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It is very important to blame everyone but yourself. I think there is a vast difference between a broker 'pushing' an elderly person into buying something they cannot afford but the OP is an investor with 3 properties and over $1m invested. Level of sophistication is vastly difference and it...

This kind of attitude makes investing harder for the rest of us. Bank lending gets harder, you will require legal advice prior to every move, real estate agents will become less helpful in fear of being taken to court. I completely disagree with your advice to pursue everyone else. The risk in...

Is the Sydney property used as security for any of the loans?

It sounds like the tax situation is relatively simple. He will make a capital loss on any sale and this would be applied against future capital gains. I dont think seeing an accountant will help a lot. Have you got $70k spare to payout the loan if you sell the Mackay property? Can you...

If you can find $70k, why not sell Mackay and pay off debt on this property, rent out a room or two in your Sydney PPOR to help cover the costs on the other property. You are in a difficult situation so you may need to look at alternatives which you may not have wanted to consider previously.

What is the loan value on each of the properties? I dont understand the Sydney property. Is this your PPOR or is this a house you bought jointly with relatives for your mother to live in.