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Speaker 1: Hello, my name is Sanatasha Nabananga Bamblet. I'm a proud

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Speaker 1: yor the Order Kerni Whoalbury and a waddery woman. And

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Speaker 1: before we get started on She's on the Money podcast,

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Speaker 1: I would like to acknowledge the traditional custodians of the

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Speaker 1: land of which this podcast is recorded on a wondery country,

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Speaker 1: acknowledging the elders, the ancestors and the next generation coming

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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing

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Speaker 1: and the storytelling of you to make a difference for

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Speaker 1: today and lasting impact for tomorrow.

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Speaker 2: 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. That's about

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Speaker 4: making your financial goals a reality. And today we're going

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Speaker 4: to be tackling what's often seen as the holy grail

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Speaker 4: of adulting buying house Now, I really do get it.

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Speaker 4: Buying property in twenty twenty five feels like climbing a

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Speaker 4: mountain that just keeps getting steeper and steeper. Between the

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Speaker 4: cost of living, housing prices, and interest rates, it's so

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Speaker 4: easy to feel like owning home is completely out of reach.

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Speaker 4: It's easy to feel really overwhelmed and completely stuck. And

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Speaker 4: let me tell you. If that's how you're feeling, my friend,

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Speaker 4: you are not alone but his thing. If owning a

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Speaker 4: home is your dream, I want to help you feel

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Speaker 4: empowered to get there, no matter where you are starting from.

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Speaker 4: I'm Victoria Devine, finance expert and owner of mortgage broking

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Speaker 4: firms Zella Money, and in this episode, we're here to

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Speaker 4: guide you through the steps you can take right now

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Speaker 4: to put yourself in the best possible position and get

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Speaker 4: you closer to turning that dream home into a reality.

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Speaker 4: And to make sure that you're getting the very best advice.

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Speaker 4: I've brought in an absolute powerhouse in the world of

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Speaker 4: home loans, someone who's helped thousands of Australians unlock the

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Speaker 4: door to their dream home. Meet my friend and coworker,

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Speaker 4: Jacqueline Walsh. Welcome to the show.

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Speaker 2: Thanks for having me.

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Speaker 4: I'm so excited about this. I feel like the whole

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Speaker 4: team have been like get Jack on the show for

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Speaker 4: like actually years. Jack, to introduce her really quickly, is

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Speaker 4: a mortgage broker with what more than fifteen years experience

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Speaker 4: I would say industry. We actually got her from the

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Speaker 4: dark side. We brought her from one of the big

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Speaker 4: four banks over to work for Zella Money, and I

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Speaker 4: feel like you have an absolute gift of simplifying all

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Speaker 4: of the tricky bits for our clients. And I would

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Speaker 4: say that you have a very proven track record of

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Speaker 4: saving people some serious money, some serious time, and getting

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Speaker 4: them into their dream homes faster. Are you going to

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Speaker 4: agree or disagree with that? It's always awkward when people

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Speaker 4: introduce you, right, I agree, I did. Yeah, I did

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Speaker 4: do that, Victoria, I did. So tell me a little

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Speaker 4: bit about you and your journey before we get into it,

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Speaker 4: like do you like working in finance? Do you like

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Speaker 4: being a mortgage broke? I absolutely love it.

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Speaker 2: I know that sounds so strange, but I cannot see

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Speaker 2: myself doing anything else, Like you said, I've done this

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Speaker 2: for fifteen years now. I think about it every day.

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Speaker 2: What else would I be doing if I wasn't doing this,

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Speaker 2: And I just can't see myself stepping outside of finance.

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Speaker 2: I feel like I know it like the back of

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Speaker 2: my hand. So it's just something that I feel really

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Speaker 2: passionate about.

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Speaker 4: Really, I adore it, and that's probably why we get

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Speaker 4: on so well. And I mean, you're preaching to the

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Speaker 4: converted right here. Like, oh, yeah, I'm not that interested

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Speaker 4: in finance. It's just not for me. Like it is.

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Speaker 4: I live it, I breathe it, I love it, and

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Speaker 4: I feel like one of jointly our favorite things about

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Speaker 4: working at Zelimoney is getting people into their first homes. Like,

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Speaker 4: don't get me wrong, it's so fun to like meet

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Speaker 4: clients and do a refinance or like meet clients and

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Speaker 4: they're buying like a multimillion dollar property, Like it's always fun,

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Speaker 4: you know, looking up the house prices on real estate

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Speaker 4: dot Com and being a little bit perfect right, Like

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Speaker 4: not gonna lie, but there is something so insanely special

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Speaker 4: about holding the hand of a first home buyer who

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Speaker 4: you know, maybe wasn't sure or wasn't even in a

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Speaker 4: position twelve months before to even get into their first home. Yeah,

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Speaker 4: and I just know that you're as passionate about that

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Speaker 4: as I am. Now, if you're listening and you're just

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Speaker 4: starting to save, or you already have a deposit but

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Speaker 4: you feel really unsure of what is going to come next,

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Speaker 4: or if you're just feeling like you're entertaining the idea

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Speaker 4: that property might be for you, and previously you're like, oh,

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Speaker 4: I don't think it is. I'm telling you right now,

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Speaker 4: you are absolutely in the right place, and I have

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Speaker 4: dragged in the big guns to help us here. This

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Speaker 4: episode is going to be jam packed full of practical

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Speaker 4: tips and advice to guide you through one of I

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Speaker 4: would say, your biggest financial decisions. Like, I don't know

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Speaker 4: you and I were talking about this the other day.

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Speaker 4: Your first home is the hardest to get into because

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Speaker 4: you're like starting from scratch. You have no equity, you

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Speaker 4: have no ability to leverage anything and knowledge. Literally I

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Speaker 4: won't have any Like if you've never done it before,

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Speaker 4: how do you know what?

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Speaker 2: You don't know exactly?

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Speaker 4: So stick around because even in a tough market, there

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Speaker 4: are a heap of steps that you can take to

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Speaker 4: feel more in control and then move closer to getting

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Speaker 4: into your dream home. And I think that we can

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Speaker 4: definitely do it together. Jack, let's dive straight in. I've

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Speaker 4: got to start with the question that I think is

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Speaker 4: on everybody's mind. Yeah, I've been trying to predict this.

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Speaker 4: When's the best time to see a mortgage broker?

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Speaker 2: Definitely the most asked question for sure.

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Speaker 4: Yeah, I mean I wish I could be like, oh

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Speaker 4: I thought of this myself, but the reality is I

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Speaker 4: just like, yeah, gave everybody.

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Speaker 2: I'm sure it's got to be from the moment that

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Speaker 2: you even think about your home buying journey, you know,

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Speaker 2: even if it's going to be two years away, whether

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Speaker 2: you just want to find out what the current interest

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Speaker 2: rates are and if that's competitive in your mortgage. I

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Speaker 2: really think that you need to be speaking to a

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Speaker 2: mortgage broker up front, just because they're going to be

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Speaker 2: able to guide you in terms of like all areas

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Speaker 2: of the home buying process. You know, you might think

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Speaker 2: that you're five years off from buying, but once you

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Speaker 2: speak to a mortgage broker, you can find out that

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Speaker 2: you actually can purchase maybe a house tomorrow if you

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Speaker 2: wanted to.

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Speaker 4: I feel like one of the biggest obstacles when I

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Speaker 4: talk to our community about, oh, I really want to

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Speaker 4: talk to a mortgage record, but I have no savings.

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Speaker 4: Am I wasting their time? If I don't want to

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Speaker 4: buy yet. Maybe let's say I want to buy in

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Speaker 4: three or five years. Do you feel like I'm wasting

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Speaker 4: your time? If I to an appointment, I.

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Speaker 2: Think you still need to be making that appointment. There's

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Speaker 2: just other factors that come into it as well. You know,

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Speaker 2: you might be eligible for a scheme right now. You

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Speaker 2: know that could be for the next financial year. You

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Speaker 2: might tell me that you're expecting you a pay increase

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Speaker 2: over the next twelve month. That's going to ring alarm

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Speaker 2: ballance in my head that maybe that's going to push

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Speaker 2: you over the threshold for that scheme. So that might

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Speaker 2: be something that I guide you and say, Look, you're

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Speaker 2: eligible for the scheme up until June thirty of this

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Speaker 2: financial year. However that yeah, am banking on it, Yeah,

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Speaker 2: might push you over that threshold. Therefore you might not

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Speaker 2: be eligible. And it's a whole nother scenario. So you

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Speaker 2: really need to the second you start thinking about that

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Speaker 2: homebuying journey on what that looks like getting touched and

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Speaker 2: we can just have a chat and then put it

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Speaker 2: all in the process like at next steps, next touch

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Speaker 2: points and what that looks like.

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Speaker 4: Yeah, Because I feel like there is this idea in

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Speaker 4: the industry that mortgage brokers are scary, or that mortgage

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Speaker 4: brokers are overwhelming, or that I probably I don't and

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Speaker 4: I mean maybe you are a little bit like I've

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Speaker 4: seen you on the phone when you're like backing a

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Speaker 4: client and you're going into bat for them, and you're

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Speaker 4: yapping at the bank, and I'm like, I would not

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Speaker 4: want to be on the other end of that phone,

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Speaker 4: But you know who I would want on that phone

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Speaker 4: the person that is my mortgage broker. But I feel

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Speaker 4: like there's this misconception that like, oh, you've got to

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Speaker 4: like save up all your deposit and then talk to

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Speaker 4: a broker, and in reality, you could be doing yourself

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Speaker 4: a disservice, definitely, And I wanted to get that upfront

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Speaker 4: because I think a lot of people don't want to

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Speaker 4: waste people's time, Like our community are so kind and

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Speaker 4: so generous and so thoughtful, and we're all the type

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Speaker 4: of people that are like I wouldn't want to bother

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Speaker 4: Jack with that. And in reality, we spend so much

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Speaker 4: time in meetings with clients who, if I'm being honest,

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Speaker 4: don't convert right now, because we know that they're going

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Speaker 4: to be clients for life, and it's about building that relationship.

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Speaker 2: You don't know what you don't know, So when people

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Speaker 2: come to us, you know, we've had a bunch of

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Speaker 2: clients that will say, I've been looking forward to this meeting.

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Speaker 2: You know, I've been thinking about it for two years

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Speaker 2: I've paid off all my debts, I've paid off my HEX.

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Speaker 2: I'm now ready to look at purchasing when in reality,

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Speaker 2: maybe their hex didn't need to be paid down and

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Speaker 2: closed immediately, where those funds could have gone towards a

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Speaker 2: deposit to purchase their property earlier.

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Speaker 4: Yeah, and you'd never say that, Like you don't sit

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Speaker 4: in a meeting with a client and go, oh my god,

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Speaker 4: like you didn't have to do that. You kind of go, oh,

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Speaker 4: good job, like amazing. But like in the background, as

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Speaker 4: a broker and like as the business owner, I'm always like, oh,

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Speaker 4: I wish you'd kind of like not done that, because

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Speaker 4: I could have like leveraged this and done this. I've

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Speaker 4: got you in and you wouldn't have had to stress

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Speaker 4: as much, and.

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Speaker 2: So you don't need to be making changes before you

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Speaker 2: speak to us, yea, you know, come to us, tell

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Speaker 2: us the scenario now, what your goals look like, and

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Speaker 2: then we can sort of guide you into what you

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Speaker 2: should be doing or focusing on.

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Speaker 4: Really, I think my favorite part of that is even

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Speaker 4: if you come in and you're not going to be

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Speaker 4: a client for the next five years, you kind of

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Speaker 4: fall into the Zello ecosystem and like we just pester you,

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Speaker 4: like yeah, in a nice way. We're like, oh, hey,

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Speaker 4: how's that going, like in six months, or like you

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Speaker 4: get our newsletters and our updates, so like you kind

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Speaker 4: of fall into the ecosystem of being kept in the

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Speaker 4: loop of that dream and that goal. And we find

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Speaker 4: that a lot of people say like, oh my gosh,

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Speaker 4: like I feel so motivated because, like, you know, I

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Speaker 4: get an email from Jack a couple of months after

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Speaker 4: our meeting, going oh, hey, how did that thing go?

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Speaker 4: Tell me about that though, because there's a lot of

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Speaker 4: work in the background when it comes to the business,

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Speaker 4: and I'm sure people are going to send messages and

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Speaker 4: we'll craft some episodes in the future around answering those

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Speaker 4: as clearly as possible. But like, when a client comes

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Speaker 4: in for an initial meeting, what does the journey look like?

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Speaker 4: Do they you know them buy house the next day,

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Speaker 4: or do they you know, stay in contact with you?

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Speaker 4: Are you just contacting them because you're like, oh, this

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Speaker 4: is a client and I should follow up like they're

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Speaker 4: on my list. I'm asking because I know you're real

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Speaker 4: PERVN you get so emotionally investigator.

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Speaker 2: That's and a point with me. Will know that I

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Speaker 2: tend to speak to you as if we are best friends.

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Speaker 2: We are I get carried away, and we'll speak to

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Speaker 2: you as if I've known you for a lifetime. So

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Speaker 2: I do get I guess invested, and I do want

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Speaker 2: to check in and things like that. So at the

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Speaker 2: end of the conversation, whether that you know they're saying

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Speaker 2: they want to purchase in five years, I will always

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Speaker 2: say to them if anything changes throughout that timeframe, like

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Speaker 2: if you change jobs in six months time and you

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Speaker 2: want to see what that looks like, if you ended

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Speaker 2: up saving more in a shorter period of time, and

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Speaker 2: you just want to see what that changes and where

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Speaker 2: that sets the goalpost, Like get in touch, shoot me

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Speaker 2: through an email whenever you want. We can touch base

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Speaker 2: as many times as you want. It doesn't matter.

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Speaker 4: Yeah, no, And I love that. Now there are going

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Speaker 4: to be some people who are like, oh, that actually

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Speaker 4: sounds so good. I thought I'd have to save or

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Speaker 4: be a really big investor before I actually have this conversation.

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Speaker 4: I've decided I want to book. How much is it going.

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Speaker 2: To cost me nothing?

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Speaker 4: Let's talk about that, like I'm in a book. An

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Speaker 4: appointment with a mortgage broker to be very clear right now,

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Speaker 4: we're talking from our experience, from our business. But some

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Speaker 4: mortgage brokers are going to charge an initial fee and

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Speaker 4: that doesn't mean that they're bad. Like we're not here

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Speaker 4: to say, oh, this model is better than that. We

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Speaker 4: don't charge initial fees because we just don't want to.

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Speaker 4: I don't know, I want to be accessible. I don't

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Speaker 4: want people to have to jump through hurdles and come

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Speaker 4: up with five hundred bucks cash complete side note, It's

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Speaker 4: why I got out of financial advice. Like I adored it.

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Speaker 4: I loved doing what I did, but it was so

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Speaker 4: prohibitive when it came to cost, Like if you couldn't

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Speaker 4: afford my advice, what you don't get to be in

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Speaker 4: a better financial situation. Yeah, I didn't like that, and

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Speaker 4: so we've carried that into Zella money. But some people

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Speaker 4: do charge an initial feed like that does not change that.

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Speaker 4: Some brokers rebate it. So like you might pay your

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Speaker 4: five hundred dollars fee up front and then when you

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Speaker 4: finally settle a mortgage you get the cash back. Fine,

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Speaker 4: how does it work with us and with most brokers?

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Speaker 4: Because I feel like our model and the way that

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Speaker 4: you work with us is the same as most.

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Speaker 2: Yeah, so you can come to us and make an appointment,

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Speaker 2: like we said, you know, free of charge upfront. There

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Speaker 2: is some circumstances where we will need to charge fee,

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Speaker 2: but we're going to be really upfront and honest with

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Speaker 2: you from the get go if we even see that

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Speaker 2: as a possibility. Why would we do that though, So

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Speaker 2: if you're coming to us to obviously get a better

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Speaker 2: interest rate and looking at refinancing, but you're telling me

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Speaker 2: upfront that you're wanting to get a better interest rate,

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Speaker 2: but you're actually going to be selling that property within

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Speaker 2: six months to us as a broker, we will get

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Speaker 2: one hundred percent clawback in that first year.

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Speaker 4: What's clawback.

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Speaker 2: Clawback is where the banks do pay us a commission

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Speaker 2: as a thank you for bringing you on as a client.

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Speaker 2: So it just means that they may not necessarily have

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Speaker 2: gotten you as a client had you not come to

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Speaker 2: our brokering services. And we've shown all the nitti gritty

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Speaker 2: and details behind the scenes. So in terms of charging

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Speaker 2: an upfront fee, it would be yeah, if you were

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Speaker 2: open on est about that saying that you're going to

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Speaker 2: look at selling, we just obviously need to recoup the

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Speaker 2: funds that we were going to lose because no one's

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Speaker 2: working for free.

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Speaker 4: Yeah. At the end of the day, like we are

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Speaker 4: getting paid. We're not saying, oh, we're a charity. Yeah,

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Speaker 4: And that's why I don't know. In the first half

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Speaker 4: of this episode, I wanted to be super clear about

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Speaker 4: how that works. But then let's dive a little bit deeper.

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Speaker 4: The word commission can be a pretty dirty word to

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Speaker 4: me about that, yes or no.

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Speaker 2: I can't talk for everyone else, obviously, I'm talking specifically

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Speaker 2: for Zella and how we work. We are very, very

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Speaker 2: very upfront on how we get paid and what we

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Speaker 2: get paid. There is a document that you will receive

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Speaker 2: that outlines exactly to the sense what we are receiving

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Speaker 2: as an upfront commission based on this loan, and also

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Speaker 2: what the trail looks like going forward for as long

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Speaker 2: as you hold that loan. Like I said, no one's

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Speaker 2: working for free. This is how we get paid. It's

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Speaker 2: not a new structure by any means. This has been

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Speaker 2: going on for years and we're not hiding it.

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Speaker 4: But it used to be a little bit dodgy, right,

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Speaker 4: Like I feel like it used to be. Some banks

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Speaker 4: would have better commissions than others. Now they're across the

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Speaker 4: board the same. Yeah. I think it's an interesting concept

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Speaker 4: because I get it. Like before I worked in this industry,

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Speaker 4: before I had the financial literacy that I improvally to have,

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Speaker 4: I was very much like ill, like mortgage brokers work

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Speaker 4: for commission, And now I'm the broker with the business

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Speaker 4: that works for commission. And I mean I'm not brokering

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Speaker 4: the loans. You guys do the hard work and the

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Speaker 4: hard yards. I'd just sit in the background and wave

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Speaker 4: and go anything you need, sweetie, you're doing a great job.

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Speaker 4: I think it used to be this dirty word, but

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Speaker 4: now post the Royal Commission, everything has been smoothed across you, like,

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Speaker 4: we don't get the bonuses and the benefits.

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Speaker 2: No, but you're right fifteen years ago, I've definitely seen it.

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Speaker 4: Do you remember seeing, like fifteen years ago in the

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Speaker 4: industry the conferences that people would go to, Like I

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Speaker 4: remember brokers would go on conferences, and like, as a

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Speaker 4: financial advisor, I was very privy to it. I remember

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Speaker 4: one of them going on a helicopter to Macau to

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Speaker 4: go to the casinos there, and the bank was funding it. Like,

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Speaker 4: let's be really honest. It used to be cooked. That's

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Speaker 4: illegal now, like that can't happen anymore. And I feel

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Speaker 4: like if you're talking to you mum or your dad

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Speaker 4: and they had that historic experience, Oh.

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Speaker 2: That's exactly right.

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Speaker 4: Don't talk to a broker. I know you've got this

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Speaker 4: meeting with Jack, Like they're not going to put you

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Speaker 4: in the best possible position. What do you even say

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Speaker 4: to that?

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Speaker 2: Well, I mean, for us, the way that we work,

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Speaker 2: we obviously outlined to you know, put together a product comparison,

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Speaker 2: we'll send it through to you, We'll put our recommendations

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Speaker 2: in there, but we outline it for you so visually

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Speaker 2: that you can see the benefits in each way. There's

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Speaker 2: no hiding behind the fact, like we aren't going to

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Speaker 2: place you with a lender that you know, we think

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Speaker 2: is paying more in commission if it's not going to

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Speaker 2: benefit you. And the reason that we can't do that

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Speaker 2: is there's actually you know, laws in place for best

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Speaker 2: interest duties that we have to adhere to as to

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Speaker 2: why we are placing you with that lender. And again

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Speaker 2: you will see that information as to what we've put

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Speaker 2: in there and why. So there's no hiding or being

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Speaker 2: sneaky anymoarning at that. But yeah, I definitely see from

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Speaker 2: you know, talking to your parents or many many years ago,

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Speaker 2: people used to place I guess you with maybe a

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Speaker 2: not so favorable lender because they may have been getting

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Speaker 2: paid more in commission.

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Speaker 4: But that's just it's not the reality anymore, and it

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Speaker 4: just across the board doesn't happen. I don't know, I

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Speaker 4: feel like I want to be pervy and like give

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Speaker 4: people some insight into our business because like we're really

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Speaker 4: proud of it and the way that we work. But

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Speaker 4: even the brokers the work for Zella, it doesn't matter

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Speaker 4: if you're doing what one hundred thousand dollars refinance or

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Speaker 4: you're you know, helping a first home buy buy like

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Speaker 4: a nine hundred and fifty thousand dollar property, you individually

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Speaker 4: as a mortgage broker get paid the same, right, correct. Yeah,

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Speaker 4: So like it doesn't actually change it. And I think

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Speaker 4: that that's a really important factor. And why sounds like

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Speaker 4: a Zella like spokesperson area, but why clients have a

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Speaker 4: consistent experience.

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Speaker 2: It's such similar experience. It's regardless of your situation and

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Speaker 2: where you're sitting one percent.

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Speaker 4: Because like sometimes you might go to another broker who

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Speaker 4: maybe is an independent and that's fantastic and they will

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Speaker 4: have access to everything that we.

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Speaker 2: Do and they don't see the benefit.

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Speaker 4: But they're like, oh, I can't be bothered working with

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Speaker 4: that client because you know, I've got this other client

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Speaker 4: and they do have to do a cost benefit analysis

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Speaker 4: and make the right decision for their business and no shade,

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Speaker 4: But that is not how I wanted to run the business,

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Speaker 4: not just us anyway, moving on, I feel like I've

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Speaker 4: got questions about schemes and grants and they're different things,

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Speaker 4: but like, how do you know the difference? And I mean,

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Speaker 4: while in Australia we have access to these things, how

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Speaker 4: do we familiarize ourselves with maybe what we might be

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Speaker 4: able to access and how that works? Like where do

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Speaker 4: we even begin?

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Speaker 2: I mean, talk to a mortgage broke.

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Speaker 5: I don't like pretend I don't want to talk to you, Jacqueline.

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Speaker 5: Let me pretend I want to do my own research.

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Speaker 5: You shouldn't obviously jump on Google, Yah, jump on the internet.

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Speaker 5: Start having a little research seeing what you can find out.

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Speaker 5: But again, obviously you know you might not find ones

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Speaker 5: that are one hundred percent applicable to you.

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Speaker 2: And that's why we do, say, you know, get in

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Speaker 2: touch with the mortgage broker, because we're going to have

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Speaker 2: a wide range. You know, there's different schemes that are

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Speaker 2: available to you in each state, so it's not just

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Speaker 2: a blanket all across Austraight. There certainly are ones that

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Speaker 2: you know, our most common ones are First Home Guarantee Scheme,

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Speaker 2: First Home Owners Grant, and First Home Super Saber scheme.

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Speaker 2: They're probably the most common ones that we do see,

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Speaker 2: but there is particular ones to each state. So knowing

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Speaker 2: what's available to you, I guess in your hometown and

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Speaker 2: when you're purchasing.

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Speaker 4: Yeah, absolutely, And I feel like you can do that

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Speaker 4: research yourself, and like, I like the idea that we

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Speaker 4: empower people to do it on their own, but if

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Speaker 4: you don't want to, we can do it for Yeah,

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Speaker 4: that's fine. Yea, But what's your favorite scheme? Like, do

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Speaker 4: you have a favorite that you're like, oh, yeah, what

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Speaker 4: is it? I feel like it's like everybody kind of

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Speaker 4: has their own favorite, and I want to know, do.

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Speaker 2: I first time Guarantee scheme? I mean it's just purely there,

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Speaker 2: you know, for our first time bias to sort of

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Speaker 2: give them a leg up. Like obviously not everybody.

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Speaker 4: We get from it. So if I've never heard about

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Speaker 4: this scheme, what does it.

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Speaker 2: Provided me with. I mean, there is no Alumi charge,

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Speaker 2: so first home guarantee scheme, no al am I.

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Speaker 4: El am I can be expensive.

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Speaker 2: So expensive. I've honestly seen fifty thousand dollars before in

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Speaker 2: al Ami and people have paid it, and I mean,

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Speaker 2: no shame to pay. It's going to get you into

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Speaker 2: the house, you know, if that's what you've got to do,

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Speaker 2: that's what you got to do. But if you can

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Speaker 2: avoid paying fifty thousand dollars an alumi, yeah why not?

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Speaker 4: Yeah?

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Speaker 2: So you need to have five percent to posit as

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00:19:07,800 --> 00:19:10,280
Speaker 2: a minimum. Obviously you can have more. You know, you've

429
00:19:10,280 --> 00:19:12,800
Speaker 2: got six seven, eight percent up your sleeve, perfect, we

430
00:19:12,840 --> 00:19:14,800
Speaker 2: can put that down as well, but a bare minimum

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Speaker 2: five percent. But the one thing that I really love

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Speaker 2: about this scheme is obviously the interest rates most lenders.

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Speaker 2: If you took this exact scenario outside of this scheme

434
00:19:24,720 --> 00:19:27,040
Speaker 2: and place it with another lender that wasn't within the scheme,

435
00:19:27,160 --> 00:19:29,240
Speaker 2: you're going to get charged al Ami like we've spoken about,

436
00:19:29,800 --> 00:19:32,879
Speaker 2: but you're going to get charged really really hefty interest rates.

437
00:19:33,320 --> 00:19:35,199
Speaker 4: They're really hogh, and they have to hike them up

438
00:19:35,240 --> 00:19:37,399
Speaker 4: because they're hedging their bets and their risk and like

439
00:19:37,440 --> 00:19:40,200
Speaker 4: it makes sense from a business perspective, but that ends

440
00:19:40,280 --> 00:19:43,320
Speaker 4: up impacting you significantly financially definitely.

441
00:19:43,560 --> 00:19:46,359
Speaker 2: So with the first time guarantee scheme, most lenders, I'm

442
00:19:46,400 --> 00:19:48,920
Speaker 2: not going to say all, most lenders will price your

443
00:19:49,000 --> 00:19:52,080
Speaker 2: rates at eighty percent ELVIR so loan to value ratio

444
00:19:52,480 --> 00:19:53,040
Speaker 2: meaning good?

445
00:19:53,119 --> 00:19:54,840
Speaker 4: Is that bad? I mean, I know, but like I

446
00:19:54,840 --> 00:19:56,920
Speaker 4: feel like as a brokeer, you're like, yeah, eighty percent

447
00:19:57,000 --> 00:19:59,080
Speaker 4: LVR fantastic? What is what jacquelin?

448
00:20:00,640 --> 00:20:02,960
Speaker 2: So I'm talking you know, the banks are looking at

449
00:20:03,040 --> 00:20:05,640
Speaker 2: you as if you had a twenty percent deposit, So.

450
00:20:05,720 --> 00:20:07,679
Speaker 4: Obviously it's a good thing. Right, So you're saying that

451
00:20:07,720 --> 00:20:09,720
Speaker 4: I can have a five percent deposit, but the bank

452
00:20:09,800 --> 00:20:11,760
Speaker 4: is going to lend money to me as though I

453
00:20:11,800 --> 00:20:14,399
Speaker 4: had a twenty percent deposit. That is very sexy.

454
00:20:14,520 --> 00:20:17,760
Speaker 2: Yeah, we love to see that, I know, so so good.

455
00:20:18,200 --> 00:20:21,040
Speaker 4: How do I access that? If I wanted to do?

456
00:20:21,080 --> 00:20:23,320
Speaker 4: I just apply for it? Are there caps on who

457
00:20:23,359 --> 00:20:23,919
Speaker 4: can have it?

458
00:20:24,000 --> 00:20:24,119
Speaker 2: Like?

459
00:20:24,240 --> 00:20:26,760
Speaker 4: Is there a purchase price limit? Can I spend six

460
00:20:26,840 --> 00:20:29,800
Speaker 4: billion dollars? Can I buy a whole apartment? Complex.

461
00:20:30,480 --> 00:20:33,320
Speaker 2: What the rule, It's definitely not available to everyone, so

462
00:20:33,400 --> 00:20:35,919
Speaker 2: you've got to fit within I guess the criteria. So

463
00:20:36,200 --> 00:20:38,840
Speaker 2: you've got to be a permanent resident or a strained citizen.

464
00:20:39,320 --> 00:20:41,720
Speaker 2: There is property price caps in each state.

465
00:20:41,880 --> 00:20:44,520
Speaker 4: They actually set those property price caps based on the

466
00:20:44,640 --> 00:20:47,520
Speaker 4: average purchase price in that state, So like if it's

467
00:20:47,560 --> 00:20:49,680
Speaker 4: like Sydney, you actually have a little bit more leeway

468
00:20:49,760 --> 00:20:51,800
Speaker 4: than you might in Tasmania.

469
00:20:51,840 --> 00:20:54,280
Speaker 2: And you do find that they do increase I guess

470
00:20:54,320 --> 00:20:58,080
Speaker 2: over time. There's no guarantee that they will definitely increase

471
00:20:58,160 --> 00:21:01,160
Speaker 2: every financial year, but going in life with the property prices,

472
00:21:01,240 --> 00:21:04,200
Speaker 2: you should see them slowly increase as well. But there's yeah,

473
00:21:04,200 --> 00:21:08,480
Speaker 2: property price thresholds in there. There's income thresholds. So we're

474
00:21:08,480 --> 00:21:10,840
Speaker 2: talking one hundred and twenty five thousand dollars for a

475
00:21:10,880 --> 00:21:14,119
Speaker 2: single applicant and two hundred thousand dollars for a couple

476
00:21:14,240 --> 00:21:14,760
Speaker 2: tool income.

477
00:21:15,000 --> 00:21:17,440
Speaker 4: Yeah, and I feel like that's fair. Like at the

478
00:21:17,560 --> 00:21:19,119
Speaker 4: end of the day, it's helping the people that are

479
00:21:19,240 --> 00:21:23,000
Speaker 4: usually in a situation where pulling that deposit together is

480
00:21:23,080 --> 00:21:25,119
Speaker 4: far more of a stretch than if you had, you know,

481
00:21:25,320 --> 00:21:28,000
Speaker 4: a joint income of more than two hundred grand, like

482
00:21:28,200 --> 00:21:31,399
Speaker 4: I'm not saying that that makes it super easy. And

483
00:21:31,440 --> 00:21:33,120
Speaker 4: I feel like we talk to clients all the time

484
00:21:33,160 --> 00:21:35,120
Speaker 4: who are like, oh, we own two hundred and five

485
00:21:35,160 --> 00:21:38,159
Speaker 4: thousand dollars and you're just like, oh, I wish you

486
00:21:38,200 --> 00:21:41,960
Speaker 4: ear you know, six thousand dollars less like how do

487
00:21:42,000 --> 00:21:44,400
Speaker 4: we do that? But that's also where a broker can

488
00:21:44,400 --> 00:21:46,879
Speaker 4: come in handy and we can talk to you about

489
00:21:46,960 --> 00:21:50,280
Speaker 4: lowering your taxable income in that particular situation and like,

490
00:21:50,600 --> 00:21:52,800
Speaker 4: you know, not advice, but you could potentially make a

491
00:21:52,800 --> 00:21:57,520
Speaker 4: superanuation contribution so that then that becomes a lower taxable

492
00:21:57,520 --> 00:22:00,959
Speaker 4: income situation for you. And I think these are things

493
00:22:01,000 --> 00:22:03,879
Speaker 4: that you just don't know unless you know, and you

494
00:22:03,920 --> 00:22:06,080
Speaker 4: need to talk to the right people and be in

495
00:22:06,080 --> 00:22:08,800
Speaker 4: the right situation. And I think the biggest thing here

496
00:22:09,200 --> 00:22:12,040
Speaker 4: that I want to get across is that if getting

497
00:22:12,040 --> 00:22:16,000
Speaker 4: into property is your dream, just talk to a mortgage broker.

498
00:22:16,440 --> 00:22:19,000
Speaker 4: And I mean the way that we work is that

499
00:22:19,040 --> 00:22:21,760
Speaker 4: we do like an online kind of form. We want

500
00:22:21,760 --> 00:22:23,560
Speaker 4: to know as much about you before we pick up

501
00:22:23,560 --> 00:22:25,960
Speaker 4: the phone to make sure that we're not wasting your time.

502
00:22:26,480 --> 00:22:28,960
Speaker 4: And so you might fill in a form and be like, hey,

503
00:22:29,040 --> 00:22:32,840
Speaker 4: V I'm in personal debt of like thirty thousand dollars

504
00:22:32,920 --> 00:22:34,199
Speaker 4: and I want to get out of it and I

505
00:22:34,200 --> 00:22:36,119
Speaker 4: want to buy property in this that the other. We

506
00:22:36,160 --> 00:22:38,080
Speaker 4: will often reply and be like okay, cool, So like

507
00:22:38,240 --> 00:22:39,639
Speaker 4: we don't even need to see you to give you

508
00:22:39,680 --> 00:22:41,439
Speaker 4: some advice to put you in the best possible position.

509
00:22:41,760 --> 00:22:43,840
Speaker 4: Here are the resources that you need, and come back

510
00:22:43,840 --> 00:22:46,120
Speaker 4: in six months and we can book that appointment because

511
00:22:46,160 --> 00:22:48,720
Speaker 4: you're going to be in a far better position to

512
00:22:48,960 --> 00:22:51,879
Speaker 4: be moved along the process and to get you going.

513
00:22:52,359 --> 00:22:54,800
Speaker 4: And so I don't know, I just get so excited

514
00:22:54,800 --> 00:22:58,159
Speaker 4: about getting people into their first homes. Let's go to

515
00:22:58,240 --> 00:23:00,560
Speaker 4: a really quick break. But if I you, I would

516
00:23:00,560 --> 00:23:03,040
Speaker 4: probably stick around because when we come back, we are

517
00:23:03,040 --> 00:23:05,840
Speaker 4: going to be unpacking what banks really look at when

518
00:23:05,840 --> 00:23:08,439
Speaker 4: they are assessing loans and how to make yourself a

519
00:23:08,560 --> 00:23:11,720
Speaker 4: stronger candidate. And I'm going to be asking Jack for

520
00:23:11,760 --> 00:23:14,680
Speaker 4: her top tip to save you literally thousands of dollars

521
00:23:14,800 --> 00:23:17,040
Speaker 4: on your home loan. Guys, you're not going to want

522
00:23:17,040 --> 00:23:23,280
Speaker 4: to miss this one. All right, my friends, we are back,

523
00:23:23,320 --> 00:23:26,119
Speaker 4: and I feel so privileged. I've got Jacqueline, who is

524
00:23:26,119 --> 00:23:28,640
Speaker 4: one of the Zella money brokers here in the studio

525
00:23:28,720 --> 00:23:30,960
Speaker 4: with me. It took a little bit of convincing to

526
00:23:31,000 --> 00:23:32,920
Speaker 4: be like, will you come on my show? You've asked me,

527
00:23:33,880 --> 00:23:36,800
Speaker 4: I know, and I am so excited that you are

528
00:23:36,800 --> 00:23:39,200
Speaker 4: finally here, because do you know what all our clients say,

529
00:23:39,200 --> 00:23:41,520
Speaker 4: They're like, Oh, why hasn't Jack been on the show yet?

530
00:23:41,600 --> 00:23:44,119
Speaker 4: She'd be great. I'm going to send this to everyone

531
00:23:44,160 --> 00:23:47,240
Speaker 4: who's ever asked me, just so you know, But I

532
00:23:47,280 --> 00:23:50,040
Speaker 4: want to know. One of the other questions that we get,

533
00:23:50,080 --> 00:23:53,120
Speaker 4: apart from like when should I see a broker? Is Jack?

534
00:23:53,160 --> 00:23:56,200
Speaker 4: What do banks actually look at like when they're assessing

535
00:23:56,200 --> 00:23:58,800
Speaker 4: a home loan application and we're going through that process.

536
00:23:58,840 --> 00:24:01,639
Speaker 4: I feel like it's kind of one is the Wild West.

537
00:24:01,760 --> 00:24:04,160
Speaker 4: But then it also feels like a really big secret

538
00:24:04,440 --> 00:24:06,639
Speaker 4: because you know, you submit all your information and you

539
00:24:06,760 --> 00:24:08,080
Speaker 4: kind of know, oh, they want to look at my

540
00:24:08,080 --> 00:24:10,119
Speaker 4: bank statements, and then they want to look at my payslips,

541
00:24:10,160 --> 00:24:11,560
Speaker 4: and then they want to know, you know, what my

542
00:24:11,640 --> 00:24:14,440
Speaker 4: intentions are and if I have any dependence and like

543
00:24:14,680 --> 00:24:17,199
Speaker 4: what does my boyfriend do for work? And like it

544
00:24:17,240 --> 00:24:22,280
Speaker 4: can be really pervy that I want to know. How

545
00:24:22,320 --> 00:24:25,760
Speaker 4: do we know if we're ticking the right boxes or

546
00:24:26,240 --> 00:24:27,120
Speaker 4: doing the wrong thing?

547
00:24:28,960 --> 00:24:31,280
Speaker 2: I mean banks will look at obviously a range of things.

548
00:24:31,320 --> 00:24:34,240
Speaker 2: There's so much to take into account, but it really

549
00:24:34,359 --> 00:24:37,200
Speaker 2: is quite specific to your scenario. What the bank's can

550
00:24:37,240 --> 00:24:41,080
Speaker 2: ask for someone that is a individual purchasing on their

551
00:24:41,160 --> 00:24:43,720
Speaker 2: own going through, like I said, the first time guarantee

552
00:24:43,720 --> 00:24:46,119
Speaker 2: scheme is going to be completely different to someone who's

553
00:24:46,480 --> 00:24:49,840
Speaker 2: as a couple, as a dependent has a larger deposit.

554
00:24:49,920 --> 00:24:53,240
Speaker 2: There's just different documents that's needed. So whilst there is

555
00:24:53,280 --> 00:24:55,760
Speaker 2: a lot that the bank can look at, they're not

556
00:24:55,840 --> 00:24:58,640
Speaker 2: necessarily going to look at absolutely everything. And I mean

557
00:24:58,680 --> 00:25:01,320
Speaker 2: that because someone that's going to go through the first

558
00:25:01,320 --> 00:25:03,520
Speaker 2: home guarantee scheme, you know, we need to show a

559
00:25:03,520 --> 00:25:06,280
Speaker 2: minimum five percent, which is classified as genuine saving. So

560
00:25:06,320 --> 00:25:08,640
Speaker 2: the bank's going to need to see three months worth

561
00:25:08,640 --> 00:25:10,880
Speaker 2: of statements on your savings account to show that that's

562
00:25:10,880 --> 00:25:13,480
Speaker 2: sort of been sitting there and growing over time. But

563
00:25:13,720 --> 00:25:16,560
Speaker 2: someone that's you know, got a twenty percent deposit just

564
00:25:16,600 --> 00:25:19,600
Speaker 2: doing an eighty percent lend against that property, we're not

565
00:25:19,680 --> 00:25:22,280
Speaker 2: necessarily needing to show any of that genuine savings, So

566
00:25:22,320 --> 00:25:24,560
Speaker 2: that sort of document gets pushed aside. It's not something

567
00:25:24,560 --> 00:25:26,200
Speaker 2: that we need to see. Obviously, we need to know

568
00:25:26,440 --> 00:25:28,600
Speaker 2: what the funds are to complete and how you're doing that.

569
00:25:28,840 --> 00:25:30,919
Speaker 2: But the bank's not needing to be like with a

570
00:25:30,920 --> 00:25:33,399
Speaker 2: fine toothcomb saying how long's this been your account for?

571
00:25:33,680 --> 00:25:36,159
Speaker 2: Do we have five percent? Things like that, So it

572
00:25:36,280 --> 00:25:39,520
Speaker 2: is very specific to your situation on what's needed.

573
00:25:39,680 --> 00:25:42,800
Speaker 4: And that's so annoying, like, not not any individual, but

574
00:25:43,000 --> 00:25:48,320
Speaker 4: just for the client experience, right, because I might go, Hey,

575
00:25:48,520 --> 00:25:52,280
Speaker 4: my friend Alisha, she used Jacqueline as a broker and

576
00:25:52,680 --> 00:25:55,840
Speaker 4: she got this loan with this criteria and this rat.

577
00:25:56,320 --> 00:25:58,960
Speaker 4: I'm going to go see Jacqueline because that's what she got, Alisha,

578
00:25:59,000 --> 00:26:01,160
Speaker 4: and I want that Jack give that to me. Yeah,

579
00:26:01,280 --> 00:26:03,600
Speaker 4: I know, how do we deal with that? Because I

580
00:26:03,680 --> 00:26:05,919
Speaker 4: feel like so many of us, like I want you

581
00:26:05,960 --> 00:26:08,320
Speaker 4: to ask your friends and family for referrals. Like, to me,

582
00:26:08,440 --> 00:26:12,080
Speaker 4: that is the best way to find someone legitimate. Yeah,

583
00:26:12,119 --> 00:26:14,120
Speaker 4: and find someone who's going to care about your situation,

584
00:26:14,320 --> 00:26:16,800
Speaker 4: someone that you're going to resonate with. But that doesn't

585
00:26:16,800 --> 00:26:18,840
Speaker 4: mean that the situation will be the same. Like even

586
00:26:18,880 --> 00:26:20,920
Speaker 4: if it's your coworker and you earn the same amount

587
00:26:20,960 --> 00:26:21,359
Speaker 4: of money.

588
00:26:21,440 --> 00:26:23,600
Speaker 2: It comes back to people saying, you know, but my

589
00:26:23,720 --> 00:26:26,040
Speaker 2: friends on this rate with the same bank why are

590
00:26:26,119 --> 00:26:26,760
Speaker 2: not on that rate?

591
00:26:27,400 --> 00:26:29,439
Speaker 4: And it's heartbreaking as well because you're like, baby, if

592
00:26:29,440 --> 00:26:31,040
Speaker 4: I could get you that rate, I promise you right,

593
00:26:31,320 --> 00:26:34,040
Speaker 4: it doesn't change my outcome. I don't make less money

594
00:26:34,080 --> 00:26:36,960
Speaker 4: or more money based on your rate. I actually would

595
00:26:37,000 --> 00:26:38,560
Speaker 4: love to give you the lowest possible rate.

596
00:26:38,680 --> 00:26:40,400
Speaker 2: Yeah. Like I said, there's so many factors that will

597
00:26:40,440 --> 00:26:42,840
Speaker 2: come into it. How much deposit you're putting down, what

598
00:26:42,880 --> 00:26:46,240
Speaker 2: your loan to value, your ratio looks like, your employment types,

599
00:26:46,560 --> 00:26:48,440
Speaker 2: and you know, credit scores is a big one too.

600
00:26:48,800 --> 00:26:51,199
Speaker 4: Credit scores are something that scares so many people in

601
00:26:51,240 --> 00:26:54,920
Speaker 4: our community. How seriously are they taken when it comes

602
00:26:55,000 --> 00:26:56,040
Speaker 4: to getting your first home?

603
00:26:56,680 --> 00:26:57,640
Speaker 2: Yeah?

604
00:26:57,880 --> 00:27:01,119
Speaker 4: Very yeah, pretty seriously. Yeah, get a good credit score.

605
00:27:01,240 --> 00:27:04,479
Speaker 2: Good conduct would be the number one. Any credit in

606
00:27:04,520 --> 00:27:08,000
Speaker 2: your name as well as rental leases that grows against

607
00:27:08,040 --> 00:27:10,639
Speaker 2: your credit score as well, whether you've had a phone

608
00:27:10,880 --> 00:27:14,400
Speaker 2: in your name before, things like that gets taken into account.

609
00:27:15,080 --> 00:27:20,280
Speaker 2: The credit scores side. It does have a huge impact. Obviously. Again,

610
00:27:20,400 --> 00:27:22,560
Speaker 2: I feel like a broken record, but it comes down

611
00:27:22,640 --> 00:27:22,840
Speaker 2: to you.

612
00:27:22,840 --> 00:27:25,160
Speaker 4: You've never been on the podcast yet, so you can

613
00:27:25,200 --> 00:27:26,359
Speaker 4: say that next episode.

614
00:27:26,520 --> 00:27:29,480
Speaker 2: So it comes down to your scenario. I mean, if

615
00:27:29,520 --> 00:27:33,440
Speaker 2: there's you know a valid reason as to why your

616
00:27:33,480 --> 00:27:35,679
Speaker 2: score is so low and it's been rectified, and we

617
00:27:35,720 --> 00:27:37,960
Speaker 2: can show that. You know, that might be something that

618
00:27:38,000 --> 00:27:40,200
Speaker 2: we can get across the line. But if you just

619
00:27:40,280 --> 00:27:43,000
Speaker 2: come to us with a poor credit rating because your

620
00:27:43,040 --> 00:27:45,560
Speaker 2: conduct's been really poor, because you've just forgotten to make

621
00:27:45,600 --> 00:27:49,919
Speaker 2: your payments on your personal life or yeah, whatever it

622
00:27:49,920 --> 00:27:54,760
Speaker 2: looks like, just because you were lazy or forgetful for

623
00:27:54,800 --> 00:27:57,240
Speaker 2: a multiple period of time, I'm talking like you've really

624
00:27:57,800 --> 00:28:01,359
Speaker 2: assaulted and all of that. Yes, it's going to definitely

625
00:28:01,520 --> 00:28:04,840
Speaker 2: hinder your credit score, and it's also going to hinder

626
00:28:04,880 --> 00:28:07,600
Speaker 2: what options are available in terms of the lender options.

627
00:28:07,640 --> 00:28:10,000
Speaker 4: And I think that something that you could do today

628
00:28:10,119 --> 00:28:13,760
Speaker 4: as well as a listener or someone who's thinking about property,

629
00:28:13,840 --> 00:28:16,240
Speaker 4: or you might not even be thinking about property, is

630
00:28:16,640 --> 00:28:19,239
Speaker 4: investigate your own credit score. So if you don't know

631
00:28:19,240 --> 00:28:22,080
Speaker 4: what that number is, you can for free request a

632
00:28:22,160 --> 00:28:26,080
Speaker 4: credit score report. At work, we use a company called Equifax.

633
00:28:26,119 --> 00:28:28,920
Speaker 4: You can get them literally from so many different suppliers,

634
00:28:29,359 --> 00:28:31,760
Speaker 4: but they will send you an email report of your

635
00:28:31,760 --> 00:28:34,560
Speaker 4: credit score after you've gone through a few hoops improven

636
00:28:34,600 --> 00:28:37,880
Speaker 4: your identity. And that can be a really powerful way

637
00:28:37,920 --> 00:28:40,680
Speaker 4: of seeing what that might look like before you talk

638
00:28:40,720 --> 00:28:43,240
Speaker 4: to a broker, and what that might look like in

639
00:28:43,320 --> 00:28:45,680
Speaker 4: case there is some dodgy credit in your name that

640
00:28:45,760 --> 00:28:49,160
Speaker 4: isn't yours. One of the best finance tips that I

641
00:28:49,200 --> 00:28:50,680
Speaker 4: have for people who are like, oh, yeah, but what

642
00:28:50,720 --> 00:28:52,880
Speaker 4: else can I do? Like you know, obviously pay down

643
00:28:52,920 --> 00:28:54,840
Speaker 4: your debts all of that other fun stuff, but like

644
00:28:55,160 --> 00:28:59,400
Speaker 4: be aware of your credit score, because heartbreakingly, we have

645
00:28:59,480 --> 00:29:02,280
Speaker 4: had people come to us Jack who you're like, yep, cool,

646
00:29:02,360 --> 00:29:04,440
Speaker 4: like you're brilliant, no worries, and then we look into

647
00:29:04,440 --> 00:29:06,959
Speaker 4: their credit score and what do we find. Yeah, like

648
00:29:07,000 --> 00:29:10,120
Speaker 4: we find an absolute mess and you go, oh hey,

649
00:29:10,280 --> 00:29:12,840
Speaker 4: so we actually can't work on this loan at this

650
00:29:12,840 --> 00:29:14,920
Speaker 4: point because like you've got this personal loan. Yeah, and

651
00:29:14,960 --> 00:29:17,600
Speaker 4: they go, I don't have a personal loan, and then

652
00:29:17,640 --> 00:29:19,600
Speaker 4: we're going down a whole scam and fraud.

653
00:29:19,720 --> 00:29:22,920
Speaker 2: Yeah. I've actually had that before. Yeah, someone's been scammed.

654
00:29:22,960 --> 00:29:24,920
Speaker 2: It's ruled their credit rating. Like I said, that's why

655
00:29:24,960 --> 00:29:27,240
Speaker 2: I'm saying, it's specific. If we can prove and.

656
00:29:27,280 --> 00:29:29,840
Speaker 4: There's and we can actually help you in that situation,

657
00:29:30,040 --> 00:29:33,440
Speaker 4: Like we actually thankfully have all the contacts to get

658
00:29:33,440 --> 00:29:36,640
Speaker 4: that cleaned up. And like if that is legitimately not

659
00:29:36,960 --> 00:29:39,640
Speaker 4: your issue and not your thing. We can have it

660
00:29:39,680 --> 00:29:42,520
Speaker 4: removed from your credit score. Fair few hoops to jump through,

661
00:29:42,560 --> 00:29:45,200
Speaker 4: but my friend, we have done it before. Jack. I

662
00:29:45,200 --> 00:29:47,520
Speaker 4: feel like for a lot of our community, they just

663
00:29:47,560 --> 00:29:50,600
Speaker 4: feel like property is out of reach, like it is

664
00:29:50,640 --> 00:29:55,040
Speaker 4: still so far away. Like I feel like so many

665
00:29:55,120 --> 00:29:57,640
Speaker 4: of us are I don't know, close to thirty, just

666
00:29:57,720 --> 00:29:59,760
Speaker 4: over thirty and still thinking like, oh my god, I

667
00:29:59,800 --> 00:30:02,080
Speaker 4: thought that I would have achieved this by now. Like

668
00:30:02,840 --> 00:30:05,720
Speaker 4: we are living in a different time and the goalposts

669
00:30:05,800 --> 00:30:09,080
Speaker 4: are so different to what they used to be. Can

670
00:30:09,120 --> 00:30:11,920
Speaker 4: you talk to me about what we could do to

671
00:30:11,960 --> 00:30:14,600
Speaker 4: put ourselves in a better position if we're like we

672
00:30:14,640 --> 00:30:16,400
Speaker 4: really want to buy property, but it just feels so

673
00:30:16,600 --> 00:30:19,440
Speaker 4: far away, or just I can't save or I can't

674
00:30:19,560 --> 00:30:22,280
Speaker 4: you know, seem to get ahead. Where are we going?

675
00:30:22,320 --> 00:30:24,440
Speaker 4: What are we doing so that we can still create

676
00:30:24,480 --> 00:30:25,480
Speaker 4: the life that we deserve.

677
00:30:25,960 --> 00:30:28,200
Speaker 2: Yeah, I mean get in touch with the broker obviously,

678
00:30:28,240 --> 00:30:30,719
Speaker 2: Like I've said, when you start even thinking about that,

679
00:30:30,800 --> 00:30:34,080
Speaker 2: whether that is five ten years off, if that's what

680
00:30:34,120 --> 00:30:37,920
Speaker 2: it feels like, there's obviously resources available online. You've got

681
00:30:37,920 --> 00:30:40,440
Speaker 2: the National Debt Helpline that you can reach out to

682
00:30:40,840 --> 00:30:41,640
Speaker 2: and they one if.

683
00:30:41,440 --> 00:30:43,840
Speaker 4: She's on the money's favorites. Honestly, the people there are

684
00:30:43,880 --> 00:30:46,920
Speaker 4: so kind and like I always say this, but I'm

685
00:30:46,920 --> 00:30:49,640
Speaker 4: always going to say this when you call them, You're

686
00:30:49,640 --> 00:30:51,880
Speaker 4: not like calling the CEO of the bank and being like,

687
00:30:51,960 --> 00:30:54,240
Speaker 4: oh my god, I have no money, Like you're going

688
00:30:54,320 --> 00:30:56,520
Speaker 4: to think I'm so silly. No, they're people just like

689
00:30:56,600 --> 00:30:58,720
Speaker 4: you who actually have chosen to work at the National

690
00:30:58,720 --> 00:31:01,640
Speaker 4: Debt Helpline help. They are so empowered when they help

691
00:31:01,680 --> 00:31:04,080
Speaker 4: people in situations like yours. I promise when you pick

692
00:31:04,120 --> 00:31:06,000
Speaker 4: up that phone, the person who's going to answer it

693
00:31:06,040 --> 00:31:07,760
Speaker 4: is going to be like, oh my gosh, Jack, I'm

694
00:31:07,840 --> 00:31:10,640
Speaker 4: so glad you cold, Like you'll be shocked at how

695
00:31:10,960 --> 00:31:14,000
Speaker 4: supported you feel. I think there's this massive misconception that

696
00:31:14,000 --> 00:31:15,800
Speaker 4: they're going to, i don't know, crucify you, like oh

697
00:31:16,520 --> 00:31:19,800
Speaker 4: yeah right, and like they're not and like is a

698
00:31:19,840 --> 00:31:23,920
Speaker 4: broker going to judge you? Like, because we just want

699
00:31:23,960 --> 00:31:26,960
Speaker 4: the best for you, we might give you some hard truths,

700
00:31:27,400 --> 00:31:29,160
Speaker 4: like we might have to sit you down and go, hey,

701
00:31:29,240 --> 00:31:31,480
Speaker 4: if you don't change your spending habits, this goal of

702
00:31:31,520 --> 00:31:35,840
Speaker 4: yours isn't actually achievable. But like I think that that's

703
00:31:35,880 --> 00:31:38,320
Speaker 4: the beauty of having a good relationship with a broker,

704
00:31:38,520 --> 00:31:40,640
Speaker 4: because we're going to give you the tough love, but

705
00:31:40,680 --> 00:31:41,960
Speaker 4: it's because we want the best for you.

706
00:31:42,080 --> 00:31:45,080
Speaker 2: Yeah. Well, obviously, like I said, hold your hand throughout

707
00:31:45,080 --> 00:31:48,600
Speaker 2: that process, Like step by step, we can market our

708
00:31:48,640 --> 00:31:51,040
Speaker 2: calendars to follow up in six months time. Let's talk

709
00:31:51,040 --> 00:31:52,640
Speaker 2: about it. Where are we at. Have we done a

710
00:31:52,720 --> 00:31:55,120
Speaker 2: new budget, how much are we saving now? Are we

711
00:31:55,200 --> 00:31:56,560
Speaker 2: on track? Things like that?

712
00:31:56,840 --> 00:31:59,920
Speaker 4: Yeah, I love it, But let's move on to income

713
00:32:00,120 --> 00:32:03,200
Speaker 4: and expenses. Jack, I want to know if a bank

714
00:32:03,320 --> 00:32:05,760
Speaker 4: is looking at financial health. Obviously they're having a look

715
00:32:05,760 --> 00:32:07,880
Speaker 4: at your credit score, they're having a look at your income.

716
00:32:09,080 --> 00:32:12,160
Speaker 4: What are their spending or saving habits that people could

717
00:32:12,240 --> 00:32:15,040
Speaker 4: implement to make themselves look like really shiny to a bank.

718
00:32:15,480 --> 00:32:18,560
Speaker 4: Because there's some information flying around. I saw a TikTok

719
00:32:18,600 --> 00:32:21,600
Speaker 4: the other day. A girl was like, four months before

720
00:32:21,640 --> 00:32:24,440
Speaker 4: I got alone, I had no uber ets. I deleted

721
00:32:24,440 --> 00:32:25,880
Speaker 4: the app off my phone and I did this, and

722
00:32:25,920 --> 00:32:29,120
Speaker 4: I did that. Like from a BROKEUS perspective, what are

723
00:32:29,120 --> 00:32:31,720
Speaker 4: you hot tips and tricks to make yourself? You know,

724
00:32:31,760 --> 00:32:34,480
Speaker 4: let's pretend six months out from purchasing your first home,

725
00:32:34,920 --> 00:32:38,800
Speaker 4: look like a very respectable human being that they definitely

726
00:32:38,840 --> 00:32:41,440
Speaker 4: want to lend hundreds of thousands of dollars too.

727
00:32:42,440 --> 00:32:46,240
Speaker 2: Yeah, obviously raining and the splurging banks are going to

728
00:32:46,280 --> 00:32:49,120
Speaker 2: have a look, you know, three months back into your statements.

729
00:32:49,120 --> 00:32:50,280
Speaker 4: So I was starting six months.

730
00:32:50,360 --> 00:32:53,880
Speaker 2: Yeah, I know, but they're only going to request that

731
00:32:53,960 --> 00:32:56,920
Speaker 2: three months. Generally, they will have a look at your

732
00:32:56,920 --> 00:33:00,480
Speaker 2: sort of spending habits. But I mean, the banks lenders

733
00:33:00,520 --> 00:33:04,040
Speaker 2: aren't these big scary companies. Yes, they need to do

734
00:33:04,080 --> 00:33:05,480
Speaker 2: their digilidance and look.

735
00:33:05,320 --> 00:33:06,200
Speaker 4: I'm still scared of them.

736
00:33:06,320 --> 00:33:08,400
Speaker 2: No, you need to look at your spending habits and

737
00:33:08,440 --> 00:33:12,000
Speaker 2: what that's being spent on. But everyone spends at Christmas.

738
00:33:12,080 --> 00:33:14,920
Speaker 2: This is not a new thing. We all buy presents

739
00:33:14,920 --> 00:33:15,920
Speaker 2: for friends and family.

740
00:33:16,080 --> 00:33:19,440
Speaker 4: So that's not saying that a bank is actually going

741
00:33:19,480 --> 00:33:23,400
Speaker 4: to use their initiative and they're like, now, look I

742
00:33:23,480 --> 00:33:26,120
Speaker 4: don't know. Yeah, some of them need a little bit more,

743
00:33:26,560 --> 00:33:29,160
Speaker 4: a little bit more fine tuning. Yeah, yeah, that's okay.

744
00:33:29,240 --> 00:33:30,600
Speaker 2: I mean it's common sense, isn't it.

745
00:33:30,880 --> 00:33:33,360
Speaker 4: Yeah, So as a broker, you kind of know what

746
00:33:33,440 --> 00:33:36,400
Speaker 4: those banks are. To be honest, you probably would avoid

747
00:33:36,440 --> 00:33:37,200
Speaker 4: it for that climent.

748
00:33:37,520 --> 00:33:41,160
Speaker 2: I mean, big one to avoid would be gambling one

749
00:33:41,240 --> 00:33:44,400
Speaker 2: hundred percent. Everyone says no, no, no, no, I don't.

750
00:33:45,320 --> 00:33:48,200
Speaker 2: But when you look into the bank statements, it's there

751
00:33:48,240 --> 00:33:51,160
Speaker 2: a few times. So that's just one thing I would

752
00:33:51,200 --> 00:33:55,280
Speaker 2: be definitely cleaning up, you know, and lead up to purchasing.

753
00:33:55,040 --> 00:33:58,240
Speaker 4: In small amounts big amounts, like obviously it's going to

754
00:33:58,240 --> 00:34:00,400
Speaker 4: be a massive issue if you have a gambling addiction,

755
00:34:00,560 --> 00:34:03,680
Speaker 4: and will pop some information in the show notes to

756
00:34:03,960 --> 00:34:06,240
Speaker 4: the Gambler's help line to make sure that if you

757
00:34:06,280 --> 00:34:09,680
Speaker 4: are going through that literally no judgment call, get it

758
00:34:09,719 --> 00:34:11,480
Speaker 4: sorted out so that you can live the life that

759
00:34:11,520 --> 00:34:14,799
Speaker 4: you deserve and get what you want exactly. But if

760
00:34:14,800 --> 00:34:17,479
Speaker 4: sports beat comes up a few times, a bank's going,

761
00:34:17,600 --> 00:34:20,239
Speaker 4: oh you're a risky human being. What's that look like?

762
00:34:20,320 --> 00:34:23,600
Speaker 4: Because you know, the races come around, the tennis is happening,

763
00:34:23,640 --> 00:34:27,319
Speaker 4: like I know, it's Australian culture to have a bit

764
00:34:27,320 --> 00:34:29,800
Speaker 4: of a punch, So talk to me about what's reasonable

765
00:34:29,880 --> 00:34:31,839
Speaker 4: use versus not very good at all.

766
00:34:32,000 --> 00:34:36,480
Speaker 2: Look, the reasonable is again common sense. Yes, Cup day?

767
00:34:37,560 --> 00:34:39,520
Speaker 2: Do people have a bit on Cup Day? Yes, it's

768
00:34:39,600 --> 00:34:42,319
Speaker 2: very common. The main events, you know, you do see

769
00:34:42,360 --> 00:34:45,319
Speaker 2: there and there's no sort of real red flags there.

770
00:34:45,360 --> 00:34:49,720
Speaker 2: It's the ongoing monthly spending, the weekly habits, the pattern.

771
00:34:50,000 --> 00:34:52,040
Speaker 2: When you see a pattern there, it's not just the

772
00:34:52,080 --> 00:34:55,000
Speaker 2: odd one every three months, every six months.

773
00:34:55,040 --> 00:34:56,719
Speaker 4: I wanted to bring that because I didn't want the

774
00:34:56,800 --> 00:34:59,239
Speaker 4: community to be like, oh, like, are you saying that

775
00:34:59,520 --> 00:35:01,560
Speaker 4: you really because like my partner and I don't all

776
00:35:01,560 --> 00:35:04,239
Speaker 4: we put ten bucks either way on cup day, Like,

777
00:35:04,320 --> 00:35:07,160
Speaker 4: we're not saying that that's the bad thing. But when

778
00:35:07,200 --> 00:35:10,239
Speaker 4: we request the three months of bank statements and it

779
00:35:10,280 --> 00:35:14,240
Speaker 4: goes to the bank, like, patterns are very easily identifiable.

780
00:35:14,280 --> 00:35:16,759
Speaker 4: They basically printed out and go through with a highlighter

781
00:35:17,000 --> 00:35:18,840
Speaker 4: and highlight all the same things. And if there's just

782
00:35:18,880 --> 00:35:21,600
Speaker 4: a lot of pink, that is a habit, that is

783
00:35:21,640 --> 00:35:24,719
Speaker 4: something that is impacting your ability to pay back a mortgage,

784
00:35:25,040 --> 00:35:27,080
Speaker 4: and they're going to take that into consideration and see

785
00:35:27,120 --> 00:35:30,080
Speaker 4: you as a higher risk client. And we just don't

786
00:35:30,080 --> 00:35:30,839
Speaker 4: need that for you.

787
00:35:30,840 --> 00:35:35,200
Speaker 2: No lead up to personally first property obviously we've spoken

788
00:35:35,239 --> 00:35:38,560
Speaker 2: about spending habits, but savings pattern as well. You know,

789
00:35:38,920 --> 00:35:42,000
Speaker 2: showing that you can put some money aside and that

790
00:35:42,040 --> 00:35:46,080
Speaker 2: you're making regular savings into your account sort of shows

791
00:35:46,080 --> 00:35:49,040
Speaker 2: that you have the ability to make that mortgage repayment

792
00:35:49,080 --> 00:35:50,480
Speaker 2: back even rental.

793
00:35:50,680 --> 00:35:53,840
Speaker 4: I was about to say, Jack, this has changed in

794
00:35:53,880 --> 00:35:57,680
Speaker 4: the last few years. Let's pretend I want to buy

795
00:35:57,680 --> 00:36:00,640
Speaker 4: my first home, and you know, I leave in a city,

796
00:36:00,960 --> 00:36:03,319
Speaker 4: like I'm living with my partner, so personally I'm only

797
00:36:03,320 --> 00:36:05,560
Speaker 4: paying like fifteen hundred bucks a month rent, but like

798
00:36:05,560 --> 00:36:08,800
Speaker 4: I'm still fifteen hundred dollars a month rent. My partner

799
00:36:08,840 --> 00:36:11,439
Speaker 4: and I we've done the maths. We reckon between us

800
00:36:11,840 --> 00:36:14,120
Speaker 4: three grand a month. We could probably afford a mortgage,

801
00:36:14,160 --> 00:36:16,960
Speaker 4: but like it's all going on rent right now, can

802
00:36:17,000 --> 00:36:18,000
Speaker 4: we still get a mortgage?

803
00:36:18,120 --> 00:36:18,319
Speaker 2: Yeah?

804
00:36:18,680 --> 00:36:20,400
Speaker 4: So are you saying that the bank might see that

805
00:36:20,440 --> 00:36:23,759
Speaker 4: as savings? So, and maybe that's what I was getting at.

806
00:36:23,840 --> 00:36:26,600
Speaker 2: Yeah, they do. If you are currently renting, they look

807
00:36:26,600 --> 00:36:29,560
Speaker 2: at that rental ledger as a savings pattern to show

808
00:36:29,600 --> 00:36:31,200
Speaker 2: that you've got the ability to sort of make that

809
00:36:31,239 --> 00:36:33,600
Speaker 2: mortgage of payment. You're already sort of doing it, you know,

810
00:36:33,760 --> 00:36:36,600
Speaker 2: in some sense. So yeah, that's definitely can be looked

811
00:36:36,600 --> 00:36:38,279
Speaker 2: at as your sort of savings.

812
00:36:38,600 --> 00:36:40,520
Speaker 4: And I love that, And I think that not many

813
00:36:40,520 --> 00:36:42,440
Speaker 4: people know that, Like if you don't know, you don't know,

814
00:36:42,960 --> 00:36:45,759
Speaker 4: because historically, when you paid your rent, they also wanted

815
00:36:45,800 --> 00:36:47,759
Speaker 4: to see you saving on top of that. But that

816
00:36:47,840 --> 00:36:50,440
Speaker 4: was a different time. That was when people had so

817
00:36:50,560 --> 00:36:53,360
Speaker 4: much more disposable income and should have been saving on

818
00:36:53,440 --> 00:36:55,879
Speaker 4: top of that because you had that leeway. But now

819
00:36:55,880 --> 00:36:58,880
Speaker 4: we're seeing people come through our business and people in

820
00:36:58,920 --> 00:37:02,880
Speaker 4: our community fifty sixty percent of their income is going

821
00:37:02,960 --> 00:37:06,000
Speaker 4: on rent. And I remember when I started this podcast, Jack,

822
00:37:06,120 --> 00:37:09,279
Speaker 4: like back in like twenty twenty, insane, so weird to

823
00:37:09,320 --> 00:37:12,600
Speaker 4: talk about. We used to talk about that, you know,

824
00:37:12,719 --> 00:37:14,440
Speaker 4: what's reasonable to spend on rent?

825
00:37:14,520 --> 00:37:14,719
Speaker 2: Yeh?

826
00:37:14,800 --> 00:37:16,560
Speaker 4: And I remember I'd do the research and work it out.

827
00:37:16,600 --> 00:37:18,840
Speaker 4: And this is like pre COVID, right, So like twenty twenty,

828
00:37:18,880 --> 00:37:22,360
Speaker 4: twenty nineteen, let's call it twenty eighteen, early twenty nineteen,

829
00:37:22,560 --> 00:37:26,520
Speaker 4: just pre COVID, all right, it was very normal for

830
00:37:26,600 --> 00:37:30,120
Speaker 4: financial advisors and mortgage brokers to have the expectation that, oh,

831
00:37:30,160 --> 00:37:32,720
Speaker 4: it's actually reasonable for you to be spending thirty percent

832
00:37:32,719 --> 00:37:35,120
Speaker 4: of your income on rent. Any more than that it's

833
00:37:35,160 --> 00:37:38,799
Speaker 4: actually impacting your lifestyle. And so that advice is now

834
00:37:38,840 --> 00:37:40,480
Speaker 4: completely outdated.

835
00:37:39,960 --> 00:37:41,080
Speaker 2: But people still think that.

836
00:37:41,120 --> 00:37:41,799
Speaker 4: People still think.

837
00:37:41,840 --> 00:37:43,480
Speaker 2: They still come to me and saying, but I've done

838
00:37:43,520 --> 00:37:45,719
Speaker 2: the math, and it's more than thirty percent of my

839
00:37:45,920 --> 00:37:46,640
Speaker 2: total empowtment.

840
00:37:46,680 --> 00:37:49,799
Speaker 4: I'm like, that is our dictated advice because it's a

841
00:37:49,840 --> 00:37:52,879
Speaker 4: different market, it's a different situation, and I think it's

842
00:37:52,920 --> 00:37:55,440
Speaker 4: good to bring that up. Are there other things that

843
00:37:55,480 --> 00:37:58,760
Speaker 4: have changed in the industry since like twenty eighteen twenty nineteen.

844
00:37:59,520 --> 00:38:02,480
Speaker 2: Definitely. I don't know if you've seen interest rates, but it's.

845
00:38:02,640 --> 00:38:06,040
Speaker 4: Interest rates have changed, like people's incomes have not everything.

846
00:38:06,719 --> 00:38:10,839
Speaker 2: Everything has changed everything, you know, that's why you talk

847
00:38:10,880 --> 00:38:11,640
Speaker 2: to a mortgage broker.

848
00:38:11,760 --> 00:38:14,560
Speaker 4: Yeah, one hundred percent. All right, Jack, I feel like

849
00:38:14,600 --> 00:38:17,359
Speaker 4: I have taken up heaps of your time and I

850
00:38:17,400 --> 00:38:19,359
Speaker 4: really want to finish on a big one because I

851
00:38:19,400 --> 00:38:21,880
Speaker 4: know that this is what everyone really wants to know.

852
00:38:22,000 --> 00:38:25,759
Speaker 4: I suppose do you have an ultimate money saving tip? Like,

853
00:38:25,920 --> 00:38:28,160
Speaker 4: I know you're financially savvy, so I've kind of set

854
00:38:28,200 --> 00:38:30,719
Speaker 4: you up like you are really good with money, but

855
00:38:30,800 --> 00:38:33,359
Speaker 4: I want like one piece of advice that could save

856
00:38:33,440 --> 00:38:37,280
Speaker 4: potential buyers thousands on the life of their loan. I guess,

857
00:38:37,280 --> 00:38:39,000
Speaker 4: no pressure. I hope you've come prepared.

858
00:38:41,000 --> 00:38:45,400
Speaker 2: Oh, one tip. I'm gonna have to probably give you

859
00:38:45,440 --> 00:38:47,319
Speaker 2: a few, Okay, you know what.

860
00:38:47,640 --> 00:38:50,880
Speaker 4: Like less is more, more is less? Whatever? What's your

861
00:38:50,920 --> 00:38:51,560
Speaker 4: first one?

862
00:38:51,640 --> 00:38:54,680
Speaker 2: I'm gonna have to say, using offsets correctly. Yeah, so

863
00:38:55,000 --> 00:38:57,080
Speaker 2: offsets big one can save you thousands.

864
00:38:57,360 --> 00:38:59,759
Speaker 4: So offset we can do more episodes like diving into

865
00:38:59,800 --> 00:39:02,360
Speaker 4: the different specifics of different types of loans and stuff.

866
00:39:02,360 --> 00:39:05,080
Speaker 4: But crash. Course, an offset is a bank account that's

867
00:39:05,120 --> 00:39:07,880
Speaker 4: attached to your mortgage that offsets the amount of interest

868
00:39:07,960 --> 00:39:10,040
Speaker 4: that you have to pay every single month. And you're

869
00:39:10,080 --> 00:39:12,560
Speaker 4: saying that people don't use them correctly, like they set

870
00:39:12,600 --> 00:39:13,879
Speaker 4: up their offset and they don't use them.

871
00:39:14,000 --> 00:39:16,279
Speaker 2: Some banks have only got the ability to have a

872
00:39:16,320 --> 00:39:19,280
Speaker 2: one offset, or some banks will have multiple, so people

873
00:39:19,400 --> 00:39:22,160
Speaker 2: might park, you know, the bulk of savings into their offset,

874
00:39:22,200 --> 00:39:25,120
Speaker 2: thinking that's great. But if you've got a large income,

875
00:39:25,320 --> 00:39:27,839
Speaker 2: you know, and you're getting paid every month or every week,

876
00:39:27,880 --> 00:39:30,160
Speaker 2: it's calculated daily, so it's in your best interest to

877
00:39:30,160 --> 00:39:32,799
Speaker 2: sort of have you know, your income going into an

878
00:39:32,800 --> 00:39:34,919
Speaker 2: offset as well. You know, you might also have another

879
00:39:34,960 --> 00:39:37,560
Speaker 2: accountan's just got bills, which in your mind has only

880
00:39:37,560 --> 00:39:39,920
Speaker 2: got two thousand dollars sitting in there just for my

881
00:39:39,960 --> 00:39:42,800
Speaker 2: bills that are going to come out, but again calculated daily.

882
00:39:42,840 --> 00:39:46,280
Speaker 2: It's better off being in an offset sitting against your mortgage,

883
00:39:46,320 --> 00:39:47,480
Speaker 2: so you're not paying interest on that.

884
00:39:47,600 --> 00:39:51,080
Speaker 4: And is that something that every mortgage has and we

885
00:39:51,320 --> 00:39:52,600
Speaker 4: just need to use them.

886
00:39:52,840 --> 00:39:55,160
Speaker 2: That's something that you need to obviously let us know

887
00:39:55,200 --> 00:39:57,759
Speaker 2: that you want or the bank that you're with that

888
00:39:57,800 --> 00:39:59,279
Speaker 2: you would like to have an offset and see what

889
00:39:59,320 --> 00:40:01,719
Speaker 2: the options are there. But not every bank will offer it.

890
00:40:01,800 --> 00:40:01,840
Speaker 1: No.

891
00:40:02,080 --> 00:40:04,759
Speaker 4: Yeah, and I think that's important because some people go

892
00:40:04,840 --> 00:40:06,439
Speaker 4: into a loan, like they might just go and sign

893
00:40:06,520 --> 00:40:08,080
Speaker 4: up for that and go, oh, I'll just set an

894
00:40:08,120 --> 00:40:11,120
Speaker 4: offset up later, like it's just bank account, right, But

895
00:40:11,280 --> 00:40:14,239
Speaker 4: it has to be specifically tied to the mortgage. It's

896
00:40:14,280 --> 00:40:15,600
Speaker 4: a part of that mortgage product.

897
00:40:15,760 --> 00:40:16,839
Speaker 2: It needs to be linked to it.

898
00:40:16,920 --> 00:40:18,520
Speaker 4: So is that something that you would bring up with

899
00:40:18,520 --> 00:40:20,640
Speaker 4: a client. Are you going to be like, hey, so

900
00:40:20,680 --> 00:40:23,400
Speaker 4: what we're going to do? And are you talking cash

901
00:40:23,400 --> 00:40:26,200
Speaker 4: flow post settlement of the property or are you just

902
00:40:26,239 --> 00:40:28,040
Speaker 4: getting them into the property and being like wam bam,

903
00:40:28,040 --> 00:40:30,360
Speaker 4: thank you, ma'am catcher, Like what's the process?

904
00:40:30,520 --> 00:40:32,799
Speaker 2: No, there's definitely things that will come into play, like

905
00:40:32,880 --> 00:40:35,480
Speaker 2: whether or not, you know, even an offset is worth

906
00:40:35,520 --> 00:40:37,960
Speaker 2: it for you. You know, you might be someone that's not

907
00:40:38,040 --> 00:40:40,439
Speaker 2: going to have a large block of funds left over

908
00:40:40,520 --> 00:40:43,040
Speaker 2: after settlement, after you move into the property. You might

909
00:40:43,120 --> 00:40:46,640
Speaker 2: be worried about the interest rates increasing, so a variable

910
00:40:46,719 --> 00:40:48,560
Speaker 2: rate might not even be best for you. You might

911
00:40:48,600 --> 00:40:51,200
Speaker 2: be sort of leaning towards more of a fixed interest rate,

912
00:40:51,360 --> 00:40:53,520
Speaker 2: knowing that you're going to be having the same set

913
00:40:53,560 --> 00:40:56,040
Speaker 2: repayments each month that you can sort of tackle. Like

914
00:40:56,360 --> 00:40:58,560
Speaker 2: a lot of clients are our first home buyers. They

915
00:40:58,560 --> 00:41:00,600
Speaker 2: don't know how much a war order bill is and

916
00:41:00,680 --> 00:41:03,040
Speaker 2: electricity bill is. They don't know all the other costs

917
00:41:03,080 --> 00:41:06,319
Speaker 2: that come involved. So having a set amount that they

918
00:41:06,360 --> 00:41:08,719
Speaker 2: can picture in their mind and it's not going to

919
00:41:08,800 --> 00:41:11,280
Speaker 2: change for a period of time can be quite comforting.

920
00:41:11,400 --> 00:41:13,920
Speaker 4: Yeah, And I love that because we then use the

921
00:41:14,000 --> 00:41:16,080
Speaker 4: data from She's on the Money and the data that

922
00:41:16,120 --> 00:41:18,840
Speaker 4: we get through all of our mortgage broking systems and

923
00:41:18,880 --> 00:41:21,320
Speaker 4: software is to go, Okay, in this location, your average

924
00:41:21,320 --> 00:41:22,880
Speaker 4: water beello is going to look like this. Did you

925
00:41:22,960 --> 00:41:24,360
Speaker 4: know that? And they go, oh my god, no, But

926
00:41:24,400 --> 00:41:27,000
Speaker 4: that's so helpful. And I love giving the perfect little

927
00:41:27,040 --> 00:41:29,759
Speaker 4: details that you get as a bonus, but you didn't

928
00:41:29,760 --> 00:41:30,400
Speaker 4: even know you need it.

929
00:41:30,840 --> 00:41:33,279
Speaker 2: Other factors that people don't take into account. I mean,

930
00:41:33,320 --> 00:41:38,160
Speaker 2: I'm detering, but you're talking like strata, insurance, body, corporate

931
00:41:38,239 --> 00:41:41,280
Speaker 2: that's our top of expense on top of your monthlyer payment.

932
00:41:41,320 --> 00:41:44,040
Speaker 2: That's not included in your mortgage repayment. So people get

933
00:41:44,040 --> 00:41:46,240
Speaker 2: caught out. If that's another five hundred dollars a month,

934
00:41:46,480 --> 00:41:48,799
Speaker 2: you've got to factor that into your spending on top

935
00:41:48,840 --> 00:41:49,720
Speaker 2: of your monthly repayment.

936
00:41:49,960 --> 00:41:52,120
Speaker 4: Yeah, And I feel like we get very excited about

937
00:41:52,160 --> 00:41:54,480
Speaker 4: budget and cash flow in office, So like we love

938
00:41:54,560 --> 00:41:57,160
Speaker 4: sitting down with clients being like, Okay, got the mortgage there,

939
00:41:57,160 --> 00:41:59,920
Speaker 4: but like let's talk budget after you've settled, because we

940
00:42:00,120 --> 00:42:01,840
Speaker 4: just want you to be in the best possible position.

941
00:42:02,280 --> 00:42:04,799
Speaker 4: Because and I think a lot of people don't realize this,

942
00:42:04,920 --> 00:42:06,480
Speaker 4: Like you use your mortgage broker to get into your

943
00:42:06,480 --> 00:42:10,480
Speaker 4: first time fantastic, But that relationship, from my perspective, is

944
00:42:10,480 --> 00:42:13,799
Speaker 4: a lifelong relationship. Like you're going to meet with Jack,

945
00:42:13,880 --> 00:42:15,480
Speaker 4: or you're going to meet with Charlotte, or're gonna meet

946
00:42:15,480 --> 00:42:17,880
Speaker 4: with one of our brokers or any broker really, and

947
00:42:18,480 --> 00:42:20,680
Speaker 4: their role is to support you to get into that house.

948
00:42:20,840 --> 00:42:23,880
Speaker 4: But they're going to or they should be checking in

949
00:42:23,920 --> 00:42:26,839
Speaker 4: on you every six months, checking your rates, making sure

950
00:42:26,840 --> 00:42:28,880
Speaker 4: you're in the best possible position. Like if you have

951
00:42:28,920 --> 00:42:31,120
Speaker 4: a major life change, you should be like, oh, hey, Jack,

952
00:42:31,160 --> 00:42:33,160
Speaker 4: I just wanted to check, like I'm having a baby,

953
00:42:33,280 --> 00:42:35,719
Speaker 4: Like this is my favorite thing, Like when clients get

954
00:42:35,719 --> 00:42:38,400
Speaker 4: engaged or when clients and I know you've had this

955
00:42:38,480 --> 00:42:40,600
Speaker 4: as well. You have this like whole meeting with a

956
00:42:40,600 --> 00:42:42,960
Speaker 4: couple and you're like talking about the financial life and

957
00:42:43,040 --> 00:42:46,640
Speaker 4: like you know, really basic, really standard, hang up, no worries.

958
00:42:46,719 --> 00:42:48,400
Speaker 4: You're like putting your file notes together and you get

959
00:42:48,400 --> 00:42:50,719
Speaker 4: a call on your mobile and you're like, hey, what's

960
00:42:50,800 --> 00:42:53,239
Speaker 4: up Jordan, And he goes, I didn't tell you, but

961
00:42:53,320 --> 00:42:55,719
Speaker 4: I have this secret savings account for an engagement ring.

962
00:42:56,320 --> 00:42:59,319
Speaker 4: It's like so fun, but like we get to go

963
00:42:59,440 --> 00:43:03,200
Speaker 4: through that journey with clients, and when your situation changes,

964
00:43:03,239 --> 00:43:06,440
Speaker 4: sometimes your mortgage does as well. So I think fostering

965
00:43:06,480 --> 00:43:10,000
Speaker 4: a relationship where you're broker is on the front foot.

966
00:43:10,000 --> 00:43:12,040
Speaker 2: And they're on your side. Oh yeah, they're about it.

967
00:43:12,040 --> 00:43:14,560
Speaker 4: For you, and it's fun batting for you too. Like

968
00:43:14,600 --> 00:43:16,320
Speaker 4: I'm not saying that we always want it to be tricky,

969
00:43:16,320 --> 00:43:19,120
Speaker 4: but when it gets tricky, the whole office is behind you.

970
00:43:19,960 --> 00:43:22,360
Speaker 4: Beave me, believe me. We're all like, hey, have you

971
00:43:22,400 --> 00:43:24,520
Speaker 4: had this before? If not, what are we doing? How

972
00:43:24,520 --> 00:43:24,920
Speaker 4: are we doing?

973
00:43:25,000 --> 00:43:25,120
Speaker 2: It.

974
00:43:25,239 --> 00:43:27,359
Speaker 4: Oh Lisha's done that before and you're worries, Alicia, can

975
00:43:27,360 --> 00:43:29,279
Speaker 4: you call your contact and see if your contact can

976
00:43:29,320 --> 00:43:32,279
Speaker 4: do this for me? Like it becomes a game to

977
00:43:32,320 --> 00:43:36,040
Speaker 4: get the best outcome for a client. Jack, I've adored this.

978
00:43:36,360 --> 00:43:38,760
Speaker 4: Thank you so much for joining us today, sharing your wisdom,

979
00:43:38,800 --> 00:43:41,560
Speaker 4: having a chat about mortgages. We'll ask the community. We'll

980
00:43:41,600 --> 00:43:42,960
Speaker 4: be like, do you want Jack back? What do we

981
00:43:42,960 --> 00:43:43,359
Speaker 4: want to know?

982
00:43:43,760 --> 00:43:45,160
Speaker 2: I do want to add one thing?

983
00:43:45,320 --> 00:43:45,879
Speaker 4: What is it?

984
00:43:46,160 --> 00:43:47,480
Speaker 2: Going back to the hot money tip?

985
00:43:47,560 --> 00:43:50,000
Speaker 4: So okay, sorry, I got more money tips you to

986
00:43:50,000 --> 00:43:52,200
Speaker 4: get this out? No, I love this, let's go. What

987
00:43:52,320 --> 00:43:52,560
Speaker 4: is it?

988
00:43:52,680 --> 00:43:56,759
Speaker 2: You have to have your mortgage rate frequently reviewed. There's

989
00:43:56,800 --> 00:43:58,400
Speaker 2: so many people out there that it is sitting on

990
00:43:58,520 --> 00:44:01,240
Speaker 2: high interest rates that haven't had it reviewed and they're

991
00:44:01,280 --> 00:44:04,440
Speaker 2: just paying thousands of thousands of extra dollars that you

992
00:44:04,560 --> 00:44:05,640
Speaker 2: just can't get back.

993
00:44:05,800 --> 00:44:07,920
Speaker 4: How do we do that though? Like when you say frequently,

994
00:44:08,080 --> 00:44:08,680
Speaker 4: was that even mean?

995
00:44:08,800 --> 00:44:12,360
Speaker 2: Jack? After you settle, Yeah, I would be sticking in

996
00:44:12,360 --> 00:44:14,040
Speaker 2: your calendar to sort of follow up with the bank

997
00:44:14,160 --> 00:44:15,919
Speaker 2: to see if we can bring that interest rate down

998
00:44:15,960 --> 00:44:18,359
Speaker 2: for you. There's just so many clients, like I said,

999
00:44:18,360 --> 00:44:20,879
Speaker 2: that come back that are sitting on a high interest rate.

1000
00:44:21,520 --> 00:44:23,959
Speaker 2: It sort of sits in the same category as having

1001
00:44:24,000 --> 00:44:27,480
Speaker 2: your home and contents reviewed or your private health reviewed.

1002
00:44:27,520 --> 00:44:30,120
Speaker 2: It's something that you don't do regularly enough to make

1003
00:44:30,120 --> 00:44:33,480
Speaker 2: sure that you're saving. Something that it's probably worth mentioning

1004
00:44:33,640 --> 00:44:37,480
Speaker 2: is that Zella actually has a dedicated team purely for

1005
00:44:37,560 --> 00:44:40,480
Speaker 2: pricing reviews, So from the moment that you actually settle,

1006
00:44:40,880 --> 00:44:42,160
Speaker 2: we will diroize it for you.

1007
00:44:42,360 --> 00:44:43,840
Speaker 4: Yeah, you don't have to do that, but like this

1008
00:44:44,000 --> 00:44:47,600
Speaker 4: is advice for people who aren't with Zella. Yeah, Like,

1009
00:44:48,000 --> 00:44:50,920
Speaker 4: not all brokers do this, no, because honestly, if they're

1010
00:44:50,960 --> 00:44:53,879
Speaker 4: an individual broker, it's crazy because people go, what type

1011
00:44:53,920 --> 00:44:55,560
Speaker 4: of broker do I want to say? And like, I'm

1012
00:44:55,600 --> 00:44:59,160
Speaker 4: so nasty with this. I love all brokers. I think

1013
00:44:59,200 --> 00:45:01,040
Speaker 4: that they do a great job. But I would never

1014
00:45:01,120 --> 00:45:04,440
Speaker 4: see a broker that works specifically for a bank, because

1015
00:45:04,480 --> 00:45:06,640
Speaker 4: if you're seeing a broker that only works for the bank,

1016
00:45:06,760 --> 00:45:10,040
Speaker 4: that means that they are still a beautiful human being,

1017
00:45:10,400 --> 00:45:14,080
Speaker 4: but they only have access to that bank's products. They can't, like,

1018
00:45:14,360 --> 00:45:16,200
Speaker 4: you know, get you a better rate with a different

1019
00:45:16,239 --> 00:45:19,440
Speaker 4: bank or a credit union or a different lending option.

1020
00:45:19,960 --> 00:45:22,759
Speaker 4: They can't wiggle things in the same way as an

1021
00:45:22,760 --> 00:45:26,239
Speaker 4: independent broker. So we love an independent but then most

1022
00:45:26,320 --> 00:45:30,120
Speaker 4: independent brokers don't have the resources behind them to do

1023
00:45:30,200 --> 00:45:32,480
Speaker 4: pricing reviews because they're always seing brand new clients and

1024
00:45:32,520 --> 00:45:35,080
Speaker 4: building their book and that's fantastic, So you might need

1025
00:45:35,120 --> 00:45:37,600
Speaker 4: to diorize it. And we broke it and be like, hey,

1026
00:45:37,600 --> 00:45:40,560
Speaker 4: can you review my pricing or even just call your

1027
00:45:40,560 --> 00:45:43,440
Speaker 4: own bank and do it yourself. We definitely have it,

1028
00:45:43,680 --> 00:45:47,239
Speaker 4: which is I don't know, big flex Worth Mentioning. Yeah,

1029
00:45:47,239 --> 00:45:50,319
Speaker 4: we have a whole pricing team, but that's because we're

1030
00:45:50,360 --> 00:45:52,440
Speaker 4: a bit of a bigger business. We still have a

1031
00:45:52,480 --> 00:45:55,000
Speaker 4: credit license, but we're not bank aligned. And I think

1032
00:45:55,000 --> 00:45:59,680
Speaker 4: that that's a really important delineation between different brokers. And like,

1033
00:45:59,680 --> 00:46:01,640
Speaker 4: if you're weighing up what you want to do, maybe

1034
00:46:01,680 --> 00:46:03,319
Speaker 4: that's the type of thing you want, but you want

1035
00:46:03,320 --> 00:46:05,640
Speaker 4: to see someone in person in Queensland, like Okay, well

1036
00:46:05,719 --> 00:46:07,480
Speaker 4: you know Zella's is not the one for you. But like,

1037
00:46:07,560 --> 00:46:09,600
Speaker 4: these are things that I would want you to look

1038
00:46:09,640 --> 00:46:12,360
Speaker 4: out for and be aware of because you are building

1039
00:46:12,440 --> 00:46:15,040
Speaker 4: that lifelong relationship and you are putting yourself in a

1040
00:46:15,040 --> 00:46:18,920
Speaker 4: position where you know a broker could help you create

1041
00:46:18,960 --> 00:46:21,319
Speaker 4: your wealth or it could just be a service that

1042
00:46:21,360 --> 00:46:23,479
Speaker 4: you have once off and like I mean, I want

1043
00:46:23,560 --> 00:46:26,919
Speaker 4: to create wealth. I don't know about you, Jack, any

1044
00:46:27,000 --> 00:46:30,279
Speaker 4: other hot tips before I try and wrap you up? No, no, no,

1045
00:46:30,440 --> 00:46:33,360
Speaker 4: we're done. I love that Jack. This has been amazing

1046
00:46:33,440 --> 00:46:35,040
Speaker 4: and I know that the community is going to want

1047
00:46:35,080 --> 00:46:36,480
Speaker 4: to get you back on the show at some point.

1048
00:46:36,560 --> 00:46:38,520
Speaker 4: So if you guys have questions or queries for Jack,

1049
00:46:38,520 --> 00:46:40,680
Speaker 4: shoot them through because I'm just going to collate them

1050
00:46:40,680 --> 00:46:42,920
Speaker 4: all and put together new episodes and then be like, oh,

1051
00:46:42,960 --> 00:46:44,440
Speaker 4: I'm so sorry, Jack, you have to come on the

1052
00:46:44,440 --> 00:46:47,680
Speaker 4: show because, like the people have asked what they're vast for.

1053
00:46:48,440 --> 00:46:50,319
Speaker 4: But with that said, if you guys have found this

1054
00:46:50,360 --> 00:46:52,759
Speaker 4: episode helpful, I would adore it if you shared it

1055
00:46:52,800 --> 00:46:55,560
Speaker 4: with your family and friends who are thinking about purchasing

1056
00:46:55,640 --> 00:46:58,399
Speaker 4: their first home or a home in general. It could

1057
00:46:58,400 --> 00:47:01,920
Speaker 4: be honestly exactly what I need to feel more prepared

1058
00:47:02,000 --> 00:47:04,600
Speaker 4: and more confident in that journey and put themselves in

1059
00:47:04,640 --> 00:47:07,880
Speaker 4: the best possible position to make their property dreams a reality.

1060
00:47:08,160 --> 00:47:11,040
Speaker 4: And guys, do not forget to hit follow and subscribe

1061
00:47:11,080 --> 00:47:13,800
Speaker 4: so that you never miss an episode. It actually helps

1062
00:47:13,840 --> 00:47:16,360
Speaker 4: us grow our podcast so that we can keep bringing

1063
00:47:16,400 --> 00:47:19,320
Speaker 4: you the content that you know and love. My friends,

1064
00:47:19,440 --> 00:47:23,000
Speaker 4: until next time, keep dreaming big, taking small steps in

1065
00:47:23,040 --> 00:47:26,080
Speaker 4: the right direction, and working towards smashing your money goals.

1066
00:47:26,120 --> 00:47:34,920
Speaker 4: My loves see you on Friday. The advice shared on

1067
00:47:35,040 --> 00:47:37,600
Speaker 4: She's on the Money is generally nature and does not

1068
00:47:37,760 --> 00:47:42,000
Speaker 4: consider your individual circumstances. She's on the Money exists purely

1069
00:47:42,040 --> 00:47:44,960
Speaker 4: for educational purposes and should not be relied upon to

1070
00:47:45,000 --> 00:47:48,360
Speaker 4: make an investment or financial decision. If you do choose

1071
00:47:48,360 --> 00:47:49,759
Speaker 4: to buy a financial.

1072
00:47:49,239 --> 00:47:53,240
Speaker 6: Product, read the PDS TMD and obtain appropriate financial.

1073
00:47:52,840 --> 00:47:54,640
Speaker 4: Advice tailored towards your needs.

1074
00:47:55,000 --> 00:47:58,920
Speaker 6: Victoria Divine and She's on the Money are authorized representatives

1075
00:47:59,000 --> 00:48:01,360
Speaker 6: of money. Sheowper p T Y L t D A

1076
00:48:01,480 --> 00:48:04,400
Speaker 6: b N three two one six four nine two seven

1077
00:48:04,480 --> 00:48:07,279
Speaker 6: seven zero eight A F s L four five one

1078
00:48:07,520 --> 00:48:09,319
Speaker 6: two eight nine