1
00:00:00,880 --> 00:00:04,480
Speaker 1: Jonesy and Amanda jam Nation Jonesy.

2
00:00:04,480 --> 00:00:06,680
Speaker 2: No matter answer the pub test buying off the plan?

3
00:00:06,800 --> 00:00:08,760
Speaker 2: Does it passed the pub test. The owners of the

4
00:00:08,800 --> 00:00:11,559
Speaker 2: one hundred and thirty one units in the troubled Mascot

5
00:00:11,600 --> 00:00:15,280
Speaker 2: Towers in Sydney have been evacuated since June twenty nineteen

6
00:00:15,400 --> 00:00:16,040
Speaker 2: due to crack.

7
00:00:15,880 --> 00:00:20,320
Speaker 1: Seita Yes, facing financial ruin, mental distress, imagine all of that.

8
00:00:20,360 --> 00:00:22,320
Speaker 1: There has been a proposed solution from the New South

9
00:00:22,360 --> 00:00:25,959
Speaker 1: Wales Building Commissioner that a new consortium would cancel the

10
00:00:25,960 --> 00:00:27,720
Speaker 1: debts of the owners and pay them a percentage of

11
00:00:27,720 --> 00:00:29,680
Speaker 1: what their homes are worth. But there's a story in

12
00:00:29,680 --> 00:00:32,600
Speaker 1: the Herald this morning of a couple in their eighties who.

13
00:00:32,440 --> 00:00:33,519
Speaker 2: Had Ronica and Cliff.

14
00:00:33,560 --> 00:00:36,800
Speaker 1: They had paid off their place. So having their house

15
00:00:36,960 --> 00:00:39,400
Speaker 1: just worthless because who's going to buy it is of

16
00:00:39,880 --> 00:00:42,000
Speaker 1: having no mortgages of no advantage to them.

17
00:00:42,040 --> 00:00:45,040
Speaker 2: And they're an elderly couple, they're in their eighties and

18
00:00:45,760 --> 00:00:48,000
Speaker 2: when you get to your eighties, you don't want to

19
00:00:48,000 --> 00:00:49,120
Speaker 2: be stressed with stuff like that.

20
00:00:49,240 --> 00:00:51,159
Speaker 1: Well, no one wants to be stressed with stuff like this.

21
00:00:51,200 --> 00:00:53,680
Speaker 1: Your life savings going like this. Pros of buying off

22
00:00:53,680 --> 00:00:56,000
Speaker 1: the plan you can defer your stamp duty. You've got

23
00:00:56,040 --> 00:00:57,720
Speaker 1: time to range your mortgage. You don't pay it all

24
00:00:57,800 --> 00:01:00,720
Speaker 1: up front. You can be involved in the building process

25
00:01:00,760 --> 00:01:03,360
Speaker 1: and make some design choices along the way. Obviously, with

26
00:01:03,400 --> 00:01:06,080
Speaker 1: the cons you cannot walk around it. You cannot feel

27
00:01:06,080 --> 00:01:08,400
Speaker 1: the space, you cannot see the quality of the workmanship.

28
00:01:08,600 --> 00:01:10,960
Speaker 2: I think if I had any advice to give would

29
00:01:11,000 --> 00:01:14,880
Speaker 2: be check out who the developer is. Make sure it's

30
00:01:14,880 --> 00:01:19,560
Speaker 2: someone that's had form building good buildings, because there are

31
00:01:19,640 --> 00:01:22,679
Speaker 2: good developers in the city and there are bad developers

32
00:01:22,840 --> 00:01:24,840
Speaker 2: in our city. So you have to do your due.

33
00:01:24,640 --> 00:01:27,440
Speaker 1: Diligence buying off the plan. Does it passed the pub test?

34
00:01:27,800 --> 00:01:31,600
Speaker 3: No, because too risky. If something goes wrong, your money's gone,

35
00:01:31,720 --> 00:01:34,680
Speaker 3: So too risky. It does not pass a pub test.

36
00:01:34,800 --> 00:01:36,720
Speaker 3: A friend of mine bought off a plan and he

37
00:01:36,800 --> 00:01:38,800
Speaker 3: had to sit in the hallway to use the study,

38
00:01:38,880 --> 00:01:40,800
Speaker 3: or he had to close the door to use a toilet.

39
00:01:41,280 --> 00:01:43,560
Speaker 3: You sold it as soon as he could. It was rubbish.

40
00:01:43,640 --> 00:01:45,240
Speaker 4: It does past the pub test, but it's the young,

41
00:01:45,280 --> 00:01:49,360
Speaker 4: scrupulous people you're dealing with that makes it uninteresting. You

42
00:01:49,480 --> 00:01:51,160
Speaker 4: pay all the pool is money up front and then

43
00:01:51,200 --> 00:01:53,800
Speaker 4: they give the sunshine clause and get ready when.

44
00:01:53,640 --> 00:01:54,520
Speaker 3: The prices go up.

45
00:01:54,520 --> 00:01:56,800
Speaker 4: So look you past the pub test if you're dealing

46
00:01:56,800 --> 00:01:57,520
Speaker 4: with the right people.

47
00:01:58,640 --> 00:02:00,880
Speaker 1: I think him at the Sunset lu which so there's

48
00:02:00,920 --> 00:02:03,560
Speaker 1: a deal where if it's not completed by a certain time,

49
00:02:03,880 --> 00:02:06,040
Speaker 1: you can get your deposit back and some additional money.

50
00:02:06,200 --> 00:02:09,040
Speaker 1: But there is rumors that some people string that out

51
00:02:09,080 --> 00:02:10,959
Speaker 1: because by then the property has gone up, that the

52
00:02:11,040 --> 00:02:14,200
Speaker 1: builder then makes some money and you don't get a house.

53
00:02:14,080 --> 00:02:16,480
Speaker 2: Or the Sunshine Clothes could be that dodgy developer. I

54
00:02:16,600 --> 00:02:19,600
Speaker 2: now it doesn't have a roof, you've got sunshine, Sunshine,

55
00:02:20,760 --> 00:02:21,880
Speaker 2: thank you for all your cause.