1
00:00:00,200 --> 00:00:19,440
Speaker 1: She's on the Money. She's on the Money.

2
00:00:23,320 --> 00:00:26,840
Speaker 2: Hello, and welcome to She's on the Money, the podcast

3
00:00:26,880 --> 00:00:30,800
Speaker 2: for millennials who want financial freedom. This is our Friday

4
00:00:30,920 --> 00:00:34,080
Speaker 2: Drinks episode, hopefully one of the last ones we have

5
00:00:34,159 --> 00:00:37,360
Speaker 2: to do from lockdown in our homes team, where we

6
00:00:37,479 --> 00:00:40,560
Speaker 2: celebrate the money wins from our She's on the Money community.

7
00:00:40,880 --> 00:00:43,279
Speaker 2: There are so many great money wins and confessions that

8
00:00:43,280 --> 00:00:45,960
Speaker 2: are shared in our group every single week, and Jess,

9
00:00:46,000 --> 00:00:47,839
Speaker 2: Tony and I spend a very big part of our

10
00:00:47,840 --> 00:00:50,280
Speaker 2: week talking about you all and there things that you

11
00:00:50,320 --> 00:00:53,280
Speaker 2: guys have achieved. So this episode is for you and

12
00:00:53,320 --> 00:00:55,880
Speaker 2: we are so excited to share all of Tony's favorite

13
00:00:55,880 --> 00:00:58,360
Speaker 2: wins from the week in a hot minute. But before

14
00:00:58,400 --> 00:01:02,240
Speaker 2: we get there, Tony lot what happened on this Week's

15
00:01:02,280 --> 00:01:02,960
Speaker 2: Money Diary.

16
00:01:03,480 --> 00:01:06,600
Speaker 3: Our money diarist this week, at seventeen, decided that she

17
00:01:06,760 --> 00:01:09,560
Speaker 3: was going to break away from her family and actually

18
00:01:09,640 --> 00:01:12,440
Speaker 3: become homeless to get out of a toxic home situation,

19
00:01:13,240 --> 00:01:16,480
Speaker 3: which is obviously such a young age to make that decision.

20
00:01:16,959 --> 00:01:20,320
Speaker 3: And she's now nineteen and living financially free. She's got

21
00:01:20,520 --> 00:01:23,520
Speaker 3: an amazing house, she's got a great job, and she's

22
00:01:23,560 --> 00:01:26,080
Speaker 3: just living her best life, And it was a really

23
00:01:26,360 --> 00:01:30,000
Speaker 3: great chart because it just showed that you can actually

24
00:01:30,000 --> 00:01:31,760
Speaker 3: listen to your gut and know what's best for you,

25
00:01:31,840 --> 00:01:34,840
Speaker 3: even when people that are around you maybe don't agree

26
00:01:34,880 --> 00:01:37,559
Speaker 3: with the choices you're making, that you should always listen

27
00:01:37,560 --> 00:01:40,560
Speaker 3: to your gut. And she was such a lovely young girl.

28
00:01:40,720 --> 00:01:43,399
Speaker 3: And I think Victoria, you and I both after we

29
00:01:43,520 --> 00:01:44,800
Speaker 3: chatted with her, were like, can.

30
00:01:44,680 --> 00:01:46,840
Speaker 4: We follow you on Instagram? You seem so lovely?

31
00:01:47,120 --> 00:01:49,880
Speaker 2: We were both like, off their what's your Instagram handle?

32
00:01:49,960 --> 00:01:52,040
Speaker 2: Can we follow you? Or? Is that weird? And to

33
00:01:52,080 --> 00:01:55,160
Speaker 2: be honest, we've said it before, Tony, I feel like

34
00:01:55,240 --> 00:01:57,320
Speaker 2: that hour that you spend with the Money Dire is

35
00:01:57,400 --> 00:01:59,560
Speaker 2: like you go real hard. It's like a first date

36
00:01:59,720 --> 00:02:03,120
Speaker 2: with asking if you want kids, Like you're actually getting

37
00:02:03,160 --> 00:02:05,480
Speaker 2: really deep on who they are and what their values are.

38
00:02:05,560 --> 00:02:07,800
Speaker 2: And at the end you're always like, we're friends now,

39
00:02:08,120 --> 00:02:10,880
Speaker 2: we're best friends now. I'm pretty sure I've never been

40
00:02:10,919 --> 00:02:13,680
Speaker 2: closer to anybody in my life. So to be honest,

41
00:02:13,800 --> 00:02:16,760
Speaker 2: I really loved it when they're following or on Instagram.

42
00:02:16,960 --> 00:02:21,840
Speaker 2: But again, another killer Money Diary Jess. What happened this

43
00:02:21,919 --> 00:02:25,480
Speaker 2: week on our Wednesday Deep Dive episode with Georgia King.

44
00:02:26,200 --> 00:02:28,640
Speaker 2: So on Wednesday, we spoke about a little bit of

45
00:02:28,639 --> 00:02:32,120
Speaker 2: a heavier topic, but something that I think is really

46
00:02:32,160 --> 00:02:34,960
Speaker 2: important to touch on, and that is gambling and the

47
00:02:35,000 --> 00:02:37,520
Speaker 2: impact that it can have on you, the impact that

48
00:02:37,560 --> 00:02:40,520
Speaker 2: it can have on the people around you, and a

49
00:02:40,520 --> 00:02:42,760
Speaker 2: little bit of insight into what that can mean for

50
00:02:42,800 --> 00:02:44,440
Speaker 2: you financially as well.

51
00:02:45,200 --> 00:02:48,000
Speaker 5: You know, gambling is something that some people may choose

52
00:02:48,000 --> 00:02:51,519
Speaker 5: to dabble in recreationally, and we're not here to judge,

53
00:02:51,520 --> 00:02:54,280
Speaker 5: but it can be a really slippery slope into something

54
00:02:54,320 --> 00:02:57,400
Speaker 5: that has a really significant and negative impact on you

55
00:02:57,560 --> 00:03:00,000
Speaker 5: and the people around you, and we just want to

56
00:03:00,120 --> 00:03:01,880
Speaker 5: shed a little bit of light on what that might

57
00:03:01,919 --> 00:03:05,120
Speaker 5: look like. We shared some really fantastic resources in case

58
00:03:05,200 --> 00:03:08,240
Speaker 5: anybody or anybody that you know is going through it,

59
00:03:08,240 --> 00:03:11,520
Speaker 5: because it can also be a really isolating experience. It's

60
00:03:11,960 --> 00:03:14,080
Speaker 5: similar to the way that when you have large amounts

61
00:03:14,080 --> 00:03:16,440
Speaker 5: of debt, that debt that builds up from gambling can

62
00:03:16,480 --> 00:03:18,520
Speaker 5: weigh on you emotionally and take a toll on you

63
00:03:18,600 --> 00:03:20,720
Speaker 5: mentally and feel like you're in a bit of a

64
00:03:20,760 --> 00:03:22,880
Speaker 5: hole that's hard to get out of. So I think

65
00:03:22,919 --> 00:03:25,919
Speaker 5: that that episode was really great to kind of let

66
00:03:25,960 --> 00:03:28,480
Speaker 5: people know that they're lit alone. Let people know that

67
00:03:28,520 --> 00:03:31,240
Speaker 5: they can help themselves or their friends, and that you

68
00:03:31,280 --> 00:03:34,000
Speaker 5: know there are resources out there that are accessible and

69
00:03:34,040 --> 00:03:36,160
Speaker 5: that we hope that you will take up if you

70
00:03:36,240 --> 00:03:36,640
Speaker 5: need them.

71
00:03:37,280 --> 00:03:40,560
Speaker 2: Yeah, and if you need some of those resources, wem

72
00:03:40,600 --> 00:03:43,640
Speaker 2: packed the show notes of that episode with them and

73
00:03:43,720 --> 00:03:46,200
Speaker 2: Jess you've been sharing them on socials all week. So

74
00:03:46,320 --> 00:03:48,600
Speaker 2: if you guys need to reach out, please do. We've

75
00:03:48,640 --> 00:03:51,680
Speaker 2: said it before. The people behind these companies that exist

76
00:03:51,720 --> 00:03:54,320
Speaker 2: to help you are good people doing good things, and

77
00:03:54,360 --> 00:03:56,440
Speaker 2: they want the best for you, and they are not

78
00:03:56,480 --> 00:04:00,760
Speaker 2: going to judge you. In fact, they've seen worse, always have.

79
00:04:00,960 --> 00:04:03,520
Speaker 2: There's always a situation that they're like, oh, if you

80
00:04:03,560 --> 00:04:05,920
Speaker 2: think your story's bad, you should hear X y Z.

81
00:04:06,400 --> 00:04:08,440
Speaker 2: And that's not a good way to view it. But

82
00:04:08,520 --> 00:04:10,760
Speaker 2: at the end of the day, you might feel in

83
00:04:10,960 --> 00:04:13,880
Speaker 2: over your head and that person's going to go, oh, Tony,

84
00:04:14,120 --> 00:04:16,400
Speaker 2: that's fine, we can get you out of that. I've

85
00:04:16,440 --> 00:04:18,839
Speaker 2: gotten someone out of a way worse situation. You'd be like,

86
00:04:19,000 --> 00:04:21,720
Speaker 2: what I thought mine was the worst ever? And sometimes

87
00:04:21,800 --> 00:04:24,080
Speaker 2: that's just really nice to know when you're going through

88
00:04:24,080 --> 00:04:28,200
Speaker 2: a situation like that. So sure, that episode was really heavy,

89
00:04:28,200 --> 00:04:31,360
Speaker 2: but I think really really necessary. Let's move on to

90
00:04:31,440 --> 00:04:34,280
Speaker 2: something a little lighter. Tony, what have you pulled out

91
00:04:34,279 --> 00:04:36,799
Speaker 2: of the Facebook group's money wins this week to share

92
00:04:36,800 --> 00:04:37,280
Speaker 2: with us?

93
00:04:37,760 --> 00:04:38,159
Speaker 1: All Right?

94
00:04:38,240 --> 00:04:41,040
Speaker 3: I reckon I've got some good ones, I hope, so

95
00:04:41,960 --> 00:04:45,000
Speaker 3: no I picked the worst ones. Nobody, Okay, we'll carry on,

96
00:04:46,040 --> 00:04:48,440
Speaker 3: all right. Georgia says and not our Georgia are different.

97
00:04:48,480 --> 00:04:51,600
Speaker 3: Georgia Georgia says money win. A mate was throwing out

98
00:04:51,640 --> 00:04:54,880
Speaker 3: an old Pine three shelf cabinet. I rescued it, sended

99
00:04:54,960 --> 00:04:57,279
Speaker 3: it all back, painted it and brought new doorknobs.

100
00:04:57,400 --> 00:04:59,960
Speaker 4: Looks as good as new and cost me in total.

101
00:04:59,680 --> 00:05:02,600
Speaker 2: Forty That's a money win.

102
00:05:02,920 --> 00:05:04,640
Speaker 3: I wish I was smart like you, Jess and could

103
00:05:04,680 --> 00:05:08,080
Speaker 3: do diy stuff, because whenever you post stuff and whenever

104
00:05:08,120 --> 00:05:10,480
Speaker 3: people say, oh, I rescued this and now it looks

105
00:05:10,480 --> 00:05:13,240
Speaker 3: like something that they've literally bought brand new from Freedom Furniture,

106
00:05:13,600 --> 00:05:14,680
Speaker 3: I just can't believe it.

107
00:05:15,360 --> 00:05:17,880
Speaker 2: No, no, no, Like the chair I found on the

108
00:05:17,920 --> 00:05:19,919
Speaker 2: side of the road just looks like the chair I

109
00:05:19,920 --> 00:05:24,920
Speaker 2: found off where As if Jess found it, she'd be like,

110
00:05:25,000 --> 00:05:29,320
Speaker 2: this chair is now a luxury so far. Also, I

111
00:05:29,400 --> 00:05:31,160
Speaker 2: probably sold it for ten thousand dollars.

112
00:05:31,520 --> 00:05:35,080
Speaker 3: I wish, Rebecca says, money win. I decided to act

113
00:05:35,120 --> 00:05:37,600
Speaker 3: on a lifelong dream and purchase a horse.

114
00:05:37,960 --> 00:05:41,880
Speaker 4: What I know, horses are crazy expensive, right, so.

115
00:05:42,240 --> 00:05:45,200
Speaker 2: Such a cool thing to buy. Imagine getting to that

116
00:05:45,200 --> 00:05:47,159
Speaker 2: point in your life. We're like, hey, Tony, I'm gonna

117
00:05:47,160 --> 00:05:48,000
Speaker 2: buy a horse.

118
00:05:48,760 --> 00:05:52,440
Speaker 3: Well, the horse was advertised for two thousand, five hundred dollars,

119
00:05:52,480 --> 00:05:54,599
Speaker 3: and she went to look at him, and while speaking

120
00:05:54,600 --> 00:05:58,479
Speaker 3: to the owner, they decided to include his tack, which

121
00:05:58,520 --> 00:06:02,400
Speaker 3: for horse people will know that it includes the saddle,

122
00:06:02,480 --> 00:06:04,880
Speaker 3: bridle and rugs, apparently.

123
00:06:04,480 --> 00:06:07,440
Speaker 2: Assuming they're expensive as well. Do you know why I'm

124
00:06:07,440 --> 00:06:11,120
Speaker 2: assuming that, Tony. There's an entire company called saddle World,

125
00:06:11,200 --> 00:06:15,160
Speaker 2: and I'm pretty sure i've driven before. Sounds expensive.

126
00:06:15,640 --> 00:06:18,400
Speaker 3: Well, apparently it was all worth seventeen hundred dollars and

127
00:06:18,440 --> 00:06:20,400
Speaker 3: she got it for free.

128
00:06:20,400 --> 00:06:20,599
Speaker 2: Win.

129
00:06:21,400 --> 00:06:23,479
Speaker 3: Yeah, so now she's got a horse and most of

130
00:06:23,480 --> 00:06:25,839
Speaker 3: the gear that she needs without forking out extra cash,

131
00:06:26,120 --> 00:06:27,520
Speaker 3: and found a great paddock.

132
00:06:27,640 --> 00:06:29,799
Speaker 4: I don't really know anything about this, but that's.

133
00:06:29,640 --> 00:06:32,160
Speaker 2: Job, Rebecca. I mean, what if you can trust the

134
00:06:32,240 --> 00:06:34,640
Speaker 2: she's on the money community to do anything, it's fine

135
00:06:34,680 --> 00:06:37,680
Speaker 2: to money win. Whether that is a set of pine shells,

136
00:06:37,760 --> 00:06:39,160
Speaker 2: or a legitimate horse or.

137
00:06:39,120 --> 00:06:42,400
Speaker 4: An actual Madeline says money win.

138
00:06:42,520 --> 00:06:44,279
Speaker 3: A money win from a few weeks ago on the

139
00:06:44,279 --> 00:06:47,960
Speaker 3: podcast prompted me to check my flybyers points. Turns out

140
00:06:48,000 --> 00:06:50,480
Speaker 3: there was enough points to get a ninety dollars calls about,

141
00:06:50,720 --> 00:06:53,280
Speaker 3: which meant my grocery shop was very affordable.

142
00:06:53,400 --> 00:06:55,120
Speaker 5: I've set it before and I'll say it again. If

143
00:06:55,120 --> 00:06:56,760
Speaker 5: you don't have fly Buys.

144
00:06:56,960 --> 00:06:57,800
Speaker 4: Get it.

145
00:06:57,800 --> 00:07:01,200
Speaker 5: It is the best that you have to use the

146
00:07:01,279 --> 00:07:04,240
Speaker 5: app to get the bonus points. That's where the money is.

147
00:07:04,760 --> 00:07:05,480
Speaker 5: I feel very.

148
00:07:07,080 --> 00:07:10,560
Speaker 2: If you could do you know what? Every time I

149
00:07:10,640 --> 00:07:13,240
Speaker 2: go to Call's, I get this pang where it's like,

150
00:07:13,280 --> 00:07:15,600
Speaker 2: do you have Flybys? I'm like, Jess would hate.

151
00:07:15,600 --> 00:07:17,680
Speaker 5: You can have it on your phone so you don't

152
00:07:17,680 --> 00:07:19,600
Speaker 5: even have to carry a card around.

153
00:07:20,040 --> 00:07:21,840
Speaker 4: If you're not going to tap it, let us tack

154
00:07:22,000 --> 00:07:22,240
Speaker 4: for you.

155
00:07:22,640 --> 00:07:25,880
Speaker 2: If you ask Jess what Flybys is she adding to

156
00:07:26,040 --> 00:07:30,280
Speaker 2: any of the shoes on the money purchases mine, that's

157
00:07:30,400 --> 00:07:35,040
Speaker 2: just smart. Tony take this a step further, Jess, do

158
00:07:35,080 --> 00:07:37,280
Speaker 2: you use cash back on the shoes on the money purchases?

159
00:07:37,400 --> 00:07:40,560
Speaker 2: If we buy anything I used to shop back? And

160
00:07:41,760 --> 00:07:47,960
Speaker 2: whose count does it going? To Yeah, there you go back. Okay,

161
00:07:48,040 --> 00:07:49,480
Speaker 2: and she's a genius.

162
00:07:50,760 --> 00:07:52,920
Speaker 3: You know what, I can't even be jealous because it

163
00:07:52,960 --> 00:07:55,760
Speaker 3: wasn't my idea. You're being smart. I can't hold that

164
00:07:55,800 --> 00:07:57,040
Speaker 3: against you, to say.

165
00:07:56,960 --> 00:07:59,480
Speaker 2: Money if we categorize it as income. But I mean

166
00:07:59,680 --> 00:08:03,080
Speaker 2: the thing she's doing there, her employer knows, so.

167
00:08:03,400 --> 00:08:05,320
Speaker 4: Yeah, that's true. It's not like you can turn around

168
00:08:05,360 --> 00:08:06,200
Speaker 4: be and go hang on.

169
00:08:06,400 --> 00:08:09,600
Speaker 2: I don't know anyone who is listening and goes, oh,

170
00:08:09,640 --> 00:08:12,040
Speaker 2: that's genius. I always put the coals order in for

171
00:08:12,120 --> 00:08:14,600
Speaker 2: my work each week. Don't do it without permission. That

172
00:08:14,640 --> 00:08:15,240
Speaker 2: would be fair.

173
00:08:15,360 --> 00:08:17,680
Speaker 3: Yes, make sure you ask first, unless you work at

174
00:08:17,720 --> 00:08:19,840
Speaker 3: She's on the money, But it's too late because jessing it.

175
00:08:20,400 --> 00:08:21,240
Speaker 2: She's just told me.

176
00:08:23,000 --> 00:08:25,760
Speaker 3: Heather says that she just started a little jewelry business

177
00:08:25,920 --> 00:08:28,680
Speaker 3: and found a bead supplier that had a fifty percent

178
00:08:28,720 --> 00:08:30,640
Speaker 3: off sale to celebrate the end of lockdown.

179
00:08:31,520 --> 00:08:31,840
Speaker 1: Cute.

180
00:08:32,280 --> 00:08:33,440
Speaker 2: What is the company called?

181
00:08:33,760 --> 00:08:37,360
Speaker 3: Okay, it's called Loveline Jewelry. Oh, hang on Heather's business

182
00:08:37,440 --> 00:08:39,319
Speaker 3: or where she got the beads discounted?

183
00:08:39,520 --> 00:08:41,199
Speaker 2: No, I don't care about the discount beads.

184
00:08:41,240 --> 00:08:45,680
Speaker 4: Okay, I asked Heather for her business. I didn't ask

185
00:08:45,720 --> 00:08:46,840
Speaker 4: about the bead company.

186
00:08:47,400 --> 00:08:51,040
Speaker 2: Thanks, yeah, okay, thanks for the money win. Heather, where'd

187
00:08:51,040 --> 00:08:52,760
Speaker 2: you get the cheap beads so I can start a

188
00:08:52,840 --> 00:08:54,120
Speaker 2: conflicting business.

189
00:08:54,320 --> 00:08:56,320
Speaker 3: Yeah, we don't want to buy your products, but we

190
00:08:56,360 --> 00:08:58,120
Speaker 3: want to buy cheap beads make our own.

191
00:08:58,400 --> 00:08:58,520
Speaker 2: No.

192
00:08:59,000 --> 00:09:03,200
Speaker 3: Heather's business is called love Line Jewelry. Her instagram is

193
00:09:03,240 --> 00:09:05,960
Speaker 3: at love Line Jewelry and it's very very new and

194
00:09:06,000 --> 00:09:08,280
Speaker 3: she's starting an Etsy soon, so can't wait to see that.

195
00:09:08,720 --> 00:09:11,000
Speaker 2: Can you put her business in the show? Notes? Can

196
00:09:11,040 --> 00:09:15,640
Speaker 2: absolutely shout out Absolutely, you'll either wonder where everybody's coming

197
00:09:15,679 --> 00:09:18,560
Speaker 2: from or no, because you listened to this week's episode.

198
00:09:19,400 --> 00:09:22,080
Speaker 3: I really hope that she's listening. And Heather, if you're not,

199
00:09:22,280 --> 00:09:26,839
Speaker 3: shame on you. But you can't hear this, Molly says

200
00:09:26,920 --> 00:09:30,040
Speaker 3: money Win. After much research and overcoming my fear of

201
00:09:30,160 --> 00:09:32,840
Speaker 3: any degree of risk when it comes to money, I've

202
00:09:32,840 --> 00:09:36,320
Speaker 3: made my first small investments through spaceship and concept podcasts.

203
00:09:36,440 --> 00:09:37,080
Speaker 5: Exciting.

204
00:09:37,400 --> 00:09:38,599
Speaker 2: What a step.

205
00:09:39,080 --> 00:09:42,360
Speaker 3: Small amounts and super basic, slash and low risk choices

206
00:09:42,360 --> 00:09:44,440
Speaker 3: for now, but it's a big step for me after

207
00:09:44,480 --> 00:09:46,760
Speaker 3: having my savings sitting stagnant for so long.

208
00:09:46,960 --> 00:09:49,720
Speaker 2: I love love that that makes me so happy.

209
00:09:49,960 --> 00:09:51,920
Speaker 3: I know, And it's just so nice to know that

210
00:09:51,960 --> 00:09:54,000
Speaker 3: people are like looking at their money and going, oh,

211
00:09:54,080 --> 00:09:56,880
Speaker 3: I'm going to take charge of this and everybody at

212
00:09:56,880 --> 00:09:59,600
Speaker 3: their own pace, like some people are ready, some people aren't.

213
00:09:59,600 --> 00:10:01,200
Speaker 3: But it's just it's really cool that that's the money

214
00:10:01,200 --> 00:10:04,960
Speaker 3: when we get to share. And finally, Lizzie says she

215
00:10:05,040 --> 00:10:08,840
Speaker 3: got a new job earning double what she was earning before.

216
00:10:09,160 --> 00:10:11,959
Speaker 2: Oh my gosh. I love when people have these massive

217
00:10:12,040 --> 00:10:15,760
Speaker 2: stories of like it's double. Its really dramatic.

218
00:10:16,400 --> 00:10:18,880
Speaker 3: But also she said that she's so much happier there,

219
00:10:18,920 --> 00:10:19,840
Speaker 3: which is amazing.

220
00:10:19,880 --> 00:10:21,560
Speaker 4: Great job, Lizzie, Oh my gosh.

221
00:10:21,600 --> 00:10:24,360
Speaker 2: We are genuinely so proud of anyone who hustled a

222
00:10:24,440 --> 00:10:27,560
Speaker 2: pay us let alone a fifty percent one doesn't happen

223
00:10:27,600 --> 00:10:29,160
Speaker 2: all the time, but we can all seek a little

224
00:10:29,200 --> 00:10:30,480
Speaker 2: bit of inspiration from that.

225
00:10:31,080 --> 00:10:33,320
Speaker 3: Hopefully, at Lizzie's new job, they let her use her

226
00:10:33,360 --> 00:10:35,520
Speaker 3: coals car and her shop.

227
00:10:36,679 --> 00:10:39,760
Speaker 2: And maybe that's how she's making double.

228
00:10:47,040 --> 00:10:49,720
Speaker 5: So I want to chat about something this week that

229
00:10:50,200 --> 00:10:53,760
Speaker 5: I found particularly interesting as someone who's getting close to

230
00:10:53,800 --> 00:10:56,559
Speaker 5: being ready to purchase a home, which is super exciting.

231
00:10:56,720 --> 00:10:59,160
Speaker 3: I know, let's talk it ahead of myself have you

232
00:10:59,200 --> 00:11:01,120
Speaker 3: been listening to the cast the Property Playbook?

233
00:11:01,120 --> 00:11:03,000
Speaker 4: I heard it's very very good and very informative.

234
00:11:03,440 --> 00:11:05,520
Speaker 2: I heard the producer if that was also a legend.

235
00:11:05,520 --> 00:11:06,640
Speaker 4: I'm very good looking.

236
00:11:08,160 --> 00:11:09,880
Speaker 2: And also great tylers.

237
00:11:10,520 --> 00:11:12,640
Speaker 5: I do listen. I get all my tips and tricks there.

238
00:11:12,800 --> 00:11:15,360
Speaker 5: But something kind of interesting in the property space that

239
00:11:15,400 --> 00:11:19,239
Speaker 5: I saw this week was that there's a new government incentive.

240
00:11:19,600 --> 00:11:21,840
Speaker 5: I can't remember the name of it, but Victoria. I

241
00:11:21,840 --> 00:11:23,240
Speaker 5: feel like you might be across it.

242
00:11:23,880 --> 00:11:27,920
Speaker 2: Maybe maybe it's called the Victorian home Buyer Fund. Is

243
00:11:27,920 --> 00:11:30,800
Speaker 2: that what you're talking about there? Yes, things recently And.

244
00:11:30,720 --> 00:11:33,360
Speaker 5: The thing that I thought was really interesting about this

245
00:11:33,600 --> 00:11:36,880
Speaker 5: is it's not a grant, which historically I'm really mad

246
00:11:36,880 --> 00:11:38,679
Speaker 5: that I couldn't get into the property market last year

247
00:11:38,679 --> 00:11:40,640
Speaker 5: because you could get like thirty five to forty five

248
00:11:40,679 --> 00:11:43,320
Speaker 5: thousand dollars in grants because there was all these different

249
00:11:43,320 --> 00:11:47,120
Speaker 5: grants around. The first home Buyer's grant is still existing

250
00:11:47,200 --> 00:11:50,280
Speaker 5: in Victoria specifically. Don't know about other states because I

251
00:11:50,320 --> 00:11:53,080
Speaker 5: don't live there. But the thing that I found really

252
00:11:53,080 --> 00:11:55,480
Speaker 5: interesting though, is that this is not a grant.

253
00:11:55,679 --> 00:12:00,319
Speaker 2: It's kind of alone. Would you say it is? Is?

254
00:12:00,480 --> 00:12:05,000
Speaker 2: It's technically so what jess is talking about is the

255
00:12:05,080 --> 00:12:09,360
Speaker 2: Victorian home Buyers Fund, and from what I understand is

256
00:12:09,640 --> 00:12:13,200
Speaker 2: it allows eligible Victorian home buyers, so it's not open

257
00:12:13,240 --> 00:12:15,600
Speaker 2: to everybody in the country, just if you're in Victoria,

258
00:12:15,760 --> 00:12:18,800
Speaker 2: but it allows Victorian home buyers to enter the market

259
00:12:18,920 --> 00:12:21,920
Speaker 2: with five percent deposits. And that sounds really good, and

260
00:12:21,960 --> 00:12:24,960
Speaker 2: you guys have probably heard that before because there's obviously

261
00:12:25,200 --> 00:12:27,880
Speaker 2: a couple of schemes that allow you to access that

262
00:12:27,960 --> 00:12:30,840
Speaker 2: type of thing already, so that's nothing new. But the

263
00:12:30,960 --> 00:12:33,760
Speaker 2: thing that is different here is that the government is

264
00:12:33,840 --> 00:12:37,480
Speaker 2: actually going to contribute up to twenty five percent of

265
00:12:37,520 --> 00:12:41,200
Speaker 2: the purchase price, which sounds like a money win, but

266
00:12:41,480 --> 00:12:44,360
Speaker 2: in turn they will own a share of the home

267
00:12:44,400 --> 00:12:47,640
Speaker 2: in exchange. So essentially the government will own a share

268
00:12:47,679 --> 00:12:50,880
Speaker 2: of your home up to the percentage that they contribute.

269
00:12:51,080 --> 00:12:54,079
Speaker 2: So it's kind of like having a guarranteur where they

270
00:12:54,200 --> 00:12:57,960
Speaker 2: own a percentage of your property, but it's actually what

271
00:12:58,080 --> 00:13:01,880
Speaker 2: we would but it's actly called a shared equity scheme.

272
00:13:02,200 --> 00:13:04,240
Speaker 3: Is this the first of its kind? I know that

273
00:13:04,280 --> 00:13:07,719
Speaker 3: we're talking strictly about Victoria at the moment, but is

274
00:13:07,760 --> 00:13:10,120
Speaker 3: this the first in Australia where it's like a shared

275
00:13:10,160 --> 00:13:11,240
Speaker 3: equity kind of thing.

276
00:13:11,760 --> 00:13:13,880
Speaker 2: As far as I'm aware, I did a little bit

277
00:13:13,880 --> 00:13:15,640
Speaker 2: of research when it first came out to see if

278
00:13:15,679 --> 00:13:18,240
Speaker 2: I could find anything similar. But I do believe that

279
00:13:18,280 --> 00:13:21,280
Speaker 2: this is the very first type of scheme to exist,

280
00:13:21,960 --> 00:13:23,800
Speaker 2: and I think there are a lot of pros and cons, Like,

281
00:13:23,840 --> 00:13:25,160
Speaker 2: there are a lot of things that are going to

282
00:13:25,200 --> 00:13:28,000
Speaker 2: make this really good and really accessible. But at the

283
00:13:28,000 --> 00:13:30,559
Speaker 2: same time, do I want somebody else to be in

284
00:13:30,600 --> 00:13:34,000
Speaker 2: on owning my property? In saying that, please do keep

285
00:13:34,040 --> 00:13:36,960
Speaker 2: in mind when you go and purchase property, Like Jess,

286
00:13:37,160 --> 00:13:39,520
Speaker 2: you're going to go purchase a property, and unless you've

287
00:13:39,559 --> 00:13:42,360
Speaker 2: actually purchased that home outright, you've got a mortgage, right

288
00:13:42,520 --> 00:13:45,600
Speaker 2: mm hmm, the bank actually owns that percent of your property.

289
00:13:45,679 --> 00:13:49,280
Speaker 2: So it's not a new concept for quote, somebody else

290
00:13:49,320 --> 00:13:51,880
Speaker 2: to own a percentage of your property until you've paid

291
00:13:51,960 --> 00:13:55,280
Speaker 2: the entirety of it off. Yeah, for example, the bank,

292
00:13:55,400 --> 00:13:58,000
Speaker 2: and if you don't pay off your portions of the loan,

293
00:13:58,360 --> 00:14:00,839
Speaker 2: they're going to go all right on you didn't pay

294
00:14:00,840 --> 00:14:02,680
Speaker 2: off your own We're just going to go and sell

295
00:14:02,720 --> 00:14:05,480
Speaker 2: it from under you and recoup our costs. So something

296
00:14:05,559 --> 00:14:08,679
Speaker 2: similar could potentially happen with this as well, I.

297
00:14:08,640 --> 00:14:11,520
Speaker 5: Have a question around the equity thing, and so if

298
00:14:11,520 --> 00:14:14,959
Speaker 5: the government owns a slice of my house pie, shall

299
00:14:14,960 --> 00:14:19,040
Speaker 5: I say? If I, let's say I put some money

300
00:14:19,040 --> 00:14:21,280
Speaker 5: into it. I want to make my house really homely.

301
00:14:21,480 --> 00:14:24,400
Speaker 5: I do some renovations, I do some upgrades. I put

302
00:14:24,440 --> 00:14:27,480
Speaker 5: my own money into making that property better. And then

303
00:14:27,640 --> 00:14:30,040
Speaker 5: when I want to sell it down the track, let's

304
00:14:30,080 --> 00:14:33,120
Speaker 5: say two or three years, I've outgrown the property. I'm

305
00:14:33,160 --> 00:14:34,840
Speaker 5: ready to move into a bigger one.

306
00:14:35,280 --> 00:14:35,480
Speaker 2: Yeah.

307
00:14:35,520 --> 00:14:39,560
Speaker 5: If the government owns a slice of that pie, is

308
00:14:39,600 --> 00:14:41,440
Speaker 5: that then going to be based on a percentage? So

309
00:14:41,480 --> 00:14:44,520
Speaker 5: if I sell for a profit, not only do I

310
00:14:44,560 --> 00:14:47,880
Speaker 5: have to pay back the equivalent of what I've borrowed potentially,

311
00:14:48,320 --> 00:14:51,480
Speaker 5: but they're also entitled to some of those profits that

312
00:14:51,600 --> 00:14:53,000
Speaker 5: I put the hard work in to get.

313
00:14:53,400 --> 00:14:55,480
Speaker 2: Yeah. So just at the end of the day, they

314
00:14:55,520 --> 00:14:58,400
Speaker 2: own a percentage of the property. So if that property

315
00:14:58,440 --> 00:15:02,480
Speaker 2: increases in value, their percentage has just increased in value.

316
00:15:02,560 --> 00:15:04,760
Speaker 2: I think the best way to explain this is actually

317
00:15:04,800 --> 00:15:07,600
Speaker 2: with a bit of an example. So let's just put

318
00:15:07,640 --> 00:15:10,840
Speaker 2: you in the place of the home buyer. Jess goes

319
00:15:10,840 --> 00:15:13,960
Speaker 2: out it's Melbourne. She's gone and purchased a property for

320
00:15:14,120 --> 00:15:15,640
Speaker 2: seven hundred thousand dollars.

321
00:15:15,840 --> 00:15:17,240
Speaker 4: Actually, hat you're.

322
00:15:17,120 --> 00:15:20,840
Speaker 2: Well done, Jess M. Payne. Later, once we're out of lockdown,

323
00:15:21,440 --> 00:15:24,480
Speaker 2: and Jess, you've got a five percent deposit or thirty

324
00:15:24,480 --> 00:15:26,880
Speaker 2: five thousand dollars, which is the criteria that you need

325
00:15:26,920 --> 00:15:29,960
Speaker 2: to meet. The Victorian home Buyer Fund is then going

326
00:15:29,960 --> 00:15:33,400
Speaker 2: to agree to cover fifteen percent of that property purchase,

327
00:15:33,480 --> 00:15:36,560
Speaker 2: which equals one hundred and five thousand dollars, and then

328
00:15:36,600 --> 00:15:39,800
Speaker 2: that total equals twenty percent, So you're five percent, the

329
00:15:39,800 --> 00:15:42,840
Speaker 2: government's fifteen percent. You've got your twenty percent deposit for

330
00:15:42,960 --> 00:15:46,320
Speaker 2: your property, which means you can actually avoid paying LMI

331
00:15:46,600 --> 00:15:49,120
Speaker 2: or lender's mortgage insurance. We've covered all of this on

332
00:15:49,160 --> 00:15:51,440
Speaker 2: the Property Playbook if you want to know more about it,

333
00:15:51,520 --> 00:15:55,120
Speaker 2: but that's all I'll say on LMI. Essentially, then Jess

334
00:15:55,200 --> 00:15:56,680
Speaker 2: is going to go get a home loan to cover

335
00:15:56,720 --> 00:15:59,920
Speaker 2: the remaining eighty percent of the property. The Home Buyer

336
00:16:00,120 --> 00:16:02,960
Speaker 2: Fund then owns fifteen percent of your property, so it's

337
00:16:02,960 --> 00:16:05,840
Speaker 2: not that one hundred and five thousand dollars that they've

338
00:16:05,840 --> 00:16:08,720
Speaker 2: put in that they're expecting to get back. They're still

339
00:16:08,760 --> 00:16:12,800
Speaker 2: expecting to get back fifteen percent. So Jess, you and James,

340
00:16:12,800 --> 00:16:15,480
Speaker 2: you move into your new property, you deck it out.

341
00:16:15,520 --> 00:16:18,200
Speaker 2: Obviously it's going to be very aesthetic because Tony just

342
00:16:18,280 --> 00:16:22,080
Speaker 2: lives there, and over the next few years, your property's

343
00:16:22,240 --> 00:16:26,080
Speaker 2: value grows to eight hundred grand money win. You've been

344
00:16:26,120 --> 00:16:29,560
Speaker 2: replaying the home loan. But the first home Buyer Fund

345
00:16:29,600 --> 00:16:32,840
Speaker 2: actually still owns fifteen percent of your property, and that's

346
00:16:32,880 --> 00:16:35,800
Speaker 2: now worth one hundred and twenty thousand dollars. So if

347
00:16:35,880 --> 00:16:39,080
Speaker 2: you were to go and sell that property, they still

348
00:16:39,120 --> 00:16:41,120
Speaker 2: get fifteen percent of their sale price.

349
00:16:42,080 --> 00:16:45,760
Speaker 3: Yeah, what if you like burn the house down and

350
00:16:45,800 --> 00:16:49,360
Speaker 3: then you sell it and their fifteen percent is now

351
00:16:49,480 --> 00:16:53,520
Speaker 3: no longer worth what they initially like bought into, Then

352
00:16:53,520 --> 00:16:55,520
Speaker 3: what happens do you have to like top that up

353
00:16:55,560 --> 00:16:56,080
Speaker 3: with cash?

354
00:16:56,720 --> 00:16:59,400
Speaker 2: I mean, I shouldn't actually googled what happens if I

355
00:16:59,520 --> 00:17:02,480
Speaker 2: burned it my house would have to pay the government

356
00:17:02,640 --> 00:17:07,679
Speaker 2: that that wasn't something that's a curveballs I didn't expect

357
00:17:07,720 --> 00:17:10,840
Speaker 2: you to ask me. I would argue, that's why you

358
00:17:10,920 --> 00:17:14,159
Speaker 2: guys are going to have home and contents insurance so

359
00:17:14,200 --> 00:17:17,600
Speaker 2: that you can potentially rebuild that. But I would say

360
00:17:17,640 --> 00:17:20,760
Speaker 2: that from the government perspective, this is an investment, So

361
00:17:21,080 --> 00:17:23,639
Speaker 2: as much as your property might now be worth just

362
00:17:23,760 --> 00:17:26,720
Speaker 2: eight hundred thousand dollars, what if it went backwards and

363
00:17:26,880 --> 00:17:30,320
Speaker 2: was now worth six hundred thousand dollars, their slice of

364
00:17:30,359 --> 00:17:33,560
Speaker 2: the pie is worthless, which is why it is a

365
00:17:33,600 --> 00:17:36,840
Speaker 2: shared equity scheme. Because they have equity, they've made an

366
00:17:36,840 --> 00:17:41,120
Speaker 2: investment in your property, so essentially they're investing in property

367
00:17:41,119 --> 00:17:44,040
Speaker 2: as well, which means they are being exposed to the

368
00:17:44,080 --> 00:17:46,800
Speaker 2: ebbs and flows of the market in exactly the same

369
00:17:46,840 --> 00:17:49,600
Speaker 2: way you are. So if you make profit, they make profit,

370
00:17:49,760 --> 00:17:52,280
Speaker 2: everybody should be happy because they gave you a leg

371
00:17:52,359 --> 00:17:54,720
Speaker 2: up to get into the property market. Yeah, but if

372
00:17:54,760 --> 00:17:57,080
Speaker 2: you made a bad property decision and they tipped in

373
00:17:57,119 --> 00:18:00,560
Speaker 2: their fifteen percent that time, well then that's just how

374
00:18:00,600 --> 00:18:01,560
Speaker 2: the market works.

375
00:18:02,320 --> 00:18:04,320
Speaker 5: And I feel like it would probably be safe to

376
00:18:04,400 --> 00:18:07,439
Speaker 5: assume right that, like any other grant or a scheme,

377
00:18:07,680 --> 00:18:10,280
Speaker 5: you have to apply, you don't just receive it, and

378
00:18:10,320 --> 00:18:13,400
Speaker 5: they would probably be looking into those things when they're

379
00:18:13,440 --> 00:18:16,840
Speaker 5: considering who will and won't have access to this fund.

380
00:18:17,119 --> 00:18:19,439
Speaker 2: So yes, there is a list of criteria that you

381
00:18:19,560 --> 00:18:22,760
Speaker 2: need to meet, just like everything else in Australia. You

382
00:18:22,800 --> 00:18:25,120
Speaker 2: do need to be a citizen or a permanent resident

383
00:18:25,160 --> 00:18:26,800
Speaker 2: and you need to be over the age of eighteen,

384
00:18:27,280 --> 00:18:29,399
Speaker 2: kind of a no brainer. You need to have a

385
00:18:29,480 --> 00:18:32,399
Speaker 2: gross annual income of one hundred and twenty five thousand

386
00:18:32,440 --> 00:18:36,040
Speaker 2: dollars or less, or for a couple who's borrowing two

387
00:18:36,160 --> 00:18:39,880
Speaker 2: hundred thousand dollars combined or less. The property also needs

388
00:18:39,880 --> 00:18:42,000
Speaker 2: to be your principal place of residence, so you can't

389
00:18:42,040 --> 00:18:43,800
Speaker 2: just go and buy an investment property and think the

390
00:18:43,880 --> 00:18:45,879
Speaker 2: government's going to be like, yeah, sweet Tony, let's go

391
00:18:45,960 --> 00:18:49,919
Speaker 2: in this together. Not going to happen. And you can't

392
00:18:49,960 --> 00:18:53,000
Speaker 2: buy a property from a family member, so like you

393
00:18:53,040 --> 00:18:56,679
Speaker 2: couldn't go and buy, you know, my dad's property and

394
00:18:56,800 --> 00:18:59,040
Speaker 2: think that that was a good way to get me

395
00:18:59,160 --> 00:19:01,199
Speaker 2: into a property. So they're trying to make sure that

396
00:19:01,200 --> 00:19:05,200
Speaker 2: there's no fuzzy lines or people doing dirties on the site.

397
00:19:06,000 --> 00:19:08,520
Speaker 2: You also need to be a natural person, and I

398
00:19:08,600 --> 00:19:11,879
Speaker 2: know that that sounds very strange, but it essentially means

399
00:19:11,880 --> 00:19:15,520
Speaker 2: you can't buy a property with an organization or a trust.

400
00:19:15,800 --> 00:19:17,920
Speaker 2: So a lot of questions we get when it comes

401
00:19:17,960 --> 00:19:20,960
Speaker 2: to property, especially on the property playbook, is should I

402
00:19:21,000 --> 00:19:23,800
Speaker 2: be buying my property and a trust? You can't do that.

403
00:19:24,119 --> 00:19:26,000
Speaker 2: The rule is you need to be a natural person,

404
00:19:26,040 --> 00:19:27,680
Speaker 2: and that just means you have to buy it yourself.

405
00:19:27,880 --> 00:19:30,280
Speaker 2: So I mean they could have just said that instead

406
00:19:30,280 --> 00:19:32,880
Speaker 2: of being weird about it, but the government just makes

407
00:19:32,880 --> 00:19:37,520
Speaker 2: weird decisions sometimes. And the other criteria that you need

408
00:19:37,560 --> 00:19:40,880
Speaker 2: to meet is that you can't own any interest in

409
00:19:40,960 --> 00:19:43,520
Speaker 2: any land at the time of purchase or be a

410
00:19:43,560 --> 00:19:47,480
Speaker 2: shareholder in any private corporation that owns land. So they're

411
00:19:47,480 --> 00:19:50,840
Speaker 2: like only giving this opportunity to people who don't have

412
00:19:50,960 --> 00:19:53,600
Speaker 2: property already. But it's not the first home buy a scrap.

413
00:19:53,800 --> 00:19:55,840
Speaker 2: I think it's important to just work out if you're

414
00:19:55,880 --> 00:19:58,360
Speaker 2: eligible for this or not before actually trying to work

415
00:19:58,400 --> 00:20:00,800
Speaker 2: towards it. And there is actually a Home Buys Fund

416
00:20:00,840 --> 00:20:03,280
Speaker 2: eligibility quiz and we will chuck that in the show

417
00:20:03,280 --> 00:20:05,040
Speaker 2: notes for you guys so that you can see if

418
00:20:05,040 --> 00:20:08,600
Speaker 2: you can access this scheme. In saying that, also relevant

419
00:20:08,800 --> 00:20:11,080
Speaker 2: is the fact that it is capped, so it is

420
00:20:11,119 --> 00:20:13,399
Speaker 2: a five hundred million dollar fund and that sounds like

421
00:20:13,440 --> 00:20:16,880
Speaker 2: a lot of properties, but essentially that's going to mean

422
00:20:17,040 --> 00:20:20,960
Speaker 2: that the Victorian government is going to become an investor,

423
00:20:21,200 --> 00:20:25,400
Speaker 2: which sounds fun in about three thousand homes. So it's

424
00:20:25,520 --> 00:20:28,240
Speaker 2: not a scheme that is going to see every single

425
00:20:28,400 --> 00:20:31,040
Speaker 2: young Victorian who doesn't have any property and is a

426
00:20:31,119 --> 00:20:35,760
Speaker 2: natural person purchasing a property and actually getting access to

427
00:20:35,800 --> 00:20:38,840
Speaker 2: this like every other ground, like every other scheme, there

428
00:20:38,880 --> 00:20:39,720
Speaker 2: are caps.

429
00:20:40,240 --> 00:20:44,320
Speaker 5: Yeah, it's interesting, isn't it? Because I looked into it

430
00:20:44,359 --> 00:20:47,119
Speaker 5: a little bit because I'm thinking about buying property and

431
00:20:47,280 --> 00:20:50,080
Speaker 5: I was like, is this something that I would consider doing?

432
00:20:50,280 --> 00:20:54,200
Speaker 5: And I think the equity thing really put me off.

433
00:20:54,520 --> 00:20:59,080
Speaker 5: And I don't know if that's entitled to say, but I.

434
00:20:59,000 --> 00:20:59,800
Speaker 2: Just didn't want it.

435
00:21:00,560 --> 00:21:04,320
Speaker 5: I Yeah, I didn't love the idea knowing that I

436
00:21:04,359 --> 00:21:06,439
Speaker 5: will likely do like a house and land kind of

437
00:21:06,440 --> 00:21:09,399
Speaker 5: thing and then do additional work myself to kind of

438
00:21:09,400 --> 00:21:10,280
Speaker 5: spruce things up.

439
00:21:10,359 --> 00:21:10,560
Speaker 2: Yeah.

440
00:21:10,720 --> 00:21:13,560
Speaker 5: I didn't love the idea of doing that work for

441
00:21:14,080 --> 00:21:16,520
Speaker 5: someone else to then benefit. I was kind of like,

442
00:21:16,920 --> 00:21:18,600
Speaker 5: if I'm able to access it, and there's a lot

443
00:21:18,640 --> 00:21:21,159
Speaker 5: of if butts and maybes in this situation, I guess,

444
00:21:21,840 --> 00:21:23,920
Speaker 5: but if I can just you know, take a mortgage

445
00:21:23,960 --> 00:21:27,000
Speaker 5: on myself without that input, that would be my preference.

446
00:21:27,520 --> 00:21:29,679
Speaker 5: But I can see that it would be appealing for people.

447
00:21:30,119 --> 00:21:32,080
Speaker 5: Not everyone is in the situation that I am. There

448
00:21:32,080 --> 00:21:35,119
Speaker 5: are people who might struggle to get a mortgage by themselves.

449
00:21:35,160 --> 00:21:37,680
Speaker 5: And I guess it's nice that there's something out there

450
00:21:37,720 --> 00:21:39,880
Speaker 5: that they can access to help them get a leg up.

451
00:21:40,160 --> 00:21:42,919
Speaker 2: Yeah, and I think it's obviously there's a lot of pros,

452
00:21:43,000 --> 00:21:45,439
Speaker 2: but then that is a disadvantage and just knowing that

453
00:21:45,480 --> 00:21:48,000
Speaker 2: you're going to have to repay yet another thing. I

454
00:21:48,040 --> 00:21:49,760
Speaker 2: know you're going to have to pay it on your mortgage,

455
00:21:49,800 --> 00:21:52,159
Speaker 2: but you kind of knew that that was yours in

456
00:21:52,240 --> 00:21:55,080
Speaker 2: like any additional value you add, you're not I guess

457
00:21:55,200 --> 00:21:57,159
Speaker 2: throwing it in the bin in a way, And that

458
00:21:57,240 --> 00:21:59,800
Speaker 2: sounds a bit negative. But the other thing that really

459
00:21:59,800 --> 00:22:02,520
Speaker 2: got me with this scheme guys is jes you said

460
00:22:02,560 --> 00:22:05,960
Speaker 2: before I'll go and get a mortgage. Well, my friends,

461
00:22:06,240 --> 00:22:08,080
Speaker 2: if you want to go and do this home by

462
00:22:08,080 --> 00:22:10,920
Speaker 2: a fund, you can actually only get a mortgage from

463
00:22:10,960 --> 00:22:14,600
Speaker 2: one of two places. Really anticipating this, yeah, I didn't

464
00:22:14,640 --> 00:22:17,680
Speaker 2: see that bit. No, it's actually crazy. So you can

465
00:22:17,800 --> 00:22:21,040
Speaker 2: only get a mortgage from Bank Australia or the Bendigo Bank.

466
00:22:21,160 --> 00:22:23,320
Speaker 2: That is it. Those are the only two banks that

467
00:22:23,359 --> 00:22:26,480
Speaker 2: are going to be at this point might change, going

468
00:22:26,520 --> 00:22:29,159
Speaker 2: to be lending to people who are using this scheme.

469
00:22:29,280 --> 00:22:31,480
Speaker 4: That feels a bit sneaky, doesn't it?

470
00:22:31,480 --> 00:22:34,000
Speaker 2: It does, But I guess both of those banks are

471
00:22:34,080 --> 00:22:37,879
Speaker 2: quite ethical, nice banks doing good things. It's not you know,

472
00:22:38,280 --> 00:22:40,760
Speaker 2: I don't have a problem with products from either of

473
00:22:40,800 --> 00:22:44,200
Speaker 2: those banks, like they're good mortgages. But it does, again

474
00:22:44,520 --> 00:22:47,159
Speaker 2: further constrain you in terms of flexibility. Or if you

475
00:22:47,240 --> 00:22:50,080
Speaker 2: already bank with NAB or you're already with Macquarie, like

476
00:22:50,520 --> 00:22:54,560
Speaker 2: you're not exactly chasing the lowest interest rate and you're

477
00:22:54,600 --> 00:22:58,280
Speaker 2: not potentially taking into consideration the bells and whistles that

478
00:22:58,320 --> 00:23:01,680
Speaker 2: you might want if you'd seen a mortgage. So for example, Tony,

479
00:23:01,720 --> 00:23:04,240
Speaker 2: you might go, oh, I'm buying house, I really want

480
00:23:04,280 --> 00:23:07,080
Speaker 2: like five offsets because I'm just going to offset every

481
00:23:07,080 --> 00:23:11,040
Speaker 2: single savings account I have. Maybe, and please don't quote

482
00:23:11,080 --> 00:23:13,320
Speaker 2: me on this, because I haven't looked into Bank Australia

483
00:23:13,400 --> 00:23:15,960
Speaker 2: or Bendigo banks products, maybe that won't be an option

484
00:23:16,000 --> 00:23:18,399
Speaker 2: because the bells and whistles aren't available at those banks.

485
00:23:18,520 --> 00:23:21,200
Speaker 2: That doesn't mean they're bad, It just means you are

486
00:23:21,240 --> 00:23:22,719
Speaker 2: a little bit more constrained.

487
00:23:22,840 --> 00:23:26,000
Speaker 5: Yeah, that's really interesting in terms of the mortgage because

488
00:23:26,000 --> 00:23:29,320
Speaker 5: something we've spoken about on the pod before is shopping

489
00:23:29,359 --> 00:23:33,080
Speaker 5: around for your mortgage not every yar and again not

490
00:23:33,080 --> 00:23:35,639
Speaker 5: to shove another plug in, but we actually spoke to

491
00:23:35,680 --> 00:23:38,440
Speaker 5: a mortgage expert all about mortgages and mortgage myths on

492
00:23:38,480 --> 00:23:40,800
Speaker 5: the Property Playbook. Very interesting episode if you're interested in

493
00:23:40,800 --> 00:23:43,960
Speaker 5: buying like me, but it takes away that option for

494
00:23:44,040 --> 00:23:46,320
Speaker 5: you to kind of play people off against each other

495
00:23:46,440 --> 00:23:49,880
Speaker 5: or go oh well yeah right, yeah, Like my rate

496
00:23:50,000 --> 00:23:52,320
Speaker 5: is three percent, but this place has two point five.

497
00:23:52,680 --> 00:23:56,000
Speaker 5: If you're only choosing between two places, I would assume

498
00:23:56,240 --> 00:23:59,840
Speaker 5: that these two banks would probably be offering similar rates. No,

499
00:24:00,640 --> 00:24:02,359
Speaker 5: that they're going to have a lot of people coming

500
00:24:02,520 --> 00:24:06,000
Speaker 5: for this fund, and they would probably be matching each

501
00:24:06,000 --> 00:24:08,400
Speaker 5: other or at least very comparable.

502
00:24:08,640 --> 00:24:11,239
Speaker 2: And so yeah, I hope that's not the case, but

503
00:24:11,280 --> 00:24:12,960
Speaker 2: you totally know it probably is going to be the

504
00:24:13,000 --> 00:24:16,080
Speaker 2: case because they don't have to be anything other than

505
00:24:16,119 --> 00:24:18,199
Speaker 2: non competitive. They're like, well you're going to need me,

506
00:24:18,600 --> 00:24:21,080
Speaker 2: so yeah. And going back to what you were saying

507
00:24:21,119 --> 00:24:23,959
Speaker 2: as well, Jess, like about not wanting to have somebody

508
00:24:24,040 --> 00:24:27,480
Speaker 2: else own your property, Like if you're paying back this

509
00:24:27,560 --> 00:24:31,679
Speaker 2: home buyer fund, they actually own a percentage, whereas the

510
00:24:31,720 --> 00:24:34,960
Speaker 2: bank they just have the loan. So say we flip

511
00:24:35,040 --> 00:24:36,840
Speaker 2: this and go back to that example that I was

512
00:24:36,880 --> 00:24:38,960
Speaker 2: talking to about before, and I said, you bought the

513
00:24:39,040 --> 00:24:42,120
Speaker 2: seven hundred thousand dollar property and only had the five

514
00:24:42,160 --> 00:24:45,440
Speaker 2: percent deposit, so you'd gone down a different system where

515
00:24:45,480 --> 00:24:48,959
Speaker 2: you'd only needed that five percent deposit, and then you know,

516
00:24:49,040 --> 00:24:52,280
Speaker 2: in seven years worth eight one hundred grand again, you're

517
00:24:52,400 --> 00:24:55,960
Speaker 2: actually going to be fifteen thousand dollars better off having

518
00:24:56,080 --> 00:24:59,399
Speaker 2: not used this fund because you would have got that

519
00:24:59,480 --> 00:25:02,640
Speaker 2: profit instead of having to share the profit with somebody

520
00:25:02,640 --> 00:25:05,680
Speaker 2: else who was technically a co owner. So the government

521
00:25:05,800 --> 00:25:09,520
Speaker 2: essentially is an equity holder, whereas the bank they've just

522
00:25:09,680 --> 00:25:12,639
Speaker 2: lent you that eighty percent loan, they just want it

523
00:25:12,680 --> 00:25:15,560
Speaker 2: paid back. They couldn't care less if the property doubled

524
00:25:15,640 --> 00:25:18,640
Speaker 2: in value and you made epic amounts of profit. They

525
00:25:18,720 --> 00:25:21,480
Speaker 2: just want their money back so that they can extinguish

526
00:25:21,600 --> 00:25:24,359
Speaker 2: the loan. So I think it's important to not I

527
00:25:24,400 --> 00:25:26,159
Speaker 2: guess lump it in. Well, I guess you're going to

528
00:25:26,240 --> 00:25:28,680
Speaker 2: owe someone something at some point. It's kind of like yeah,

529
00:25:28,720 --> 00:25:32,080
Speaker 2: But like in that example we gave before, if Jess

530
00:25:32,080 --> 00:25:34,520
Speaker 2: had just used a five percent deposit and you know,

531
00:25:34,640 --> 00:25:37,200
Speaker 2: gone down a different route, she would have been fifteen

532
00:25:37,280 --> 00:25:40,280
Speaker 2: grand better off, at the end of that story. So

533
00:25:40,320 --> 00:25:43,040
Speaker 2: that money, Yeah, that's a lot of money. And I

534
00:25:43,080 --> 00:25:46,000
Speaker 2: mean that was a pretty conservative example if we're being honest,

535
00:25:46,119 --> 00:25:49,960
Speaker 2: like seven years in Melbourne and property only increased one

536
00:25:50,040 --> 00:25:53,880
Speaker 2: hundred grand. Like I've seen auctions last weekend that when

537
00:25:53,880 --> 00:25:57,960
Speaker 2: one hundred grand over reserved consistently, So it's not something

538
00:25:58,040 --> 00:26:00,320
Speaker 2: that is small or even to just blink. Yeah, So

539
00:26:00,400 --> 00:26:03,720
Speaker 2: I definitely would be making sure that this really does

540
00:26:03,880 --> 00:26:07,280
Speaker 2: work in your benefit. And if I was to use

541
00:26:07,320 --> 00:26:09,639
Speaker 2: this scheme, I think I would be really trying to

542
00:26:09,680 --> 00:26:11,879
Speaker 2: pay that back as soon as possible, to kind of

543
00:26:11,920 --> 00:26:15,159
Speaker 2: like buy them out sooner rather than later instead of

544
00:26:15,200 --> 00:26:17,439
Speaker 2: waiting until I sell the property, because you do have

545
00:26:17,480 --> 00:26:19,480
Speaker 2: a couple of options to pay that back, like you

546
00:26:19,480 --> 00:26:21,280
Speaker 2: could pay it back in installments, or you could wait

547
00:26:21,359 --> 00:26:23,000
Speaker 2: until you sell the property and then pay the home

548
00:26:23,040 --> 00:26:25,639
Speaker 2: buy a fund back asap once you've done that. So,

549
00:26:26,280 --> 00:26:27,800
Speaker 2: I don't know, I just think there's a lot to

550
00:26:27,880 --> 00:26:31,960
Speaker 2: consider there, and obviously if you're potentially considering it, I'd

551
00:26:31,960 --> 00:26:34,120
Speaker 2: look at getting some advice and doing a whole heap

552
00:26:34,160 --> 00:26:34,760
Speaker 2: of research.

553
00:26:35,119 --> 00:26:38,080
Speaker 5: Mortgage brokers are really great for that as well. They're

554
00:26:38,119 --> 00:26:40,840
Speaker 5: usually free. Again, this is something we talk about a lot,

555
00:26:40,920 --> 00:26:44,080
Speaker 5: but their service is usually free and they can present

556
00:26:44,119 --> 00:26:46,240
Speaker 5: you with a whole range of different options. They usually

557
00:26:46,320 --> 00:26:48,359
Speaker 5: have a really good knowledge of the grants that are

558
00:26:48,400 --> 00:26:51,280
Speaker 5: available in your state and can help you make a

559
00:26:51,280 --> 00:26:54,480
Speaker 5: decision that's going to put you in the best possible position.

560
00:26:55,000 --> 00:26:57,040
Speaker 2: Yeah, agreed, And I think that we need to rely

561
00:26:57,160 --> 00:27:00,480
Speaker 2: on the professionals sometimes to give us the advice because

562
00:27:00,480 --> 00:27:02,159
Speaker 2: I think a lot of people saw this. I'm like,

563
00:27:02,200 --> 00:27:04,680
Speaker 2: oh my gosh, there's another fund I can get into

564
00:27:04,720 --> 00:27:07,160
Speaker 2: property sooner, and then you kind of like go, oh, great,

565
00:27:07,200 --> 00:27:11,680
Speaker 2: that's exciting. Oh that's not so exciting, which is a

566
00:27:11,720 --> 00:27:14,679
Speaker 2: bit disappointing. But at the same time, let's be honest.

567
00:27:14,800 --> 00:27:16,320
Speaker 2: That is going to give a leg up to like

568
00:27:16,400 --> 00:27:18,720
Speaker 2: three thousand people to get in the market when they

569
00:27:18,840 --> 00:27:21,520
Speaker 2: probably didn't have any other option or would have had

570
00:27:21,520 --> 00:27:23,959
Speaker 2: to say for like another ten years to get that

571
00:27:24,040 --> 00:27:25,680
Speaker 2: fifteen percent of their deposit.

572
00:27:25,920 --> 00:27:28,560
Speaker 5: And then it's hard because they're priced out because of inflation.

573
00:27:28,800 --> 00:27:32,520
Speaker 5: So exactly, it's a really hard right. Yeah, the right

574
00:27:32,600 --> 00:27:35,480
Speaker 5: race is real with property. I am feeling the pain

575
00:27:35,560 --> 00:27:39,320
Speaker 5: right now. Super interesting to know about. Thank you so

576
00:27:39,400 --> 00:27:41,800
Speaker 5: much for breaking that down, because it was something that

577
00:27:41,840 --> 00:27:45,200
Speaker 5: I was not unsure about, but it's worth I think

578
00:27:45,240 --> 00:27:48,560
Speaker 5: knowing what's available. And I know this is Victoria specific,

579
00:27:48,760 --> 00:27:52,280
Speaker 5: but I highly recommend anyone who's looking into property jumping

580
00:27:52,359 --> 00:27:56,439
Speaker 5: on your state government website. There will absolutely be a

581
00:27:56,480 --> 00:27:59,840
Speaker 5: property section on that website and that will break down

582
00:28:00,000 --> 00:28:03,399
Speaker 5: what is available, what the eligibility criteria are. All of

583
00:28:03,440 --> 00:28:05,600
Speaker 5: those fun things will be in one place, and it's

584
00:28:05,640 --> 00:28:07,120
Speaker 5: a legit source of information.

585
00:28:07,600 --> 00:28:10,000
Speaker 2: All right, guys, As we said before, make sure you're

586
00:28:10,080 --> 00:28:12,720
Speaker 2: checking your facts. But we have run out of time,

587
00:28:12,800 --> 00:28:15,919
Speaker 2: so no more home by a Scheme conversation until Friday

588
00:28:16,000 --> 00:28:19,320
Speaker 2: Drinks next week. And as always, just before we head off,

589
00:28:19,359 --> 00:28:23,120
Speaker 2: we'd like to acknowledge and pay respect to Australia's Aboriginal

590
00:28:23,160 --> 00:28:27,440
Speaker 2: and Torres Strait Islander people's, the traditional custodians of the lands,

591
00:28:27,520 --> 00:28:31,320
Speaker 2: the waterways and the skies all across Australia. We thank

592
00:28:31,359 --> 00:28:33,479
Speaker 2: you for sharing and for caring for the land on

593
00:28:33,520 --> 00:28:36,480
Speaker 2: which we are able to learn. We pay our respects

594
00:28:36,480 --> 00:28:39,240
Speaker 2: to elders past and present, and we share our friendship

595
00:28:39,280 --> 00:28:40,440
Speaker 2: and our kindness.

596
00:28:40,840 --> 00:28:43,440
Speaker 3: The advice shared on Shees on the Money is generally

597
00:28:43,520 --> 00:28:47,160
Speaker 3: nature and does not consider your individual circumstances. She's on

598
00:28:47,240 --> 00:28:50,479
Speaker 3: the money, exists purely for educational purposes and should not

599
00:28:50,520 --> 00:28:53,720
Speaker 3: be relied upon to make an investment or any financial decision.

600
00:28:54,120 --> 00:28:57,760
Speaker 3: And we promise that Victoria Divine is an authorized representative

601
00:28:57,960 --> 00:29:01,600
Speaker 3: of Australia Pacific Funds Management Proprietary Limited a b M

602
00:29:01,720 --> 00:29:04,200
Speaker 3: three four one three two four six three two five

603
00:29:04,280 --> 00:29:07,000
Speaker 3: seven af CL three three nine one five one.

604
00:29:07,720 --> 00:29:10,040
Speaker 2: See you next week, guys. Bye,