A DAD has made his kids save up their pocket money to go towards buying their house— insisting that it “won’t be a free ride” when they are grown up.
Cam McLellan, 47, encouraged his kids Hannah, 14, Gus, 12, Lucy, 11 and Ruby, six, to save more than £1,000 each for a mortgage deposit on a block of land near Melbourne, Australia.
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To make pocket money, the siblings packed thousands of their dad’s property books.
The plot of land cost £360,000, with property investment expertCam and his wife Felicity helping their kids reach the £64,572 deposit.
They are also designing the house that will eventually be theirs.
Speaking to Daily Mail Australia, Cam said he wanted to help his kids get a foothold in the market.
He said: “It’s much harder now for people to enter the property market and in years to come it’s just going to get harder.
“That being the case, my wife and I knew we were always going to have to help our kids get into the market and so we thought, why not now?”
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Cam has also set up a trust to help his kids secure the mortgage with plans to list the home on the rental market once it is built at the end of next year.
He forecast the property will double in value to about $1,342,000 in 10 years.
The family will then sell the house with the kids splitting the profits.
But Mr McLellan insists it won’t be a “free ride”, with his four children.
They will have to pay back the portion of the deposit he and his wife put down.
Cam is the director and co-founder of property company OpenCorp but says he and his wife do not work because they live off their extensive investment portfolio.
He has passed his wisdom down to them.
His older children already have their heads wrapped around what it takes to invest in properties, and concepts such as capital gains tax.
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