PHOTO SOURCE – mybirdie.ca.
SIX years ago, Mark was talked into using his mum’s home as equity to buy his first house. Now, in the midst of a messy divorce, he’s going to have to sell his mum’s flat to give half the proceeds to his ex-wife.
The Sydney father, who asked not to use his real name, said he felt “conned” by the Aussie Home Loans broker into the highly convoluted process, which all these years later looks set to leave his mum homeless.
It serves as a cautionary tale of how things can go wrong when parents put their own assets on the line to help their children get into the property market.
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