Speaker 1: Hello, my name is Santasha Nabananga Bamblet. I'm a proud
Speaker 1: Order Order Kerney Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 2: Hello, and welcome to She's on the Money. Do you
Speaker 2: have some millennials who want financial freedom? Today? My friends,
Speaker 2: it is Friday, which means it is time to get
Speaker 2: our ten y little team together to celebrate you, our
Speaker 2: incredible She's on the Money community today, msters Greed. She's
Speaker 2: going to be sharing some of her favorite money wins.
Speaker 2: Bexi Ed has a money win that she's stolen from
Speaker 2: Miss Jess Grici, which, honestly, I feel like you're just
Speaker 2: good at getting other people to do your homework.
Speaker 4: Yeah, I'm really good at it.
Speaker 2: Yeah, that's true. It's true. We have a juicy money dilemma,
Speaker 2: which this week is all about weather. You should be
Speaker 2: removing purchase conditions when you're bidding for a property to
Speaker 2: give you a better shot at home ownership. And we're
Speaker 2: gonna unpack something that you slid into our DMS about
Speaker 2: this week. You asked about accepting money with conditions, which
Speaker 2: gives me the ick and I can't wait to answer that.
Speaker 2: But before we get there, Ah, Gus Grechi, how was
Speaker 2: your birthday? We it is wonderful.
Speaker 5: We went out for dinner, we went shopping. James bought
Speaker 5: me a jelly cat, which is very exciting.
Speaker 2: Actually, yeah, I saw on your Instagram you went to
Speaker 2: the jelly Cat shop and I was, okay, really envious.
Speaker 6: So cute.
Speaker 5: I got the two little marshmallows adorable, Oh you did?
Speaker 7: Yeah?
Speaker 5: It was aolsome weekend, like nothing crazy, but just feeling
Speaker 5: very loved and happy. And I love hazy inside and
Speaker 5: the marshmallows.
Speaker 6: Yeah, they're actually adorable.
Speaker 2: How are you putting them?
Speaker 5: I was gonna put them on my bedside table, but
Speaker 5: then on the drive hand I had them sitting like
Speaker 5: on top of my dashboard. Is their little legs were
Speaker 5: hanging over cud. Yeah, okay, they live in the car now, yeah,
Speaker 5: that's the why they're going to go.
Speaker 6: So no, I love it.
Speaker 2: I love it very cute.
Speaker 4: How's your week being really nice? Actually, I know you
Speaker 4: asked me this off and I was like, I did nothing,
Speaker 4: But then I remember that I did many things. I
Speaker 4: went to the that magical like Harry Potter. It was
Speaker 4: actually really good. But I also went to LightScape like
Speaker 4: a week earlier, and I'm like, oh, it was hard
Speaker 4: on to beat, and I don't know that it fully did.
Speaker 4: But I also have never really watched Harry Potter. So
Speaker 4: I think if you had watched Harry Potter, I'm sorry.
Speaker 5: What disgrace to millennials everywhere.
Speaker 2: I know that's disgusting, I know, but I mean, like,
Speaker 2: what do you mean you make time for Harry Potter?
Speaker 4: Was like this, it was one hundred fifty hours to watch.
Speaker 2: Yeah, one hundred and fifty hours well spent.
Speaker 4: Yes, suppose have you seen.
Speaker 5: Those cinemas that do like every couple of years, they'll
Speaker 5: do like a marathon where you can like bring like
Speaker 5: a blanket and they do like all the episodes.
Speaker 6: Back to back.
Speaker 2: I have ADHD. I could never. Yeah, that's right. It
Speaker 2: is really sweet. You could do that in your house,
Speaker 2: in your made up cinema.
Speaker 4: Yeah, totally. I was literally thinking about that.
Speaker 6: That would be cute.
Speaker 4: Yeah, that would be crue.
Speaker 2: I feel like you would like Harry Potter.
Speaker 4: Yeah, I think I would too. It's quite magical, isn't it.
Speaker 2: Yeah, Like I think you would like it, and then
Speaker 2: I think you would get involved with the paraphernalia that
Speaker 2: comes with it, Like I think you'd be like, I
Speaker 2: want to try it, but.
Speaker 4: It be like what I'm scared of this scale a one? Yeah? Yeah,
Speaker 4: I know what else they do sell ones?
Speaker 5: There?
Speaker 4: This magical thing and do they actually?
Speaker 5: Yeah?
Speaker 4: And I thought like if I was into this little
Speaker 4: bit more, this would be my dream. So it was
Speaker 4: really cool. Actually really Oh my gosh.
Speaker 2: That brings flashbacks back when I was young. I would
Speaker 2: have been like twelve or thirteen. We went and we
Speaker 2: drove to Queensland for a family holiday and we went
Speaker 2: to Movie World and they had the Harry Potter World
Speaker 2: at Movie World at that point in time, and my
Speaker 2: parents bought me a wand wow, and it was like
Speaker 2: the coolest thing I ever had, and my sister got
Speaker 2: one too, and we used to fight over each other's wants.
Speaker 2: I wanted to because clearly hers was much better than mine.
Speaker 4: Totally, it just feels magical. I can imagine holding.
Speaker 2: A water pool, especially as a kid, like having a
Speaker 2: Harry Potter wand Harry Potter World.
Speaker 6: Laura's a thirty year old.
Speaker 2: Really, hey, you know what you do you let's get
Speaker 2: into today's episode even further. I want to know, mister Sakricci,
Speaker 2: if you've got some money wins all confessions from our
Speaker 2: community to share. What a coincidence.
Speaker 6: I just so happened to have some then I prepared earlier.
Speaker 2: I did not see that coming.
Speaker 5: My first on this week is from Imagen, who said
Speaker 5: she had to go at making bread on the weekend.
Speaker 5: She's so happy with how it turned out. It's really
Speaker 5: easy to make and it costs her less than two
Speaker 5: bucks a loaf, so she's thinking about doing it regularly
Speaker 5: rather than buying it from the sleeper market.
Speaker 2: And the processed with that, and there is a photo
Speaker 2: of her perfect loss.
Speaker 4: Oh my gosh, that's perfect.
Speaker 6: It's immaculate.
Speaker 4: Can you try your hand and then make a perfect
Speaker 4: long Literally.
Speaker 2: That's actually quite rude. Do you know what's a really
Speaker 2: really good money win. I mean Image, and I'm so
Speaker 2: sorry to trump you on this, but my dad has
Speaker 2: recently gotten into making bread. So now whenever I go
Speaker 2: and see my parents, I come home with a loaf
Speaker 2: of bread for free, and it's homemade and it's delicious.
Speaker 2: And he's like, I've been, you know, trying out this
Speaker 2: ryce sour dough and I'm like, no worries, I'll take
Speaker 2: whatever you're giving.
Speaker 6: Yeah, I feel nothing.
Speaker 2: Quite hits like fresh bread and it's wholesome, but imagen,
Speaker 2: it's so much cheaper. Even my dad was talking about
Speaker 2: how he can make like this rice sour dough for
Speaker 2: like two dollars a loaf, and now at the bakery
Speaker 2: it's like eight or nine.
Speaker 5: Crazy very good skill from Image in there. Next, I've
Speaker 5: got a money win from Anna, who said she has
Speaker 5: a manifestation money win and that I would be proud.
Speaker 5: She said she wanted a certain bunk bed for the
Speaker 5: kids and she only had a certain budget for it,
Speaker 5: so she was manifesting a second hand one for two
Speaker 5: hundred bucks that she wanted to pay, and then they
Speaker 5: managed to find it.
Speaker 1: Oh my god.
Speaker 6: Apparently then normally fifteen hundred.
Speaker 2: Dollars two hundred dollars down to two hundred dollary.
Speaker 5: Due scored it on Facebook Marcus, well done, Anna, I
Speaker 5: am indeed proud of you. Next, I've got money win
Speaker 5: from Sophie, who said she hasn't used her credit card
Speaker 5: or her after pay, you know, for a month. Oh
Speaker 5: Queen mab well done, Sophie. That's such a hard habit
Speaker 5: to break.
Speaker 6: Yeah, that's really awesome.
Speaker 5: Well done to you. Vicki said she used Velocity points
Speaker 5: instead of money this month to book some flights. It
Speaker 5: would have been six hundred dollars for her daughters to
Speaker 5: fly down to Melbourne, but instead she just had to
Speaker 5: pay the taxes, which was one hundred.
Speaker 6: And thirty four.
Speaker 2: Oh my gosh, mry Win, well done. Like we've gone
Speaker 2: back to like the early two thousands when you could
Speaker 2: get like forty nine dollar flights. Oh do you remember
Speaker 2: those days? You'd like get on Virgin and be like yeah,
Speaker 2: this was like forty nine dollars.
Speaker 5: Yeah, like what if only? Next, I've got money in
Speaker 5: from Hailey, who said she got a free bassinet and bouncer,
Speaker 5: as well as some baby bedding from her friend whose
Speaker 5: child had outgrown everything. Which how good is that circular
Speaker 5: economy within friendships. I know that I've said it before,
Speaker 5: but I'm so all about it. I think that is
Speaker 5: the best money when you can have and then if
Speaker 5: you get if you have another baby, they can just give.
Speaker 2: It back one hundred percent. If you see Harvey in
Speaker 2: anything cute in the next couple of months, Thanks Steph.
Speaker 2: She dropped off all of her sons stuff that he
Speaker 2: had grown out of. I've got all this cute baby stuff. Also,
Speaker 2: babies use things for zero point two seconds, so they're
Speaker 2: basically brand new.
Speaker 4: What the heck?
Speaker 6: Yeah, so good.
Speaker 5: And then on the similar vein, Tash said her friend
Speaker 5: was going away for the weekend and she gave her
Speaker 5: a heap of food that they had in their fridge
Speaker 5: that was gonna go bad while they were away.
Speaker 6: Oh money, we didn't need to do a food chop
Speaker 6: this week.
Speaker 2: I love that. I feel like more people should do
Speaker 2: that before they go on holiday. I'm talking to me
Speaker 2: when I say that holiday, and I was like, oh,
Speaker 2: this is so disappointing. Like there was a whole yogurt
Speaker 2: in our fridge.
Speaker 1: No, but like the tub, like the.
Speaker 2: That we hadn't even opened yet, and I went to
Speaker 2: have a look because like, I'm definitely I don't know
Speaker 2: about you. I know Jess would never but like I'll
Speaker 2: do the sniff test. If it smells fine, we're eating it, Jess.
Speaker 2: If the dates out like it's already out of the house,
Speaker 2: it makes me nervous. Yeah, that's fair, which is so fine.
Speaker 2: But like I sniffed the o yet, it wasn't an option.
Speaker 5: Eating dairy for me is already risky as a lactosey
Speaker 5: tolerant girl.
Speaker 2: That's so fair. That is so fair.
Speaker 5: Lastly, one more money win, A simple one, but a
Speaker 5: good one from Nat. She said she's paid down three
Speaker 5: of her debts and she's got three to go, so
Speaker 5: she's officially over the halfway mark.
Speaker 2: How exciting you're on up? How good you all?
Speaker 7: Right?
Speaker 2: Well those were really good money wins. But I feel like, Beg,
Speaker 2: you might have like a stolen broke tip or two.
Speaker 4: Yeah, I've got a couple. I got a couple of
Speaker 4: stolen broke tips.
Speaker 2: Broke tips still steal money wins.
Speaker 4: And I'll start with two from the community. The first
Speaker 4: one comes from one of our community members who says, Hi, Beck,
Speaker 4: this is I feel like Jessic, you might like this one.
Speaker 4: It's very similar to my plane broke tip, where I
Speaker 4: say I wear.
Speaker 2: Or Okay, I don't know where this is going. Then
Speaker 2: well this is like.
Speaker 4: Actually a bit of a life hack but also a
Speaker 4: broke tip if you're really trying to save on Yeah,
Speaker 4: let's say, is.
Speaker 2: This going to be funny? We're going to get a
Speaker 2: snorty laugh out of Jess because I.
Speaker 8: Am for that.
Speaker 4: You know it is rare. I don't know that I'll
Speaker 4: get it this time.
Speaker 2: But this the time you wore like seven pairs fund
Speaker 2: wear onto the true that's still funny. That's still funny.
Speaker 4: Doesn't want its magic, Jess.
Speaker 2: You could have just put them in your pockets.
Speaker 4: Okay, how I got for them anywhere? But wearing them
Speaker 4: feels better. It's very cushy. So these community members as
Speaker 4: following on from that episode, I just cackled about you
Speaker 4: wearing multiple clothes. You can also find like a neck
Speaker 4: pillow that has a washable sleeve. Remove the pillow and
Speaker 4: stuff it with your underwear, your socks, whatever. It's functional,
Speaker 4: and you also now have a plumped up neck pillow
Speaker 4: you can use on the plane.
Speaker 2: Hey, that's quite smart. Such I feel like that's genius
Speaker 2: because I've seen on TikTok people suggesting that you get
Speaker 2: a quote pillow and fill it. But they're gonna pick
Speaker 2: you up on that. Like people on TikTok are saying, oh,
Speaker 2: I got caught and they measured it and they had
Speaker 2: to pay for it. In addition, they're going a pillow
Speaker 2: the neck pillow that's super.
Speaker 4: Sillily that really just wear it around your neck. You
Speaker 4: wouldn't even notice it's a light.
Speaker 2: And then if they say is that a pillow, be like, no,
Speaker 2: it's an accessory. That's my outfit. Yeah, what are they
Speaker 2: going to do?
Speaker 6: Take the pillow off your neck?
Speaker 2: Surely not.
Speaker 4: That's a good one. That's really smart. We didn't get
Speaker 4: a snort laugh and that's quite a right. The next
Speaker 4: one comes from Nadine, who has sent me a real
Speaker 4: like and do.
Speaker 2: You guys want me to like say, I mean, we're
Speaker 2: want the link, but tell us what happens in the
Speaker 2: real Yeah, of course, so interpretive dance as a form
Speaker 2: of showing us it's not going to work on the podcast,
Speaker 2: so you could just.
Speaker 4: Ask true, I mean, we can put it up on stories.
Speaker 4: But it's from Nadine but she sent me this reule
Speaker 4: that is the page is the food Inbox, and this
Speaker 4: person has shown us how they've made a week's worth
Speaker 4: of food for two people for fifty dollars.
Speaker 2: And it's a good deal.
Speaker 4: And I know that, Like you know, obviously the listeners
Speaker 4: can't see this right now, but I'm looking at it
Speaker 4: and it looks like it's full of vegetables, fruits, really
Speaker 4: really good food. These look like really decent, generous sized
Speaker 4: portions for a whole week fifty bucks fifty So what
Speaker 4: we see the name the food Inbox?
Speaker 2: All right, we'll go check it out.
Speaker 4: I love saying it wrong. I love that.
Speaker 2: Now, what is your broke tip of the week?
Speaker 4: So my one comes from myself and maybe.
Speaker 2: Definitely not just.
Speaker 6: So, Jess.
Speaker 4: You went to pancake Parlor.
Speaker 2: So it was like that's it was like a really
Speaker 2: good time.
Speaker 4: Sound like good times. I was like an expensive time
Speaker 4: and you were like, no, Actually, in winter, when the
Speaker 4: temperature of I'm assuming the city that you're in drops
Speaker 4: below a certain point, the winter warmer menu is half price.
Speaker 2: How good is that?
Speaker 4: That's really cute.
Speaker 2: I love that, and I mean we're definitely not sponsored
Speaker 2: by pancake parlot. I'm about to say that, Yeah, same,
Speaker 2: because I can't afford to eat there, Like I feel
Speaker 2: like it is like fine dining prices nowadays. Like you
Speaker 2: go and you're like I thought the pancake parlor was
Speaker 2: like cheap, cheerful, like twenty four hours, like you can
Speaker 2: get pancakes at any time. We went a little while ago.
Speaker 2: Actually it would have been like a year or two ago.
Speaker 2: Jess do you remember the time they dragged our entire
Speaker 2: team to the pancake parlor to watch the budget?
Speaker 6: Oh my god, Yeah, that was so funny.
Speaker 4: That's cute.
Speaker 2: And I was like, oh, by everyone pancakes because I
Speaker 2: needed to find in my head something engaging to get
Speaker 2: everybody else in the team excited about watching federal budget.
Speaker 2: Turns out, no one cared. They were there for pancakes
Speaker 2: that cost me so much money because I can imagine
Speaker 2: the pancakes is like twenty five minimumcakes.
Speaker 5: I added a side of strawberries on ones, and the
Speaker 5: side of strawberries was ten dollars. It was the next time,
Speaker 5: I'm just going to bring my own little top strawberry
Speaker 5: Like absolutely not.
Speaker 2: I just I can't fathom it because in my head
Speaker 2: it used to be cheap and cheerful. Yeah, but it
Speaker 2: can be only if it's cold enough.
Speaker 5: Yeah, and anytime it's under ten degrees, under ten degrees.
Speaker 2: And it's like winter, so that's happening a lot.
Speaker 4: Is that a high of ten or just ten at
Speaker 4: any point in the day.
Speaker 5: I think it's when it hits ten degrees, so like
Speaker 5: morning or evening usually like we went or post dinner snack.
Speaker 2: I like it. I'm going to check the temperature before
Speaker 2: I have a craving for pancake.
Speaker 5: Yah.
Speaker 4: Yeah, I mean like literally any morning in winter. I
Speaker 4: assume you can go for breakfast, but anyway, I could
Speaker 4: be wrong.
Speaker 2: Sorry pancake parlator for the trash talking, but I mean
Speaker 2: you are really expensive for pancakes.
Speaker 1: There.
Speaker 2: That's what we're still going. We're still going.
Speaker 4: We've or without the ten degree? What the call? I
Speaker 4: can't think of anyway. That's me for this week.
Speaker 2: I hope I love that you have once again stolen
Speaker 2: a broke tip from someone called Jess.
Speaker 4: Oh I didn't even.
Speaker 6: It's really an ongoing thing, there really is.
Speaker 2: So if any Jesses would like to dm Beck with
Speaker 2: a broke tip. Apparently she's only accepting them from people
Speaker 2: called Jess. Yeah, so that's fine, and I'll claim it
Speaker 2: as my own or only if your name is Jess. Yeah,
Speaker 2: everyone else fair, that's fair credit.
Speaker 6: I love that.
Speaker 2: All right, let's go to a really quick break because
Speaker 2: on the flip side, I'm really interested in the perfect
Speaker 2: topic of accepting money that does come with conditions, And
Speaker 2: we're also going to be chatting about whether removing purchasing
Speaker 2: conditions when you're bidding on a property at auction gives
Speaker 2: you a better chance at home ownership. So don't go anywhere, guys.
Speaker 6: Welcome back, everybody. Let's take a listen to this week's
Speaker 6: money dilemma.
Speaker 2: Hi, there, have you got a money dilemma you just
Speaker 2: can't solve that She's on The Money Team is here
Speaker 2: to help. Every week we tackle your dilemmas, both big
Speaker 2: and small, to answer your most burning money, career and
Speaker 2: life questions. To get involved, simply head to our website
Speaker 2: and leave us a short voice recording and you might
Speaker 2: just find yourself on the show. Now, let's take a
Speaker 2: listen to this week's money dilemma.
Speaker 8: Hey, Victoria, me and my sister are trying to buy
Speaker 8: an apartment together. It's our first time buying a place,
Speaker 8: so we're still learning and everything. We're noticing that every
Speaker 8: time we place an offer on an apartment there's someone
Speaker 8: who is paying in cash and has like no conditions
Speaker 8: on their offer, but unfortunately we need conditions, like, in
Speaker 8: particular subject to finance.
Speaker 2: It kind of feels like there will always.
Speaker 8: Be wealthier people who are able to pay them for
Speaker 8: with an unconditional offer, So we're not really sure how
Speaker 8: to compete. How risky is it to remove all conditions,
Speaker 8: including subject to finance from our offers moving forward.
Speaker 2: That's really risky and I wouldn't be considering it if
Speaker 2: you need it, which you said you did. That gives
Speaker 2: me mad amounts of anxiety, especially because you said, you
Speaker 2: know we need it to be subject to finance. Yes,
Speaker 2: you do, because if it's not subject to finance, you
Speaker 2: could literally lose your deposit and then you won't be
Speaker 2: able to buy any house in the future, which is wild.
Speaker 2: I get it, though, like Jess is probably better at
Speaker 2: this topic than I am at the moment, because Jess,
Speaker 2: you've been going to a lot of inspections, a lot
Speaker 2: of inspection and not doing a lot of winning.
Speaker 5: No, No, we haven't, Actually we haven't tended in an
Speaker 5: offer yet, but I completely agree. I think the other
Speaker 5: big one for me in subject to finance is subject
Speaker 5: to building a pest, which is maybe one that you
Speaker 5: can get around because some agents are a bit more
Speaker 5: flexible and they want to have as few as our
Speaker 5: listener is saying as few conditions in that offer as possible.
Speaker 5: So if you are eager to put an offer in,
Speaker 5: the two that I would not skip is building a
Speaker 5: pest and finance.
Speaker 6: If you need it, which is a geniees sane.
Speaker 5: You might be able to say to the agent, Hey,
Speaker 5: like we would want to get a building and pest
Speaker 5: done before we purchased, are you happy for us to
Speaker 5: do that prior to putting our offer in. So it's
Speaker 5: one less contingency that's in place, and a lot of agencies,
Speaker 5: particularly if it's not occupied or things like that, a
Speaker 5: lot of them are pretty happy to let you do
Speaker 5: that because it's one less thing that's on that offer,
Speaker 5: one easier thing for them to get that offer through
Speaker 5: because ultimately they want to sell the house. So you
Speaker 5: might be able to do that. In terms of your
Speaker 5: subject to finance, you could look at doing a pre approval.
Speaker 5: That's something that your mortgage broker would be able.
Speaker 2: To help you with I heard there's good mortgage brokers
Speaker 2: at Sealer Money. I have heard that they seem to
Speaker 2: be very lovely from what I've heard, what you've heard.
Speaker 2: There are many many phone calls that I've made that
Speaker 2: I've made to that team. Wow, what a conundrum.
Speaker 5: Yeah, so your mortgage broker would be able to help
Speaker 5: you get a pre approval. You know, obviously they only
Speaker 5: last for so long, so you'd only want to get
Speaker 5: it done if you're actively making offers.
Speaker 2: Yeah, one hundred percent. And that's where your mortgage broker
Speaker 2: can help you. So they might not submit for pre
Speaker 2: approval until you're like, yeah, I actually do have a
Speaker 2: few properties on the go, but it's important to start
Speaker 2: that conversation early. But yeah, the subject of finance one
Speaker 2: gives me anxiety.
Speaker 5: Jah. Yeah, And having the pre approval in place might
Speaker 5: just be enough. You know, you can say, hey, like
Speaker 5: we have that subject to finance, but we have a
Speaker 5: pre approval, and that is often enough to make the
Speaker 5: vendor really comfortable knowing that it seems like it's going
Speaker 5: to go true. Rather than taking a step in the dark.
Speaker 2: I would be cautious here providing your pre approval to
Speaker 2: the real estate agent, because hypothetically, I know that Jess,
Speaker 2: you are often pre approved for more money than what
Speaker 2: the house is, and you don't actually want the real
Speaker 2: estate agent to go, oh, well, this property is five
Speaker 2: hundred thousand and she's pre approved for five fifty. I'm
Speaker 2: going to tell them that there's another person and do
Speaker 2: you want to go up to five fifty, Jess. So
Speaker 2: I'd be really apprehensive of providing it, but telling them
Speaker 2: that you're pre approved for the amount that you're offering
Speaker 2: is really powerful. The other thing I would say is
Speaker 2: if there seems to be some stress around that building
Speaker 2: and pest inspection, asking the real estate agent if it's
Speaker 2: been done already is really powerful as well, because if
Speaker 2: you're not the only person interested in it, there could
Speaker 2: be another party who has done it that might have
Speaker 2: provided it to the real estate agent. And I promise
Speaker 2: the real estate agent wants to give it to you
Speaker 2: because they want your offer on the table. So it's
Speaker 2: very likely that they'll say, oh, yeah, actually one's been done,
Speaker 2: and at that point Jess might go, oh, well, can
Speaker 2: I please have a copy of it? Because that means
Speaker 2: I will not be subject to building and pest, and
Speaker 2: I don't have to make you wait for my offer
Speaker 2: to you know, go unconditional. And at that point you'd
Speaker 2: hand it to your solicitor and say is this comprehensive enough?
Speaker 2: Like what does this look like? And they might go yep, great,
Speaker 2: don't worry about it, there's no issues, or they might go, oh,
Speaker 2: that's I don't like that building and pest. Please get
Speaker 2: your own. So definitely have that on your side. I
Speaker 2: know it can be really disheartening though. If there are
Speaker 2: a lot of people buying cash in this market, it
Speaker 2: can make you want to do things that compromise your values.
Speaker 2: And I think that that sucks. But I don't think
Speaker 2: that you should forego to it. I don't think we risk.
Speaker 2: It's not worth the risk. It's not worth going there.
Speaker 2: Having a good relationship with a broker, though, means on
Speaker 2: that day you can call them and be like, hey, Beck,
Speaker 2: I've got this property. It's five hundred thousand dollars. Say no,
Speaker 2: I'm pre approved, but am I okay? And your broker's
Speaker 2: going to go yeah, Beck, tell them it's fine, absolutely
Speaker 2: no worries because pre approval could be in lots of
Speaker 2: different stages. There might be you know, pre approval that
Speaker 2: happened two months ago, and they go, ah, let me
Speaker 2: just check on that and make sure that the bank
Speaker 2: hasn't moved the goalposts and then you'll be good to go.
Speaker 2: Or maybe pre approval happened two days ago and you're like,
Speaker 2: all right, well, ready set go. So I think it's
Speaker 2: important to have that relationship with someone you can call
Speaker 2: and be like, hey, where are we at? So this person,
Speaker 2: I would say, get a good relationship with a broker,
Speaker 2: ask that broker for a recommendation for a solicitor. The
Speaker 2: reason I say ask for a recommendation is it is
Speaker 2: great if you're broker and you're solicitor or on the
Speaker 2: same page. They can go back and forth together and
Speaker 2: be like, hey, Beck, what do you reckon about? This
Speaker 2: property just is going to get okay? No, yes, actually
Speaker 2: I noted this. Can you have a look at this
Speaker 2: in this contract? And all of those things. It makes
Speaker 2: your life so much easier if they are in contact.
Speaker 2: And the other thing I would say is holdstrong. It sucks.
Speaker 2: It's bloody tough out there. Jess can probably agree that
Speaker 2: it is not the best thing to do, but there's
Speaker 2: no way I would be compromising on those conditions just
Speaker 2: to get your foot in the door, unless it's a
Speaker 2: very calculated risk, like you know you're pre approved and saying,
Speaker 2: oh yeah, don't worry, I can not be subject to
Speaker 2: finance because it's a guaranteed thing. It's very different than
Speaker 2: just hoping that you'll get alone for the amount that
Speaker 2: you've been sure.
Speaker 4: The only thing I have, and obviously, like I'm not
Speaker 4: an expert in this topic, but my partner recently, actually
Speaker 4: literally yesterday, was finally accepted. She was having the same issue.
Speaker 4: Another friend of mine was having the exact same issue,
Speaker 4: and I guess, like, the only sorry, are you dating
Speaker 4: a property owner? I'm dating property so that's you know,
Speaker 4: it is a bit of a flex but yeah, I'm
Speaker 4: you know, so perspect for she was having the same issue.
Speaker 4: She was really disheartened. The only other thing I would
Speaker 4: probably add is that if you and this might be
Speaker 4: common knowledge, if you like have the flexible ability to
Speaker 4: tell the seller that you can do a twenty day,
Speaker 4: thirty day, forty day, sixty day, whatever day, like.
Speaker 2: A flexible settlement, that's smart pack.
Speaker 4: That That's what she did, and they were like that
Speaker 4: kind of to grow the line I think is they.
Speaker 2: Going to get their cash faster, They're going to dispose
Speaker 2: of the property faster, exactly, really smart exactly. So if
Speaker 2: you're flexible, just like trying to make your offer as
Speaker 2: attractive as possible, I guess that helps.
Speaker 4: So that's all fart.
Speaker 2: No, that's a very good addition.
Speaker 8: I like it.
Speaker 5: The one other tip I would have is look for
Speaker 5: off market properties because there's got to be a little
Speaker 5: to no competition on those, and so you might be
Speaker 5: able to find someone who just wants to sell their property,
Speaker 5: and if you can meet their desired range, then without
Speaker 5: those other people competing, you might be able to get
Speaker 5: your offer across the line.
Speaker 2: With my house.
Speaker 4: Yeah, that when I find my house.
Speaker 2: So you can put a good word in with real
Speaker 2: estate agents. So you could go to a real estate
Speaker 2: agent and be like, hey, I know you work in
Speaker 2: this area and i'd like to purchase in this area.
Speaker 2: Here's my criteria. I actually have a pre approval. Pre
Speaker 2: approval when you're asking a real estate agent directly is
Speaker 2: really important. Otherwise they might feel like they're wasting their
Speaker 2: time and they won't call you. So making sure that
Speaker 2: you go I am actually ready to buy it now
Speaker 2: if you found my dream property. The other thing is
Speaker 2: buyers agents. So I used a buyer's agent, and a
Speaker 2: buyer's agent here in Melbourne can cost anywhere between five
Speaker 2: and fifteen thousand dollars. And I know you go, oh,
Speaker 2: that's a lot of money, and it totally is, especially
Speaker 2: if you're purchasing your first property. But I can I
Speaker 2: don't want to guarantee it, but fifteen thousand dollars we're
Speaker 2: at the top end. When you're paying a buyer's agent
Speaker 2: to find you an off market property that's going to
Speaker 2: move and you're not going to get in a bidding
Speaker 2: war with somebody, you could probably save more than fifteen
Speaker 2: thousand dollars on your property. It's a really good point.
Speaker 2: I saved a lot on my property when I purchased
Speaker 2: through a buyer's agent because I was offered an off
Speaker 2: market property. And I know I've spoken about this on
Speaker 2: the podcast before. However, I was offered an off market
Speaker 2: property because I had my pre approval and we were
Speaker 2: ready to move. It had to move quickly for us
Speaker 2: to seize the opportunity, and it was done and dusted
Speaker 2: within twenty four hours of us seeing the house. Oh, amazing,
Speaker 2: but I have saved way more than fifteen thousand dollars
Speaker 2: on the purchase price because the person selling it they
Speaker 2: didn't want to stage the property. They didn't want to,
Speaker 2: you know, fix up anything that needed fixing up to
Speaker 2: get it on real estate dot Com. They didn't want
Speaker 2: to go back and forth with people going through the house.
Speaker 2: When I viewed the house, there was a whole heap
Speaker 2: of just like personal stuff and boxes in the corners
Speaker 2: because they'd actually already moved overseas and they just wanted
Speaker 2: the property gone. So they were like, we don't want
Speaker 2: to deal with this, get rid of the property. That
Speaker 2: meant that I saved a significant amount, but I had
Speaker 2: to move fast. So that's where it goes back to
Speaker 2: having that good relationship with a broker, thinking about what
Speaker 2: it means to engage a buyers agent. You could have
Speaker 2: a chat with someone and see what that looks like
Speaker 2: having our list. Now, go and get the pre approval
Speaker 2: so that they are ready to go, so that if
Speaker 2: a bias agent goes, hey, here's an opportunity, they're able
Speaker 2: to seize it because they're ready. Is really really powerful,
Speaker 2: and I know that it can be overwhelming. Property is expensive.
Speaker 2: But for me having that and then also having somebody
Speaker 2: who was an expert in the area saying this is
Speaker 2: pretty goodbyeveh, I was like, Okay, I feel really confident
Speaker 2: ultimately direct movie contingencies.
Speaker 6: They're there to protect you.
Speaker 2: Yeah, don't do that. Yeah, terrible idea. Terrible. Have to
Speaker 2: compromise your values. And that is not what this content
Speaker 2: is about. No, it's not about it. Do you want
Speaker 2: to get into something really juicy? Oh my gosh, all right,
Speaker 2: so this week we got a DM and are you ready?
Speaker 2: It sounds like this high team. I have a listener question.
Speaker 2: After telling my parents how much our home loan is
Speaker 2: costing us and the amount that is portioned into interest
Speaker 2: and how much is being paid off the loan, my
Speaker 2: mum and dad came back to me with an offer.
Speaker 2: Before I get to the offer, I would like to
Speaker 2: mention that they can be very emotionally manipulative and they
Speaker 2: love control. They've offered us fifty thousand dollars to go
Speaker 2: towards our home loan. Conditions are we are not allowed
Speaker 2: to tell our siblings. I know this money would really
Speaker 2: help us, but I'm not sure if there will be
Speaker 2: more conditions to come down the track Please help me,
Speaker 2: I need advice. PS. Love your podcast.
Speaker 6: Oh that's very nice.
Speaker 2: That's so cute.
Speaker 4: I love you too.
Speaker 2: I don't love emotionally manipulative parents.
Speaker 1: No, no, no.
Speaker 2: That gives me a lot of anxiety. And I mean,
Speaker 2: there are a lot of things that you could or
Speaker 2: couldn't do back what would you do?
Speaker 4: I think it's really I don't know, like I feel
Speaker 4: like it's not worth the struggle, the stress, I think,
Speaker 4: and also like you're kind of like risking the relationship
Speaker 4: in general, like but you know, your family bond, whatever.
Speaker 4: But I just think like the stress and the potential
Speaker 4: I don't know, future complications. I just like I probably
Speaker 4: would just kind of like go on my own journey,
Speaker 4: be on my own journey and only rely on my
Speaker 4: I don't know, you do know what I'm saying.
Speaker 2: Yeah, fifty thousand dollars is a lot of money, and
Speaker 2: it would mean that you have a lower interest payment
Speaker 2: on that mortgage, which would take off some financial stress.
Speaker 2: And I get them being like, oh, don't tell your siblings,
Speaker 2: And I mean I don't love that. Like I'm the
Speaker 2: type of person where if there is a secret and
Speaker 2: you're keeping a secret, it means that you know you're
Speaker 2: doing the wrong thing, like and I just think that
Speaker 2: that's not okay. Like in any situation if someone has
Speaker 2: told you to not tell anybody about something, I feel
Speaker 2: like that means that they know that they're in the wrong,
Speaker 2: and I just go okay. So clearly your siblings wouldn't
Speaker 2: like that. But that aside, if you're happy with that condition,
Speaker 2: and there's only one condition and you're happy with it,
Speaker 2: that's none of my business. It's not for me to judge.
Speaker 2: Your concern is they might add conditions down the track.
Speaker 2: And that's where I go, oh, I don't like other
Speaker 2: people having me that way. I think, sorry to jumping again,
Speaker 2: but I just exactly what you're saying. And it's also
Speaker 2: the feeling you're kind of hiding something from someone and
Speaker 2: if you can just never mention it, like even in
Speaker 2: casual discussion, like it's constantly they're like, that's so exciting,
Speaker 2: do you thing?
Speaker 4: I don't know.
Speaker 2: I just don't think I would be thinking about it
Speaker 2: all the time. Yeah, I don't think I could go
Speaker 2: and hang out with my sister and then it would, yeah,
Speaker 2: just be in my head because that's significant, Like not
Speaker 2: that you need to tell them.
Speaker 4: Yeah, it's not part of the conversation, but like, like
Speaker 4: I don't know, I just be shaking and be like, what.
Speaker 5: I'm gonna do?
Speaker 4: Yeah, it's so hard I couldn't.
Speaker 5: It comes out at a random time, They're like, can
Speaker 5: you pass the tomatoes?
Speaker 4: And you're like, just shoot out at a random moment?
Speaker 2: Why we all like that?
Speaker 7: Not cool?
Speaker 2: Jess what would you do?
Speaker 5: I think I personally agree with that it's the giving
Speaker 5: of power. And I think particularly because our listener has
Speaker 5: said emotional manipulation historically has been a problem. Yeah, I
Speaker 5: personally think it is not worth that. However, I acknowledge
Speaker 5: that that's a very privileged thing to say, and that
Speaker 5: you know, if that fifty thousand dollars potentially could change
Speaker 5: your life and you really need it, and you know,
Speaker 5: you just feel like it's going to make a huge
Speaker 5: difference to you. The way that I would maybe go
Speaker 5: about it is setting up an offset and depositing the
Speaker 5: fifty thousand dollars into an offset.
Speaker 6: So that's so smart.
Speaker 2: Gets to love this, thank you, I'm not even needed here.
Speaker 5: I think like if it gets to a point where
Speaker 5: they're adding on different rules or it's becoming very uncomfortable
Speaker 5: or the relationship with your siblings is getting strained.
Speaker 2: You can just give it straight back.
Speaker 6: Yeah, you can just pull it out, no.
Speaker 5: Issues, give it back to them and say thank you
Speaker 5: so much for the help that you've given me, but
Speaker 5: I think it's not worth it.
Speaker 6: Correct, And so you can.
Speaker 2: Do that in the same day. Yeah, oh can you there?
Speaker 6: You go, yeah, I feel like that's a good middle ground.
Speaker 2: Maybe I feel like that's the best ground. That's actually
Speaker 2: quite smart. In fact, anytime you are taking money from
Speaker 2: someone else for something like that, I would recommend it
Speaker 2: being in an offset, because if you pay it off
Speaker 2: your loan, there's no guarantee that you could access it
Speaker 2: later down the track. Even in a draw. The bank
Speaker 2: could turn around and say, oh, well, we're not letting
Speaker 2: you redraw that money because you know your loan's over
Speaker 2: a certain percentage or whatnot, and that is stressful. Imagine
Speaker 2: if your parents then said, oh, Jess, we actually need
Speaker 2: that cash back, and you go, I can't give it
Speaker 2: back right now, like you said, I could have it
Speaker 2: for three years, and they go, oh yeah, things have changed.
Speaker 2: You go, well I can't access it, like yeah, I
Speaker 2: will have to sell my house so I think that
Speaker 2: the offset is the smartest thing. And then I would
Speaker 2: also ask for a contract like, let's establish a proper
Speaker 2: loan agreement with any term so you can sit down
Speaker 2: and say, hey, like, I'm happy to put all these
Speaker 2: terms in, and I'm actually even happy to sign that
Speaker 2: I won't tell my siblings, Like, let's put that that
Speaker 2: I'm happy to even sign and say that I won't
Speaker 2: tell my siblings. What else? Like, go away, guys, have
Speaker 2: a think. Obviously, I don't think that there should be
Speaker 2: any other stipulations, but you let me know if there's
Speaker 2: anything else that needs to be in that contract, because
Speaker 2: like ha haha, neither of us want to add stuff
Speaker 2: later down the track, so that it can all be
Speaker 2: kind of agreed to and in writing if you're really
Speaker 2: worried about it. And then I think offset idea is
Speaker 2: a really good one.
Speaker 6: Chess, Thanks, What did everybody else have to say?
Speaker 2: Oh my gosh. So we asked the community first question.
Speaker 2: We said, would you accept the money if it had
Speaker 2: conditions you had to follow? And twenty eight percent of
Speaker 2: you said yeah, it would be a really big help,
Speaker 2: But seventy two percent said nut doesn't sit right with me,
Speaker 2: which I think is fair. Like I feel like each
Speaker 2: to their own.
Speaker 7: Though.
Speaker 2: Our next question was would you be okay with the
Speaker 2: condition of having to lie to your siblings about money?
Speaker 2: Twenty seven percent of you said yep, I could do it.
Speaker 2: Three percent said nut couldn't do it. I was born
Speaker 2: to yap.
Speaker 6: Yeah, I'm really sorry.
Speaker 2: It's going to come out like I did. Just is
Speaker 2: like I can keep your secrets back, Like you could
Speaker 2: tell me anything and I'd be like, cool, I'm not
Speaker 2: telling anybody. Second I have anything about me, I'm like, jess,
Speaker 2: guess what what what? Like, here's my secret? Tell me more,
Speaker 2: here's my secret. Like I just can't keep it to myself.
Speaker 2: I wake up some mornings and I'm like, I'm going
Speaker 2: to be elusive. I'm not going to tell everybody my
Speaker 2: life story. And then twenty minutes into my life story,
Speaker 2: I'm like, maybe tomorrow. We then asked you, guys, what
Speaker 2: do you think about this gift that the parents have offered.
Speaker 2: Eighty one percent said a genuine gift wouldn't come with conditions,
Speaker 2: and nineteen percent of you said they want to help.
Speaker 2: I wouldn't overthink it. I don't think that's for us
Speaker 2: to decide. Though, because only you know your.
Speaker 5: Parents and the situation. Like I can see how I
Speaker 5: guess from the parents' perspective on purely the siblings thing.
Speaker 5: You know, if maybe they weren't in the position to
Speaker 5: help kids, you know, who were younger and now it's
Speaker 5: a bit later in their life. Maybe they've accessed their
Speaker 5: retirement funds and they have the money, but they don't
Speaker 5: want to create, you know, a feeling of inequity or whatever.
Speaker 5: I can understand that, Like, that's not necessarily the flag
Speaker 5: for me. It's the history of you say, it's hard
Speaker 5: to know.
Speaker 2: I don't know why you're not saying that, because like
Speaker 2: you could have one sibling who's really financially responsible and
Speaker 2: that's you, and your parents want to help you out
Speaker 2: even more financially with your mortgage because they're really proud
Speaker 2: of that, and another who just is not financially responsible,
Speaker 2: and they're like, I really don't want to give that
Speaker 2: kid access to the same loan which I would feel
Speaker 2: obligated to because I know they're not going to make
Speaker 2: good decisions with that. Ye. So I can kind of
Speaker 2: understand that, but we don't know the situation. Yeah, context
Speaker 2: is missing here. We then asked, you guys, obviously it
Speaker 2: was your two cents, what do you reckon? And you
Speaker 2: guys had some colorful opinions. So I'm going to go
Speaker 2: through a couple now. Someone asked, is there any case
Speaker 2: law about gifts like this, meaning parents can make claims
Speaker 2: on the house?
Speaker 1: Oh?
Speaker 4: Good point.
Speaker 2: Interesting, but also no, because if it's a gift and
Speaker 2: they're not on the mortgage, that's where it ends. So
Speaker 2: I mean they could try, but it would have to
Speaker 2: involve a lot of legal fees, it would have to
Speaker 2: involve a lot. I'd be interested to see if there
Speaker 2: was anything, but I think in Australia it's pretty cut
Speaker 2: and dry. If you're not on the mortgage, you're not
Speaker 2: entitled to it, if you're not a dependent, like if
Speaker 2: you're not a significant other and you're like a de
Speaker 2: facto Someone said, how is this condition different to any
Speaker 2: other contractual obligation? Sign it or don't, And I think
Speaker 2: that that's a good point. I mean, we're probably putting
Speaker 2: our morals into this question where they not need it.
Speaker 2: But it's so it's a complex one.
Speaker 4: It's complex because there's no emotion tied to a bank.
Speaker 4: There's no emotion tied to any like a payday loan
Speaker 4: for example. Like there's no history and there's no attachments
Speaker 4: and there's no but if someone that you have a
Speaker 4: whole history, with an emotional history with and all of
Speaker 4: this kind of stuff, it's so different. Yeah, you just
Speaker 4: don't know what that'll turn into.
Speaker 2: Yeah. So someone else said, my mum actually gave me
Speaker 2: sixty thousand dollars to place in my overdrawer account to
Speaker 2: bring my interest down. Then part two, I will give
Speaker 2: her that money back when she needs it. But it's
Speaker 2: been a huge help with decreasing my payable interest, which
Speaker 2: I think is really smart. The only thing I have
Speaker 2: there is that's a really good point. But maybe think
Speaker 2: about putting it in an offset instead of an overdraw
Speaker 2: to make sure that you can access that. Someone else said,
Speaker 2: absolutely not protect your emotional peace. It's not worth fifty
Speaker 2: grand I promise. Someone else said that's a red flag.
Speaker 2: Having siblings can be so good if you can don't
Speaker 2: risk your relationship with them. Yeah, which is true, because
Speaker 2: you could be risking your relationship. Someone else said, take
Speaker 2: the money. You don't know anything to your siblings. Someone
Speaker 2: else said, people say no conditions and then they add
Speaker 2: them down. The track, it's not worth the risk. And
Speaker 2: then the last one I'm going to read out is
Speaker 2: trust your gut feeling. If it doesn't feel right, it
Speaker 2: probably isn't. And I feel like that's my favorite one
Speaker 2: because at the end of the day.
Speaker 4: Got trust your gut.
Speaker 2: I always say this to everybody, like, trust your gut.
Speaker 2: If you don't think you should be doing it, don't.
Speaker 2: But it doesn't matter what it is. I feel like
Speaker 2: too often we say things like I should have trusted
Speaker 2: my gut. Yeah, And as somebody who often doesn't trust
Speaker 2: her gut, historically, trust your gut.
Speaker 5: And on that note, let's go.
Speaker 2: Let's go. I hope you have a beautiful week and
Speaker 2: we will see you. Guys bright nearly from Monday. Money
Speaker 2: Diaries by Guys Bye. The advice shared on She's on
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