a secure roof over their head," he said.

Chris has been assured he would be able to return to his hospitality job when things get back to normal.

But he worries what other issues he will encounter on the other side of COVID-19.

"No evictions does help, it certainly does but it also adds stress to, well, what happens after that six months?" he said.

"So that hasn't been clarified by anyone. Well, it has by the real estate, you still certainly owe the money, and you could be in trouble next time you try and find a property to rent."

Real estate agents who advise tenants to access their super could face a maximum of five years imprisonment, and/or a fine of up to $126,000. Agencies could face fines of up to $1.26 million.

"ASIC intends to monitor this situation closely and, if contraventions of the licensing requirements of the Corporations Act are found, ASIC will not hesitate to act swiftly to protect vulnerable consumers," it warned in the letter to state real estate institutes.

Emails from inner-city Melbourne agency Buxton Real Estate told an unknown number of newly unemployed tenants who cannot pay rent to enquire about accessing their superannuation before the agents would even contact the owners of properties to ask for a reduction in the rent.

"If you are unable to pay rent, please contact your property manager to discuss the documentation you need to provide to us before we contact your owner regarding your situation," said a message sent from head of property management Rae Tolley on Tuesday.

"In the meantime, we strongly recommend you enquire regarding your eligibility for … early access to superannuation."

Other examples of agents compelling renters to access their superannuation as a first resort can be found on social media.

Each of the emails could constitute a separate breach of the Act.

Nathan Jones, chief executive of Buxton Real Estate Group, said the email "lists financial options currently available to tenants" and is based on Federal Government advice.

"It is at an individual's discretion to assess which option is right for them," he said.

"Our focus is to work alongside and maintain positive relationships with all our tenants and landlords at Buxton, particularly during this stressful time.

"We are doing our best to keep our tenants informed and will continue to assist any experiencing financial distress as much as possible."

The statement from the company did not respond to the seriousness of the potential breaches or the potential sanctions the company and its agents could face.

Real Estate Institute of Australia president Adrian Kelly said agents "should not be providing financial advice to anyone as that's illegal".

"Financial advice must only be provided by qualified and licensed financial advisers, or financial counsellors," he said.

"Agents can give guidance to a tenant as to where information regarding their financial affairs is available such as the ASIC Moneysmart website. As well as to government announcements about assistance in the current crisis.

"Thankfully today we will receive some government announcements around tenants and property owners, which will lay the ground rules so we can start to clean up some of this mess."