“I know you will recover”: Mark Bouris' candid confession
Mark Bouris has revealed he was forced to sell his house due to soaring interest rates.
The Australian entrepreneur and mortgage expert made the frank admission on TikTok, admitting he had no other option that to sell his own home after being crippled by skyrocketing interest rates in the 1990s, and that it was “heartbreaking” to see “history repeating itself”.
The former Celebrity Apprentice host began the candid video by saying he had only ever witnessed one other period of brutal economic conditions similar to today’s, in 1990, when the official cash rate hit a staggering 17.5 per cent: just 12 months before Australia was plunged into a devastating recession.
“It was 1990. I had a wife, I had four kids, and I had to sell my house,” he said.
“Telling my wife that I had to sell the house was the worst thing that I had to confront. Packing my family up was additionally really bad."
“My friends could see that I had to sell my house, and I felt embarrassed. And I have to tell you, I was really angry."
“I was angry at the time with the government, because the government jacked up rates, therefore the banks jacked up rates as well, and I was forced to sell.”
He continued by adding that, “This stuff happens, and it happens in cycles, but the last time it happened was in 1990, and it happened to someone like me”.
“I know you will recover. If you have to sell, you have to sell."
“Don’t worry about it, your family, your partners, your friends, they’ll understand, don’t feel embarrassed.”
He finished the video by encouraging anyone who was “confronting this position right now” to reach out, and provided his own email.
Just days later, he followed it up with an Instagram video, revealing he had been inundated with responses that “actually breaks my heart to be frank”.
“I’ve got to be honest with you I didn’t anticipate the response,” he wrote in the caption.
“I knew it’d be big but woah. All these messages just highlight the failure of the government and RBA.”
He revealed he was struggling to keep up with the emails, but promised he did “give a damn” and that he would do what he could to help out those in difficult positions.
Image credits: Getty Images