I'm 70, 3 years retired. 15 years ago I owned my own home and was a typical target for banks as a ARIP (asset rich income poor). I wanted to retire comfortably and fell for the ploy, "Why not use your home to generate more income?" By 2008 I had 5 investment properties on interest-only loans with a combined value of approx. $2m. The monthly loan costs were prohibitive; I was living frugally to save as much from my salary as possible to help cover the shortfall, but needing to use an extra line-of-credit, so "thoughtfully" pushed my way by the bank. The debt was rising and all the time I was assuming house prices would keep me afloat. During 2008 I realised how serious my mistake was. 

After selling two properties at a loss and two more involving capital gains tax, I still have my own home, thankfully, and one, small investment property for which I still owe money.  So after selling off 4 properties I am still in debt. If I add up the costs involved since I started, the total I have lost is about $250,000 in round figures. The bank has repeatedly avoided giving me the critical pages of my LAF's for me to gauge the level of deception involved. BFCSA informed me that to have that level of loans I should have been earning at least $20,000 p/a more in salary. Surely a case of imprudent lending?

To make matters worse, I have also lost 2/3rds of my superannuation which I had invested in the Rare Coin Company, which, like the banks, was manipulating its business. In their case they were over-valuing items. So, all up, I have lost half a million while the banks get even richer at the expense of ARIPs.