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Speaker 1: Hello.

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Speaker 2: My name's Santasha Nabananga Bamblet. I'm a proud or the

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Speaker 2: Order Kerni Whaltbury and a waddery woman. And before we

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Speaker 2: get started on She's on the Money podcast, I would

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Speaker 2: like to acknowledge the traditional custodians of the land of

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Speaker 2: which this podcast is recorded on a wondery country, acknowledging

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Speaker 2: the elders, the ancestors and the next generation coming through

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Speaker 2: as this podcast is about connecting, empowering, knowledge sharing and

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Speaker 2: the storytelling of you to make a difference for today

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Speaker 2: and lasting impact for tomorrow.

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Speaker 1: Let's get into it.

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Speaker 3: She's on the Money, She's on the Money.

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Speaker 4: Hello, and welcome to She's on the Money, the podcast

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Speaker 4: here to remind you that your financial loyalty could be.

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Speaker 1: Quietly costing you thousands of dollars.

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Speaker 4: I'm Victoria Devine and if you don't know, I'm also

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Speaker 4: the founder and director of Zela Money, your go to

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Speaker 4: team of mortgage finance experts, and today we're going to

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Speaker 4: dive into a topic that could literally put money into

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Speaker 4: your back pocket, refinancing. And today we are definitely mixing

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Speaker 4: things up. Instead of Beck or instead of Jess by

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Speaker 4: my side, I've brought in someone who lives and breathes

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Speaker 4: this stuff, because if we're going to talk about refinancing,

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Speaker 4: I want you to hear from someone who actually does

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Speaker 4: it every single day. Jacqueline Walsh has been on the

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Speaker 4: show before and she is one of our senior brokers

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Speaker 4: at Zela Money, and she's no stranger to the podcast.

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Speaker 4: When she joined us last time, the community were obsessed

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Speaker 4: and I mean same like I get it, So of

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Speaker 4: course we had to get her back.

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Speaker 1: Jacqueline, welcome back to the show.

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Speaker 5: Thank you.

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Speaker 4: I'm excited that you're here and we get to have

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Speaker 4: a yap about finance again.

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Speaker 5: I know we do it every single day, yeah, but

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Speaker 5: it's not.

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Speaker 4: But we get to have it like on a company

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Speaker 4: couch instead of spinneach chairs, and that's like a little

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Speaker 4: bit different. Today Jack, we are going to be walking

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Speaker 4: through what refinancing actually looks like, how to know if

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Speaker 4: it's worth doing, and everything you need to consider before

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Speaker 4: making the switch. Jack, are you excited about this because

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Speaker 4: I feel like at the time of recording, the RBA

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Speaker 4: actually announced a point two five percent reduction on the

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Speaker 4: cash rate yesterday.

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Speaker 1: Yes, and so I could not be.

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Speaker 4: More perfectly timed in having you on the show because

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Speaker 4: now the cash rate is sitting at three point eight

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Speaker 4: five and it is the first time in two years

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Speaker 4: that it has sat below four percent, and I just

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Speaker 4: think everyone in our office, we're just so excited about that.

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Speaker 6: Yeah, that was a big discussion about it. A few

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Speaker 6: of us thought maybe point five.

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Speaker 4: Yeah, I feel like they're too conservative for that. Like

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Speaker 4: the whole time, I was like, Nahn nutshul, thank.

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Speaker 5: You, gotta put it out there.

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Speaker 4: I reckon we'll get another point twenty five maybe next

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Speaker 4: time the RBA meet or the time after that, because

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Speaker 4: I know that we're technically all of the economy, so

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Speaker 4: saying that by the end of the year, we are

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Speaker 4: very likely to head towards the three percent mark, which

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Speaker 4: would be oh, very nice.

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Speaker 5: Look it's on its way down that We're thankful.

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Speaker 1: Very very nice.

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Speaker 4: But let's start the chat. For those who might not know, Jack,

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Speaker 4: what is refinancing?

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Speaker 6: Okay, So it's essentially replacing your old home loan with

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Speaker 6: a new home loan. So that could be at the

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Speaker 6: same bank that you're with, or you can look at

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Speaker 6: going to another lender.

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Speaker 5: There's like a whole different variety as to why you

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Speaker 5: would do this.

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Speaker 1: Yeah, but it's not.

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Speaker 4: I think a lot of people are like, oh, I

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Speaker 4: refinanced my loan recently, but they just called up their

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Speaker 4: bank and got a better rate.

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Speaker 1: That's different.

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Speaker 4: Refinancing is actually picking up the finance offer you have

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Speaker 4: and getting a completely new one. Yes, a bit of paperwork,

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Speaker 4: a bit of organizing, having a chat with a good broker,

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Speaker 4: but it's not so much about asking for a better rate,

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Speaker 4: which we actually recommend you do definitely, And if you've

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Speaker 4: got a good broker, like if you're a XYLA money client,

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Speaker 4: you know this already. We are already going to be

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Speaker 4: getting you guys better rates because it's part of our right.

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Speaker 5: Like part of the service.

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Speaker 4: Literally, when the cash rates go down, we are and

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Speaker 4: we've got a pinned where you slack at work, We've

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Speaker 4: got a pinned thread at the moment of all of

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Speaker 4: the dates when all of the banks are actually going

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Speaker 4: to be honoring that drop and letting us know, you know,

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Speaker 4: how much they're decreasing their interest rates by, so that

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Speaker 4: we can literally get on the phone and be like, hey.

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Speaker 1: So you know all of our clients that's being passed

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Speaker 1: on right like lock it in, Eddie.

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Speaker 5: And then when they come to us.

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Speaker 6: We can obviously tell them yep, it's happening this date,

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Speaker 6: the bank's going to automatically pass it on or if

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Speaker 6: you need to do anything else yet.

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Speaker 4: But if you don't have a broker, I would definitely

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Speaker 4: be considering calling your bank and going, hey, so just

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Speaker 4: confirming that's going to be passed on, because sometimes in

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Speaker 4: your terms and conditions it might be that yes, it's

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Speaker 4: a variable interest rate, but like you've got to call

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Speaker 4: them and lock in the lower rate otherwise they continue

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Speaker 4: to charge you the higher rate.

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Speaker 6: Yeah, it's not guaranteed with every single bank that they

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Speaker 6: just cannot pass it on. Therefore your monthly your payment's

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Speaker 6: going to be less every single month. So yeah, if

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Speaker 6: you are directly with the bank, we definitely recommend jumping

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Speaker 6: on the phone and giving them a call.

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Speaker 4: Yeah, And it's a good idea to do that. And

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Speaker 4: then if you haven't had any traction, maybe then's the

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Speaker 4: time to have a chat to a broker to go Okay,

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Speaker 4: well that didn't work, now what now what? Because we

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Speaker 4: have done whole episodes on this show about like loyalty tax.

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Speaker 1: Yeah, being loyal it.

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Speaker 5: Doesn't pay, it's completely gone out the window.

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Speaker 1: Yeah, being loyal it doesn't pay.

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Speaker 4: So what do you think about the I guess comfort

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Speaker 4: trap of sticking with your current lender. I think a

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Speaker 4: lot of people are like, oh, I don't want to move.

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Speaker 4: I really like NAB or Macquarie or A and Z

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Speaker 4: or whatever, like I've been with them for twenty years,

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Speaker 4: and like I banked with them and now I have

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Speaker 4: my loan with them. Why are people so comfortable staying.

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Speaker 6: I don't even know if it's that they necessarily like

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Speaker 6: their bank like that they're you know, really want to

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Speaker 6: stay with them. I think that the idea of moving

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Speaker 6: is maybe just a little bit more daunting than it

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Speaker 6: should be. Yeah, totally, I do understand, like why people

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Speaker 6: get stuck or stay. I mean, everyone's so busy these

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Speaker 6: days that just having another task to do, and you know,

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Speaker 6: I think gone are the days where you used to

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Speaker 6: have to sit on the front of hours and beg

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Speaker 6: to put their rates down. Now, if you're directly with

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Speaker 6: a bank most of the time that you can just

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Speaker 6: jump on your app and I guess request a discount

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Speaker 6: that way or send through an email. But if you

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Speaker 6: have a broker, just shoot them off an email and

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Speaker 6: just see where you're sitting and they can just have

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Speaker 6: a look at comparing all the offers out there for you.

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Speaker 4: Yeah, one hundred percent. And I guess how often should

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Speaker 4: we be reviewing our mortgages?

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Speaker 1: What does that look like?

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Speaker 6: I would say every six months, and I say six monthly,

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Speaker 6: just because both banks will only allow you to sort

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Speaker 6: of do a pricing review once every six months. If

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Speaker 6: you try and you know, do two or three in

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Speaker 6: that period and they.

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Speaker 4: Just don't allow it and they say sorry, three months ago.

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Speaker 5: You're done.

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Speaker 6: Yeah, so six monthly definitely, But there's obviously other reasons

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Speaker 6: as to why you would look into that as well,

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Speaker 6: So not just that.

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Speaker 5: Obviously the rbas reduce their rates.

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Speaker 6: Want to make sure that we're getting the best interest

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Speaker 6: rate possible if there's been any changes to your circumstances,

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Speaker 6: So you know, if your house has gone up, or

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Speaker 6: you know, the naghbor down the road has just sold

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Speaker 6: their property and they've got a great outcome, and you

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Speaker 6: want to see what you're true and correct. Like LVR

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Speaker 6: so loan to value ratio looks like that can have

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Speaker 6: an impact on your rate as well, So it's definitely

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Speaker 6: worth checking.

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Speaker 4: Yeah, one hundred percent, And I think that you know

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Speaker 4: you gave the advice call up your broker, but like

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Speaker 4: it's quite They don't want to say it's funny, but

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Speaker 4: it's interesting because some brokers do require that prompting of oh,

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Speaker 4: hey can you review my loan and they go, oh, hey, Jacqueline,

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Speaker 4: haven't spoken to you in a while.

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Speaker 1: Yeah, yeah, yeah, I'll pick it up and have a

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Speaker 1: look at it.

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Speaker 4: Whereas like we and this is not mean like trying

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Speaker 4: to stroke around egos, but like good brokerage practices will

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Speaker 4: have a pricing team like we do, and their job

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Speaker 4: is actually every single day going through the thousands of

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Speaker 4: clients we have and repricing their mortgage. So, like our clients,

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Speaker 4: once you kind of get in, you get on the cycle,

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Speaker 4: and every six months we can basically guarantee that your

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Speaker 4: mortgage has been reviewed, and it gets reviewed. We've already

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Speaker 4: called the bank, we've negotiated the lower rate, and you'll

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Speaker 4: just get email of probably a call from Jack being like, hey,

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Speaker 4: just wanted to touch base. How are you We actually

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Speaker 4: dropped your rate this week? Bye, I have a nice day.

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Speaker 4: There's actually no admin from your behalf, which I think

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Speaker 4: is if you're going to use a broker and like Honestly,

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Speaker 4: if we're going to make money from you and your loan,

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Speaker 4: I think we should be working for that. I don't

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Speaker 4: think that we should just be taking it and being like, oh,

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Speaker 4: let's cruise along. I just there's something about that that

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Speaker 4: makes me feel uncomfortable to not put clients consistently in

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Speaker 4: the best possible position.

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Speaker 5: Well, we exactly right. We're going to do the work

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Speaker 5: for you.

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Speaker 6: So the second that you do settle, like you said,

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Speaker 6: our pricing team will dirize every six months to do

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Speaker 6: that work for you. So you don't have to dom

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Speaker 6: on the phone, you don't have to send that email.

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Speaker 6: It's just sort of set and forget and we'll do

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Speaker 6: it for you.

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Speaker 4: Yeah, one hundred percent. So when should we be considering refinancing?

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Speaker 4: I feel like the biggest push is when people see, oh,

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Speaker 4: the cash rates dropped, But there are six million reasons

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Speaker 4: why you would refinance. Talk me through some of your

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Speaker 4: recent refinances. Why are they refinancing?

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Speaker 1: Jack?

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Speaker 5: Oh?

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Speaker 6: Like you said, there is so many reasons as to

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Speaker 6: why you would. It could be as simple as changing

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Speaker 6: your loan products. So if you're going from a fix

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Speaker 6: to a variable or vice versa, if you're needing to

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Speaker 6: access any equity, so you might be looking at consolidating

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Speaker 6: any loans or just cashing out some money for renovations

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Speaker 6: or whatever that looks like. Same with like I said,

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Speaker 6: if the house price has gone up, or if you've

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Speaker 6: made a lump some payment to your home loan and

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Speaker 6: it's changing that LVR. A lot of the banks now

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Speaker 6: are doing tiered interest rates, So if you're sitting between

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Speaker 6: that seventy to eighty percent mark, you might get one

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Speaker 6: rate you're sitting between sixty to seventy. So it's always

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Speaker 6: worth staying on top of. But there is so many

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Speaker 6: different reasons. It could even be just that you want

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Speaker 6: to change the loan term. So what I mean by

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Speaker 6: that is you might have a twenty loan term on

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Speaker 6: your current home loan, you're looking up forraing a little

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Speaker 6: bit more of cash flow. You might want to look

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Speaker 6: at extending that just while the interest rates are a

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Speaker 6: little bit higher, and then looking at bringing that back down,

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Speaker 6: you know, after they sort of drop a bit more.

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Speaker 1: Yeah, one hundred percent.

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Speaker 4: And like financial advice, I think gets confused a lot

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Speaker 4: of the time with mortgage brokers. I have this conversation

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Speaker 4: in my DMS on i'd say a weekly basis. People

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Speaker 4: will be like, oh my gosh, do I need to

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Speaker 4: see a financial advisor because I want to talk about

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Speaker 4: whether I should sell my property or rent it out.

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Speaker 4: And to me, that's not a financial advice question, because yes,

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Speaker 4: a financial advisor could sit you down and be like, okay, cool, Jacqueline,

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Speaker 4: You'd be in the best possible position.

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Speaker 1: If you xyzed.

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Speaker 4: But like a broker is going to be able to

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Speaker 4: model all of those scenarios for you and go, okay, Jack,

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Speaker 4: if you sold, it would look like this, and this

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Speaker 4: is what we would expect that property to sell for.

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Speaker 4: And also, this is how much equity you've got. This

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Speaker 4: is how much cash would probably come into your bank account,

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Speaker 4: and you'd be able to play with that.

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Speaker 1: Okay, if we rented.

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Speaker 4: It out, this is what we could do with it,

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Speaker 4: Like this is how much equity you've got to leverage

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Speaker 4: into another property, and like we're part of that decision

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Speaker 4: making team, Like, no, technically we can't tell you what to.

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Speaker 1: Do, but we're just laying all the scenarios out and

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Speaker 1: be like, oh, would you look at that.

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Speaker 4: That one looks like it comes comes out ahead, doesn't it.

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Speaker 4: And the client's often like oh my god, I would

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Speaker 4: never want to xyz if I could do this. And

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Speaker 4: so I think it's we're not leading you down the

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Speaker 4: garden path, but we're giving you every single stepping stove everything.

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Speaker 4: Pave your own path and work out what's going on.

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Speaker 4: And I mean you could go, oh, well, Jack, what

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Speaker 4: if I bought for six fifty? Oh, actually, what if

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Speaker 4: it was seven hundred. We can like model out all

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Speaker 4: of those different options. And I think that when you're refinancing,

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Speaker 4: going well, what's that even look like? Like you've called

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Speaker 4: your bank, you've got the lowest interest rate, but you

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Speaker 4: know it's not the lowest interest rate on the market.

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Speaker 4: Maybe you're going, well, what does it look like we've

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Speaker 4: owned this house for five years. Let's have a look

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Speaker 4: at what equity you've got. Because I think a lot

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Speaker 4: of the time people are surprised, if there've been homeowners

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Speaker 4: for a little while, at how possible and how easy

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Speaker 4: it might be to get into their next property, whether

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Speaker 4: that is you know, a bigger family home or an

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Speaker 4: investment property or whatever that looks like. Often we sit

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Speaker 4: down and go, did you realize you probably have like

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Speaker 4: one hundred and fifty thousand dollars of equity and they're like,

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Speaker 4: but I don't have that in my offset account.

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Speaker 1: No, you don't.

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Speaker 4: But the house is worth more than the mortgage that

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Speaker 4: you owe, and so we could actually use some of

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Speaker 4: that equity to buy an investment property and you don't

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Speaker 4: have to come up with any cash. So that's a

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Speaker 4: very popular reason we see in our community. I would

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Speaker 4: say as to why people are trying to like refinance,

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Speaker 4: because obviously that requires a different loan structure.

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Speaker 6: Exactly, a lot of time people will put as much

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Speaker 6: money into the home loan to reduce that loan. So

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Speaker 6: instead of I guess having your savings sitting on the side,

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Speaker 6: you've got it in your home loan working for you.

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Speaker 6: So when the time comes that you want to look

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Speaker 6: at purchasing that next property, we are able to access

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Speaker 6: the equity and the extra funds that you've put into

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Speaker 6: that home loan and draw it back out for your

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Speaker 6: deposit for the next property.

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Speaker 1: Yeah, exactly.

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Speaker 4: And I think that a lot of people assume, oh, no,

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Speaker 4: that must be financial adviceor broker couldn't tell me if

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Speaker 4: I could, we can model it out. We can sit

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Speaker 4: you down and go, okay, cool, this is what that

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Speaker 4: would look like. This is what it would look like

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Speaker 4: if you did it over here over there. And I

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Speaker 4: think that that's the cool thing about it. It's free

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Speaker 4: as opposed to going and seeing a financial advisor who

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Speaker 4: would go, oh, so you you want to buy an

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Speaker 4: investment property and they will do your whole financial plan.

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Speaker 1: That's cool.

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Speaker 4: But like the question that you wanted answered was can

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Speaker 4: I afford it exactly? And I can work that out

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Speaker 4: for you with one of my brokers very quickly and

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Speaker 4: it won't cost you anything.

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Speaker 1: So what are some.

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Speaker 4: Signs that And I think this is a really important one,

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Speaker 4: and people don't realize that, what are some signs that

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Speaker 4: your mortgage maybe isn't working for you anymore? Like you

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Speaker 4: set it up, you thought you did absolutely everything. You

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Speaker 4: dotted all your eyes, you crossed all your t's, and

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Speaker 4: now maybe it's not working for you anymore.

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Speaker 6: Well, I think, I mean, offsets aren't new, but they're

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Speaker 6: still quite relatively new. I guess in the lending world,

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Speaker 6: if you don't have an offset, or you haven't entertain

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Speaker 6: what that looks like, that might be something that you

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Speaker 6: need to consider, especially having your salary paid into an account,

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Speaker 6: or whether it's with the same bank or not with

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Speaker 6: the same bank, just having a look at the different

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Speaker 6: features that might be more beneficial to you.

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Speaker 5: I guess yeah.

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Speaker 4: I think a lot of people also, like if you're

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Speaker 4: in a bit of a pinch and you're like, oh,

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Speaker 4: I'm really feeling these mortgage repayments every single month, like

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Speaker 4: you don't have to kind of suffer in silence. You

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Speaker 4: can talk to a mortgage broker and go, okay, cool,

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Speaker 4: well what could we do. How could we refinance this

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Speaker 4: so that we're more financially comfortable today, but we still

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Speaker 4: have a plan to pay it off before retirement exactly.

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Speaker 4: And I think that that's an important factor as well,

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Speaker 4: because sometimes you might be worried about refinancing because you're like,

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Speaker 4: I don't want to start a brand new thirty year term,

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Speaker 4: Like I don't need a new loan to restart.

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Speaker 1: I just I don't think that's a good idea.

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Speaker 6: But that's probably the top one that comes through, is

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Speaker 6: that the refinancing. They assume that if you refinance, you

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Speaker 6: have to push it back out to thirty years, So

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Speaker 6: what do you do so in terms of when you're

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Speaker 6: looking at refinancing, we don't have to stretch it back

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Speaker 6: out of thirty years, But in some cases you might

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Speaker 6: look to do that just purely because trying to free

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Speaker 6: have a bit of cash flow at the moment. A

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Speaker 6: lot of the time clients will keep it at thirty

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Speaker 6: years so that they're contracted to thirty years and it's

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Speaker 6: the bare minimum payments. But then when they settle, they'll

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Speaker 6: jump online they can change it back down to, say

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Speaker 6: to twenty years. So I can tell you exactly what

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Speaker 6: that needs to look like and what you need to

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Speaker 6: change it to too, paid off in twenty years time.

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Speaker 6: But the beauty of it is, if you're contract to

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Speaker 6: the bare minimum, at least you know that if something

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Speaker 6: happens with work or you want to go on yeah travel,

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Speaker 6: sit back, you can just drop it down for that

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Speaker 6: month or however long you want, back to the bare minimum,

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Speaker 6: and it's in control with you, like you don't have

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Speaker 6: to contact.

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Speaker 4: You're not going to get in trouble with that, like

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Speaker 4: you are just yeah, killing it yourself.

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Speaker 6: Yeah, I love So then you might come back, you know,

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Speaker 6: after you've traveled for six months and say, right, you

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Speaker 6: know I've got a promotion or I've got you know,

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Speaker 6: more savings than I thought, I can make bigger repayments. Now,

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Speaker 6: if I wanted to chop off, say another five years,

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Speaker 6: what do my repayments need to look like?

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Speaker 4: Now?

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Speaker 1: Yeah?

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Speaker 4: Yeah, And do you know what, Jack, you don't know

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Speaker 4: if there's but at the time that this episode is dropping,

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Speaker 4: I have a free mortgage repayment calculator dropping on our

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Speaker 4: website as well, So we'll put the link to that

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Speaker 4: in our show notes as well.

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Speaker 1: But I think that that.

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Speaker 4: Will be like a really helpful tool because it's a

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Speaker 4: really basic spreadsheet that I've built that is, like you

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Speaker 4: put your mortgage amount in, you put your interest rate

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Speaker 4: amount in, and then you can play around with the

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Speaker 4: repayments and see the time frame that it would take

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Speaker 4: to pay that off. Because there's obviously a lot of

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Speaker 4: maths that goes into the back of that that's not

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Speaker 4: just like one plus one equals too, like your interest

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Speaker 4: rate is kind of like it's compounds, like compound interest

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Speaker 4: on an investment would, So there's a lot of like

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Speaker 4: you end up paying a lot more of the mortgage

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Speaker 4: off in the later periods of your life and a

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Speaker 4: lot more interest at the start. So anyway, I will

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Speaker 4: have that in the show notes for you to download

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Speaker 4: for free, so that you can kind of play around

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Speaker 4: with that or just even see, well, what would it

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Speaker 4: look like if I could refinance and drop my rate

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Speaker 4: by you know, zero point two five percent? Like does

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Speaker 4: that actually put me in a better position? How much

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Speaker 4: of a good position? Because it's very handy to know

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Speaker 4: and feel like you're in control.

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Speaker 6: And you might be in a position where with the

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Speaker 6: rate cuts, you know the point if I've I mean,

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Speaker 6: obviously everyone's a static about this and that means more

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Speaker 6: money in it.

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Speaker 4: But we're so excited, like we are happened yesterday for us,

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Speaker 4: So like when you guys hear this, like just remember

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Speaker 4: having yesterday.

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Speaker 1: We're going out for lunch today, Like we are excited.

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Speaker 6: You know, you might be in a position where you

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Speaker 6: can keep that month your payment as is now and we're.

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Speaker 1: Paying the same amount.

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Speaker 5: Yes, some people.

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Speaker 6: Want that money back in their back pocket, you know,

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Speaker 6: free up cash flow.

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Speaker 1: I get it.

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Speaker 6: Some people might be in a position where they can

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Speaker 6: keep it. Therefore they're going to end up paying off

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Speaker 6: their mortgage quicker.

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Speaker 4: Yeah, Like a good example there, Jack, if you're paying

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Speaker 4: like let's say two thousand dollars a month to your

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Speaker 4: mortgage and you're like, but I'm comfortable with that, why

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Speaker 4: would I refinance? Well, if we refinance, you're going to

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Speaker 4: continue paying that two thousand dollars a month, and that

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Speaker 4: you're fantastic a lot less, you're paying a lot less interest,

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Speaker 4: and that mortgage is going to be gone sooner. Yes,

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Speaker 4: so yes, you might be in a quote same position

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Speaker 4: day to day, but long term, you're putting yourself in

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Speaker 4: the best possible position. So what would you say to people?

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Speaker 4: And I've heard this a million times and I'm sure

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Speaker 4: you have to who say, Look, refinancing is too much effort,

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Speaker 4: can't be bothered.

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Speaker 6: I can see why people would think that. I mean,

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Speaker 6: it's definitely not as.

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Speaker 4: Now we're saving money jack, like we are saving like

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Speaker 4: we save.

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Speaker 1: Clients more my years of dollars, Like over the life

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Speaker 1: of your loan.

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Speaker 4: I can almost guarantee that refinancing down point two five percent.

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Speaker 4: It's not like fifty one hundred dollars, it's tens of

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Speaker 4: thousands of dollars over that you're saving life. Yeah, we're

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Speaker 4: not talking like oh yeah, why bother Like a pair

442
00:18:15,560 --> 00:18:17,679
Speaker 4: of shoes, it's not a pair of shoe.

443
00:18:18,080 --> 00:18:21,439
Speaker 1: It's a whole last caravan. You want the.

444
00:18:21,440 --> 00:18:24,679
Speaker 4: Shoe store back yeah, so it's interesting how people go.

445
00:18:24,800 --> 00:18:26,880
Speaker 4: Oh but week to week it does an impact, Yes,

446
00:18:26,920 --> 00:18:27,920
Speaker 4: it does long.

447
00:18:27,800 --> 00:18:30,960
Speaker 6: Term, I know, I see why people would think it's

448
00:18:31,000 --> 00:18:32,200
Speaker 6: in the too hard basket.

449
00:18:32,880 --> 00:18:35,120
Speaker 5: The aim is to make it as painless as possible,

450
00:18:35,200 --> 00:18:36,640
Speaker 5: Like we don't.

451
00:18:36,480 --> 00:18:38,240
Speaker 1: Want these to be a paople. I want you to

452
00:18:38,280 --> 00:18:40,720
Speaker 1: love us, not by us.

453
00:18:40,880 --> 00:18:44,359
Speaker 6: Yeah, I mean yes, it is like a normal application

454
00:18:44,560 --> 00:18:47,560
Speaker 6: if you would say, go purchasing property. We do need

455
00:18:47,560 --> 00:18:50,120
Speaker 6: your income documents, we do need to see bank statements,

456
00:18:50,119 --> 00:18:51,960
Speaker 6: But like I said, we'll make it as painless as

457
00:18:51,960 --> 00:18:52,600
Speaker 6: possible and.

458
00:18:52,560 --> 00:18:54,040
Speaker 5: As quick as possible for you.

459
00:18:54,440 --> 00:18:56,520
Speaker 6: If you are trying to say, match this up with

460
00:18:56,600 --> 00:19:01,040
Speaker 6: like the refinance with say an fixed period date, just

461
00:19:01,119 --> 00:19:03,040
Speaker 6: let us know so we can try and you work

462
00:19:03,080 --> 00:19:04,800
Speaker 6: with you and try and match up those dates.

463
00:19:04,840 --> 00:19:06,280
Speaker 5: But if we're not aware of that you're trying to

464
00:19:06,280 --> 00:19:07,520
Speaker 5: match it up, you know it might.

465
00:19:07,560 --> 00:19:10,159
Speaker 4: We just give us as much information as possible, Like

466
00:19:10,240 --> 00:19:13,560
Speaker 4: the more info the better. Like it's such a I

467
00:19:13,640 --> 00:19:15,760
Speaker 4: said this about financial advice, and the same is for

468
00:19:15,800 --> 00:19:18,159
Speaker 4: mortgage broking, Like it's such a privileged position to be

469
00:19:18,280 --> 00:19:20,800
Speaker 4: in to like know how you feel about your life

470
00:19:20,840 --> 00:19:22,399
Speaker 4: and your goals and what you want to achieve, but

471
00:19:22,440 --> 00:19:25,840
Speaker 4: also like financially what you're doing, Like, we are so

472
00:19:25,960 --> 00:19:29,440
Speaker 4: lucky to be so trusted, but like you do need

473
00:19:29,480 --> 00:19:31,280
Speaker 4: to find a broker that you trust. You can't just

474
00:19:31,400 --> 00:19:34,440
Speaker 4: use anybody who you go, oh, my friend, use this guy.

475
00:19:34,520 --> 00:19:36,879
Speaker 4: He seems a bit weird, but it's fine. Like I

476
00:19:36,960 --> 00:19:39,720
Speaker 4: want you to be so confident that you're like no, no, no, oh,

477
00:19:39,840 --> 00:19:42,520
Speaker 4: so Jack, we were actually thinking what would our mortgage

478
00:19:42,520 --> 00:19:44,560
Speaker 4: your payments look like, Like what if we planned on having

479
00:19:44,560 --> 00:19:49,240
Speaker 4: a baby next year? Yeah, because that does impact your serviceability,

480
00:19:49,560 --> 00:19:52,800
Speaker 4: like a dependent joining their family.

481
00:19:52,640 --> 00:19:54,000
Speaker 1: Is going to drop your borrowing?

482
00:19:54,040 --> 00:19:58,159
Speaker 4: What actually, yes, and so we might go right well

483
00:19:58,240 --> 00:20:00,000
Speaker 4: in that case, we're not going to tell you where

484
00:20:00,080 --> 00:20:03,320
Speaker 4: to get pregnant, but like maybe let's try buy sooner

485
00:20:03,440 --> 00:20:05,200
Speaker 4: rather than later so we can lock in a good

486
00:20:05,240 --> 00:20:06,639
Speaker 4: rate and then we can talk about a baby a

487
00:20:06,680 --> 00:20:08,159
Speaker 4: little bit late, Like we can.

488
00:20:08,080 --> 00:20:09,240
Speaker 1: Have those conversations.

489
00:20:09,240 --> 00:20:13,120
Speaker 4: And if you're not trusting somebody with you know, being

490
00:20:13,160 --> 00:20:16,480
Speaker 4: able to have candid, nice conversations like that, like maybe

491
00:20:16,520 --> 00:20:18,760
Speaker 4: they're not the right fit, because like we want to

492
00:20:18,800 --> 00:20:21,440
Speaker 4: work as hard as possible to achieve your goals. Like

493
00:20:21,480 --> 00:20:23,920
Speaker 4: when you win, we win. And I think that that's

494
00:20:24,200 --> 00:20:26,600
Speaker 4: a really important reminder, Like if you don't feel comfy

495
00:20:26,680 --> 00:20:30,199
Speaker 4: being like, oh hey Jerry, Yeah, so what would my

496
00:20:30,240 --> 00:20:32,399
Speaker 4: borrowing capacity be if I had another baby?

497
00:20:32,520 --> 00:20:33,840
Speaker 1: Like, yeah, I don't want.

498
00:20:33,680 --> 00:20:36,520
Speaker 4: To talk to Jerry about my baby place. But Jack,

499
00:20:36,600 --> 00:20:39,160
Speaker 4: I'm a cool Jack, Like, it's not just about us.

500
00:20:39,200 --> 00:20:41,720
Speaker 4: It's more like, find someone that you just really gel with.

501
00:20:42,080 --> 00:20:46,639
Speaker 4: Because from my perspective, sometimes people see the relationship you

502
00:20:46,680 --> 00:20:49,919
Speaker 4: have with the mortgage brokers transactional. Yeah, but it's not

503
00:20:50,480 --> 00:20:53,680
Speaker 4: like if you find a good mortgage broker, they are

504
00:20:53,680 --> 00:20:56,400
Speaker 4: on your team for the life of your loan.

505
00:20:56,520 --> 00:20:59,520
Speaker 1: That's like thirty years of us checking in.

506
00:20:59,560 --> 00:21:01,879
Speaker 4: Always make sure you've got the best rate, talking to

507
00:21:01,880 --> 00:21:05,480
Speaker 4: you about, you know, potential investment opportunities. Okay, cool Jack,

508
00:21:05,560 --> 00:21:07,800
Speaker 4: you've got like enough for a deposit? Did you want

509
00:21:07,800 --> 00:21:10,480
Speaker 4: to leverage that? What does that look like? Are you comfortable?

510
00:21:10,560 --> 00:21:12,360
Speaker 4: Like we want you to be in the best possible

511
00:21:12,359 --> 00:21:13,199
Speaker 4: position ever, I.

512
00:21:13,240 --> 00:21:16,360
Speaker 5: Really like you comment around. You know, when you win,

513
00:21:16,640 --> 00:21:18,960
Speaker 5: we win. It really does feel like that we're.

514
00:21:18,800 --> 00:21:21,480
Speaker 1: Going out for lunch guy, because your interest rate dropped.

515
00:21:22,800 --> 00:21:24,919
Speaker 6: I mean, who wants to be paying any more money

516
00:21:25,359 --> 00:21:27,639
Speaker 6: in interest if you don't have to one hundred Like

517
00:21:27,680 --> 00:21:30,400
Speaker 6: I just we're on cheese on the money, Like, I'm

518
00:21:30,440 --> 00:21:31,840
Speaker 6: not here to waste my money.

519
00:21:31,960 --> 00:21:33,760
Speaker 1: No, I didn't say I always spend it in.

520
00:21:33,640 --> 00:21:36,159
Speaker 4: Line with other people's values, but like, I want to

521
00:21:36,200 --> 00:21:39,400
Speaker 4: be able to be in the best possible financial position. Now,

522
00:21:39,480 --> 00:21:41,440
Speaker 4: I think a lot of people are listening and they're like, look,

523
00:21:41,480 --> 00:21:44,760
Speaker 4: maybe refinancing is worth it, but how do you actually

524
00:21:44,880 --> 00:21:45,280
Speaker 4: do it?

525
00:21:45,320 --> 00:21:45,959
Speaker 1: Is the question?

526
00:21:46,119 --> 00:21:48,120
Speaker 4: So up next we're going to talk about the features

527
00:21:48,119 --> 00:21:50,359
Speaker 4: that actually matter, the fees that you need to watch

528
00:21:50,359 --> 00:21:52,680
Speaker 4: out for, and how to spot a deal that's actually

529
00:21:52,720 --> 00:21:53,680
Speaker 4: worth switching for.

530
00:21:53,760 --> 00:21:55,360
Speaker 1: So guys don't go anywhere.

531
00:21:59,119 --> 00:22:02,080
Speaker 4: All right, So we're back, and I'm very excited about

532
00:22:02,119 --> 00:22:05,399
Speaker 4: this because we've covered when refinancing makes sense and why

533
00:22:05,520 --> 00:22:08,720
Speaker 4: it can feel a little bit overwhelming. But what happens

534
00:22:08,720 --> 00:22:10,960
Speaker 4: when someone actually does it? Like, if we're going to

535
00:22:11,080 --> 00:22:13,960
Speaker 4: go and do the whole refinancing thing, can you just,

536
00:22:14,200 --> 00:22:17,200
Speaker 4: I guess, maybe share a client win that you've had recently,

537
00:22:17,280 --> 00:22:19,360
Speaker 4: someone who thought maybe it was too hard but ended

538
00:22:19,440 --> 00:22:20,639
Speaker 4: up saving a whole heap of money.

539
00:22:21,320 --> 00:22:25,719
Speaker 1: You're like, yep, everybody there, because otherwise it wasn't refinance.

540
00:22:26,160 --> 00:22:29,120
Speaker 4: We also, I guess if you come to a mortgage broker, right,

541
00:22:29,560 --> 00:22:31,760
Speaker 4: and I know it's not worth three fun.

542
00:22:31,840 --> 00:22:32,880
Speaker 5: You will tell you.

543
00:22:33,040 --> 00:22:35,040
Speaker 4: We're not going to like, Babe, we don't want you

544
00:22:35,080 --> 00:22:37,280
Speaker 4: to do the admin and go through hoops to then

545
00:22:37,359 --> 00:22:38,800
Speaker 4: think that we didn't do anything.

546
00:22:38,920 --> 00:22:42,639
Speaker 6: No, it did to be beneficial for you to do

547
00:22:42,680 --> 00:22:43,560
Speaker 6: it to make the move.

548
00:22:43,880 --> 00:22:45,479
Speaker 5: We're gonna like lay it all out there.

549
00:22:45,520 --> 00:22:48,040
Speaker 6: We're going to compare it all, including like the discharge

550
00:22:48,080 --> 00:22:50,400
Speaker 6: fees and the new like signing up fees and things

551
00:22:50,400 --> 00:22:53,040
Speaker 6: like that, and if it doesn't make sense, we will

552
00:22:53,080 --> 00:22:55,360
Speaker 6: tell you stay put, let's chat soon.

553
00:22:55,480 --> 00:22:56,600
Speaker 1: Yeah, Like just sit pretty.

554
00:22:56,600 --> 00:22:58,480
Speaker 4: You've actually got a pretty good deal and that's a

555
00:22:58,480 --> 00:23:00,280
Speaker 4: good position to be in as well, because and you

556
00:23:00,320 --> 00:23:02,840
Speaker 4: know that you're in the best possible position currently.

557
00:23:02,840 --> 00:23:04,960
Speaker 1: But at least you're checking right, Yeah, exactly.

558
00:23:05,240 --> 00:23:07,840
Speaker 4: So for anyone who's I guess never gone through this before,

559
00:23:07,840 --> 00:23:09,520
Speaker 4: because I think a lot of our community they've just

560
00:23:09,600 --> 00:23:11,800
Speaker 4: bought their first homes in the last few years and

561
00:23:11,840 --> 00:23:16,159
Speaker 4: maybe they've never refinanced. What does the refinance process actually involve?

562
00:23:16,200 --> 00:23:17,960
Speaker 4: So like, let's say I want you to do it

563
00:23:17,960 --> 00:23:19,840
Speaker 4: for me, Jack, I pick up the phone and go, hey, Jack,

564
00:23:20,000 --> 00:23:21,800
Speaker 4: you are now my official broker.

565
00:23:22,600 --> 00:23:23,360
Speaker 1: What do I do?

566
00:23:24,440 --> 00:23:29,240
Speaker 6: So I guess from here we would compare obviously rates

567
00:23:29,359 --> 00:23:31,600
Speaker 6: number one, looking at you know, getting a lower rate,

568
00:23:32,160 --> 00:23:34,960
Speaker 6: so less monthly repayments, things like that. We're going to

569
00:23:35,040 --> 00:23:38,080
Speaker 6: look at the discharge fees, Like I said, what that

570
00:23:38,119 --> 00:23:40,800
Speaker 6: looks like the land titles office fees to discharge the

571
00:23:40,880 --> 00:23:41,840
Speaker 6: mortgage from the loan.

572
00:23:42,400 --> 00:23:44,439
Speaker 4: That's a lot of fees. I don't think a lot

573
00:23:44,480 --> 00:23:45,320
Speaker 4: of people thought about.

574
00:23:45,480 --> 00:23:47,760
Speaker 6: No, but we will lay it all out on table

575
00:23:47,800 --> 00:23:50,200
Speaker 6: for you, so we will compare it all. We'll send

576
00:23:50,200 --> 00:23:52,320
Speaker 6: you an email. It's all you know, their fee to

577
00:23:52,440 --> 00:23:55,040
Speaker 6: visually see it. So we're talking. You know what your

578
00:23:55,080 --> 00:23:58,439
Speaker 6: rate is, what your payment is, what your startup fees

579
00:23:58,480 --> 00:23:58,880
Speaker 6: look like.

580
00:23:58,880 --> 00:24:01,480
Speaker 5: You discharge fees any of you and your fees with

581
00:24:01,560 --> 00:24:03,560
Speaker 5: the new bank. You may or may not have had one.

582
00:24:04,040 --> 00:24:05,000
Speaker 5: Do you have one now?

583
00:24:05,560 --> 00:24:07,320
Speaker 6: So we've got to weigh it all up and make

584
00:24:07,359 --> 00:24:10,119
Speaker 6: sure it's still beneficial when taking everything into account.

585
00:24:10,320 --> 00:24:13,840
Speaker 4: Yeah, absolutely, so talk to me about Obviously I'm.

586
00:24:13,720 --> 00:24:14,520
Speaker 1: Very pro broker.

587
00:24:14,600 --> 00:24:17,240
Speaker 4: I own a brogage broker is kind of like I

588
00:24:17,240 --> 00:24:19,679
Speaker 4: own a mortgage breaking business. Obviously am pro broker, but

589
00:24:19,840 --> 00:24:23,159
Speaker 4: like I adore the idea of a broker for a

590
00:24:23,200 --> 00:24:25,840
Speaker 4: number of reasons. But like Jack, why wouldn't someone just

591
00:24:25,880 --> 00:24:28,679
Speaker 4: go directly to a bank instead of, you know, talking

592
00:24:28,680 --> 00:24:28,960
Speaker 4: to a.

593
00:24:28,920 --> 00:24:31,159
Speaker 1: Broker, Because that's a very valid question.

594
00:24:31,440 --> 00:24:34,680
Speaker 5: Yes it is. I don't I want to say.

595
00:24:35,560 --> 00:24:38,880
Speaker 4: Jacquelines or in PC in the nicest possible way. She's

596
00:24:39,000 --> 00:24:41,879
Speaker 4: very complimentary of everybody in the industry, honestly, sometimes to

597
00:24:41,920 --> 00:24:42,560
Speaker 4: her detriment.

598
00:24:42,720 --> 00:24:44,520
Speaker 1: But I think it's.

599
00:24:44,560 --> 00:24:46,439
Speaker 4: Look, I used to work for a bank, so but

600
00:24:46,480 --> 00:24:48,239
Speaker 4: you did it, really you did a different role. But

601
00:24:48,320 --> 00:24:51,399
Speaker 4: I think it's interesting because like if you go to

602
00:24:52,200 --> 00:24:56,920
Speaker 4: the bank, it's kind of like going down to Let's say,

603
00:24:56,960 --> 00:24:59,360
Speaker 4: you want to like go buy a packet of chips, right,

604
00:24:59,480 --> 00:25:03,320
Speaker 4: So you walk into Smith's, the Smith's factory, and you say,

605
00:25:03,320 --> 00:25:04,119
Speaker 4: what chips.

606
00:25:03,840 --> 00:25:04,280
Speaker 5: Have you got?

607
00:25:04,400 --> 00:25:06,040
Speaker 1: Yeah, and they're gonna.

608
00:25:05,840 --> 00:25:07,760
Speaker 4: Show you all of the chips that they have in

609
00:25:07,840 --> 00:25:10,120
Speaker 4: their particular range. They're going to go, oh, we've got

610
00:25:10,119 --> 00:25:13,240
Speaker 4: these crinkle cut lines, they're really popular. We've got this, this,

611
00:25:13,320 --> 00:25:15,280
Speaker 4: and this, and you go, okay, cool, Like that's all

612
00:25:15,359 --> 00:25:17,720
Speaker 4: the chip ranges. I'm going to pick from that, and

613
00:25:17,760 --> 00:25:19,760
Speaker 4: you've got maybe like five options, right.

614
00:25:19,640 --> 00:25:20,760
Speaker 5: I'm going to say two or three?

615
00:25:21,000 --> 00:25:23,000
Speaker 4: Yeah, Okay, Well, I don't know I don't actually buy

616
00:25:23,080 --> 00:25:25,160
Speaker 4: chips that often. I just thought it was a good example.

617
00:25:25,520 --> 00:25:28,000
Speaker 4: But then you go, all right, well, maybe I'll just

618
00:25:28,040 --> 00:25:30,680
Speaker 4: go down to Coals or Woolies. And that's like you're broker.

619
00:25:31,160 --> 00:25:34,400
Speaker 1: You go in. There's a whole damn aisle. There's every opportunity.

620
00:25:34,440 --> 00:25:37,840
Speaker 4: There's a Red Rock Deli, you've got the gluten free options,

621
00:25:37,880 --> 00:25:40,800
Speaker 4: you've got you know, Thins, You've got Lays, You've got

622
00:25:41,240 --> 00:25:43,840
Speaker 4: Smith's is there too, Yeah, but you now have so

623
00:25:44,000 --> 00:25:47,359
Speaker 4: many more options, so many more price points, so many

624
00:25:47,400 --> 00:25:51,880
Speaker 4: more flavors and benefits. That's I guess the difference. So yes,

625
00:25:51,920 --> 00:25:54,280
Speaker 4: you absolutely could go direct. If you're like, I don't care,

626
00:25:54,359 --> 00:25:58,000
Speaker 4: I only want a bank with nab ever Victoria, that's great.

627
00:25:58,080 --> 00:26:00,560
Speaker 4: You could be paying loyalty tax because you're not getting

628
00:26:00,560 --> 00:26:03,120
Speaker 4: the best possible deal. You're not getting the best possible structure.

629
00:26:03,560 --> 00:26:05,920
Speaker 4: Like we write now loans all the time. So don't

630
00:26:05,920 --> 00:26:08,359
Speaker 4: think that RV doesn't like that. It's just an example

631
00:26:08,520 --> 00:26:10,840
Speaker 4: because like for some clients that works perfectly, but other

632
00:26:10,840 --> 00:26:13,159
Speaker 4: clients were like, oh my goodness, have you heard of Macquarie?

633
00:26:13,160 --> 00:26:16,480
Speaker 4: Like this particular platform is going to give you unlimited

634
00:26:16,720 --> 00:26:19,040
Speaker 4: offset accounts and this might make the most sense for you.

635
00:26:19,400 --> 00:26:23,040
Speaker 4: So I think it's all about options and it is

636
00:26:23,200 --> 00:26:25,040
Speaker 4: free to go to safe ways and look at all

637
00:26:25,080 --> 00:26:25,720
Speaker 4: the options.

638
00:26:26,160 --> 00:26:27,960
Speaker 1: Like they're not paying an entry fee.

639
00:26:28,000 --> 00:26:30,000
Speaker 4: It's not like going and seeing a financial advisor where

640
00:26:30,000 --> 00:26:32,440
Speaker 4: you have to pay thousands of dollars. We are very

641
00:26:32,520 --> 00:26:35,520
Speaker 4: lucky in that we get paid by the banks, but

642
00:26:35,800 --> 00:26:40,280
Speaker 4: only if your loan settles, only if it works. So

643
00:26:41,080 --> 00:26:44,600
Speaker 4: that is to me really important because some people would go, oh,

644
00:26:44,640 --> 00:26:47,159
Speaker 4: that feels a bit weird, but like, at the end

645
00:26:47,160 --> 00:26:50,320
Speaker 4: of the day, you're not being charged more as a consumer.

646
00:26:50,400 --> 00:26:54,159
Speaker 4: The bank is sharing their profit with us as kind

647
00:26:54,200 --> 00:26:56,399
Speaker 4: of like a finder's fee. They're going, thanks Jack, we

648
00:26:56,440 --> 00:26:58,879
Speaker 4: wouldn't have had that client without you, so we're going

649
00:26:58,920 --> 00:27:01,520
Speaker 4: to split our profit with you. The client is always

650
00:27:01,520 --> 00:27:04,000
Speaker 4: going to be in the best possible position. And because

651
00:27:04,240 --> 00:27:07,239
Speaker 4: of Australian law and regulation, not only do we have

652
00:27:07,280 --> 00:27:09,560
Speaker 4: to make sure you're in the best possible position, we

653
00:27:09,640 --> 00:27:12,960
Speaker 4: have to give you three options every single time. You're

654
00:27:12,960 --> 00:27:15,840
Speaker 4: not just getting one. You will always get given here

655
00:27:15,840 --> 00:27:19,040
Speaker 4: are the top three options for you personally. So I

656
00:27:19,040 --> 00:27:23,080
Speaker 4: think that that's not what would happen if you went

657
00:27:23,200 --> 00:27:26,359
Speaker 4: to a mortgage broker who works directly for a bank

658
00:27:26,440 --> 00:27:29,280
Speaker 4: or went to a bank directly. And it's not about

659
00:27:29,359 --> 00:27:32,800
Speaker 4: like they're good brokers, like they are intelligent, they are smart,

660
00:27:32,840 --> 00:27:33,760
Speaker 4: they just don't have.

661
00:27:33,840 --> 00:27:36,040
Speaker 1: Access to the wide range exactly.

662
00:27:36,080 --> 00:27:38,359
Speaker 4: And so just seeing a mortgage broker, you go, but

663
00:27:38,480 --> 00:27:41,240
Speaker 4: I have a broker, Well, who were they employed by?

664
00:27:41,359 --> 00:27:44,240
Speaker 4: If they're employed by a bank. To me, I would go, well,

665
00:27:44,280 --> 00:27:46,399
Speaker 4: maybe you're not getting as many options put on the

666
00:27:46,400 --> 00:27:48,159
Speaker 4: table as possible. They could be the best person in

667
00:27:48,160 --> 00:27:50,560
Speaker 4: the entire world. I mean, you heard before Jacqueline used

668
00:27:50,560 --> 00:27:52,919
Speaker 4: to work for a bank, but when you did, you

669
00:27:52,920 --> 00:27:56,320
Speaker 4: would have had a limited range of opportunity.

670
00:27:55,640 --> 00:28:00,359
Speaker 6: Pretty much looking at variable or fix really exactly. They

671
00:28:00,440 --> 00:28:03,639
Speaker 6: will give you, obviously the best product that they can offer,

672
00:28:04,000 --> 00:28:06,399
Speaker 6: I'm sure of it. But like you said, if you

673
00:28:06,640 --> 00:28:09,240
Speaker 6: go into a broker, we've got I mean sometimes you've

674
00:28:09,280 --> 00:28:12,480
Speaker 6: got sixty different lenders on your panel, so there's sixty

675
00:28:12,480 --> 00:28:14,840
Speaker 6: different dictions that we can, yeah, put in the mix

676
00:28:14,880 --> 00:28:16,080
Speaker 6: and show you exactly.

677
00:28:16,119 --> 00:28:18,160
Speaker 4: And I think that that's really important to take into

678
00:28:18,200 --> 00:28:22,040
Speaker 4: consideration as well. So Jack, beyond chasing a lawer rate,

679
00:28:22,480 --> 00:28:25,560
Speaker 4: what loan features should we actually be looking for to

680
00:28:25,640 --> 00:28:29,080
Speaker 4: make sure that refinancing actually improves our financial situation. Like

681
00:28:29,520 --> 00:28:31,880
Speaker 4: I feel like so many times people just really get

682
00:28:31,920 --> 00:28:33,200
Speaker 4: stuck on the numbers.

683
00:28:32,840 --> 00:28:34,359
Speaker 1: And they're like, I just want to lawer rate, I

684
00:28:34,440 --> 00:28:37,159
Speaker 1: just want to lower rate. What else are we looking for? Fees?

685
00:28:37,640 --> 00:28:41,880
Speaker 6: I guess, and your fees accounts offsetting fees. Some banks

686
00:28:41,880 --> 00:28:45,120
Speaker 6: will have it set per month or per year to

687
00:28:45,200 --> 00:28:47,560
Speaker 6: take into account if you're paying any of those fees.

688
00:28:47,960 --> 00:28:50,440
Speaker 6: Number one, do you have an offset? Is it going

689
00:28:50,520 --> 00:28:53,640
Speaker 6: to be worth you introducing an off set? Do you

690
00:28:53,760 --> 00:28:56,640
Speaker 6: have separate banking at different banks? Is it worth looking

691
00:28:56,640 --> 00:28:59,160
Speaker 6: at putting it maybe with the one bank, and then

692
00:28:59,160 --> 00:29:01,040
Speaker 6: that way we can put your savings into one of

693
00:29:01,040 --> 00:29:04,000
Speaker 6: the offsets, or your holiday fund or your spending funds.

694
00:29:04,120 --> 00:29:06,480
Speaker 6: Because all of that money that is in an offset

695
00:29:06,640 --> 00:29:09,680
Speaker 6: is working for you. So you know, you're paying less

696
00:29:09,680 --> 00:29:13,400
Speaker 6: in interest on your mortgage every single it's calculate daily actually.

697
00:29:13,080 --> 00:29:15,920
Speaker 4: So it's so I guess on that as well. Your

698
00:29:15,920 --> 00:29:20,080
Speaker 4: mortgage broker can and should, from my perspective, be helping

699
00:29:20,120 --> 00:29:22,160
Speaker 4: you with cash flow. So they should be sitting down

700
00:29:22,200 --> 00:29:24,640
Speaker 4: and going, all right, so this is how we're going

701
00:29:24,640 --> 00:29:26,960
Speaker 4: to budget. This is what this looks like. This money

702
00:29:26,960 --> 00:29:29,640
Speaker 4: goes into this. It's one of our favorite parts of

703
00:29:29,680 --> 00:29:31,800
Speaker 4: our job. Like, once you've got your loan, being able

704
00:29:31,840 --> 00:29:33,080
Speaker 4: to go okay, cool, We're going to put you in

705
00:29:33,080 --> 00:29:36,000
Speaker 4: the best possible position by doing ABC and D. Got

706
00:29:36,000 --> 00:29:39,280
Speaker 4: any questions, call me right because I'll know, and it's

707
00:29:39,360 --> 00:29:43,240
Speaker 4: just so fun. We obviously have lots of different fees

708
00:29:43,400 --> 00:29:45,000
Speaker 4: and that can be really overwhelming.

709
00:29:45,520 --> 00:29:47,120
Speaker 1: But the flip side.

710
00:29:46,880 --> 00:29:49,719
Speaker 4: Is cash back offers, Like I feel like they're probably

711
00:29:49,800 --> 00:29:52,520
Speaker 4: going to make a resurgent soon because of the dropping

712
00:29:52,560 --> 00:29:55,160
Speaker 4: cash rate, and obviously lots of people have their eyes

713
00:29:55,200 --> 00:29:57,760
Speaker 4: on lots of different opportunities. So you might see some

714
00:29:57,800 --> 00:29:59,959
Speaker 4: of the big banks going refinance with us and we'll

715
00:30:00,120 --> 00:30:02,960
Speaker 4: give you three thousand dollars cash or two thousand dollar.

716
00:30:02,960 --> 00:30:05,680
Speaker 4: When you see it all the time, it would be.

717
00:30:06,480 --> 00:30:08,280
Speaker 6: I mean every single bank. I felt like I was

718
00:30:08,440 --> 00:30:11,800
Speaker 6: playing part in that. Probably two or three years ago, it.

719
00:30:11,720 --> 00:30:15,280
Speaker 4: Was everywhere in COVID, everybody was doing a cash back off. Yeah,

720
00:30:15,520 --> 00:30:17,960
Speaker 4: and brokers can access that for you too. You don't

721
00:30:17,960 --> 00:30:20,160
Speaker 4: have to go direct to that bank, like you call

722
00:30:20,200 --> 00:30:21,040
Speaker 4: your broker first.

723
00:30:21,120 --> 00:30:21,640
Speaker 5: Yeah.

724
00:30:21,840 --> 00:30:24,680
Speaker 6: Now it has sort of dropped. There is only probably

725
00:30:24,760 --> 00:30:29,600
Speaker 6: limited banks that are offering it. You got to wait

726
00:30:29,600 --> 00:30:31,880
Speaker 6: it up like sometimes I do think it probably is

727
00:30:31,960 --> 00:30:35,280
Speaker 6: a shiny distraction. I think it's easy if you don't

728
00:30:35,400 --> 00:30:37,800
Speaker 6: have a broker who's obviously, you know, going to like

729
00:30:37,840 --> 00:30:39,880
Speaker 6: I said, laid all out on the table for you

730
00:30:39,880 --> 00:30:42,800
Speaker 6: to show you every little single fee and charge and

731
00:30:42,840 --> 00:30:45,239
Speaker 6: take everything into account. I think if you're doing it

732
00:30:45,280 --> 00:30:47,080
Speaker 6: direct to bank, it's easy to go, well, you know

733
00:30:47,120 --> 00:30:48,760
Speaker 6: they're going to offer me two thousand dollars or three

734
00:30:48,760 --> 00:30:49,360
Speaker 6: thousand dollars.

735
00:30:49,600 --> 00:30:50,360
Speaker 5: Why wouldn't I.

736
00:30:50,360 --> 00:30:53,400
Speaker 4: Yeah, money win, Yeah, but long term it might cost

737
00:30:53,480 --> 00:30:56,480
Speaker 4: you more than I do find sometimes the interest rate

738
00:30:56,560 --> 00:30:59,040
Speaker 4: is probably slightly higher than.

739
00:30:58,840 --> 00:31:00,760
Speaker 5: What you could get. But I mean not to take

740
00:31:00,800 --> 00:31:01,120
Speaker 5: it out.

741
00:31:01,200 --> 00:31:03,320
Speaker 6: You just got to wigh up where that pinpoint is

742
00:31:03,720 --> 00:31:05,880
Speaker 6: in your loan term, Like you know, after one year,

743
00:31:05,960 --> 00:31:08,200
Speaker 6: is it now that we're at that break point where

744
00:31:08,200 --> 00:31:10,080
Speaker 6: it's no longer working, and do we need to look

745
00:31:10,080 --> 00:31:13,240
Speaker 6: at now either refinancing yet again to get a lower

746
00:31:13,280 --> 00:31:16,040
Speaker 6: interest rate or you know, sometimes people will just slip

747
00:31:16,080 --> 00:31:18,000
Speaker 6: into the comfort of just staying with them again, and

748
00:31:18,040 --> 00:31:19,160
Speaker 6: that's probably how what.

749
00:31:19,160 --> 00:31:21,360
Speaker 4: They're doing exactly probably got you in the door with

750
00:31:21,400 --> 00:31:24,000
Speaker 4: the shiny thing, and then you stayed because it was warm.

751
00:31:24,040 --> 00:31:24,200
Speaker 3: Here.

752
00:31:25,080 --> 00:31:28,040
Speaker 4: I think that's interesting as well, because yeah, so many

753
00:31:28,040 --> 00:31:30,520
Speaker 4: times we think that's a good deal. But like instant

754
00:31:30,600 --> 00:31:32,880
Speaker 4: gratification versus delayed gratification.

755
00:31:33,480 --> 00:31:36,120
Speaker 5: Sometimes forget like most of the time your loan is

756
00:31:36,160 --> 00:31:37,200
Speaker 5: over a thirty loan.

757
00:31:37,120 --> 00:31:39,880
Speaker 4: Term, yeah, and three grand over the long term, maybe

758
00:31:39,880 --> 00:31:41,760
Speaker 4: you're paying ten thousand dollars more.

759
00:31:41,880 --> 00:31:42,800
Speaker 1: Maybe not.

760
00:31:42,800 --> 00:31:44,880
Speaker 6: I'm sure that that three thousand dollars is probably not

761
00:31:44,920 --> 00:31:47,160
Speaker 6: sitting in your offset, you know, working for you.

762
00:31:47,200 --> 00:31:48,640
Speaker 5: I'm sure that's already been spent.

763
00:31:48,760 --> 00:31:52,120
Speaker 1: And oh yeah that in my head, that's free money. Yeah,

764
00:31:52,440 --> 00:31:54,280
Speaker 1: that's not my saving that last free money.

765
00:31:54,600 --> 00:31:55,760
Speaker 5: Yeah, going on a holiday with it.

766
00:31:55,880 --> 00:31:58,840
Speaker 1: Yeah, yeah, money. We so talk to me about.

767
00:31:59,160 --> 00:32:01,040
Speaker 4: Obviously, we want to be shopping for a better rate

768
00:32:01,400 --> 00:32:03,600
Speaker 4: because it is important to get the best deal possible.

769
00:32:03,640 --> 00:32:05,400
Speaker 4: But how does that impact my credit score?

770
00:32:05,480 --> 00:32:09,040
Speaker 5: I mean, if you're just looking like window.

771
00:32:08,720 --> 00:32:11,240
Speaker 1: Shopping, little yeah we window shopping, Okay, window.

772
00:32:10,960 --> 00:32:13,800
Speaker 6: Shopping, it's not going to obviously impact your credit score.

773
00:32:13,880 --> 00:32:15,960
Speaker 6: So if we're just you know, seeing what's out there,

774
00:32:16,280 --> 00:32:19,000
Speaker 6: reaching out to a mortgage broker to see what options

775
00:32:19,040 --> 00:32:19,560
Speaker 6: there are.

776
00:32:19,840 --> 00:32:22,440
Speaker 5: Then your credit file is not being touched whatsoever.

777
00:32:22,880 --> 00:32:26,040
Speaker 6: If we're actually committing to it, and actually going ahead

778
00:32:26,080 --> 00:32:27,080
Speaker 6: with the refinance.

779
00:32:27,200 --> 00:32:30,320
Speaker 5: Then obviously, yes, it is going to have a hit

780
00:32:30,400 --> 00:32:31,240
Speaker 5: on your credit file.

781
00:32:31,520 --> 00:32:35,880
Speaker 6: That's not necessarily going to have a negative effect. However,

782
00:32:36,360 --> 00:32:38,680
Speaker 6: multiple times in a short period of time.

783
00:32:38,920 --> 00:32:39,240
Speaker 1: Yes, this.

784
00:32:39,360 --> 00:32:42,000
Speaker 4: Don't go talk to lots of brokers and submit lots

785
00:32:42,040 --> 00:32:45,360
Speaker 4: of inquiries and do all of that, because I don't

786
00:32:45,400 --> 00:32:49,600
Speaker 4: know how to say this, but you are disadvantaging all

787
00:32:49,640 --> 00:32:52,040
Speaker 4: of the brokers if you are shopping around. I'm not

788
00:32:52,080 --> 00:32:54,960
Speaker 4: saying don't have an initial chat with them, and if

789
00:32:54,960 --> 00:32:57,240
Speaker 4: they're not the broker for you, go find somebody else.

790
00:32:57,560 --> 00:33:00,400
Speaker 4: But don't go down the garden path. Don't like, submit

791
00:33:00,400 --> 00:33:03,480
Speaker 4: a credit inquiry with a broker just to.

792
00:33:03,440 --> 00:33:05,840
Speaker 1: See what options they can put on the table for you.

793
00:33:05,880 --> 00:33:07,000
Speaker 5: They don't need to be doing.

794
00:33:07,080 --> 00:33:10,560
Speaker 4: Yeah no, because all good brokers, honestly should be able

795
00:33:10,560 --> 00:33:13,360
Speaker 4: to analyze your situation in exactly the same way as

796
00:33:13,400 --> 00:33:16,720
Speaker 4: the next broker down the road and get the same outcome.

797
00:33:17,280 --> 00:33:19,600
Speaker 4: And if they're not, I'm actually a little bit concerned.

798
00:33:19,800 --> 00:33:23,320
Speaker 4: The important cherry on top there is like the relationship

799
00:33:23,360 --> 00:33:25,840
Speaker 4: you have with them the above and beyond, what additional

800
00:33:25,880 --> 00:33:28,880
Speaker 4: things does that business offer you in terms of support

801
00:33:28,960 --> 00:33:33,240
Speaker 4: and ongoing client relationship and like whatever that looks like.

802
00:33:33,720 --> 00:33:36,120
Speaker 4: And I think that that's really important to consider as well,

803
00:33:36,120 --> 00:33:39,080
Speaker 4: because it's just it's so important that we're not just

804
00:33:39,280 --> 00:33:43,080
Speaker 4: making multiple inquiries on our credit score just to see

805
00:33:43,160 --> 00:33:45,640
Speaker 4: because that can drop your credit score and therefore make

806
00:33:45,680 --> 00:33:48,320
Speaker 4: it harder to get a better deal exactly.

807
00:33:48,000 --> 00:33:50,400
Speaker 6: Because when you a credit I think we've spoken about

808
00:33:50,400 --> 00:33:53,840
Speaker 6: that previously, but credit scores can have an impact on

809
00:33:53,920 --> 00:33:57,480
Speaker 6: which lenders will and won't take you. So therefore, instead

810
00:33:57,520 --> 00:33:59,800
Speaker 6: of having you know, the door open to say, like

811
00:33:59,800 --> 00:34:02,160
Speaker 6: a had sixty different lenders, you might only be able

812
00:34:02,200 --> 00:34:04,880
Speaker 6: to now look at three options. Yeah, so it is

813
00:34:05,000 --> 00:34:07,120
Speaker 6: hindering where you can go and what you can get.

814
00:34:07,160 --> 00:34:09,080
Speaker 4: Yeah, and a broker we'll be able to guide you

815
00:34:09,120 --> 00:34:11,200
Speaker 4: on that too, because like if you've got terrible credit

816
00:34:11,320 --> 00:34:13,160
Speaker 4: or something, you can still have a chat and be like, well,

817
00:34:13,160 --> 00:34:16,600
Speaker 4: what can I do Jack to either increase my credit score?

818
00:34:16,719 --> 00:34:18,680
Speaker 4: Or like can I ever move while they have a

819
00:34:18,680 --> 00:34:21,360
Speaker 4: bad credit score? And can you move? Like if my

820
00:34:21,360 --> 00:34:23,759
Speaker 4: credit score is not amazing, Jack, don't have to wait?

821
00:34:23,880 --> 00:34:24,480
Speaker 1: What can I do?

822
00:34:24,680 --> 00:34:26,399
Speaker 6: We need to obviously have a look at it, see

823
00:34:26,400 --> 00:34:28,680
Speaker 6: what it is, see what the actual background is, and

824
00:34:28,719 --> 00:34:31,280
Speaker 6: what we can do, but there's certainly options. We've definitely

825
00:34:31,280 --> 00:34:32,880
Speaker 6: had clients that have come to us that we've been

826
00:34:32,920 --> 00:34:35,120
Speaker 6: able to move from a much lower rate that thought

827
00:34:35,120 --> 00:34:37,040
Speaker 6: that their credit score wasn't too It.

828
00:34:37,000 --> 00:34:40,320
Speaker 4: Wasn't amazing incredible, but like once we have a couple

829
00:34:40,320 --> 00:34:42,719
Speaker 4: of conversations with the bdms and the banks, they're like,

830
00:34:42,960 --> 00:34:45,160
Speaker 4: oh that makes sense. No, we'd be willing to accept

831
00:34:45,239 --> 00:34:48,960
Speaker 4: them all good. That's where the relationship part comes into it.

832
00:34:49,000 --> 00:34:52,359
Speaker 4: A lot of the time, Jack, this has been incredible,

833
00:34:52,480 --> 00:34:54,760
Speaker 4: but unfortunately it is all we have time for today.

834
00:34:55,000 --> 00:34:57,400
Speaker 4: Thank you so much for jumping back on the show. Genuinely,

835
00:34:57,680 --> 00:34:59,840
Speaker 4: I feel like I was like not pulling teeth, but

836
00:34:59,840 --> 00:35:00,320
Speaker 4: I'll it's.

837
00:35:00,200 --> 00:35:02,719
Speaker 1: Like, so could you do this week? What about next week?

838
00:35:02,760 --> 00:35:04,640
Speaker 4: Can you come on the show and talk about refinancing,

839
00:35:04,680 --> 00:35:07,120
Speaker 4: because like, I'm getting a lot of questions about refinancing.

840
00:35:07,400 --> 00:35:09,719
Speaker 4: I feel like you always explain stuff in a really

841
00:35:09,760 --> 00:35:12,319
Speaker 4: clear and really practical way that just makes sense, and

842
00:35:12,360 --> 00:35:14,479
Speaker 4: I know that people are going to find this really helpful, so.

843
00:35:14,800 --> 00:35:15,640
Speaker 1: I appreciate it.

844
00:35:16,040 --> 00:35:19,279
Speaker 4: Oh thanks, no, of course, And guys, it doesn't need

845
00:35:19,440 --> 00:35:22,080
Speaker 4: to be a massive process, and getting the right support

846
00:35:22,120 --> 00:35:24,480
Speaker 4: can make it a whole lot easier, even if you're

847
00:35:24,520 --> 00:35:27,040
Speaker 4: just checking if your rate is going to drop. Is

848
00:35:27,040 --> 00:35:29,239
Speaker 4: a great first step, and of course, if you've got

849
00:35:29,320 --> 00:35:31,200
Speaker 4: questions or you want to help figuring out if it

850
00:35:31,239 --> 00:35:31,920
Speaker 4: is the right.

851
00:35:31,800 --> 00:35:32,239
Speaker 1: Move for you.

852
00:35:32,360 --> 00:35:35,120
Speaker 4: The team at Zela Money we literally always here. I'll

853
00:35:35,160 --> 00:35:37,680
Speaker 4: put our contact details in the show notes because if

854
00:35:37,760 --> 00:35:41,320
Speaker 4: I can't shamelessly promote my own business on my own show,

855
00:35:41,920 --> 00:35:44,440
Speaker 4: why are we here? And as always, if you enjoyed

856
00:35:44,440 --> 00:35:46,480
Speaker 4: this episode, make sure that you're following the show, hit

857
00:35:46,520 --> 00:35:48,640
Speaker 4: subscribe and leave us a review and share it with

858
00:35:48,680 --> 00:35:51,920
Speaker 4: someone who you think might need a little refinancing nudge.

859
00:35:51,960 --> 00:36:01,040
Speaker 4: We'll see you again on Friday. Bye, guys, Bye. The

860
00:36:01,120 --> 00:36:03,680
Speaker 4: advice shared on She's on the Money is general in

861
00:36:03,760 --> 00:36:05,640
Speaker 4: nature and does not consider.

862
00:36:05,280 --> 00:36:06,800
Speaker 1: Your individual circumstances.

863
00:36:07,160 --> 00:36:10,560
Speaker 4: She's on the Money exists purely for educational purposes and

864
00:36:10,600 --> 00:36:13,040
Speaker 4: should not be relied upon to make an investment or

865
00:36:13,120 --> 00:36:17,120
Speaker 4: financial decision. If you do choose to buy a financial product, read.

866
00:36:17,000 --> 00:36:20,240
Speaker 7: The PDS TMD and obtain appropriate financial.

867
00:36:19,920 --> 00:36:21,720
Speaker 1: Advice tailored towards your needs.

868
00:36:22,080 --> 00:36:26,000
Speaker 7: Victoria Divine and She's on the Money are authorized representatives

869
00:36:26,080 --> 00:36:30,120
Speaker 7: of Money sheper Pty Ltd ABN three two one six

870
00:36:30,280 --> 00:36:34,120
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871
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