Abbott’s Secret Mortgage
Opposition Leader Tony Abbott took out a new $710,000 mortgage on his family home shortly after going into Opposition, partly to help fund his family expenses after losing his ministerial salary.
But in what appears to be a breach of the parliamentary rules covering MPs’ pecuniary interests, he failed to declare the loans to Parliament for almost two years.
The man who claimed in January 2008 that politicians don’t get paid enough took out a new loan on his family home in April 2008, four months after losing the election and halving his salary.
It is believed he used it to help his family cover living costs, including private schools for two of his three daughters.
Mr Abbott has made no secret in the past that he had often found it challenging to make ends meet.
But Mr Abbott’s office was forced to admit the Coalition leader had failed to declare the loan with the parliamentary register until two weeks ago, when inquiries were first made into the loans.
A spokeswoman claimed the failure to declare the loan was an oversight.
“As previously declared in 1994, Mr and Mrs Abbott have a mortgage over their family home in Forestville, NSW,” the spokeswoman said.
“The mortgage was renegotiated in 2008 and the provider changed from Commonwealth Bank to Adelaide Bank and Rismark [through Permanent Custodians].
“The change of mortgage provider does not alter the fact that it is a residential home loan secured over the Forestville property. Mr Abbott has written to the Registrar of Members’ Interests to update the Register.”
Those changes included two new loans on April 7 and April 8, 2008.
The loans, which totalled $710,000, were taken out the day after he discharged his original $285,000 loan, which was taken out in 1994.
Tags: Breach, Coalition Leader, Commonwealth Bank, Family Expenses, Forestville Nsw, Four Months, Home Loan, Members Interests, Mortgage Provider, Mr Abbott, Mr And Mrs, Opposition Leader, Oversight, Parliamentary Rules, Pecuniary Interests, Permanent Custodians, Private Schools, Spokeswoman, Three Daughters, Tony Abbott
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