Blog

A quick update on the Mr Fluffy saga

15 Feb 2016

Topics

  • Property

We continue to watch with interest, and at times despair, as the ACT’s Mr Fluffy crisis continues to unfold. The creation of the buy-back scheme last year has not been, as the Government would have hoped, an end to the matter.

A recent Canberra Times article discusses the plight of those who are still in the market because:
1. They do not want to move out of their property (usually because it is their home and has important value beyond what the buy-back scheme could compensate); or
2. They want to stay in as long as they can before the property is scheduled to be knocked down.

This then must take us back to the plight of one local Canberra family.

Every Mr Fluffy owner has a story.

What the article did not address is how the affected home owners who left their home early have fared. Most of those home owners have had to either down size (therefore reducing their equity), move to a suburb further from the city or increase their mortgage.

History will show that most Mr Fluffy owners have suffered negatively, both emotionally and financially.

If our team of expert lawyers can help you, contact us today.