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Speaker 1: Financial whiz Victoria Divine, the founder of Zella Money and

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Speaker 1: award winning mortgage broking business, amongst other financi things, has

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Speaker 1: a new.

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Speaker 2: Book out called Property.

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Speaker 1: She's on the money and she joins us now, good morning,

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Speaker 1: Victoria morning.

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Speaker 2: Good morning.

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Speaker 3: Thank you for having me.

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Speaker 1: Thank you for being there during this during this crazy time.

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Speaker 2: Especially in Perth. But we'll get to that.

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Speaker 1: First of all, the subject of the book, I guess,

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Speaker 1: is fairly self explanatory going by the title.

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Speaker 3: It is. Honestly, I feel like I'm doing all of

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Speaker 3: this pr being like, guys, you want to buy a house?

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Speaker 3: My book? Is it out? And they're like, look, we

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Speaker 3: really got that from the title.

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Speaker 2: I think the important thing is right.

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Speaker 3: How many times have we heard people say all you

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Speaker 3: need to do to afford a property is to cut

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Speaker 3: back on the smash davo.

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Speaker 4: And go out with Yeah, it's a pretty simple one.

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Speaker 3: But I am so frustrated with that now. It is

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Speaker 3: because it's not the reality. And I did some maths

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Speaker 3: because obviously I am a maths girl.

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Speaker 2: As an introduced me, I'm.

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Speaker 3: A finance girlie Spedian property pruct It's now I'm twenty

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Speaker 3: seven times nineteen seventy five, and you go, all right, Victoria,

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Speaker 3: we understand that inflation exists, like obvious, but if your

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Speaker 3: wages had matched that pace, the average wage would now

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Speaker 3: be one hundred and sixty two thousand dollars.

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Speaker 2: But it's not. Yeah, the average.

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Speaker 3: Wage sixty five thousand. But when we say it's hard,

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Speaker 3: and we don't just mean our times have changed, the

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Speaker 3: interestrates are different, we literally mean things have changed dramatically,

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Speaker 3: So purchasing a property is not going to be the

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Speaker 3: same as it was for my parents, and we need

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Speaker 3: to finally come to that realization. We give ourselves permission

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Speaker 3: to be reded that that's the case.

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Speaker 1: It look like whether we turn to that real realization

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Speaker 1: or not, I feel like we need to stop arguing

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Speaker 1: about that because that's all kind of beside the point.

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Speaker 1: The fact is it is hard to get into the

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Speaker 1: housing market. Homes are expensive, and we're living in a

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Speaker 1: double whammy time of homes. The market is tight, so

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Speaker 1: it's it's two things people are dealing with when they

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Speaker 1: show up in their hundreds.

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Speaker 2: That's ridiculous at home open, isn't it? Yes, it is.

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Speaker 2: You know, it's very depressing for a lot of people.

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Speaker 2: What when we're dealing with.

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Speaker 1: Those two factors, Victoria, what are some of the you

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Speaker 1: know your box strategies for surviving, for getting through it,

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Speaker 1: for getting hold of something.

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Speaker 3: Well, I think it starts off exactly how I started

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Speaker 3: this conversation, right, Let's actually just admit that it is

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Speaker 3: very different. We need to smashed out hard.

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Speaker 2: That promise.

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Speaker 3: Yeah, that extra six dos, which already frustrates me in

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Speaker 3: the morning, it's actually not going to get me close

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Speaker 3: to the home ownership.

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Speaker 1: It's a relative to it. You know, different things for

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Speaker 1: different people. Let's just speak at all of that and

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Speaker 1: acknowledge that it's it's hot.

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Speaker 3: Exactly, and I'd like to have some life for why

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Speaker 3: I'm doing this as well, which I think most of

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Speaker 3: us can agree on. The current property market cycle is

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Speaker 3: pinching a lot. I think now we need to actually

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Speaker 3: go back to the drawing board and come to the

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Speaker 3: realization that your dream home not the white ticket sands

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Speaker 3: with those two bathrooms. It's actually the property that you

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Speaker 3: can afford that helps you get onto the ladder so

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Speaker 3: that you can then start climbing that ladder over a

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Speaker 3: period of time.

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Speaker 2: And I think it's a little bit spot on.

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Speaker 3: Back to basics of what can you actually afford me

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Speaker 3: your Painvery many of us put so much pressure on

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Speaker 3: ourselves just to save the deport Many of us are

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Speaker 3: so happy to compromise. You're like, look short term, short term,

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Speaker 3: like you know, pain.

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Speaker 2: Long term game expectations. You've got to get real.

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Speaker 3: All the expectations. But let's look at what those mortgage

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Speaker 3: repayments will be for those thirty years, so that we're

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Speaker 3: not locking ourselves into an entire life of only eating

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Speaker 3: potatoes and noodle.

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Speaker 1: Because well, smash slash spun is the new smash the mash.

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Speaker 4: Hey, Victoria, we did have them, and Lisa brought it up.

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Speaker 4: You know, we did have this situation where so many

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Speaker 4: people are rolling up to homes. There's a home in

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Speaker 4: Bellajura and just in the last week or so we

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Speaker 4: reported that there were dozens of people at this home

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Speaker 4: open and it was extra appeal because the Belagura and

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Speaker 4: Northern suburbs. It had extra apeel because it had big,

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Speaker 4: big shed with three phase power and people love that.

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Speaker 4: There were thirty nine offers written up for this home,

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Speaker 4: so the sellers fenders were really excited.

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Speaker 3: But for people rolling up, I would if I was

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Speaker 3: selling it.

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Speaker 4: That absolutely, but the people who are rocking up, it's

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Speaker 4: so disheartened, aren't they?

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Speaker 3: You do? And I think that that's where we need

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Speaker 3: to make so that we don't get disheartened with that process.

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Speaker 3: And that's really what I've tried to write into this book.

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Speaker 3: So my favorite tip there is be really stick and

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Speaker 3: that's that's easier, I guess said than done. But one

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Speaker 3: way to do that is, when you're trawling online, you're

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Speaker 3: on real estate dot hot or on your website, the

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Speaker 3: main you're having a look at properties, switch over to

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Speaker 3: the soul pass instead of looking at the sale tab,

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Speaker 3: because that way we can look at what property is

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Speaker 3: actually selling for. Because there's nothing more disheartening than going,

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Speaker 3: you know what, I've finally got my deposit, have my

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Speaker 3: pre approval from my mortgage broker, and I'm going to

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Speaker 3: go to this option. You know what, I can get

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Speaker 3: twenty five thousand dollars over what they're a free. Consistently

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Speaker 3: it goes one hundred grand over. So let's actually switch

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Speaker 3: over to the soul tab, have a look at what

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Speaker 3: properties in the area you're looking at usually selling for,

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Speaker 3: not what the vendors are listing them for. What are

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Speaker 3: they actually going for and set our expectations off there,

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Speaker 3: so there is one hundred grand more and it'll actually

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Speaker 3: take a step back review our budget and what we're

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Speaker 3: looking at. Maybe instead we're looking at properties in the

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Speaker 3: full fifty range instead of the five fifty range, because

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Speaker 3: we know ultimately it will probably go for that. So

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Speaker 3: I think that is something that can help take a

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Speaker 3: bit of pressure off, because as someone who has purchased

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Speaker 3: their first home in the last few years, I can

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Speaker 3: tell you right now there is nothing more disheartening and going,

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Speaker 3: oh my gosh, this is the one. I've fallen in

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Speaker 3: love with it. And as much as we fact to

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Speaker 3: not be emotional, let's be honest for all as let's

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Speaker 3: get them strategies in place so that you go and

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Speaker 3: you feel empowered as it don't go over. You go,

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Speaker 3: oh my gosh, that's so over that I wouldn't pay that,

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Speaker 3: But I wish.

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Speaker 2: I had been smart like you when I was younger.

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Speaker 2: But anyway, the option, my friends. Sorry, I'd like to.

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Speaker 1: Ask one sort of general bit of advice from the

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Speaker 1: general financing wiz side of your mind, just for those

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Speaker 1: people who are saving and you know.

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Speaker 2: Smashed avocado jokes aside.

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Speaker 1: What is just one or two tips for saving money

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Speaker 1: that you think you know people are sort of overlooking.

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Speaker 2: What are your tips?

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Speaker 3: You're going to be so excited that these pips are

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Speaker 3: very sexy. We are going to look at our budget.

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Speaker 3: All I feel that so many of us look at

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Speaker 3: our budget and we get overwhelmed. They feel like we

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Speaker 3: get judging ourselves, and that's not what we should be doing.

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Speaker 3: We actually should be doing is looking at how much

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Speaker 3: money comes in, how much money goes out, and is

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Speaker 3: it being allocated to the things value value saving for

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Speaker 3: a property? What are the levers that we can pull

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Speaker 3: and tweak. So then there is some type of compromising

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Speaker 3: your budget so that you're working towards that goal, but

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Speaker 3: you're not actually giving up the whole entire life. Because

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Speaker 3: I know in the short term there's lots of things

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Speaker 3: I'd be happy to sacrifice through a bigger goal if

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Speaker 3: I've got clarity on it. But if I haven't pulled

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Speaker 3: my head out of the sand and actually looked at

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Speaker 3: my budget because it feels a bit overwhelming, you're actually

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Speaker 3: doing yourself with disservice. Because I promise, if you look

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Speaker 3: at your budget, we could find fifty or one hundred

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Speaker 3: dollars that you GOE right, maybe I'm not using that

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Speaker 3: gen membership, or I do not need that many subscriptions

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Speaker 3: or one of my favorite tips is if you have

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Speaker 3: an iPhone, head to your settings, have a look at

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Speaker 3: what subscriptions you're paying for. I found that I had

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Speaker 3: a gym app that I had been paying like sixty

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Speaker 3: nine dollars a year to.

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Speaker 2: Years ago. But I'm still go for it.

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Speaker 3: So I yes, across what you're standing, but not just

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Speaker 3: not just allocating about it. Let's just go out and

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Speaker 3: be like, Okay, groceries look like X, I'm only going

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Speaker 3: to spend this. It's actually not about restriction, it's about understanding, well,

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Speaker 3: how much realistically leaves my account? Am I happy with that?

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Speaker 2: So I'm just spending.

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Speaker 3: Hundred dollars a week of groceries fantastic? But are you

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Speaker 3: okay with that? You? Yeah, Victorian, Like that's perfect for

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Speaker 3: medwhere else we can say a.

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Speaker 4: Little bit of sacrifice now is paying the future you?

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Speaker 3: Right?

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Speaker 2: Well?

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Speaker 1: Victoria, you are divine by name, divine by nature. The

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Speaker 1: new book Property with Cheese on the Money is out now.

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Speaker 3: Thank you, thank you, thanks for having me. Guys,