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A family with three young kids who moved to Australia with 'big dreams' have lost their $320,000 life savings after a seller kept their house deposit in a legal loophole.
Sam Gayed, 42, and his wife Nardine, 37, were looking to relocate from Bendigo to Melbourne in 2019 for the education of their children - who are all aged under 12.
They saved their deposit money over 10 years since they arrived from Egypt and found the perfect home in which to raise their family, a $3.2 million four-bedroom, four-bathroom house in Balwyn.
The four-bedroom, four-bathroom property in Balwyn, Melbourne (pictured)
Sam and Nardine Gayed (pictured) lost their $320,000 deposit because of a legal loophole and are now renting a 'tiny house' in Melbourne
They secured the house, paid the $320,000 deposit and were getting ready to settle on the property in December 2019 when the deal collapsed.
The sellers removed a section in the contract's fine print that a standard home sale agreement will usually contain, called a 'subject to finance' clause.
This clause allows the contract to be voided and the deposit returned if the buyer's bank loan is not approved.
'It was a bit
