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Speaker 1: Welcome to the mentor. I'm Mark Boris Coori. Welcome to

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Speaker 1: the Mentor, Mate, thank you so much having Mark. So

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Speaker 1: you're the founder of a company. For our audience, this

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Speaker 1: is called empower Money. Just give us a quick idea

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Speaker 1: about what is empower Money. They are mutage broker, they lender?

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Speaker 1: What are they?

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Speaker 2: We're a solution, Mark, We help people buy properties with

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Speaker 2: zero deposit. Empower Money is one company is part of

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Speaker 2: a bigger ecosystem that works together to help Australiants facilitate

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Speaker 2: their dreams and to overcome what we believe is a

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Speaker 2: very bad housing crisis right now.

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Speaker 1: So the idea behind empower Money, though, how did it

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Speaker 1: sort of arise? How did it start off? And I've

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Speaker 1: got to declare we have an interest in that. Empower

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Speaker 1: Money is one of our panel current lenders or product providers.

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Speaker 1: A little bit more complicated than a lender because you

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Speaker 1: do provide housing as well a property as part of

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Speaker 1: your solution. But so I have to declare that upfront.

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Speaker 1: So now that I've declared our interest and we definitely

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Speaker 1: don't have a conflict having this conversation, But how did

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Speaker 1: you sort of come up with the idea of empowered

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Speaker 1: money and the whole product suite that you have within there.

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Speaker 2: Going back eight years ago, Mark had a rather large

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Speaker 2: financial planning company that was doing decently well then unfortunately

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Speaker 2: went close to being under so on the borderline of

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Speaker 2: bankruptcy but not quite there. We closed it off and

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Speaker 2: went from being very wealthy to being very poor very quickly.

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Speaker 2: And then the whole idea was how do we get cash?

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Speaker 2: So we started different things and running out of money

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Speaker 2: very quickly. I thankfully had a decent property portfolio of

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Speaker 2: my own, and the call was made to let's try

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Speaker 2: to sell them after five to six weeks of no

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Speaker 2: one coming to any open home, so I put a

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Speaker 2: up online. Why rent when you can buy a deposit?

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Speaker 2: Finance provided and I put my house back then Garyula

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Speaker 2: Avenue in North Kellyville. I had four and a half

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Speaker 2: thousand inquiries on day one.

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Speaker 1: Well, how do you mean did you offer it for

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Speaker 1: sale and you get to put up the finance?

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Speaker 2: Yeah? I was. I mean I was so poor at

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Speaker 2: that point, I was like, I don't want to even

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Speaker 2: get some cash out of it. I just needed to

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Speaker 2: get out of the finance so I didn't go under.

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Speaker 2: So I offered zero deposits. So I was going to

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Speaker 2: use my equity in that particular scenario to fund to

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Speaker 2: the Australian buyer and then the debt they'd take over that.

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Speaker 2: So there was enough equity to get eighty twenty out

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Speaker 2: of it. And that was a plan just to offload

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Speaker 2: some debt. And then four and a half thousand inquiries

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Speaker 2: On the twenty second of December twenty eighteen, we realized

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Speaker 2: that there really is a demand for this.

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Speaker 1: Where'd you put where'd you put? The offer up?

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Speaker 2: Just on my social media post. So yeah, we had

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Speaker 2: a social media account from financial planning days. We had

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Speaker 2: a decent kind of following. And then I put on

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Speaker 2: my personal section this at eleven o'clock. So we were, you.

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Speaker 1: Know at night.

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Speaker 2: At night my house was packed to go move into

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Speaker 2: the in laws house was going to go, you know,

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Speaker 2: whether I sold it or the bank took it. It

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Speaker 2: was on its way among other investment properties. So I

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Speaker 2: was on the eleventh hour, so to speak. And you

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Speaker 2: know why where you can buy to posit finance provide

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Speaker 2: a simple messaging four and a half thousand inquiries now

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Speaker 2: with one property, it's easy. But then we had to

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Speaker 2: figure out actually how to make this work. So it's

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Speaker 2: been eight years of basically fine tuning a system. You know,

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Speaker 2: first and foremost the banks weren't all to impress with

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Speaker 2: the idea of providing zero deposit, so you know, first

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Speaker 2: iteration of the company was just trying to make the

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Speaker 2: client an ideal buyer, incubating the client, making sure they're

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Speaker 2: their credit worthy so to speak. Second iteration came with

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Speaker 2: how do we come up with a deposit initially? So

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Speaker 2: that was about you know, firstly getting the mortgage broking

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Speaker 2: arm initially, and then getting the real estate armed to

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Speaker 2: sell the land, the construction to build it, and even

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Speaker 2: doing some partnerships with third party you know, credit fixed providers,

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Speaker 2: getting all that profit sticking into a credit license. And

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Speaker 2: for the first six years it was just taking our

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Speaker 2: profit juggling it into the credit license, issuing as a loan.

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Speaker 2: Our big move came last year. We had our retailer

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Speaker 2: managed fund go to market, the Stable Hands Income Fund,

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Speaker 2: where retail investors actually came to the table and said

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Speaker 2: we want to help provide Australians with deposits, and then

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Speaker 2: we went through the roof.

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Speaker 1: So you launched a fund, yes for anybody to invest

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Speaker 1: in doesn't have to be a wholesale investigat new mums

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Speaker 1: and dads. And they put their money into that fund

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Speaker 1: and that fund pays them a return interest and then

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Speaker 1: the money from that fund gets used for what.

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Speaker 2: To provide Australians with a deposits, So it's a capital

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Speaker 2: backed security security back to asset. So they'll get a

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Speaker 2: second mortgage on that title for the client.

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Speaker 1: So that fund will lend ten or twenty percent to

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Speaker 1: a borrower and that borrow is going to go and

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Speaker 1: borrow the rest from the bank for his argument sake.

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Speaker 1: And then the bank gets first mortgage. Your fund sits

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Speaker 1: behind the bank, but now your fund now has a

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Speaker 1: second warage over the value of that property. Yes, and

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Speaker 1: the bank has firstball jo the property.

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Speaker 2: Absolutely yes, And that went really well. So we went

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Speaker 2: through the roof on that one.

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Speaker 1: And then which part went really well the people investing

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Speaker 1: in the fund or the fund lending to borrowers.

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Speaker 2: Both the returns were consistent because there were people would

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Speaker 2: vetted for quite well and there was still protection for

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Speaker 2: the client. Many losses, did you no losses? I think

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Speaker 2: that the biggest move for us was that was coming through.

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Speaker 2: It was all getting taken care of. But more importantly,

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Speaker 2: we now actually had money to grow out business, because

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Speaker 2: before we were giving it all back to the punters

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Speaker 2: in the form of a loan, so we were making

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Speaker 2: money taking it, putting in our credit license, lending it

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Speaker 2: out and then living off the sweat of an oily rag.

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Speaker 2: And then when we now had the mis, we now

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Speaker 2: had revenue to invest back in the business and scale

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Speaker 2: it up and actually help more Australians get into property.

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Speaker 2: And we thought this was going to be a model forever.

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Speaker 2: And then, thankfully, one hundred and sixty seven rejection letters

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Speaker 2: from different warehouse and fund providers, one of the guys

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Speaker 2: we presented to about thirty times actually came up and

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Speaker 2: said that we want to partner with you and facilitate

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Speaker 2: a warehouse of one point three billion dollars to help

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Speaker 2: Australians into the property.

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Speaker 1: Mind now, so you're took about complicated stuff better so

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Speaker 1: our audience doesn't understand this. So you've got this retail fund.

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Speaker 1: You've got people come into it, put money into it.

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Speaker 1: Your fund will pay them a rad return and then

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Speaker 1: your fund will land that money as a deposit and

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Speaker 1: that retail fund takes the second mortgage over the property,

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Speaker 1: and those people then go and borrow from a bank,

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Speaker 1: and you know, presumably the bank was happy that they

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Speaker 1: borrow the deposit, and not all banks will be happy

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Speaker 1: with them, but some banks would mind, and the banks

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Speaker 1: would be happy to lend them first mortgage. That's part

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Speaker 1: that's good. Second part you then when you mentioned that

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Speaker 1: you got money out of a warehouse, so effectively what

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Speaker 1: a warehouse is, it's a wholesale funder. Could be bank,

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Speaker 1: could be some financial institution have a lot of money

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Speaker 1: and then they need to make it work. So a

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Speaker 1: warehouse will come along to someone like you and say,

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Speaker 1: all right, Peter, we'll give you a give one hundred

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Speaker 1: million dollars whatever the inst trade is, be a wholesole rate,

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Speaker 1: and you can lend that money to Australians to buy house. Yes,

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Speaker 1: and we're happy if you lend them one hundred percent

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Speaker 1: five hundred five percent. Okay, so we're happy. We'll give

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Speaker 1: you one hundred million just on this example. Could be

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Speaker 1: a billion, could be ten billion, but we'll give you

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Speaker 1: a hundred million dollars and you can lend one hundred

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Speaker 1: million dollars to one hundred mathematics not right, but ninety

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Speaker 1: five people I have a million and fifty each I

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Speaker 1: think the mass right, million fifty each, which is one

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Speaker 1: hundred and five percent, and they can all go and

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Speaker 1: buy a property for a million bucks because the fifty

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Speaker 1: thousand or now it's million and five, that five thousand

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Speaker 1: gets used to pay more insurance.

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Speaker 2: Fifty hundred fifty.

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Speaker 1: Right, Okay. So so basically what you're this warehouse was

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Speaker 1: happy to do for you was give you is give you,

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Speaker 1: give you money, which they allowed you then to lend

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Speaker 1: it at one hundred and five percent of the value

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Speaker 1: of the property. So people don't have to have a deposit,

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Speaker 1: and in fact they don't even have to have the

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Speaker 1: more insurance, which is usually what's required. You have to

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Speaker 1: have a more insurance on something like that. That's for

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Speaker 1: your warehouse. Your warehouse wants the more insurance. Yes, he

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Speaker 1: will show you. They want to make sure that if

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Speaker 1: something goes wrong on that purchase and buyer defaults, I'm

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Speaker 1: paying back in the interest or the repayments one hundred

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Speaker 1: and five percent. That if you sell the house, and

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Speaker 1: that house sells for ninety five percent of its value,

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Speaker 1: the mortgagensurer will pay the so called warehouse what they

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Speaker 1: call the warehouse, they're just to lender. You're you're an intermediary,

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Speaker 1: they lend you the money. You're then intermediary you then

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Speaker 1: lend it to the borrower. And that's that's what the

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Speaker 1: warehouse is that I've.

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Speaker 2: Got to go on.

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Speaker 1: So, and did you get the money from a banking

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Speaker 1: institution or a non banking institution?

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Speaker 2: So it's a non banking institution. I mean they're the

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Speaker 2: biggest non bank in the country.

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Speaker 1: They work with us warehouse.

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Speaker 2: Yeah, sorry, exactly right. Yeah, they've worked with us to

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Speaker 2: basically partner to facilitate this. I mean, the whole marketers

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Speaker 2: shift shifted, the whole media shifted. It was a naughty

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Speaker 2: word about two years ago to say we're going to

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Speaker 2: help Australians to get in with zero deposit. Now, with

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Speaker 2: what's going on, there needs to be real solutions and

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Speaker 2: we have now the support of these providers as well

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Speaker 2: as you know, Australia at large now is really requiring this.

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Speaker 1: So you have sort of two forms of funding and

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Speaker 1: therefore maybe two products. So I guess is that right?

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Speaker 1: So the first product is the stuff that you get

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Speaker 1: out of the retop one where you can give, you

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Speaker 1: can lend it the deposit. Yes you're still doing that.

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Speaker 2: Yes, that's for the ones that don't fit. I mean

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Speaker 2: our priorities obviously that the warehouse is substantially greater scale,

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Speaker 2: but there is still you know, if there's a client

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Speaker 2: that doesn't fit exactly the requirement, we can definitely help out.

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Speaker 2: Our goal is very simple, help more Australians enter the

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Speaker 2: housing market and get out of this crisis. Yeah.

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Speaker 1: So just so people understand that part of it. And

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Speaker 1: by the way, the business called empower Money, and if

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Speaker 1: you want to Empower Money's product, you can go to

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Speaker 1: the YBr portal that you're one of our panel lenders

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Speaker 1: as a product. So but just just be clear, you've

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Speaker 1: got this sort of two parts from Power Money you

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Speaker 1: can have You can either be one of these people

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Speaker 1: borrows one hundred and five percent of the purchase price

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Speaker 1: of the property, which is but it has conditions attached

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Speaker 1: to it. You have to probably meet income or income tests.

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Speaker 1: You know serviceability tests where they call serviceability tests. Are

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Speaker 1: those serviceability tests are more brutal and say the banks serviceability.

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Speaker 2: Test not at all. It's designed to be accessible to

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Speaker 2: everyday Australians. I think that the key requirement is when

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Speaker 2: you go to most serviceability, that bank makes assumptions about you.

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Speaker 2: So the first normal serviceability, they're going to say words

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Speaker 2: your genuine savings. And if they don't have the genuine

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Speaker 2: savings that the general bank is going to assume you're

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Speaker 2: horrible with money.

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Speaker 1: And in this case you don't need genuine saying not

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Speaker 1: at all.

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Speaker 2: Where we're basically built this product of the premise that

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Speaker 2: you don't have genuine savings. It's all fully declared zero

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Speaker 2: deposit stuff yep.

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Speaker 1: And and but is it when you look at their

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Speaker 1: income servicing ability, in other words, their income minusor expenses,

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Speaker 1: would you say that the empower money product is tougher

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Speaker 1: than a bank product.

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Speaker 2: Not at all? Well, no, I would say it's it's

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Speaker 2: actually more comfortable. I mean that the only real limitations

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Speaker 2: we're looking for a credit score around the seven hundred mark,

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Speaker 2: which isn't ridiculous. I mean this, credit scores go up

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Speaker 2: quite significantly more than that.

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Speaker 1: I mean you maybe you should explain that, because when

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Speaker 1: we're talking about credit credit scores, we're talking about positive

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Speaker 1: credit scores as opposed to negative things under credit file.

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Speaker 1: So in a credit positive credit score of seven hundred

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Speaker 1: says not serve out. There's no brutal not all you

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Speaker 1: know people, most most people probably unless you're a dreadful credit,

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Speaker 1: in which case you're probably not going to get the loan. Yes,

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Speaker 1: you're not looking at rateful credit. What you're looking for

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Speaker 1: is good credit. But for people who just don't have

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Speaker 1: a deposit, yeah.

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Speaker 2: And there's reasons for it. Mark, this is the thing,

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Speaker 2: you know, they've been put in this basket of people

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Speaker 2: are horrible with money. But some of our clients are

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Speaker 2: high earners, but they've just started earning high I mean,

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Speaker 2: the average Australian takes ten years to say for a deposit.

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Speaker 2: The average rent is six hundred dollars a week. If

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Speaker 2: you put that in context, they're paying thre hundred and

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Speaker 2: twenty thousand dollars for rent over the next ten years

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Speaker 2: before they even start their mortgage. In the same respect,

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Speaker 2: ten years ago twenty and fifteen, and the average house

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Speaker 2: price was a million and fifty now it's one point six.

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Speaker 2: So we're just looking for people who want to jump

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Speaker 2: the queue and save nine hundred thousand dollars by getting

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Speaker 2: in early. So if you've just started earning at age

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Speaker 2: twenty six, twenty seven, your hundreds, one hundred and ten,

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Speaker 2: one hundred and twenties or whatever it is, or whatever

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Speaker 2: the amount is that can now justify the affording of

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Speaker 2: a house instead of having to wait ten years. Let's

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Speaker 2: get you in there now if you can afford it,

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Speaker 2: Why are we waiting.

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Speaker 1: You're and your your business empower money. You're prepared to

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Speaker 1: take the risk. You manage. Maybe it's not take the risk,

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Speaker 1: you're prepared to manage the risk.

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Speaker 2: We do take a risk mark because we actually co

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Speaker 2: invest in the fund. So one of the things you

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Speaker 2: mentioned in the disclosure is that you know there's a

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Speaker 2: property aspect to this. And the reason why there's a

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Speaker 2: property aspect to this is two parts. One, we want

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Speaker 2: to make sure we're not contributing the housing crisis, which

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Speaker 2: is we're going to give you a loan one hundred

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Speaker 2: and five percent, but now you're going to go to

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Speaker 2: the actual market, go to an auction, now that you

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Speaker 2: have money, and now there's twelve more bidders in there,

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Speaker 2: and the price goes up. So a new dwelling is

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Speaker 2: paramount to our system, and it's either through us or

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Speaker 2: through a partner, but it's really a union between lenders,

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Speaker 2: the client and also builders, developers or land providers, because

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Speaker 2: whether it's the builder being us or third parties, each

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Speaker 2: of the builders actually contributes five percent from their money

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Speaker 2: into the fund at cost price.

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Speaker 1: So you know, I've got to get this right now.

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Speaker 1: So you're saying, you're saying that by a borrower also

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Speaker 1: becomes a buyer obviously, but a buyer of a house

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Speaker 1: land package or just land or just or a house

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Speaker 1: that's already on land through town terrace. But which one

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Speaker 1: of you, either you or one of your partners or

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Speaker 1: one of your one of your subsidiaries or one of

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Speaker 1: your partner relationship people. They're not partners of relationship developers,

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Speaker 1: I guess provide to the borrower.

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Speaker 2: Yes, and if we don't have them on panel that

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Speaker 2: you can introduce them to us. We're not tired. We

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Speaker 2: want to vet them to obviously make sure their quality

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Speaker 2: is significant because we are backing this.

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Speaker 1: It could be someone's gonna be buying a house that's

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Speaker 1: already been built by Marster, are going to get a

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Speaker 1: bit of land with it. We're going to put a

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Speaker 1: master and home or home on it. Let's assume you're

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Speaker 1: happy with masters. You don't need to a pine on

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Speaker 1: They but let's say you're happy with marsteron quality, you'll

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Speaker 1: lend those people one hundred and five percent of their

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Speaker 1: purchase price. Yes, but what would you expect Masters to do?

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Speaker 1: You said, you put it, so.

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Speaker 2: We contribute five percent. So the builder us as our

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Speaker 2: capacity as a builder, contribute five percent of masterton in

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Speaker 2: this scenario, would also contribute five percent into the loan

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Speaker 2: of the sale price of the full sell price. So

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Speaker 2: if the land and the build, if the land is

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Speaker 2: four hundred and the build is four hundred, let's say

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Speaker 2: five hundred, five hundred for ease of numbers, there's fifty

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Speaker 2: k owing it's five percent of the whole sum. Now,

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Speaker 2: what that does is that five percent goes into cost price,

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Speaker 2: and also our warehouse partner also provides five percent of

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Speaker 2: cost price and cost price for those who don't understand,

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Speaker 2: is BBSW banks bill swap paper. Basically even when they

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Speaker 2: announced the.

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Speaker 1: Cash debt though, yeah, they put us alone alone.

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Speaker 2: But at cost price. So it's like three percent funding

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Speaker 2: and that brings a whole interest rate to the client

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Speaker 2: down significantly, So we're actually investing back into the client

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Speaker 2: to use the interest rate significantly.

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Speaker 1: So okay, so just to be clear when you say

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Speaker 1: we you're talking about your your business and how money

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Speaker 1: or whatever the name of the company subsidiary is you

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Speaker 1: you invest five percent of the purchase price or the

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Speaker 1: title purchase price or the house cost total purchase, you

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Speaker 1: put five percent of that. Let's say some million bucks,

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Speaker 1: you put fifty grand into this fund. This where the

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Speaker 1: warehouse is. And on the example you just use Marsden,

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Speaker 1: they would put fifty thousand dollars in as well. So

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Speaker 1: there's one hundred purchase price million bucks, there's one hundred.

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Speaker 1: So really the warehouse is only funding nine hundred thousand,

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Speaker 1: which makes it more comfortable because there are there exposures,

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Speaker 1: not one hundred and five. It is now ninety five

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Speaker 1: fifty much per nine and fifty thousand, which means but

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Speaker 1: on top of that they've got mortgage insurance just in

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Speaker 1: case everything for terms of shit the and that moregasurance

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Speaker 1: insures been funded as well. So really that's that's quite clever.

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Speaker 1: It means the warehouse has got less exposure than it

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Speaker 1: first looks like, which makes it more makes it more sensible,

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Speaker 1: because if the warehouse had one hundred percent exposure to

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Speaker 1: one hundred and five percent, they're going to charge a

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Speaker 1: crazy interest rate, which makes it means you got to

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Speaker 1: charge a grazy interest rate, which makes it non viable

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Speaker 1: for the borrower at the end of the day. So you,

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Speaker 1: you and marketing put your five percent and you also

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Speaker 1: get a return. Yes, you get an interest rate for that,

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Speaker 1: just like the warehouse does. And when you blend the

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Speaker 1: cost of all the money, yes, that's your return Marster's return.

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Speaker 1: The warehouse is return. You can still make a profit

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Speaker 1: in this sense, not too much, but you're making a

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Speaker 1: profit in this Yeah, there's lots.

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Speaker 2: Of a little s mark. We were trying to branch

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Speaker 2: out and help as many Austrains as possible. Our goal

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Speaker 2: this year is to get thirteen hundred strains into their

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Speaker 2: own home. And when you look at the housing targets nationally,

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Speaker 2: we need to you know, every month or month, every

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Speaker 2: target each is basically putting forward to solve the housing crisis.

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Speaker 2: We're actually falling short each month. So what we're trying

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Speaker 2: to do is contribute and provide facilitate housing for Australians

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Speaker 2: who really wants it and give them the opportunities to

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Speaker 2: bypass the line and get in now.

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Speaker 1: So these houses that you and or people that are

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Speaker 1: involved with your organization, where are they in Sydney, Melbourne's.

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Speaker 2: So right now we are in New South Wales, Queensland.

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Speaker 2: By the end of this quarter, we expect to be

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Speaker 2: in Melbourne and potentially wa and eventually South Australia probably

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Speaker 2: by towards end of this year. Fully, it's basically where

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Speaker 2: there's dirt, Mark, so if there's an opportunity for you

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Speaker 2: to live there, we facilitate the house and land package

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Speaker 2: so it doesn't have to be through us. As we discussed,

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Speaker 2: Brooklyn Homes is our construction company that gets involved. Brooklyn Homes. Yeah,

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Speaker 2: so we get involved in the building where we can.

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Speaker 2: Where we don't, we use third parties out there who

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Speaker 2: are happy that. Yeah, we've met very strongly. We don't

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Speaker 2: want to be caught in a scenario where we're funding

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Speaker 2: something that doesn't build and we're using a lot of

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Speaker 2: new technologies as well. Mark, we're constantly you know, we've

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Speaker 2: signed a deal through Brooklyn Homes to look at you know,

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Speaker 2: over two hundred prefabbed sort of systems that gets house

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Speaker 2: built faster, better for the client, less expense, better for

385
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Speaker 2: in terms of quality. Sometimes because handmade comes with handmade solutions.

386
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Speaker 2: So we're just trying to get scale of volume out

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Speaker 2: there and again facilitate what is a really growing problem

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Speaker 2: right now.

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Speaker 1: So effectively, what empowered Money is doing here is waned

390
00:19:37,960 --> 00:19:44,840
Speaker 1: any money to cover all the costs. Two, you're also

391
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Speaker 1: helping these individuals lock in a house or apartment or ten.

392
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Speaker 1: It doesn't have to be a house. It could be

393
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Speaker 1: multiple dwelling type.

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Speaker 2: Property led by the finance.

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Speaker 1: Whatever you can afford once and and you're not where's

396
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Speaker 1: your interest rates?

397
00:20:02,320 --> 00:20:02,399
Speaker 2: Is?

398
00:20:02,400 --> 00:20:03,800
Speaker 1: Like? Is it crazy? Will know?

399
00:20:04,000 --> 00:20:07,639
Speaker 2: So today's day we're hoping for an interestrest decrease, so

400
00:20:07,720 --> 00:20:10,480
Speaker 2: hopefully if that comes to the table, even more competitive.

401
00:20:10,680 --> 00:20:12,680
Speaker 2: But right now we're all in at six point nine

402
00:20:12,680 --> 00:20:14,919
Speaker 2: to five for the whole one hundred and five percent.

403
00:20:15,000 --> 00:20:17,800
Speaker 2: So in context, that's in construction. So if you look

404
00:20:17,840 --> 00:20:21,240
Speaker 2: at context out in the competitive marketplace, a normal eighty

405
00:20:21,240 --> 00:20:24,159
Speaker 2: percent ELVIR is going high eights, mid eights for a

406
00:20:24,160 --> 00:20:28,600
Speaker 2: construction loan. So the bank sees construction is high risk.

407
00:20:28,800 --> 00:20:31,560
Speaker 2: But because of the hit us and the funder take

408
00:20:31,600 --> 00:20:33,720
Speaker 2: collectively by putting our five percent in, we've brought it

409
00:20:33,760 --> 00:20:35,160
Speaker 2: down to a really palatable rate.

410
00:20:35,480 --> 00:20:38,080
Speaker 1: Yeah, that's that's a pretty competitive rate. Especially when you're

411
00:20:38,119 --> 00:20:41,439
Speaker 1: borrowing one hundred percent of the whole thing. What are

412
00:20:41,440 --> 00:20:42,560
Speaker 1: they going to put it? They go to find stamp,

413
00:20:42,600 --> 00:20:43,600
Speaker 1: dudio present stamp.

414
00:20:43,640 --> 00:20:46,399
Speaker 2: So I mean there's stamps into other wise because obviously

415
00:20:46,400 --> 00:20:49,080
Speaker 2: that house prices that really fall to the stamp duty exemptions.

416
00:20:49,800 --> 00:20:52,679
Speaker 2: Places like Queensland and Melbourne, the government's a bit more

417
00:20:52,680 --> 00:20:55,919
Speaker 2: ahead in terms of providing facilitating opportunities for the clients

418
00:20:55,920 --> 00:20:56,760
Speaker 2: to get in without.

419
00:20:56,520 --> 00:20:57,920
Speaker 1: Stamps, so first time bio etcetera.

420
00:20:58,000 --> 00:21:00,560
Speaker 2: Well, yeah, so they're in Queensland. It's funny they get

421
00:21:00,560 --> 00:21:03,320
Speaker 2: thirty k back in the stamp treed exemption. If there

422
00:21:03,320 --> 00:21:05,680
Speaker 2: was land in Queensland would be amazing because you're actually

423
00:21:05,720 --> 00:21:09,160
Speaker 2: getting paid thirty k to buy your house for free

424
00:21:09,160 --> 00:21:11,040
Speaker 2: deposits and not only getting paid, but you're also getting

425
00:21:11,040 --> 00:21:13,960
Speaker 2: paid for the mortgage payments. With the way our system

426
00:21:14,000 --> 00:21:16,840
Speaker 2: works there and so otherwhiles it's just a stamp. But again,

427
00:21:16,880 --> 00:21:18,600
Speaker 2: the way we're doing it is because we're doing house

428
00:21:18,640 --> 00:21:21,160
Speaker 2: and land packages predominantly, you're only paying stamp on.

429
00:21:21,119 --> 00:21:22,360
Speaker 1: The land on the land, not the house.

430
00:21:22,400 --> 00:21:24,680
Speaker 2: Yeah, so you're saving a good forty fifty k there.

431
00:21:24,840 --> 00:21:28,640
Speaker 1: Yeah, So is this available to only only owner occupier

432
00:21:28,760 --> 00:21:29,639
Speaker 1: or investors.

433
00:21:29,400 --> 00:21:32,560
Speaker 2: So hold this space. Right now, it's own occupieres. We

434
00:21:32,640 --> 00:21:35,280
Speaker 2: are doing some some very hard negotiating work and hopefully

435
00:21:35,359 --> 00:21:38,960
Speaker 2: have some announcements relatively soon, you know, talk to you.

436
00:21:38,960 --> 00:21:41,960
Speaker 2: You're keep in touch with your local YBr broker because

437
00:21:42,640 --> 00:21:44,639
Speaker 2: they'll get the announcement first and pass it on to

438
00:21:44,640 --> 00:21:47,879
Speaker 2: you guys. But it will be an opportunity soon, we're hoping.

439
00:21:47,960 --> 00:21:50,320
Speaker 2: But right now, own occupies, we've got thirty hundred to get.

440
00:21:50,280 --> 00:21:53,560
Speaker 1: Rid of so and our demand ridiculous, MIC.

441
00:21:53,480 --> 00:21:56,080
Speaker 2: So it's led by demand as you said that first night.

442
00:21:56,280 --> 00:21:57,639
Speaker 2: As I said the first night, we put four and

443
00:21:57,640 --> 00:22:00,320
Speaker 2: a half thousand people on our social media host and

444
00:22:00,320 --> 00:22:03,160
Speaker 2: we've been knocking him back since we've made the move

445
00:22:03,240 --> 00:22:05,679
Speaker 2: though to do less, you know, people coming to us

446
00:22:05,680 --> 00:22:07,800
Speaker 2: because we just can't manage that workload. So we're going

447
00:22:07,840 --> 00:22:11,560
Speaker 2: to third party distribution networks, specifically YBr, for them to

448
00:22:11,960 --> 00:22:16,720
Speaker 2: manage the influx of demand, get the clients qualified, accredited,

449
00:22:16,760 --> 00:22:18,679
Speaker 2: and then we go do the back office work to

450
00:22:18,720 --> 00:22:21,640
Speaker 2: get them through the door. Austrains need this.

451
00:22:21,720 --> 00:22:23,520
Speaker 1: So wouldn't you say you go to YBr for example?

452
00:22:24,040 --> 00:22:26,600
Speaker 1: There are lots of aggregators around like us with White

453
00:22:26,640 --> 00:22:30,200
Speaker 1: Bears is one example. You're you know, you've got to

454
00:22:30,240 --> 00:22:31,440
Speaker 1: be on the other people's panel, But if you're on

455
00:22:31,520 --> 00:22:33,959
Speaker 1: our panel, a YBr broken, we'll look at the product,

456
00:22:34,160 --> 00:22:38,400
Speaker 1: look at the client, and you'll will put the loan

457
00:22:38,480 --> 00:22:40,520
Speaker 1: up to the loan application up to you guys.

458
00:22:41,359 --> 00:22:44,679
Speaker 2: That's how Also so that they'll go through to your

459
00:22:44,680 --> 00:22:46,520
Speaker 2: local broker and like a good broke we'll do they'll

460
00:22:46,520 --> 00:22:49,719
Speaker 2: explain the pros, the cons the is it suitable for you?

461
00:22:49,920 --> 00:22:52,119
Speaker 2: They'll do that, the credit assessment, can you afford it?

462
00:22:53,160 --> 00:22:55,080
Speaker 2: They'll do the checks to make sure there's no you know,

463
00:22:55,640 --> 00:22:57,479
Speaker 2: skeletons that they can't be done and not. They'll give

464
00:22:57,520 --> 00:23:00,159
Speaker 2: you guidance to make sure it's the right thing for you,

465
00:23:00,320 --> 00:23:02,520
Speaker 2: and whenever, if it's the right thing, they get it

466
00:23:02,520 --> 00:23:04,840
Speaker 2: to us, we get conditionally approve it and then from

467
00:23:04,880 --> 00:23:08,080
Speaker 2: there you sit down with one of our internal advisor

468
00:23:08,080 --> 00:23:10,520
Speaker 2: to sit there and actually help shape which property you

469
00:23:10,520 --> 00:23:13,680
Speaker 2: are after. I mean, there's no point getting understanding you're

470
00:23:13,680 --> 00:23:17,520
Speaker 2: probably not going to get a double bay, two story penthouse.

471
00:23:18,600 --> 00:23:20,680
Speaker 2: It's basically a stepping stone.

472
00:23:20,640 --> 00:23:21,600
Speaker 1: Into the property market.

473
00:23:21,640 --> 00:23:23,280
Speaker 2: Well yeah, but it could also be what you want, right,

474
00:23:23,320 --> 00:23:25,120
Speaker 2: It's not to say that you can't get what you want,

475
00:23:25,200 --> 00:23:27,760
Speaker 2: but it's led by finance. First, the whole goal is

476
00:23:27,800 --> 00:23:29,960
Speaker 2: to stop that rental trap because most people when they're

477
00:23:29,960 --> 00:23:32,000
Speaker 2: trying to say for a property, let's at the same time,

478
00:23:32,080 --> 00:23:33,760
Speaker 2: well yeah, but also it' running away from you. You're

479
00:23:33,760 --> 00:23:35,520
Speaker 2: trying to save eighty k ten years ago, now you're

480
00:23:35,520 --> 00:23:37,320
Speaker 2: trying to save two hundred k. Where does it stop.

481
00:23:37,800 --> 00:23:39,240
Speaker 2: So we're just trying to get you off because if

482
00:23:39,280 --> 00:23:41,560
Speaker 2: the market goes up and you're that you're on that ride,

483
00:23:41,840 --> 00:23:43,840
Speaker 2: You're it's not running away from you, you're running with it.

484
00:23:44,000 --> 00:23:46,240
Speaker 1: So in terms of the demand that you've been getting

485
00:23:47,160 --> 00:23:50,960
Speaker 1: and or settlements like getting deals done is like which

486
00:23:51,000 --> 00:23:53,280
Speaker 1: are about like Western Sydney or so.

487
00:23:53,320 --> 00:23:56,680
Speaker 2: Right now based on pricing, we're all over the place,

488
00:23:56,720 --> 00:23:59,840
Speaker 2: but we're getting we're doing forty right now in places

489
00:23:59,840 --> 00:24:03,119
Speaker 2: like the Hunter and Hunty. People have gone there, the

490
00:24:03,200 --> 00:24:08,000
Speaker 2: Hunter Hunter Valley train line, your Newcastaway. We've got Tarmil,

491
00:24:08,080 --> 00:24:11,919
Speaker 2: We've got Leppington, We've got box Hill, Queensland, We've got

492
00:24:11,960 --> 00:24:18,000
Speaker 2: Moray Fields, Kabulcha up near that Southeast corridor. But really,

493
00:24:18,040 --> 00:24:21,560
Speaker 2: again when I say we're everywhere where, everywhere, wherever the

494
00:24:21,680 --> 00:24:24,800
Speaker 2: land suits and hits. We try to get you know,

495
00:24:25,520 --> 00:24:27,640
Speaker 2: density of four or five, put them together and make

496
00:24:27,680 --> 00:24:30,840
Speaker 2: it happen. We're doing an apartment in Marylands. We're doing

497
00:24:31,920 --> 00:24:34,040
Speaker 2: you know, the sky is really the limit in terms

498
00:24:34,080 --> 00:24:36,400
Speaker 2: of where it fits. It comes down to you mark,

499
00:24:36,440 --> 00:24:39,680
Speaker 2: We do your serviceability, you service you know one point one.

500
00:24:39,880 --> 00:24:41,840
Speaker 2: I assume you do a bit more than that. But

501
00:24:41,920 --> 00:24:44,560
Speaker 2: let's just say one point one comes through. Together, we go, okay,

502
00:24:44,600 --> 00:24:46,640
Speaker 2: this is what you have. Where do you want You'll say,

503
00:24:46,640 --> 00:24:48,879
Speaker 2: within this area? Okay, with your price point, I can

504
00:24:48,880 --> 00:24:51,280
Speaker 2: probably get you to hear or we can get you

505
00:24:51,400 --> 00:24:53,320
Speaker 2: closer or right in there if you want to do

506
00:24:53,320 --> 00:24:57,280
Speaker 2: a townhouse or apartment. So with that finance, that starts

507
00:24:57,280 --> 00:24:59,439
Speaker 2: a discussion based on what you want, and then we

508
00:24:59,520 --> 00:25:01,719
Speaker 2: basically find that middle round or give you exactly what

509
00:25:01,720 --> 00:25:05,040
Speaker 2: you want if your your objectives are in line with

510
00:25:05,080 --> 00:25:05,920
Speaker 2: your affordability.

511
00:25:05,960 --> 00:25:08,920
Speaker 1: If you were trying to pick the perfect client viewers, now,

512
00:25:09,640 --> 00:25:11,760
Speaker 1: how would you describe that person? Of those people? Like,

513
00:25:11,840 --> 00:25:14,560
Speaker 1: give me like, let's pick a couple for example.

514
00:25:14,280 --> 00:25:18,760
Speaker 2: Yeah, I mean couple combined household income, say twenty thousand dollars,

515
00:25:18,880 --> 00:25:21,920
Speaker 2: credit score seven hundred and motivated again the property market. No,

516
00:25:21,920 --> 00:25:24,840
Speaker 2: no deposit, no deposit, I mean yeah, the.

517
00:25:25,720 --> 00:25:27,280
Speaker 1: What purcha prise are they buying? What are they buying?

518
00:25:27,440 --> 00:25:29,840
Speaker 2: Two hundred gets you around the million bucks mark from

519
00:25:29,840 --> 00:25:32,400
Speaker 2: the South Wales. That's cultus priced million dollars.

520
00:25:32,440 --> 00:25:33,840
Speaker 1: So where does that get you? What does it get you?

521
00:25:33,960 --> 00:25:36,479
Speaker 2: So, I mean we can go Campbelltowner, we can go

522
00:25:36,600 --> 00:25:40,639
Speaker 2: austral we can go apartments all over the place really,

523
00:25:40,680 --> 00:25:43,600
Speaker 2: and you know, all the way from Carlington to Chalora

524
00:25:43,640 --> 00:25:44,960
Speaker 2: to wherever.

525
00:25:44,840 --> 00:25:47,399
Speaker 1: Are they new in you first time buyers or they.

526
00:25:46,880 --> 00:25:49,159
Speaker 2: Do they have to be first time? Just just I

527
00:25:49,240 --> 00:25:53,520
Speaker 2: mean this scenario and occupies absolutely. And then obviously Melbourne's

528
00:25:53,520 --> 00:25:55,680
Speaker 2: a lot cheaper when we're going into Melbourney, like the

529
00:25:55,680 --> 00:25:57,840
Speaker 2: six hundred marks. So your service at you know, one fifty,

530
00:25:57,840 --> 00:26:01,560
Speaker 2: one hundred and twenty gets you there. Queensland House one

531
00:26:01,640 --> 00:26:04,440
Speaker 2: com one point sixty. Really it's more about the mindset market.

532
00:26:04,480 --> 00:26:07,480
Speaker 2: If you've got the income to service the loan, it's

533
00:26:07,600 --> 00:26:11,199
Speaker 2: just the willingness to fill out the application, do the

534
00:26:11,240 --> 00:26:14,480
Speaker 2: work and come in with the pretense that you're getting

535
00:26:14,520 --> 00:26:18,200
Speaker 2: into the property market, you're owning something you're no longer

536
00:26:18,880 --> 00:26:23,000
Speaker 2: you know, beholden to the landlord of things changing and

537
00:26:23,080 --> 00:26:25,560
Speaker 2: taking that first step. Most of our clients that you know,

538
00:26:25,680 --> 00:26:27,520
Speaker 2: we've now been around for eight years, so we've seen

539
00:26:27,520 --> 00:26:30,200
Speaker 2: a few cycles now. So an example of a client

540
00:26:30,200 --> 00:26:32,720
Speaker 2: we originally got through into a granny flat in Blacktown,

541
00:26:32,920 --> 00:26:36,680
Speaker 2: sorry not a granny flat apartment of Blacktown. Four years

542
00:26:36,720 --> 00:26:40,199
Speaker 2: later she sold it, made a significant capital gains off that,

543
00:26:40,280 --> 00:26:41,879
Speaker 2: but she was living in it, so there's no capital

544
00:26:41,880 --> 00:26:45,680
Speaker 2: gains tax. She took that profit from that house, from

545
00:26:45,680 --> 00:26:48,439
Speaker 2: that apartment, and we also topped up the loan and

546
00:26:48,480 --> 00:26:51,520
Speaker 2: got our house and land package in Warrington. And now

547
00:26:51,520 --> 00:26:54,199
Speaker 2: she's officially moved in and a big advocator for it.

548
00:26:54,280 --> 00:26:57,600
Speaker 2: But that was her dream. She's got three kids. Now

549
00:26:57,600 --> 00:26:59,800
Speaker 2: she's got that house and Lamd pack Well, she's actually

550
00:27:00,000 --> 00:27:02,439
Speaker 2: moved into the house. It's all completed, she's got the

551
00:27:02,480 --> 00:27:05,960
Speaker 2: backyard she wants and she doesn't need to do another

552
00:27:06,000 --> 00:27:09,400
Speaker 2: cycle because that's always where she wanted to live, close

553
00:27:09,440 --> 00:27:12,080
Speaker 2: to her work. She's a nurse Husbands and it works

554
00:27:12,080 --> 00:27:16,119
Speaker 2: from home, close to the kids' school. So she didn't

555
00:27:16,160 --> 00:27:19,000
Speaker 2: get the house right at Warrington. She couldn't afford it

556
00:27:19,440 --> 00:27:23,760
Speaker 2: at that time, and now she can and she's yeah,

557
00:27:23,800 --> 00:27:26,359
Speaker 2: and it was four years where the reality was we

558
00:27:26,359 --> 00:27:28,760
Speaker 2: met her and she had seven thousand dollars in the

559
00:27:28,760 --> 00:27:32,600
Speaker 2: bank account and that was where it was. So she

560
00:27:32,680 --> 00:27:33,480
Speaker 2: done the hard yards.

561
00:27:33,480 --> 00:27:36,320
Speaker 1: It's pretty good case study case studies up. Do you

562
00:27:36,320 --> 00:27:37,000
Speaker 1: have a website?

563
00:27:37,080 --> 00:27:39,879
Speaker 2: We do, absolutely cool. I think it goes We've got

564
00:27:39,920 --> 00:27:42,040
Speaker 2: to power money, dot com, dot you, and WPF Holdings,

565
00:27:42,040 --> 00:27:43,880
Speaker 2: which explains the whole ecosystem.

566
00:27:44,160 --> 00:27:46,080
Speaker 1: If they want to go through the whole thing, they

567
00:27:46,080 --> 00:27:48,480
Speaker 1: go to WPF Holdings.

568
00:27:48,160 --> 00:27:50,200
Speaker 2: Ye, dot com dot you but dot com do you yeah?

569
00:27:50,359 --> 00:27:51,800
Speaker 2: And empower money is.

570
00:27:53,200 --> 00:27:55,320
Speaker 1: And do you have case studies on those pages?

571
00:27:55,359 --> 00:27:58,200
Speaker 2: So we have testimonials being constantly written up right now.

572
00:27:58,240 --> 00:28:00,960
Speaker 2: And now that obviously we're mature. I mean again this

573
00:28:01,040 --> 00:28:02,800
Speaker 2: is a whole new iteration of our company that we

574
00:28:02,840 --> 00:28:05,640
Speaker 2: have this massive amount of scale. So when we were

575
00:28:05,680 --> 00:28:07,479
Speaker 2: doing deals a year and a half ago, we were

576
00:28:07,480 --> 00:28:10,680
Speaker 2: doing twenty to thirty deals, and then last year a

577
00:28:10,720 --> 00:28:12,960
Speaker 2: month in the year, like you know, because we're juggling

578
00:28:12,960 --> 00:28:15,440
Speaker 2: our own money, right, it's very difficult. I mean we've

579
00:28:15,480 --> 00:28:18,320
Speaker 2: gone from you know, two million to twenty million in

580
00:28:18,320 --> 00:28:21,320
Speaker 2: the space of six months off the mis the managed

581
00:28:21,320 --> 00:28:24,840
Speaker 2: fund that is, and now we've got about sixty in

582
00:28:24,880 --> 00:28:29,080
Speaker 2: the pipeline, so it builds that is and lending in

583
00:28:29,119 --> 00:28:31,640
Speaker 2: the space the next few months. And obviously this YBr

584
00:28:31,720 --> 00:28:35,199
Speaker 2: relationship is we believe going to be absolutely amazing to

585
00:28:35,200 --> 00:28:37,320
Speaker 2: help more astrands get in there. So our scale is

586
00:28:37,359 --> 00:28:40,640
Speaker 2: only going to be significantly greater. But again we have

587
00:28:40,720 --> 00:28:43,720
Speaker 2: oney three hundred two to get off, which doesn't sound

588
00:28:43,800 --> 00:28:46,040
Speaker 2: like a lot, but we can make a great, great impact.

589
00:28:46,080 --> 00:28:48,040
Speaker 2: And if we cleared that, then the next year's some

590
00:28:48,240 --> 00:28:50,240
Speaker 2: goes up by almost double. Yeah.

591
00:28:50,320 --> 00:28:55,160
Speaker 1: So how many houses have you do you reckon you've

592
00:28:55,160 --> 00:28:56,600
Speaker 1: delivered in the last couple of years?

593
00:28:56,720 --> 00:28:59,560
Speaker 2: Yeah, so from where to go slow start about two

594
00:28:59,600 --> 00:29:02,760
Speaker 2: hunred and eight so, which was really really hard mark.

595
00:29:02,800 --> 00:29:04,720
Speaker 2: At the starting days, there was very much a case

596
00:29:04,760 --> 00:29:07,520
Speaker 2: of one thousand handshakes just to get one deal across

597
00:29:07,520 --> 00:29:09,080
Speaker 2: the line, talking to the land development and I have

598
00:29:09,120 --> 00:29:11,440
Speaker 2: some commissions here, and then we'ld factor that into the

599
00:29:11,480 --> 00:29:14,040
Speaker 2: deal and we talked to the builder, we have some

600
00:29:14,040 --> 00:29:16,160
Speaker 2: commissions here, We talked to the client and go okay,

601
00:29:16,160 --> 00:29:20,000
Speaker 2: I need fine ten grand from somewhere, And each deal

602
00:29:20,160 --> 00:29:22,720
Speaker 2: was like pulling teeth and then I got easier and easier.

603
00:29:22,760 --> 00:29:25,840
Speaker 2: Now it's now it's just a lending process and an

604
00:29:25,920 --> 00:29:30,760
Speaker 2: allocation process. So our scale and speed now is getting

605
00:29:30,800 --> 00:29:34,520
Speaker 2: delivered a lot faster so to eighty and like probably

606
00:29:34,520 --> 00:29:36,200
Speaker 2: seventy in the last last year.

607
00:29:36,320 --> 00:29:39,200
Speaker 1: So it's just the biggest constraint, Peter, is your biggest

608
00:29:39,240 --> 00:29:47,040
Speaker 1: constraint getting enough stock housing stock. I mean, you got

609
00:29:47,160 --> 00:29:49,080
Speaker 1: the demand would be sitting. There would be plenty of

610
00:29:49,120 --> 00:29:54,000
Speaker 1: demand in terms of borrowers. What about the supply side.

611
00:29:54,080 --> 00:29:57,320
Speaker 2: It's getting better. It's state to state, different problems for

612
00:29:57,400 --> 00:29:59,760
Speaker 2: different things, right, So I mean to be very clear,

613
00:30:00,320 --> 00:30:02,360
Speaker 2: each state is doing their own version of trying to

614
00:30:02,360 --> 00:30:04,400
Speaker 2: sold their housing crisis. Some I've got more right than

615
00:30:04,400 --> 00:30:05,200
Speaker 2: the other ones.

616
00:30:05,840 --> 00:30:07,480
Speaker 1: A little more right.

617
00:30:07,880 --> 00:30:10,640
Speaker 2: You know, they're having a few deficiencies. So I'll give

618
00:30:10,640 --> 00:30:13,400
Speaker 2: you example case by case New South Wales. They're trying

619
00:30:13,440 --> 00:30:16,280
Speaker 2: to push for the whole apartment to fix the housing crisis.

620
00:30:16,360 --> 00:30:20,120
Speaker 2: But apartment developers right now and actually making money the house

621
00:30:20,160 --> 00:30:22,360
Speaker 2: the apartment costs of delivery is thirty percent year on

622
00:30:22,480 --> 00:30:25,560
Speaker 2: year increasing costs, but the actual housing apartment prices have

623
00:30:25,600 --> 00:30:27,920
Speaker 2: gone down. So unless you're delivering scars like the big

624
00:30:27,960 --> 00:30:29,680
Speaker 2: boys out there, of six to seven hundred, you're not

625
00:30:29,680 --> 00:30:33,400
Speaker 2: making money. So and then they have plenty of land

626
00:30:33,400 --> 00:30:36,360
Speaker 2: and good opportunities there, but with something with like homeowner's

627
00:30:36,400 --> 00:30:39,160
Speaker 2: warranty for example, quite limits our ability to do. So

628
00:30:39,880 --> 00:30:42,560
Speaker 2: we're looking at acquisitions partnerships to get more and more

629
00:30:43,800 --> 00:30:47,000
Speaker 2: facilitation of these bills to make it all a reality

630
00:30:47,000 --> 00:30:49,000
Speaker 2: for them, and that's something that we're trying to do.

631
00:30:49,040 --> 00:30:50,440
Speaker 2: We're trying to work with government, we're trying to work

632
00:30:50,480 --> 00:30:52,720
Speaker 2: with parties. Everyone's motivated to fix it. That's trying to

633
00:30:52,760 --> 00:30:55,200
Speaker 2: figure out the how Queensland is really good on the

634
00:30:55,200 --> 00:30:58,680
Speaker 2: first home bias front and really motivating them. But they've

635
00:30:59,200 --> 00:31:01,680
Speaker 2: had a focus on affordable housing, so they've brought up

636
00:31:01,720 --> 00:31:04,800
Speaker 2: all the land in Queensland and allocated them to affordable housing,

637
00:31:04,840 --> 00:31:07,840
Speaker 2: given all the contracts to mett invest. But what that

638
00:31:07,880 --> 00:31:09,960
Speaker 2: means is there's a massive land supply for every day

639
00:31:09,960 --> 00:31:13,840
Speaker 2: Australians trying to own a home. So we're going out

640
00:31:13,880 --> 00:31:16,000
Speaker 2: there and there's literally five to six blocks of land

641
00:31:16,080 --> 00:31:18,400
Speaker 2: and to give you one example, I just bought a

642
00:31:18,400 --> 00:31:20,440
Speaker 2: block of land myself for Moray Fiel purely because it

643
00:31:20,480 --> 00:31:23,080
Speaker 2: was on the market and sometimes takes that client a

644
00:31:23,120 --> 00:31:24,840
Speaker 2: few weeks to get across the line. We can't wait

645
00:31:25,520 --> 00:31:27,959
Speaker 2: that block of land went for four hundred and ten thousand,

646
00:31:28,400 --> 00:31:31,200
Speaker 2: and the next release is going on in September, smaller

647
00:31:31,200 --> 00:31:33,680
Speaker 2: block of land for five point sixty Why because the

648
00:31:33,720 --> 00:31:37,040
Speaker 2: land developers can. There's a land developer on Almo who's

649
00:31:37,120 --> 00:31:39,680
Speaker 2: basically gone and increase his prices by three hundred thousand

650
00:31:39,720 --> 00:31:42,280
Speaker 2: dollars over the last three months, purely because you can.

651
00:31:43,240 --> 00:31:46,360
Speaker 2: Land supply is so much so short that the comparables

652
00:31:46,520 --> 00:31:47,360
Speaker 2: are going through the roof.

653
00:31:47,720 --> 00:31:49,360
Speaker 1: When you say queens and you're talking about where we.

654
00:31:49,400 --> 00:31:51,960
Speaker 2: To Southeast Corridor, so from Sunshine Coast to Gold Coast

655
00:31:51,960 --> 00:31:52,840
Speaker 2: to Brisbane.

656
00:31:52,520 --> 00:31:55,000
Speaker 1: From Sunshine Coast which is now so for example down to.

657
00:31:55,840 --> 00:31:59,160
Speaker 2: So Gold Coast, Yeah, Gold Coast and Brisbane, So that

658
00:31:59,320 --> 00:32:03,040
Speaker 2: little triangle there and that's creating some some massive issues.

659
00:32:03,040 --> 00:32:05,680
Speaker 2: It's seventeen percent year on year growth in Queensland right now,

660
00:32:06,160 --> 00:32:08,600
Speaker 2: just trying to facilitate the demand. And we all know Queensland,

661
00:32:08,600 --> 00:32:10,840
Speaker 2: but there's good everywhere. But it's just the case of

662
00:32:11,400 --> 00:32:14,240
Speaker 2: the deliveries of land subdivisions in line with the fact

663
00:32:14,240 --> 00:32:15,600
Speaker 2: that all the stock's being brought up.

664
00:32:15,880 --> 00:32:17,760
Speaker 1: So when you sell the stocks, it's been brought up

665
00:32:17,760 --> 00:32:18,280
Speaker 1: by developers.

666
00:32:18,400 --> 00:32:21,280
Speaker 2: Queensland government's border all the government. Yeah, they really, they've

667
00:32:21,320 --> 00:32:23,479
Speaker 2: they've bought a lot of it for that affordable housing,

668
00:32:23,960 --> 00:32:26,560
Speaker 2: and that's causing a massive shortage. I mean, this is

669
00:32:26,640 --> 00:32:30,320
Speaker 2: from all the landlights we're talking to. It's all brought up.

670
00:32:30,320 --> 00:32:32,680
Speaker 2: But now the developers have gone, Okay, I've got the rest.

671
00:32:32,800 --> 00:32:34,320
Speaker 2: So if I've got the rest, I'm just going to

672
00:32:34,400 --> 00:32:38,080
Speaker 2: musk the price. So we're doing everything we can there.

673
00:32:38,200 --> 00:32:41,520
Speaker 2: Homeowner's warrant is great, everything's great there. So demand is great,

674
00:32:42,120 --> 00:32:42,880
Speaker 2: Supply is not.

675
00:32:42,880 --> 00:32:46,040
Speaker 1: There hard to find. Builders are hard to find.

676
00:32:46,160 --> 00:32:49,600
Speaker 2: Well, we're the builder there, so I mean, sorry Queens,

677
00:32:49,640 --> 00:32:52,200
Speaker 2: that's probably got the biggest ray of builders out there.

678
00:32:52,240 --> 00:32:54,480
Speaker 2: You know, the big players that are all out there.

679
00:32:54,960 --> 00:32:57,240
Speaker 2: So each state is just trying to solve it, but

680
00:32:57,320 --> 00:32:59,640
Speaker 2: they're not I don't know, I don't feel like they're

681
00:32:59,640 --> 00:33:01,960
Speaker 2: talking to actual people on the ground as to what

682
00:33:01,960 --> 00:33:05,560
Speaker 2: it really looks like, what the solutions look like, because

683
00:33:05,920 --> 00:33:08,640
Speaker 2: you know, and I don't want to discredit what they're doing,

684
00:33:08,680 --> 00:33:10,920
Speaker 2: that they're doing their best, but I just think, you know,

685
00:33:11,200 --> 00:33:14,440
Speaker 2: motivating the private sector to get it done will get

686
00:33:14,640 --> 00:33:18,400
Speaker 2: yield better results. And you know, we're trying our absolute best.

687
00:33:19,120 --> 00:33:22,520
Speaker 2: And again we try to work with government with policy.

688
00:33:22,680 --> 00:33:24,280
Speaker 2: We know the constraints of what we have. We're not

689
00:33:24,320 --> 00:33:27,720
Speaker 2: demanding help from them, but we want to work with

690
00:33:27,760 --> 00:33:31,120
Speaker 2: them to get this outcome. And it's not the stock,

691
00:33:31,200 --> 00:33:33,720
Speaker 2: it's the issue now. It's just overcoming the challenges of

692
00:33:33,760 --> 00:33:37,440
Speaker 2: the amazing amount of demand. So from going from you know,

693
00:33:37,600 --> 00:33:40,840
Speaker 2: seventy to to seven hundred to thirteen hundred next year,

694
00:33:40,880 --> 00:33:42,720
Speaker 2: it's just a lot of partnerships, a lot of deal

695
00:33:42,760 --> 00:33:46,479
Speaker 2: making and I think we can deliver it now. But

696
00:33:46,600 --> 00:33:48,240
Speaker 2: you know, it's not going to be a straight line.

697
00:33:48,400 --> 00:33:50,120
Speaker 2: And you've been in business for quite a long time.

698
00:33:50,120 --> 00:33:51,600
Speaker 2: Market it's never a straight line, no matter.

699
00:33:51,960 --> 00:33:55,000
Speaker 1: So you're simple, but it's never simple. They goes do

700
00:33:55,280 --> 00:34:00,400
Speaker 1: introducing to go the other day and he's not in

701
00:34:00,400 --> 00:34:02,800
Speaker 1: this position, but he was. He thought he was in

702
00:34:02,840 --> 00:34:05,000
Speaker 1: his position a couple of years ago. But he's like

703
00:34:05,040 --> 00:34:07,600
Speaker 1: his financial situation has changed. But he's got good income,

704
00:34:08,680 --> 00:34:13,800
Speaker 1: always rented apartment in Sydney, never bothered, lived his life.

705
00:34:14,120 --> 00:34:17,600
Speaker 1: He's youngish, he's always lived his life to the best

706
00:34:17,640 --> 00:34:21,120
Speaker 1: of holidays and you know whatever. So he didn't save

707
00:34:21,160 --> 00:34:24,399
Speaker 1: any deposit. And one of the things he's now doing

708
00:34:24,480 --> 00:34:27,000
Speaker 1: is looking at going into buying in the Southern Highlands

709
00:34:27,640 --> 00:34:31,359
Speaker 1: and your sort of product would suit him perfectly because

710
00:34:31,360 --> 00:34:33,240
Speaker 1: he's got a good income and he's also now settled

711
00:34:33,239 --> 00:34:37,840
Speaker 1: down so he'd be a good borrower. He's got good income,

712
00:34:37,880 --> 00:34:40,200
Speaker 1: so he'd qualifying that part of stuff. He wouldn't have

713
00:34:40,239 --> 00:34:42,520
Speaker 1: any riskless. I don't think he'd have any risk associated

714
00:34:42,560 --> 00:34:46,440
Speaker 1: with him. But he's been constrained because now he's never

715
00:34:46,440 --> 00:34:48,040
Speaker 1: been out to buy. He doesn want to live an

716
00:34:48,080 --> 00:34:49,719
Speaker 1: apartment and where he's got a dog. He wants like

717
00:34:49,760 --> 00:34:53,200
Speaker 1: a house and maybe in square meters or five and

718
00:34:53,239 --> 00:34:55,680
Speaker 1: square meters whatever. He wants a house like where he

719
00:34:55,719 --> 00:34:58,719
Speaker 1: can sort of and he does, where he can sort

720
00:34:58,760 --> 00:35:00,200
Speaker 1: of move around a little bit. He doesn't need to

721
00:35:01,520 --> 00:35:03,920
Speaker 1: be in Sydney for work. He does his stuff remote

722
00:35:05,040 --> 00:35:06,359
Speaker 1: and if he doesn't need to be in Sydney, can

723
00:35:06,360 --> 00:35:08,239
Speaker 1: be here an hour from the mis Southern Islands hour

724
00:35:08,280 --> 00:35:11,239
Speaker 1: and a half and your product would be perfect for him.

725
00:35:12,960 --> 00:35:16,560
Speaker 1: You don't just look at one individual as being more

726
00:35:16,640 --> 00:35:17,640
Speaker 1: risky than say a couple.

727
00:35:17,920 --> 00:35:19,680
Speaker 2: No, not at all, not at all. It's about service

728
00:35:19,719 --> 00:35:22,799
Speaker 2: in Mark and I mean we do have some post

729
00:35:22,800 --> 00:35:24,960
Speaker 2: co restrictions. Obviously we have to accrue for that.

730
00:35:25,880 --> 00:35:28,320
Speaker 1: But you also you also need to have the property

731
00:35:28,360 --> 00:35:29,080
Speaker 1: sell to him, don't you.

732
00:35:29,280 --> 00:35:30,960
Speaker 2: Yeah. I mean, and again, let's say, for example, you

733
00:35:31,040 --> 00:35:33,239
Speaker 2: have your own dirt. Let's say he's got a place there.

734
00:35:33,320 --> 00:35:36,239
Speaker 2: Let's say lend there land. If he says, hey, I

735
00:35:36,280 --> 00:35:38,359
Speaker 2: just want to build on it, we can do the deal. Right.

736
00:35:39,000 --> 00:35:40,719
Speaker 2: There's a thousand ways to skin the cut. We're not

737
00:35:40,760 --> 00:35:44,560
Speaker 2: too concerned about you know exactly what it is. I mean,

738
00:35:44,880 --> 00:35:47,520
Speaker 2: we're a lender, but we're a bit unconventional because we

739
00:35:47,600 --> 00:35:49,160
Speaker 2: kind of sit on the side of our client. How

740
00:35:49,160 --> 00:35:50,359
Speaker 2: do we get it done? Right?

741
00:35:50,440 --> 00:35:51,800
Speaker 1: But you can build a house from using.

742
00:35:51,680 --> 00:35:54,120
Speaker 2: Yeah, yeah, yeah, asolutely. Third, we can make it.

743
00:35:54,080 --> 00:35:56,879
Speaker 1: Happen, so you don't have to be doing house land

744
00:35:56,880 --> 00:35:59,200
Speaker 1: packages down there already. You can just send your building

745
00:35:59,239 --> 00:36:00,560
Speaker 1: to him down there and build the house.

746
00:36:01,239 --> 00:36:03,440
Speaker 2: We don't care about which part we sit in. The

747
00:36:03,480 --> 00:36:05,439
Speaker 2: only reason we have to build it or get someone

748
00:36:05,480 --> 00:36:07,719
Speaker 2: else to build it is so they can facilitate the

749
00:36:08,400 --> 00:36:11,399
Speaker 2: investment into the client to reduce it dramatically back to.

750
00:36:11,320 --> 00:36:15,719
Speaker 1: The fund absolutely, yeah, and at the building costs at

751
00:36:15,719 --> 00:36:16,920
Speaker 1: market like just normal mine.

752
00:36:17,000 --> 00:36:19,439
Speaker 2: Yeah. So that's so they're protected, as you know, through

753
00:36:19,520 --> 00:36:21,120
Speaker 2: the Valex system. And for those who don't know what

754
00:36:21,200 --> 00:36:24,680
Speaker 2: the VALEX system is, yeah, it's it's when you're applying

755
00:36:24,719 --> 00:36:27,480
Speaker 2: for a loan, you send it off to a valuer

756
00:36:27,640 --> 00:36:31,480
Speaker 2: to confirm that it is exactly what it's worth. So

757
00:36:31,520 --> 00:36:33,960
Speaker 2: the Valex system means there's no control by the lender

758
00:36:34,160 --> 00:36:36,400
Speaker 2: or the client as to who picks up the valuation.

759
00:36:36,960 --> 00:36:39,040
Speaker 2: So if we've got a build in there at four

760
00:36:39,120 --> 00:36:41,080
Speaker 2: hundred and four fifty and the land is four hundred,

761
00:36:42,200 --> 00:36:44,279
Speaker 2: the valuer takes it a random value which we have

762
00:36:44,320 --> 00:36:46,319
Speaker 2: no control of based on post code. They pick it

763
00:36:46,400 --> 00:36:48,960
Speaker 2: up and they value it according to what they believe

764
00:36:49,040 --> 00:36:50,040
Speaker 2: is a reasonable valuation.

765
00:36:50,360 --> 00:36:53,800
Speaker 1: Yeah, not finished, but valuation build what it's.

766
00:36:53,640 --> 00:36:54,800
Speaker 2: Going to be finished. Yeah, what it's going to be

767
00:36:54,840 --> 00:36:59,040
Speaker 2: finished as the valuation built right now. That means that

768
00:36:59,120 --> 00:37:02,359
Speaker 2: we can't the prices up. We have to give what

769
00:37:02,480 --> 00:37:05,600
Speaker 2: the price is, and we generally follow the HIA standard

770
00:37:06,280 --> 00:37:10,160
Speaker 2: of building profit margins on top as articulated by them

771
00:37:10,200 --> 00:37:13,400
Speaker 2: to make sure that we're solvent, because the building industry

772
00:37:13,400 --> 00:37:15,760
Speaker 2: wants to make sure the builder doesn't go bankrupt yet, right,

773
00:37:16,239 --> 00:37:18,360
Speaker 2: So when we put our pricing of the building, it

774
00:37:18,400 --> 00:37:21,000
Speaker 2: goes to the valuer and we can't cheat. The valuer

775
00:37:21,120 --> 00:37:23,360
Speaker 2: keeps us accountable and they'll say, yeah, this is a

776
00:37:23,360 --> 00:37:26,479
Speaker 2: reasonable cost to build this project on this block of land.

777
00:37:26,880 --> 00:37:29,080
Speaker 2: So there is security measures all over the place to

778
00:37:29,120 --> 00:37:31,319
Speaker 2: make sure that no one's taking advantage, not just us,

779
00:37:31,320 --> 00:37:35,560
Speaker 2: but whichever builder takes this responsibility on. And you know,

780
00:37:35,600 --> 00:37:38,560
Speaker 2: we again lots of a littles by doing twenty or

781
00:37:38,560 --> 00:37:41,920
Speaker 2: thirty builds, then we have the sizable profit to invest

782
00:37:42,239 --> 00:37:44,840
Speaker 2: into the warehouse as well as get some profit and

783
00:37:44,840 --> 00:37:45,920
Speaker 2: stay solved.

784
00:37:46,360 --> 00:37:49,400
Speaker 1: Generally speaking, when you lend the money, say on that example,

785
00:37:49,480 --> 00:37:53,799
Speaker 1: someone owns a block of land and you're funding or

786
00:37:54,280 --> 00:37:58,640
Speaker 1: and building the property of the house down the Southern Islands,

787
00:37:58,640 --> 00:38:02,759
Speaker 1: for example, maybe you explain to people that you might

788
00:38:02,800 --> 00:38:08,080
Speaker 1: approve like a four hund thousand dollars loan, but you

789
00:38:08,120 --> 00:38:10,359
Speaker 1: don't give four thousand dollars day one. Is it based

790
00:38:10,400 --> 00:38:10,960
Speaker 1: on drawdowns?

791
00:38:11,040 --> 00:38:13,040
Speaker 2: Yeah? Yeah, So so let's say the land is four

792
00:38:13,120 --> 00:38:16,000
Speaker 2: hundred and the builder is four hundred. So we give

793
00:38:16,040 --> 00:38:19,600
Speaker 2: the loan the empower money product funds the land and

794
00:38:19,640 --> 00:38:23,640
Speaker 2: then the builder then does you get to deposit from

795
00:38:23,640 --> 00:38:26,600
Speaker 2: that component and then we would lay the slab. For example,

796
00:38:26,680 --> 00:38:29,080
Speaker 2: the slab is the first fundamental part of the building process.

797
00:38:29,640 --> 00:38:31,839
Speaker 2: And then when that slab is laid, we put an

798
00:38:31,840 --> 00:38:36,640
Speaker 2: application through to Power Money to say we've done the slab,

799
00:38:36,680 --> 00:38:38,600
Speaker 2: and they will send out a valuer again a third

800
00:38:38,640 --> 00:38:40,600
Speaker 2: party to come in and say yep, there is a

801
00:38:40,600 --> 00:38:43,880
Speaker 2: slab here, right to fact check. When that slab comes in,

802
00:38:43,920 --> 00:38:45,480
Speaker 2: we get a progress claim. So let's say if the

803
00:38:45,520 --> 00:38:48,200
Speaker 2: whole build for ease of use is five hundred thousand

804
00:38:48,200 --> 00:38:51,080
Speaker 2: dollars and each progress payment is one hundred thousand, which

805
00:38:51,120 --> 00:38:53,680
Speaker 2: is never the case. Is normally less of the start

806
00:38:53,719 --> 00:38:56,560
Speaker 2: and more at the end. When they see the slab

807
00:38:56,600 --> 00:38:58,640
Speaker 2: comes then we get one hundred thousand dollars which pays

808
00:38:58,640 --> 00:39:00,760
Speaker 2: for all the materials, all the trades, all the costs.

809
00:39:01,160 --> 00:39:03,560
Speaker 2: And then we start doing the frame and then get

810
00:39:03,600 --> 00:39:06,479
Speaker 2: another draw down. So the actual loan is only fully

811
00:39:06,520 --> 00:39:09,439
Speaker 2: drawn down when the house is fully complete and sort

812
00:39:09,440 --> 00:39:12,120
Speaker 2: of ready to move in, which is called the occupational certificate.

813
00:39:12,760 --> 00:39:15,239
Speaker 2: Each point is checked by a valuer, but also just

814
00:39:15,280 --> 00:39:18,319
Speaker 2: the general quality controls are checked by the certifier on

815
00:39:18,360 --> 00:39:19,320
Speaker 2: each level to make.

816
00:39:19,200 --> 00:39:21,959
Speaker 1: Sure certify for the builder, for the builder.

817
00:39:22,480 --> 00:39:24,560
Speaker 2: From the council right. It's really there to protect the

818
00:39:24,600 --> 00:39:27,520
Speaker 2: client as much as the builder interacts with them, they

819
00:39:27,560 --> 00:39:29,399
Speaker 2: really represent the client to make sure that the build

820
00:39:29,480 --> 00:39:33,360
Speaker 2: quality is there, but also get all the genuine insurances

821
00:39:33,400 --> 00:39:38,360
Speaker 2: that come with that with whether it's us or anyone. Again,

822
00:39:38,440 --> 00:39:40,200
Speaker 2: this is a finance product, but I just want to

823
00:39:40,200 --> 00:39:43,759
Speaker 2: be clear it doesn't exist without the support of whether

824
00:39:43,760 --> 00:39:45,520
Speaker 2: it be the land developer or the builder or the

825
00:39:45,560 --> 00:39:50,040
Speaker 2: developer working with the funder to support the client. We

826
00:39:50,480 --> 00:39:53,120
Speaker 2: are all actually investing back into the client to give

827
00:39:53,160 --> 00:39:55,279
Speaker 2: them opportunity. If you go to anywhere else, if you

828
00:39:55,320 --> 00:39:57,839
Speaker 2: go to a using your example, a Masterton, they're making

829
00:39:57,880 --> 00:40:00,879
Speaker 2: the same profit of us go to the land. They're

830
00:40:00,880 --> 00:40:02,839
Speaker 2: still going the same land commission. That money that we

831
00:40:02,880 --> 00:40:07,279
Speaker 2: get for facilitating your end to end service goes back

832
00:40:07,320 --> 00:40:10,239
Speaker 2: in to facilitate the opportunity, whereas if you go with them,

833
00:40:10,640 --> 00:40:12,280
Speaker 2: they're just getting the money and everyone's happy.

834
00:40:12,400 --> 00:40:16,880
Speaker 1: Yeah yeah, So where to from here for empower money

835
00:40:16,920 --> 00:40:18,240
Speaker 1: and all your subsidies.

836
00:40:19,560 --> 00:40:23,000
Speaker 2: The goal is very simple in one line, helping more

837
00:40:23,000 --> 00:40:28,319
Speaker 2: Australians to get more properties, well get their property get

838
00:40:28,320 --> 00:40:30,439
Speaker 2: out of the rental trap. So our goal is deliver

839
00:40:30,520 --> 00:40:33,400
Speaker 2: thirteen hundred this year next year to take it to

840
00:40:33,400 --> 00:40:38,040
Speaker 2: two thousand the year after three thy three hundred. Our

841
00:40:38,160 --> 00:40:41,120
Speaker 2: first milestone is just to really embed that partnership with

842
00:40:41,280 --> 00:40:43,960
Speaker 2: YB to make sure that you know, everyone understands that

843
00:40:43,960 --> 00:40:45,920
Speaker 2: we're going to a few of your conferences. We're doing

844
00:40:45,920 --> 00:40:49,000
Speaker 2: that the training out there. You guys have been great

845
00:40:49,000 --> 00:40:51,399
Speaker 2: and kind of engaging and supporting us to make sure

846
00:40:51,560 --> 00:40:55,920
Speaker 2: our message is out there. So it's just about delivering more,

847
00:40:56,480 --> 00:40:58,919
Speaker 2: helping more. The short fall, I think is one point

848
00:40:58,960 --> 00:41:02,839
Speaker 2: two million houses of the next fell years, So we

849
00:41:02,920 --> 00:41:05,640
Speaker 2: know we're not going to facilitate all of that, but

850
00:41:05,680 --> 00:41:08,080
Speaker 2: we will give the blueprint to support those who need

851
00:41:08,120 --> 00:41:12,480
Speaker 2: it most, the opportunities. If they can afford it, we

852
00:41:12,560 --> 00:41:14,439
Speaker 2: can prove it. Then they can have their own home

853
00:41:14,680 --> 00:41:17,120
Speaker 2: right and they don't have to forever be worried that

854
00:41:17,160 --> 00:41:19,520
Speaker 2: the landlord changes their mind and wants to knock it down,

855
00:41:19,600 --> 00:41:21,840
Speaker 2: and they don't have to be concerned about hanging pictures

856
00:41:21,840 --> 00:41:23,840
Speaker 2: on their wall. And we want to give them the

857
00:41:23,840 --> 00:41:26,640
Speaker 2: opportunity to hand down that asset to their children, because

858
00:41:26,640 --> 00:41:28,160
Speaker 2: if they've got a hard time now, you can only

859
00:41:28,200 --> 00:41:30,480
Speaker 2: imagine what the children going to have twenty thirty years

860
00:41:30,480 --> 00:41:32,319
Speaker 2: down the track when there's no one to support them

861
00:41:32,320 --> 00:41:32,520
Speaker 2: with that.

862
00:41:33,040 --> 00:41:36,719
Speaker 1: And as the promise invited you down to the round

863
00:41:36,760 --> 00:41:38,280
Speaker 1: Table conference this month.

864
00:41:38,680 --> 00:41:40,560
Speaker 2: I would love to have thee marks and maybe I've

865
00:41:40,560 --> 00:41:41,759
Speaker 2: put a few good words.

866
00:41:42,400 --> 00:41:44,680
Speaker 1: For me, that's for sure, because they didn't invite me either.

867
00:41:45,760 --> 00:41:47,359
Speaker 1: But this is the sort of stuff that they're trying

868
00:41:47,440 --> 00:41:49,520
Speaker 1: to work out, like how can people afford it by

869
00:41:49,560 --> 00:41:52,160
Speaker 1: property And I'm not talking about affordability. I'm talking about

870
00:41:52,960 --> 00:41:56,960
Speaker 1: how can people get in onto the loan game, like

871
00:41:57,000 --> 00:41:59,640
Speaker 1: borrow enough money where they don't have a deposit, and

872
00:41:59,680 --> 00:42:02,960
Speaker 1: how can they also supply enough housing for those people.

873
00:42:03,040 --> 00:42:05,200
Speaker 1: I mean, they're both those things big issues in this

874
00:42:05,239 --> 00:42:08,880
Speaker 1: country at the moment. In fact, three egg extentially big.

875
00:42:09,440 --> 00:42:13,360
Speaker 1: They're huge risk to our stand of living in Australia.

876
00:42:13,400 --> 00:42:15,800
Speaker 1: Because you mentioned earlier. But if you're on the rental

877
00:42:15,840 --> 00:42:20,640
Speaker 1: thing and you're there for the next twenty years, you

878
00:42:20,680 --> 00:42:22,320
Speaker 1: could end up being there for the rest of your life.

879
00:42:23,440 --> 00:42:27,600
Speaker 1: Your stand of living is reduced. And you know, if

880
00:42:27,640 --> 00:42:29,879
Speaker 1: one thing governments need to be concerned about, one thing

881
00:42:29,920 --> 00:42:33,799
Speaker 1: the governments must deliver at least in this country, is

882
00:42:33,840 --> 00:42:36,319
Speaker 1: the maintenance of our stand of living over the last

883
00:42:36,320 --> 00:42:38,960
Speaker 1: one hundred years. Where it's got to we don't want

884
00:42:39,000 --> 00:42:41,320
Speaker 1: to see a contraction in that we don't want to

885
00:42:41,320 --> 00:42:43,040
Speaker 1: see they go backwards. And it is going backwards. It

886
00:42:43,040 --> 00:42:47,800
Speaker 1: has been going backwards for years and they've got to

887
00:42:47,960 --> 00:42:50,279
Speaker 1: put a full stop on that. And one way to

888
00:42:50,320 --> 00:42:55,440
Speaker 1: do it is what you're doing is make housing or

889
00:42:55,520 --> 00:42:58,640
Speaker 1: borrowing more accessible. It's not making it more affordable, it's

890
00:42:58,640 --> 00:43:00,839
Speaker 1: just make it more accessible. In other words, I can

891
00:43:00,880 --> 00:43:02,440
Speaker 1: borrow the money one hundred percent of the money, one

892
00:43:02,480 --> 00:43:04,680
Speaker 1: hundred and five percent of the money to buy that property.

893
00:43:05,440 --> 00:43:10,160
Speaker 1: And this this this company in power money through as subsidiary,

894
00:43:10,160 --> 00:43:11,839
Speaker 1: is going to help me find that property as well.

895
00:43:11,880 --> 00:43:13,560
Speaker 1: It might not be as you said, might not be

896
00:43:13,600 --> 00:43:15,320
Speaker 1: in the middle of Ersconville or in the middle of

897
00:43:15,640 --> 00:43:18,759
Speaker 1: CBD or wherever, but it's for people who are looking

898
00:43:18,760 --> 00:43:20,759
Speaker 1: at Generally speaking, most people can't who want to buy

899
00:43:20,800 --> 00:43:22,520
Speaker 1: don't want to live there anyway. They want to buy

900
00:43:23,360 --> 00:43:25,400
Speaker 1: in where or wherever it is you're talking.

901
00:43:25,200 --> 00:43:28,240
Speaker 2: About where their parents aren't.

902
00:43:28,719 --> 00:43:30,920
Speaker 1: Cooper Rule or some playout, some place up in Brisbane

903
00:43:30,960 --> 00:43:34,040
Speaker 1: and equivalent down in Victoria. Yeah, close to where their

904
00:43:34,080 --> 00:43:36,120
Speaker 1: families are, or close where they went to school, close

905
00:43:36,120 --> 00:43:39,120
Speaker 1: where grew up Labington and in South Wales, Sydney great

906
00:43:39,160 --> 00:43:43,360
Speaker 1: area actually, and so your approach covers both off the

907
00:43:43,400 --> 00:43:48,320
Speaker 1: empower money dot com dot You and your holding company's

908
00:43:48,400 --> 00:43:49,200
Speaker 1: name is again.

909
00:43:49,440 --> 00:43:51,520
Speaker 2: WPF Holdings, White Picket Fence Holdings.

910
00:43:51,840 --> 00:43:54,359
Speaker 1: Is it white picket fence or as a WPF white

911
00:43:54,400 --> 00:43:57,400
Speaker 1: picket fence so they tie in white picket fence.

912
00:43:57,600 --> 00:43:59,640
Speaker 2: I think it's WPF Holdings for that, But we'll give

913
00:43:59,640 --> 00:44:02,359
Speaker 2: you the dresses to probably put on the link below link.

914
00:44:02,760 --> 00:44:05,520
Speaker 1: So but right now you got to empower money dot

915
00:44:05,560 --> 00:44:08,080
Speaker 1: com dot and you can start your journey.

916
00:44:08,160 --> 00:44:11,160
Speaker 2: Absolutely. I mean, I think that the strongest suit. I

917
00:44:11,200 --> 00:44:13,120
Speaker 2: don't know you're you're plugging me, but I'm going to go.

918
00:44:13,200 --> 00:44:16,680
Speaker 2: It's probably why were yellow brick roads. Yeah, they're the

919
00:44:16,680 --> 00:44:20,040
Speaker 2: best place to deal with the scale and volume generally

920
00:44:20,080 --> 00:44:21,759
Speaker 2: speaking at our green with them is even the guys

921
00:44:21,800 --> 00:44:23,680
Speaker 2: who come to us, But we're kind of sending off

922
00:44:23,680 --> 00:44:26,040
Speaker 2: to you guys anyway, and you guys have got the

923
00:44:26,360 --> 00:44:29,359
Speaker 2: manpower and the spread to be able to deal with

924
00:44:29,400 --> 00:44:33,160
Speaker 2: the volume. And I'm confident it's going to basically come

925
00:44:34,360 --> 00:44:36,120
Speaker 2: very high volumes that they're getting out there. But I

926
00:44:36,120 --> 00:44:37,759
Speaker 2: just want to make one point what you said with

927
00:44:37,800 --> 00:44:41,440
Speaker 2: the rental crisis and dropping it's the housing christ but

928
00:44:41,480 --> 00:44:43,759
Speaker 2: it's also the renting crisis because people can't actually even

929
00:44:43,760 --> 00:44:45,879
Speaker 2: get rent. Yeah, so I mean that's if they can

930
00:44:45,920 --> 00:44:48,480
Speaker 2: get rent, they'll be stuck for twenty years. But our

931
00:44:48,560 --> 00:44:50,359
Speaker 2: numbers are showing that they probably won't even be able

932
00:44:50,400 --> 00:44:53,560
Speaker 2: to get rent soon. We're looking at a scenario where

933
00:44:53,560 --> 00:44:56,120
Speaker 2: people are going to be co renting families, co renting

934
00:44:56,120 --> 00:44:59,759
Speaker 2: with families, or you know, worst case, a state of

935
00:44:59,800 --> 00:45:03,480
Speaker 2: home holmelessness or more affordable housing and government funded housing.

936
00:45:04,040 --> 00:45:08,680
Speaker 2: It's not looking pretty. So, yes, this solves for the

937
00:45:08,680 --> 00:45:11,319
Speaker 2: people who want to buy the house and forego all that,

938
00:45:11,800 --> 00:45:13,960
Speaker 2: but it solves for those who are really staring down

939
00:45:14,000 --> 00:45:17,479
Speaker 2: the barrel of you know, eviction because their landlord's moving

940
00:45:17,520 --> 00:45:20,319
Speaker 2: in or knocking down and doing duplex and they just

941
00:45:20,360 --> 00:45:22,399
Speaker 2: can't simply find a place. And the amount of course

942
00:45:22,400 --> 00:45:24,240
Speaker 2: we get like we want to buy a property right now,

943
00:45:24,520 --> 00:45:29,040
Speaker 2: I've got three months, and then we're basically scurrying to

944
00:45:29,040 --> 00:45:31,799
Speaker 2: get them into a scenario where they have shelter. And

945
00:45:31,840 --> 00:45:33,799
Speaker 2: these are people on two fifty three hundred K income.

946
00:45:33,960 --> 00:45:35,440
Speaker 1: Yeah, people who are stressful.

947
00:45:35,000 --> 00:45:37,759
Speaker 2: The exactly right, incredible what's going on at the moment.

948
00:45:39,080 --> 00:45:43,120
Speaker 1: Well, Peter Corey, founder of empower money dot Com, do you,

949
00:45:43,880 --> 00:45:46,680
Speaker 1: and as you said earlier, you can. Your product is

950
00:45:46,719 --> 00:45:49,560
Speaker 1: available through the Wyburt branches. But I thank you very

951
00:45:49,640 --> 00:45:52,040
Speaker 1: much for coming in today. I think it's a I

952
00:45:52,080 --> 00:45:53,360
Speaker 1: know we had to go through a little bit of

953
00:45:53,360 --> 00:45:56,520
Speaker 1: process to break it down because it's reasonably complicated. Not that,

954
00:45:56,760 --> 00:45:59,040
Speaker 1: by the way, the consumer really needs to know those complications,

955
00:45:59,280 --> 00:46:01,600
Speaker 1: but none less, I'm some people will be interested in it.

956
00:46:01,640 --> 00:46:04,319
Speaker 1: But the bottom line is, gatt a broker, go to

957
00:46:04,400 --> 00:46:07,239
Speaker 1: your website and just you guys are doing all the

958
00:46:07,280 --> 00:46:08,640
Speaker 1: work for them, will wipe out do all the work

959
00:46:08,640 --> 00:46:10,480
Speaker 1: for it. But it does work. I know it works

960
00:46:10,480 --> 00:46:12,919
Speaker 1: because our guys are selling it right now. So thanks

961
00:46:12,920 --> 00:46:14,120
Speaker 1: so much for coming today, Peter.

962
00:46:13,960 --> 00:46:15,880
Speaker 2: Thanks so much for having me Mark. Thank you.