Our mortgage broker just told us that our bank ‘Sovereign’ was not going to discharge 64k of our profit - because they were going to put it towards our rental property that we also have with them – and there was nothing we could do about it. That would leave us with a pitiful $60k deposit for our next ‘dream home’. Not even enough to buy the house we just sold back!
I felt completely stupid and ripped off. This is the third house we have owned and sold. How could we not know that banks could do things like that?
We now have no choice but to either purchase a cheaper house, or rent and save up again. Actually - we do have a choice. We can choose to BUILD our own home!
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