‘It’s a miracle’: Family still struggles to buy furniture after the global financial crisis
A family in south-west Victoria is still struggling to pay their rent despite the economic crisis.
Key points:The family have been renting out a shop in Albury for five yearsThe family has spent $50,000 on furniture but have yet to find a new homeThe family’s shop in the city is owned by a company with ties to China that was bought by Chinese billionaire Wang JianlinA spokesman for the family said the family had been unable to find new housing since Wang became a director of the companyIn February, Wang’s company, LendUp, bought the shop from the owner of a neighbouring shop and began renovating the shop.
The shop’s owners were reluctant to move, fearing they would be left behind if the new owners bought the business, a spokesman said.
But the family bought a new house in Alberton in the hope that they would find a place to live.
“I am not happy with the house,” the mother said.
“We’ve been renting it out for five-and-a-half years, but the whole time we’ve been living on the minimum wage.”‘
No choice’The family moved to Albury about three years ago, but they had to cut back on living costs after the Chinese billionaire bought their shop.
“When we moved into the house, we had to take out a mortgage to make it sustainable,” the woman said.
She said her son would be spending more on rent and food and that her daughter would have to work extra hours.
“They (the family) are in the process of moving out of this house, so it’s no longer affordable,” the spokesman said, adding that the family was still looking for a new place to move.’
No room for error’LendUp did not respond to requests for comment.
The spokesperson said the company had not taken any action against the family as the purchase was “not approved”.
“We have no option to move out of the house in case we need to sell it,” the spokesperson said.
Topics:business-economics-and-$10-a,housing,housing-industry,family-and,-children,relocation,albury-4750,lendup-4670,vicContact Matthew DoyleMore stories from Victoria