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Speaker 1: She's on the Money. She's on the Money.

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Speaker 2: Hello and welcome to She's on the Money the podcast

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Speaker 2: Millennials who Want Financial Freedom Surprise Surprise. House prices in

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Speaker 2: Australia are high shocking and as everyone listening would be aware,

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Speaker 2: over the last few months, in certain pockets of the

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Speaker 2: country at prices seem to have skyrocketed even further. Our

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Speaker 2: mate Ryan John V was telling us the other day

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Speaker 2: about a house he was looking at that went for

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Speaker 2: about four hundred k more than it was listed for,

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Speaker 2: which makes me want to vomit.

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Speaker 1: And you and I actually from the Peninsula complete side note,

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Speaker 1: property down on the Ninch went for one point six

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Speaker 1: million dollars over reserve last weekend.

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Speaker 2: Jorge, Yeah, crayon, and so reserve means.

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Speaker 1: Means said for well, kind of what it's listed for,

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Speaker 1: but what the owners want to let it go for. Right,

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Speaker 1: So it was it was a very expensive property to

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Speaker 1: begin with. But the real question here is who has

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Speaker 1: an extra one point six million dollaruies to be like,

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Speaker 1: you know what, that house is so nice, I'll buy

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Speaker 1: it twice? Like what not me? Anyway, that happened? Carry on?

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Speaker 2: Well, the long story short there is that the property

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Speaker 2: market is a tough nut to crack, especially if you're

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Speaker 2: cracking it solo.

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Speaker 1: And don't have an extra one point six million dollaries

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Speaker 1: to spend it.

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Speaker 2: So what are our other options? V? Could we buy

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Speaker 2: with a friend or a sibling, What are the benefits

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Speaker 2: of doing that? And more importantly, what are the risks

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Speaker 2: joining me? As you would know now because she's spoken

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Speaker 2: multiple times in this.

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Speaker 1: Introduction and she just gets involved, she just butts in.

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Speaker 2: It is award winning financial advisor Victoria Devine. V. I

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Speaker 2: want to start by asking you if you would ever

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Speaker 2: buy with your little sister and my good friend Alex

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Speaker 2: Devo Divine.

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Speaker 1: Alex Devo Divine, I think I would. I don't have

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Speaker 1: heaps and heaps of dolaries though, Like it's not like

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Speaker 1: I can be like, oh, let's just go, let's let's

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Speaker 1: buy a house together. But if she was a situation

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Speaker 1: where she wanted to purchase and I happened to want

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Speaker 1: to invest in a property at that time, she's a

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Speaker 1: pretty responsible gal.

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Speaker 2: To be honest, really, I thought you'd be like absolutely not. Oh,

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Speaker 2: I mean jumed, she would say.

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Speaker 1: I mean she's the responsible goal and we are very

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Speaker 1: like I'm a financial advisor, So I would probably have

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Speaker 1: a lot more education going into a process like that.

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Speaker 1: I'd be like, Okay, cool, no problems, Let's put a

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Speaker 1: contract together, let's do this. Let's work out what point

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Speaker 1: we sell, what point we do this, who's going to

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Speaker 1: live in it? What is this look like? So I'd

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Speaker 1: probably be a lot more pragmatic to try and take

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Speaker 1: the emotion out of it so that she and I

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Speaker 1: could actually do it together if we wanted to. But yeah,

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Speaker 1: maybe maybe I would. I like the idea of it,

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Speaker 1: but as this episode is going to discuss, it's maybe

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Speaker 1: not the best idea even if I would like to

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Speaker 1: do it right.

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Speaker 2: Yeah, okay, Well, Devo, if you're listening, get in touch

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Speaker 2: with your sister.

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Speaker 1: Probably don't have no money. It's a hypothetical question.

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Speaker 2: Bye, Okay, let's talk pros and cons.

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Speaker 1: Hear me.

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Speaker 2: I know someone who is planning at the moment, actually

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Speaker 2: on buying with his brother twin brother. Fun fact, anyway.

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Speaker 1: They can playlex switch ERU, pretend it's they're apart, not identical.

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Speaker 2: Oh okay, they can still give it a go, be

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Speaker 2: like parent trap.

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Speaker 1: But we're adults and we are in our own property.

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Speaker 1: Did it ever trip. You out that was just Lindsay Lohan. Yeah,

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Speaker 1: it was very much of them as an eight year

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Speaker 1: old that it was a trap. For a very long time,

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Speaker 1: I thought she had a twin turn out.

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Speaker 2: No, same, just great camera effects. Let's move on, be

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Speaker 2: talk to me about the benefits of this process.

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Speaker 1: So obviously it gives you access to the market sooner

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Speaker 1: than you would have otherwise been able to do it because,

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Speaker 1: as we know, juel incomes mean that you have double

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Speaker 1: the money to spend or save or invest with. And

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Speaker 1: here in Australia it actually takes an average of four

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Speaker 1: point six years to save for a house deposit, and

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Speaker 1: that's according to the statistics from the Australian Government. But

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Speaker 1: I ah, just side note, I think most of us

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Speaker 1: would agree it takes much longer than that, like four

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Speaker 1: point six years. Like what we're buying buying somewhere warehouses

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Speaker 1: a two hundred thousand dollars and definitely definitely not in

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Speaker 1: Melbourne or Sydney, I believe. So speeding up that process

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Speaker 1: by combining two sums of savings is definitely a way

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Speaker 1: to perk up the property buying process and make sure

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Speaker 1: that you know you can afford a house that maybe

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Speaker 1: you couldn't have otherwise can also help you get into

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Speaker 1: a preferred location because the more money you're able to

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Speaker 1: put towards that, it means you're able to, you know,

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Speaker 1: spend a bit more, get in a better location, whatever

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Speaker 1: you're doing there. In the Facebook group this week, ge

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Speaker 1: you asked a question. We heard a positive story from

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Speaker 1: a woman called Joy who said that she brought a

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Speaker 1: holiday home with her in laws and that went really

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Speaker 1: well and you know, apart from a few minor disagreements,

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Speaker 1: they say it's a really good decision. So for many Australians,

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Speaker 1: buying a property is their major money goal and that's

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Speaker 1: what they've been working towards forever. So I think that

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Speaker 1: it's definitely a thing that people would want to put

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Speaker 1: together for to buy because it just feels elusive if

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Speaker 1: you're on your own sometimes. So it's not a bad idea,

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Speaker 1: it's just something we really really need to consider deeply.

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Speaker 2: So the main benefits would be getting into the market

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Speaker 2: sooner and perhaps buying somewhere that you would prefer to

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Speaker 2: live in.

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Speaker 1: That's pretty much it, absolutely and I think it's just

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Speaker 1: around that flexibility piece really, like obviously and property is

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Speaker 1: a massive investment. It kind of gives a little bit

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Speaker 1: of that responsibility to someone else, like it could be fun.

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Speaker 1: Like I don't know. I always have this idea of

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Speaker 1: buying a house with all of my friends when we're

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Speaker 1: old and all moving into it, just having this mega

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Speaker 1: mansion with all our pets and all our partners, and

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Speaker 1: we just have sleepovers every night. Like that's not the

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Speaker 1: worst idea, right, Probably not, It totally is. Let's move

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Speaker 1: it on. Gee, what's your next question?

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Speaker 2: Well, so I guess money and family and money and friends.

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Speaker 2: That's difficult territory to be trapesing. Generally speaking, it is

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Speaker 2: so risky. G well, what are the risks?

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Speaker 1: So many risks because often your goals aren't as aligned

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Speaker 1: as you think it is. So I could be like, gee,

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Speaker 1: let's buy a house together, and you'd be like great,

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Speaker 1: I love houses. And then we pick a location, we

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Speaker 1: buy it together, and we haven't deeply discussed exactly what

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Speaker 1: our priorities are. And maybe my priority, because I'm a

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Speaker 1: little investment friend, I want to buy it as an

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Speaker 1: investment property. So the market goes up significantly and I go, great,

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Speaker 1: this perfect time to sell. We're going to make a

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Speaker 1: really great profit on these, and you go, but I

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Speaker 1: wanted to hold it forever, And then we're going to

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Speaker 1: have a disagreement about whether to sell it or I'm

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Speaker 1: buying it as an investment property and you've said that,

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Speaker 1: but then later down the track you want to move

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Speaker 1: in and I go, okay, cool, will you paying rent?

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Speaker 1: And you go no, because I own the property, and go,

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Speaker 1: but that's not fair. So there's all of these things

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Speaker 1: that can pop up during the journey where our values

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Speaker 1: don't align. And it's not necessarily things that you can

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Speaker 1: predict either, Like I might come up against some financial

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Speaker 1: troubles and go, oh my gosh, I actually can't afford

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Speaker 1: the mortgage or payments on this anymore. I really want

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Speaker 1: to get rid of my part of this property, which

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Speaker 1: ultimately means you've got to sell your property as well.

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Speaker 1: I can't just sell my part, so you're lumped into

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Speaker 1: my financial problems then. And it's just as much as

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Speaker 1: the response ability is diluted, the issues are then diluted

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Speaker 1: as well. So what becomes my issue financially is also

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Speaker 1: your issue. And I think that that's a really deep

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Speaker 1: thing to discuss. But money, family and friends never mix well. Never, never, never, never, Like,

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Speaker 1: I feel like when you lend money to a friend,

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Speaker 1: you'll get only one thing back. You'll either get your

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Speaker 1: friendship back or the money back. It's hardly ever both.

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Speaker 1: So I genuinely believe we need to be so careful

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Speaker 1: when making decisions around money and friendship and money and

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Speaker 1: siblings and money and parents because it's just so convoluted.

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Speaker 1: Now I've said this so many times. My biggest piece

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Speaker 1: of advice. You know, this is not the Business Bible podcast.

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Speaker 1: If you would like more business advice, head over there.

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Speaker 1: But never go into business with your friends is my advice.

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Speaker 1: I don't care how smart or how great they are,

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Speaker 1: or how you know, successful they are. I really struggle

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Speaker 1: with the idea of going into business with friends because

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Speaker 1: it becomes so much more convoluted, becomes really messy, and

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Speaker 1: money and business and everything like that is actually really challenging.

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Speaker 1: And the same is going to happen with property. And

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Speaker 1: you should really see property purchases as a very similar

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Speaker 1: asset acquisition, so that you you know, it's a big responsibility.

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Speaker 1: I've never seen it work super well. Unless everything is

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Speaker 1: sunshine and roses. I'm gonna have to go hey, gee,

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Speaker 1: we can't afford rent this month, Like that's going to

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Speaker 1: cause conflict, It's going to cause resentment. And as much

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Speaker 1: as you go no, like we'll get through it together,

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Speaker 1: Like at some point or another, it's not going to

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Speaker 1: work out well. In saying that, I come across as

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Speaker 1: someone who works with their friends, and I absolutely do,

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Speaker 1: because I think that everybody in my team has now

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Speaker 1: become a friend as well as a business you know, associate,

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Speaker 1: and I feel like that has come from a different place.

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Speaker 1: So I think it's different. If your relationship started as

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Speaker 1: a business relationship and then it flourishes into a friendship,

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Speaker 1: that's very different than going to school together and then

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Speaker 1: going into business. I see that as very different. So

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Speaker 1: you would know, I have a really great relationship with

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Speaker 1: Ryan and Jess and you and you know, Tony and

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Speaker 1: everyone in there our team, and I love them desperately,

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Speaker 1: but that has started at business. So that's what it

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Speaker 1: always boils back down to. It's always like, okay, cool

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Speaker 1: when it comes to business. This is business. We need

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Speaker 1: to just get this done. Let's go grab a drink.

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Speaker 1: That's very different than oh yeah, but you said, and

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Speaker 1: remember when I went to my mum's house, and you

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Speaker 1: know your mum said this, and we grew up with

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Speaker 1: these values. It's it's disgustingly convoluted. And that's my blunt opinion.

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Speaker 2: So I'm skipping ahead a little bit here, but that's okay,

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Speaker 2: you're allowed. What is the difference then, between buying with

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Speaker 2: your best friend and buying with your boyfriend or your

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Speaker 2: partner or whoever it may be, but that someone that

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Speaker 2: you're romantically attached to.

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Speaker 1: Why is that different?

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Speaker 2: Because we see that obviously every day people are buying

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Speaker 2: houses to get their partnership. Yeah.

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Speaker 1: Absolutely so, in my humble opinion, it's because when you

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Speaker 1: buy with a partner, it's because you expect that relationship

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Speaker 1: to grow together and have the same goals essentially forever.

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Speaker 1: And let's use me as an example. I bought with Steve.

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Speaker 1: I have every inten of staying with him forever. I

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Speaker 1: hope that one day he's taking his sweet time. But

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Speaker 1: we get married and you know, we have kids, and

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Speaker 1: our goals are aligned, and that property purchase is aligned

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Speaker 1: to the goals that we are creating together. I can't

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Speaker 1: predict that for you, and so I guess it's easiest

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Speaker 1: to use you as an example. Bit off I said, gee,

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Speaker 1: right now, it makes a lot of sense to go

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Speaker 1: and purchase a property together, and you go, yeah, V,

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Speaker 1: like that's great. We're really close. You know, we've got

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Speaker 1: this great relationship. We talk about money all the time,

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Speaker 1: so I don't see that as an issue. And then

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Speaker 1: a year later, you and Harper decide to go and

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Speaker 1: move to London. Yeah, and then you're saying, oh, look,

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Speaker 1: I'm going to move to London. I can't really afford X,

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Speaker 1: Y and Z or you know, you come into some

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Speaker 1: financial troubles. We aren't a team in the same way

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Speaker 1: that my partner and I are a team and go

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Speaker 1: through those things together. And in my experience, if my

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Speaker 1: salary was completely cut and I couldn't contribute to the mortgage,

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Speaker 1: it'd be a us problem, not your problem. And it's

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Speaker 1: just a very different ballgame in mind opinion.

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Speaker 2: Yeah, okay, so it's all about that goal alignment. Yeah,

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Speaker 2: peace if you will. Okay, have you seen this in

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Speaker 2: your place of work? Turn wrong?

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Speaker 1: Yeah, your clients, Yes, I have, I've seen it. Turn Look.

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Speaker 1: As a financial advisor, we get to see people at

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Speaker 1: their greatest. We also get to see people at their

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Speaker 1: most desperate, and I've seen a lot of people who

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Speaker 1: have gone into property purchases with siblings who they now

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Speaker 1: don't even talk to anymore because it's just gone so awry.

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Speaker 1: I've also seen guaranteur relationships completely fall apart because there

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Speaker 1: was a mismatch between what one person's expectations of the

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Speaker 1: deposit being and the other person's expectations of the deposit being.

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Speaker 1: So to quickly define, a guaranteur isn't where someone gives

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Speaker 1: you money. It's where they put their asset up as

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Speaker 1: security for your loan. So it means that in the

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Speaker 1: future they potentially can't get another loan because there's a

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Speaker 1: security being held over the top of their property. So

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Speaker 1: it actually is a lot of risk. It's not just

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Speaker 1: someone signing a bit of paper being like, oh cool,

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Speaker 1: like if she can't pay her mortgage, I'll for g

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Speaker 1: Like they're actually putting a caveat over their own mortgage.

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Speaker 1: So then they can't release as much equity as they

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Speaker 1: might want to if they want to go buy an

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Speaker 1: investment property, or they have to get rid of that

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Speaker 1: guaranteur before they can sell their property, because how do

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Speaker 1: you sell a property that has their security over it.

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Speaker 1: So there's a lot of attachment that I don't think

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Speaker 1: people understand when it comes to guarantor's because often people

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Speaker 1: flippantly say, oh, just get my parents to guaranteur. It's like,

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Speaker 1: do you know how big that responsibility is? Actually? Do

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Speaker 1: you realize what the financial implications for them are? Because

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Speaker 1: there are some It might be to you just signing

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Speaker 1: a piece of paper, but it's not actually in reality

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Speaker 1: that can feel that way.

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Speaker 2: Just on that guaranteur, don't v. I used to live

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Speaker 2: with Devo, Victoria's younger sister, and.

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Speaker 1: When her name's actually Alex Alex Sandro.

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Speaker 2: Louise, but hate being called Devo, doesn't she.

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Speaker 1: It's so upgrade. Everybody should now call her a Lexi

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Speaker 1: lou because their middle names Louise and lex. She hates it.

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Speaker 1: I love you, Alex. Anyway.

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Speaker 2: We used to live together, but before we live together,

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Speaker 2: we had to get a house. We had to find

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Speaker 2: a house and it was good.

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Speaker 1: House mate, great house mate, You're alive.

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Speaker 2: No, no, she was one of my favorite worst housemates

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Speaker 2: I ever had. She was savage, she was very neat.

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Speaker 1: I was listening, I know she is so organized woman.

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Speaker 2: Anyway, love your d if you're listening. So basically we

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Speaker 2: when we were trying to look for a house. No

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Speaker 2: one would take us because we were twenty or something

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Speaker 2: and we didn't.

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Speaker 1: Have Melbury income.

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Speaker 2: Yeah, we were loose units. Anyway, we wanted our parents

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Speaker 2: to go as Garan took and Mum was like, no, girl,

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Speaker 2: definitely not. And I was like, Joe, why not?

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Speaker 1: It's simple, like I'm not going to let you down.

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Speaker 2: But she wouldn't do it, and I thought, I just

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Speaker 2: I was. I couldn't understand why she wouldn't do it,

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Speaker 2: And now it makes sense because it was would have

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Speaker 2: been huge risks.

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Speaker 1: Yeah, And I think that that's it's different when ranting though,

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Speaker 1: so same level of risk because it all falls back

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Speaker 1: to her if you guys mess up, but it's very different.

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Speaker 1: There wouldn't be a caveat over the top of her

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Speaker 1: mortgage for you to do that. It would just be

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Speaker 1: her signing on to say, if g king decide not

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Speaker 1: pay her rent, I'm gonna have to cough it up.

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Speaker 1: And I think that that's a really big responsibility to

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Speaker 1: take on for someone else's child. So if you were

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Speaker 1: leasing on your own, maybe they would have been like, yep, cool,

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Speaker 1: we've got cheese back, But like, what if my sister

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Speaker 1: didn't pay her rent, or you know your other housemates

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Speaker 1: didn't pay. That shouldn't fall back on your mum. And

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Speaker 1: that's where I would have been saying exactly what Joe

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Speaker 1: King said. No, thank you, good on your shoe.

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Speaker 2: Still a bit salty about it. Let's move on and

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Speaker 2: move back to chatting about buying with someone other than

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Speaker 2: a signific Now I really.

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Speaker 1: Wanted to talk about how salty you are on your mum.

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Speaker 2: Love your mum. So yeah, as we said, I did

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Speaker 2: post in the community, and we did see it that

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Speaker 2: most of these people did have negative experiences in going

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Speaker 2: through this process. There was a story from tweet I

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Speaker 2: think it was who bought an investment property with a relative.

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Speaker 2: She put down the deposit and that relative was meant

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Speaker 2: to match that deposit with other expenses. But once all

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Speaker 2: of the paperwork was signed and they were sified as

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Speaker 2: tenants in common which we will go into later, the

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Speaker 2: relative refused to pay a cent and it was all

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Speaker 2: left up to our community member to foot. She then

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Speaker 2: finished the post by saying that she no longer classes

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Speaker 2: the person as a relative, which is heartbreaking. Do stories

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Speaker 2: like this surprise you?

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Speaker 1: It definitely does not. Surprise me gee at all. This

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Speaker 1: is a story I've heard all too often, and all

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Speaker 1: of my friends in real estate have heard all too often.

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Speaker 1: We actually heard from someone who was on the other

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Speaker 1: side of this, wanting to buy with her partner, but

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Speaker 1: he locked into a mortgage with his mum a few

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Speaker 1: years back. So it not only impacts those people directly involved,

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Speaker 1: but also the people on the periphery, which kind of

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Speaker 1: sucks and not kind of actually really truly deeply sucks.

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Speaker 1: And I think that that's something you really need to

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Speaker 1: understand when you go into one of these relationships with somebody,

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Speaker 1: is that this could happen. And nobody goes into a

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Speaker 1: relationship or an agreement with the expectation that this is

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Speaker 1: going to happen. We all say, ah, it had never

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Speaker 1: happened to me. And it's like getting a boyfriend, right,

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Speaker 1: you know, getting married. Nobody gets married with the intention

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Speaker 1: of getting a divorce, with the average cost of a

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Speaker 1: wedding being like I think it's like thirty four thousand

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Speaker 1: dollars now in Australia. Like, you don't just accidentally get

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Speaker 1: married to then go nah, but we'll problems get a divorce. Yeah,

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Speaker 1: Like you don't choose that. No one chooses that. So

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Speaker 1: I think that it's really important to remember that if

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Speaker 1: you are going to do this, let's see it as

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Speaker 1: a business transaction. Let's stop going. You know what, I

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Speaker 1: love ge King so much. I trust her. Let's go

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Speaker 1: all right, gee, if we can buy a house together one,

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Speaker 1: let's understand our goals. Let's put a contract in place.

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Speaker 1: Let's actually go to a lawyer. Might be expensive, might

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Speaker 1: be one thousand dollars to have a little contract written up,

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Speaker 1: but that thousand dollars could save your butt laid down

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Speaker 1: the track, and five hundred dollars each to make a

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Speaker 1: commitment is really not that much money when you think

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Speaker 1: about it in the grand scheme of things.

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Speaker 2: Okay, so financially speaking, then v what happens if we

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Speaker 2: do buy with a friend and then three years down

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Speaker 2: the track they decide that they want to buy with

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Speaker 2: their partner instead.

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Speaker 1: Yeah, so you've actually got to have some of other

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Speaker 1: friends who are kind of scary looking that are happy

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Speaker 1: to go to their house, knock on their door and

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Speaker 1: be like, give us our money. But if you don't

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Speaker 1: have those friends, because no one should have those friends.

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Speaker 1: Let's be honest in Australia. When you do buy a

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Speaker 1: property with a partner or a family member or a

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Speaker 1: mate whoever, you will still have entered into either a

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Speaker 1: joint tenancy agreement or a tendency in common agreement. They

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Speaker 1: have very different rules and they are both legally binding,

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Speaker 1: which is terrifying. And what happens if you decide to

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Speaker 1: go your separate ways will be very different depending on

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Speaker 1: which agreement you opted into at the start. So let's

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Speaker 1: have a chat about what each of those are. Joint

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00:17:34,920 --> 00:17:38,480
Speaker 1: tendancy is the more common option of the two, especially

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Speaker 1: with couples, and that's where each of you owns equal

380
00:17:40,920 --> 00:17:44,200
Speaker 1: parts of that property, no matter who contributes to the mortgage.

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Speaker 1: It's an even split. So say you get a high

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Speaker 1: flying job, George and have the capacity to pay more

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Speaker 1: on the mortgage than your partner Harps. Would that would

384
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Speaker 1: therefore mean that you don't actually own more of the property.

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00:17:54,440 --> 00:17:56,240
Speaker 1: You did pay more of the mortgage, but like he

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Speaker 1: still owns his thirty percent. Yeah, does that make sense.

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Speaker 1: By the same you're both equal owners of the property,

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Speaker 1: so you're both equally responsible for the debt even if

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00:18:05,040 --> 00:18:07,320
Speaker 1: you are paying more. Or just said to Hups, don't worry.

390
00:18:07,400 --> 00:18:10,360
Speaker 1: I'll pay off extra whatever it is. So I want

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Speaker 1: you to be aware that if you are entering into

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Speaker 1: this kind of agreement and you are paying more of

393
00:18:14,400 --> 00:18:17,040
Speaker 1: the mortgage, when it comes time to sell that property,

394
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Speaker 1: you aren't actually entitled to your quote portion of that property.

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Speaker 1: You're only going to be entitled to fifty percent of it.

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Speaker 1: So just be aware. Also, in a joint tendancy, there

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Speaker 1: is a thing called a right of survivorship, which means

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Speaker 1: that if one of the joint tenants actually dies, the

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Speaker 1: property passes directly to the other tenants. So if you know,

400
00:18:36,880 --> 00:18:41,040
Speaker 1: you and I purchased G and I passed away yesterday,

401
00:18:41,680 --> 00:18:44,680
Speaker 1: you would get my entire property, not my family, even

402
00:18:44,720 --> 00:18:46,879
Speaker 1: though it was one of my assets. Yeah, so I

403
00:18:46,880 --> 00:18:49,920
Speaker 1: think that's important to take into consideration because if you're

404
00:18:49,920 --> 00:18:51,480
Speaker 1: buying it with a partner, yeah, you might want it

405
00:18:51,480 --> 00:18:53,280
Speaker 1: to go to your partner, But if you're purchasing an

406
00:18:53,280 --> 00:18:56,400
Speaker 1: asset with a friend to you know, create wealth individually,

407
00:18:56,480 --> 00:18:58,440
Speaker 1: and then you know in your will you wanted your

408
00:18:58,440 --> 00:19:01,960
Speaker 1: wealth to go to your family, that wouldn't actually happen

409
00:19:02,080 --> 00:19:04,159
Speaker 1: in this situation, which is a bit sad. You know,

410
00:19:04,240 --> 00:19:05,720
Speaker 1: you might be a good guy, and be like, yeah, cool,

411
00:19:05,760 --> 00:19:07,240
Speaker 1: let's sell it. That's split it. You give it h

412
00:19:07,320 --> 00:19:10,840
Speaker 1: fifty percent to victorious parents. But not everybody is a

413
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Speaker 1: good person, and we need to remember that, especially when

414
00:19:13,320 --> 00:19:16,399
Speaker 1: things like that happen. In comparison, though, a tendency in

415
00:19:16,520 --> 00:19:21,160
Speaker 1: common agreement, by contrast, means that it's not need even split. Instead,

416
00:19:21,280 --> 00:19:23,359
Speaker 1: your stake in the property is going to depend on

417
00:19:23,400 --> 00:19:26,560
Speaker 1: your financial contribution to it. So you might own thirty

418
00:19:26,560 --> 00:19:29,160
Speaker 1: percent of the property instead of fifty percent, which would

419
00:19:29,200 --> 00:19:31,520
Speaker 1: be the case in that joint tendancy we just discussed,

420
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Speaker 1: and your co owner might own seventy percent. You know,

421
00:19:34,720 --> 00:19:37,680
Speaker 1: Harper is a baller in that situation. When it comes

422
00:19:37,760 --> 00:19:40,160
Speaker 1: time to sell, you would both be owed the percentage

423
00:19:40,160 --> 00:19:43,080
Speaker 1: of the asset that you owned rather than the even split.

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Speaker 1: Does that makes sense?

425
00:19:45,080 --> 00:19:46,000
Speaker 2: It does make sense.

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Speaker 1: Side note, the right of survivorship that I explained just

427
00:19:49,080 --> 00:19:52,400
Speaker 1: before does not exist in a tendency in common agreement.

428
00:19:52,480 --> 00:19:55,119
Speaker 1: So if the person in your agreement passes away, So

429
00:19:55,160 --> 00:19:58,280
Speaker 1: if I've passed away, then you just won't receive my share.

430
00:19:58,760 --> 00:20:01,040
Speaker 1: So you need to make sure or the wheels updated

431
00:20:01,080 --> 00:20:03,199
Speaker 1: and you actually have an estate plan in place and

432
00:20:03,240 --> 00:20:05,879
Speaker 1: that you are doing all of this stuff before you

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00:20:06,000 --> 00:20:08,920
Speaker 1: even enter into the agreement. But I'm going to stop

434
00:20:08,920 --> 00:20:12,440
Speaker 1: talking about that now because one, it's not actually that interesting.

435
00:20:13,160 --> 00:20:16,320
Speaker 1: Let's just touch on the definitions. But two we're going

436
00:20:16,400 --> 00:20:18,600
Speaker 1: to discuss it in way, way, way more detail in

437
00:20:18,640 --> 00:20:21,240
Speaker 1: the Property Playbook podcast, which is coming out next month.

438
00:20:21,800 --> 00:20:25,520
Speaker 1: Is it yeah, actually two weeks or something? It's sat right,

439
00:20:25,600 --> 00:20:28,119
Speaker 1: Tony two weeks. Tony is nodding her head and giving

440
00:20:28,160 --> 00:20:30,880
Speaker 1: me a big thumbs up, saying that it is definitely

441
00:20:30,880 --> 00:20:33,240
Speaker 1: coming out in two weeks, which is like really exciting,

442
00:20:33,480 --> 00:20:37,639
Speaker 1: but from my part, slightly, Jeremie, get excited, guys.

443
00:20:37,880 --> 00:20:40,800
Speaker 2: I think we'll have a little break now. But on

444
00:20:40,840 --> 00:20:42,639
Speaker 2: the other side of the break, we will be chatting

445
00:20:42,640 --> 00:20:45,000
Speaker 2: about how we can minimize the risks of buying with

446
00:20:45,040 --> 00:20:47,000
Speaker 2: a power if we do feel like we need to

447
00:20:47,040 --> 00:20:50,200
Speaker 2: do that, and we will hear more on Vikid's take

448
00:20:50,240 --> 00:20:52,560
Speaker 2: on Guaranteur's Don't Go Anywhere.

449
00:20:56,640 --> 00:20:56,920
Speaker 1: Guys.

450
00:20:56,960 --> 00:21:00,200
Speaker 2: If you are loving today's conversation, please join us over

451
00:21:00,240 --> 00:21:03,840
Speaker 2: on our Facebook page, on Instagram, on YouTube TikTok. We've

452
00:21:03,840 --> 00:21:06,000
Speaker 2: got a newsletter, We've got it all, and if you

453
00:21:06,040 --> 00:21:08,119
Speaker 2: do love the show as well, please leave us a

454
00:21:08,119 --> 00:21:09,000
Speaker 2: positive review.

455
00:21:09,440 --> 00:21:11,200
Speaker 1: Five stars would be just.

456
00:21:11,280 --> 00:21:14,600
Speaker 2: Delightful, but you do you four would be good as well.

457
00:21:15,160 --> 00:21:17,919
Speaker 1: Five is best, five is best. I reckon five is

458
00:21:17,920 --> 00:21:21,360
Speaker 1: best in gee, in my humble opinion, you deserve five stars.

459
00:21:21,440 --> 00:21:24,320
Speaker 1: You So you got more questions about garacies? Do? Okay?

460
00:21:24,359 --> 00:21:26,520
Speaker 2: So if we are set on buying with a sibling

461
00:21:26,640 --> 00:21:28,920
Speaker 2: or a mate, how can we minimize.

462
00:21:28,480 --> 00:21:30,040
Speaker 1: The risks that you spoke about earlier?

463
00:21:30,080 --> 00:21:30,159
Speaker 2: On?

464
00:21:30,760 --> 00:21:33,840
Speaker 1: All right? So get everything in writing, get receipts, take

465
00:21:33,880 --> 00:21:37,679
Speaker 1: your screenshots. You cannot rely on just conversations no matter

466
00:21:37,720 --> 00:21:40,400
Speaker 1: how much you trust a person like I don't even

467
00:21:40,440 --> 00:21:42,639
Speaker 1: care if you trust them so deeply that it feels

468
00:21:42,640 --> 00:21:45,239
Speaker 1: awkward to bring it up. Blame me, be like, oh, well,

469
00:21:45,240 --> 00:21:47,919
Speaker 1: I was listening to this podcast and they said Victoria

470
00:21:48,200 --> 00:21:51,040
Speaker 1: the Devil. She said that you have to get it

471
00:21:51,080 --> 00:21:53,000
Speaker 1: in writing. So you know, I'm just doing this. I

472
00:21:53,080 --> 00:21:56,560
Speaker 1: was told love it like. I will happily be anybody's

473
00:21:56,560 --> 00:21:59,680
Speaker 1: scapegoat when it comes to making decisions around finances. I

474
00:21:59,720 --> 00:22:01,919
Speaker 1: don't even care. Blame me. I'll be that mum that

475
00:22:01,960 --> 00:22:03,800
Speaker 1: you've got that code word that you text to be like,

476
00:22:03,880 --> 00:22:06,760
Speaker 1: oh yeah, I'm doing okay xoxo. But it means come

477
00:22:06,760 --> 00:22:08,560
Speaker 1: and pick me up right now, like I'll be that

478
00:22:08,640 --> 00:22:11,000
Speaker 1: parent for you. Love that I've got you. But I

479
00:22:11,119 --> 00:22:14,000
Speaker 1: really recommend getting the assistance of a property lawyer or

480
00:22:14,000 --> 00:22:17,200
Speaker 1: a conveyancer just to help make the process a lot easier.

481
00:22:17,440 --> 00:22:19,480
Speaker 1: But the main thing you want established and written down

482
00:22:19,520 --> 00:22:22,359
Speaker 1: before you even take it further is six things. And

483
00:22:22,440 --> 00:22:24,280
Speaker 1: I'm going to list them off because I've written them

484
00:22:24,280 --> 00:22:27,560
Speaker 1: all down. Are you ready? G I'm ready? So? Number one,

485
00:22:27,680 --> 00:22:29,679
Speaker 1: who will live in the house? Is it tenants? Is

486
00:22:29,720 --> 00:22:32,159
Speaker 1: it one of the owners? Is it no one who knows?

487
00:22:32,240 --> 00:22:34,360
Speaker 1: Is it a house for your dog? Let's get our

488
00:22:34,400 --> 00:22:38,160
Speaker 1: goals on the table. Two what percentage of the property

489
00:22:38,200 --> 00:22:41,040
Speaker 1: are either of you going to own? Are you fifty

490
00:22:41,040 --> 00:22:43,240
Speaker 1: to fifty with me? Am? I thirty seventy? Because you

491
00:22:43,320 --> 00:22:45,040
Speaker 1: have more money than me, because I spent all of

492
00:22:45,080 --> 00:22:48,840
Speaker 1: mine on dog accessories, I don't know. Three what happens

493
00:22:48,880 --> 00:22:51,800
Speaker 1: if you can't meet payments? What happens if one month

494
00:22:51,840 --> 00:22:54,280
Speaker 1: we can't do it? What's the agreement there? How is

495
00:22:54,320 --> 00:22:56,800
Speaker 1: that going to work? How do we have that conversation?

496
00:22:57,520 --> 00:23:00,760
Speaker 1: Just liking business? I want you to think, I think worst

497
00:23:00,760 --> 00:23:03,639
Speaker 1: case scenario, what happens if we can't pay the bills

498
00:23:04,000 --> 00:23:08,840
Speaker 1: have the hard conversation hypothetically because it's so much easier

499
00:23:08,840 --> 00:23:12,280
Speaker 1: to have it hypothetically. Same goes with relationships. If you're

500
00:23:12,440 --> 00:23:14,760
Speaker 1: entering into a marriage, I think one of the most

501
00:23:14,800 --> 00:23:17,919
Speaker 1: important conversations you have with your partner is what happens

502
00:23:17,920 --> 00:23:21,399
Speaker 1: if we divorce. Get on the table exactly how you

503
00:23:21,440 --> 00:23:23,520
Speaker 1: want to be treating each other. You say, OK, gee,

504
00:23:23,560 --> 00:23:25,560
Speaker 1: I'd want it to be treated with the respect. I'd

505
00:23:25,560 --> 00:23:27,359
Speaker 1: want to make sure that we're on the same page.

506
00:23:27,400 --> 00:23:30,159
Speaker 1: I'd want this to happen so that if ever you

507
00:23:30,200 --> 00:23:32,040
Speaker 1: do go through that process, you don't have to have

508
00:23:32,080 --> 00:23:34,600
Speaker 1: an awkward conversation during the heat of the moment where

509
00:23:34,600 --> 00:23:37,600
Speaker 1: you actually really don't like the other person. You can

510
00:23:37,600 --> 00:23:39,800
Speaker 1: fall back on a conversation and a document that you've

511
00:23:39,840 --> 00:23:42,680
Speaker 1: created together to say, you know what, when we were

512
00:23:42,720 --> 00:23:45,640
Speaker 1: both level headed and so in love with each other,

513
00:23:45,720 --> 00:23:48,160
Speaker 1: this is what we wanted the outcome to be. Let's

514
00:23:48,200 --> 00:23:51,160
Speaker 1: go down that route because it's treating each other with kindness. Yeah,

515
00:23:51,200 --> 00:23:51,840
Speaker 1: that's my opinion.

516
00:23:51,920 --> 00:23:53,560
Speaker 2: So it's like a little bit of awkwardness now for

517
00:23:53,600 --> 00:23:54,880
Speaker 2: a whole lot less awkwardness.

518
00:23:54,920 --> 00:23:57,360
Speaker 1: Yea later and it's totally not awkward going Hey, ge

519
00:23:57,359 --> 00:24:00,600
Speaker 1: what happens if I can't pay the mortgage? And you go, like,

520
00:24:00,640 --> 00:24:02,600
Speaker 1: if it was just one month, like i'd you know,

521
00:24:02,720 --> 00:24:05,080
Speaker 1: i'd pay it, but then you know you'd owe me

522
00:24:05,480 --> 00:24:08,240
Speaker 1: or okay, well maybe my parents might help me or

523
00:24:08,280 --> 00:24:10,040
Speaker 1: my partner, do you know what I mean? Like, have

524
00:24:10,119 --> 00:24:13,840
Speaker 1: that conversation now to talk about what's reasonable to expect

525
00:24:14,200 --> 00:24:16,119
Speaker 1: versus not because you might say, oh, v if you

526
00:24:16,160 --> 00:24:18,159
Speaker 1: can't afford the mortgage, You're like, I actually don't have

527
00:24:18,200 --> 00:24:21,119
Speaker 1: any extra cash, Like you can't rely on me if

528
00:24:21,400 --> 00:24:23,760
Speaker 1: I can't pay it, because like I'm just budgeting so

529
00:24:23,800 --> 00:24:26,399
Speaker 1: that I have exactly what the mortgage repayments are and

530
00:24:26,480 --> 00:24:28,719
Speaker 1: like I don't have any more flexibility in my budget.

531
00:24:28,760 --> 00:24:31,959
Speaker 1: Like it's really important to have that conversation up front.

532
00:24:32,359 --> 00:24:35,600
Speaker 1: The next is number four. Who pays for house maintenance,

533
00:24:35,840 --> 00:24:38,119
Speaker 1: who's gonna pay the insurance? Who looks after the rental

534
00:24:38,160 --> 00:24:40,760
Speaker 1: income tax? Who's gonna talk to the real estate agent

535
00:24:40,800 --> 00:24:42,919
Speaker 1: if your tenant's hot water system is broken and it

536
00:24:42,960 --> 00:24:46,000
Speaker 1: needs replacing, who's gonna make that decision around how much

537
00:24:46,040 --> 00:24:48,040
Speaker 1: you're gonna pay for it? And bra hrah, like have

538
00:24:48,160 --> 00:24:51,600
Speaker 1: that conversation. Number five is how you make decisions about

539
00:24:51,600 --> 00:24:54,439
Speaker 1: the property, like if you want to extend or you know,

540
00:24:54,520 --> 00:24:56,200
Speaker 1: someone knocks on the door and says, do you want

541
00:24:56,240 --> 00:24:58,560
Speaker 1: to sell the property? How are you gonna make those decisions?

542
00:24:58,800 --> 00:25:00,399
Speaker 1: How are you gonna make them together? And how are

543
00:25:00,400 --> 00:25:02,600
Speaker 1: you going to make them well? And then number six

544
00:25:02,680 --> 00:25:05,720
Speaker 1: I've written down was what will the structure of ownership

545
00:25:05,760 --> 00:25:08,439
Speaker 1: look like? So back to that joint tendancy or tenancy

546
00:25:08,480 --> 00:25:11,240
Speaker 1: in common agreement? What does that look like? How does

547
00:25:11,280 --> 00:25:14,280
Speaker 1: that work? And also are you owning it? Me being

548
00:25:14,320 --> 00:25:16,639
Speaker 1: a financial advisor, are you going to own it individually

549
00:25:16,840 --> 00:25:18,560
Speaker 1: or are you owning it in a family trust? Or

550
00:25:18,600 --> 00:25:20,600
Speaker 1: what does that actually look like? What are the benefits?

551
00:25:20,640 --> 00:25:22,640
Speaker 1: You need to talk to your accountant about a property

552
00:25:22,640 --> 00:25:25,560
Speaker 1: purchase like that, so have a chat. There's plenty more

553
00:25:25,560 --> 00:25:27,320
Speaker 1: that you need to but I think those six are

554
00:25:27,320 --> 00:25:28,640
Speaker 1: probably a good stuff.

555
00:25:28,600 --> 00:25:31,000
Speaker 2: Very well put their v and there is so much

556
00:25:31,040 --> 00:25:33,639
Speaker 2: to consider. So if anyone listening is a little bit

557
00:25:33,680 --> 00:25:35,159
Speaker 2: stressed that maybe they don't have a pen with them

558
00:25:35,200 --> 00:25:37,560
Speaker 2: to note all of that down, I will put together

559
00:25:37,600 --> 00:25:39,160
Speaker 2: a bit of a blog post so you can refer

560
00:25:39,240 --> 00:25:39,479
Speaker 2: to that.

561
00:25:39,640 --> 00:25:43,320
Speaker 1: Oh you're so generous. You also really like riding, so

562
00:25:43,480 --> 00:25:45,840
Speaker 1: I'm not surprised to joy. Thanks you Joy. Thanks.

563
00:25:46,600 --> 00:25:49,719
Speaker 2: If someone has bought with a friend or a family

564
00:25:49,800 --> 00:25:52,960
Speaker 2: member and the five years in and it's not working

565
00:25:53,040 --> 00:25:55,960
Speaker 2: for whatever reason, and maybe they didn't ask themselves those

566
00:25:55,960 --> 00:25:58,640
Speaker 2: six important questions, what are they meant to do? Now?

567
00:25:59,000 --> 00:26:01,680
Speaker 1: Don't feel bad about it having listened to our podcast,

568
00:26:01,760 --> 00:26:04,000
Speaker 1: like you don't know what you don't know, So don't

569
00:26:04,160 --> 00:26:07,800
Speaker 1: you know, crucify yourself because I'm now saying, oh, you

570
00:26:07,840 --> 00:26:09,639
Speaker 1: should not have done it that way. That's not what

571
00:26:09,680 --> 00:26:11,520
Speaker 1: we're saying. We're saying. If this is a decision you're making,

572
00:26:11,560 --> 00:26:14,119
Speaker 1: here are some handy tips, here's how you should be

573
00:26:14,160 --> 00:26:16,679
Speaker 1: approaching it. But I think just take a deep breath,

574
00:26:16,960 --> 00:26:19,920
Speaker 1: potentially sit down. I always really like writing down what

575
00:26:19,960 --> 00:26:22,120
Speaker 1: my intentions were when I made a decision if I'm

576
00:26:22,160 --> 00:26:25,240
Speaker 1: not feeling comfortable about that decision anymore, just to really

577
00:26:25,240 --> 00:26:27,440
Speaker 1: create a little bit more clarity and be like, Okay, cool,

578
00:26:27,640 --> 00:26:29,919
Speaker 1: I purchased this because I really liked working with George.

579
00:26:29,920 --> 00:26:32,240
Speaker 1: I really really liked this. I really liked that, and

580
00:26:32,359 --> 00:26:33,720
Speaker 1: you know what did I want to get out of it?

581
00:26:33,760 --> 00:26:35,920
Speaker 1: And you can refer back to that and just remain

582
00:26:36,000 --> 00:26:39,399
Speaker 1: level headed. Like one thing that my dad taught me cheers. Dad,

583
00:26:40,000 --> 00:26:42,560
Speaker 1: is that if you lose your temper, you lose your argument.

584
00:26:43,160 --> 00:26:46,280
Speaker 1: So don't lose your temper. You won't lose your argument.

585
00:26:46,400 --> 00:26:48,560
Speaker 1: So just be really pragmatic and that point of self

586
00:26:48,600 --> 00:26:50,760
Speaker 1: reflection where you get to sit down and go, okay, cool,

587
00:26:50,920 --> 00:26:53,360
Speaker 1: what were my intentions? What do I want the outcome

588
00:26:53,400 --> 00:26:55,680
Speaker 1: to be? Write it down, because if you can write

589
00:26:55,720 --> 00:26:57,880
Speaker 1: it down, you're more likely to be able to properly

590
00:26:57,960 --> 00:27:00,399
Speaker 1: articulate it to the other person because you've had that

591
00:27:00,440 --> 00:27:03,639
Speaker 1: reflection time. So for me, that's really important. And then

592
00:27:03,800 --> 00:27:06,879
Speaker 1: also get some professional advice. Go see a solicitor, go

593
00:27:06,920 --> 00:27:09,960
Speaker 1: see a lawyer, Go have a chat with somebody about

594
00:27:09,960 --> 00:27:13,280
Speaker 1: what that is. And if you're really really stuck, I

595
00:27:13,280 --> 00:27:16,560
Speaker 1: think the National Debt Help Line. They've got some financial counselors,

596
00:27:16,640 --> 00:27:20,200
Speaker 1: completely free epic service. Give them a buzz and we'll

597
00:27:20,240 --> 00:27:23,120
Speaker 1: make sure that in the show notes their number is there.

598
00:27:24,200 --> 00:27:26,320
Speaker 2: All right, bit of a change of pace here, v

599
00:27:26,840 --> 00:27:29,639
Speaker 2: If we have listened to this podcast, we were planning

600
00:27:29,680 --> 00:27:31,200
Speaker 2: on buying with a mate, but now we're like, hmm,

601
00:27:31,480 --> 00:27:35,520
Speaker 2: maybe not such a great idea. Talk to me more

602
00:27:35,560 --> 00:27:38,960
Speaker 2: about guaranteurs, Like, are they a helpful way of getting

603
00:27:38,960 --> 00:27:41,119
Speaker 2: into the market or are they kind of just a trap.

604
00:27:41,600 --> 00:27:44,320
Speaker 1: They are absolutely not a trap. Having a guaranteur is

605
00:27:44,359 --> 00:27:46,359
Speaker 1: such a special thing. If you've got a parent that

606
00:27:46,480 --> 00:27:48,760
Speaker 1: is willing to put that level of risk on you

607
00:27:48,960 --> 00:27:51,760
Speaker 1: getting access to the property market, that is so great,

608
00:27:52,200 --> 00:27:56,520
Speaker 1: and I think that it's really important to consider how

609
00:27:56,560 --> 00:27:58,840
Speaker 1: you feel about that before going into it, but also

610
00:27:59,040 --> 00:28:01,960
Speaker 1: just being really grateful for that opportunity, because there's an

611
00:28:01,960 --> 00:28:04,560
Speaker 1: opportunity that most of us don't actually have access to.

612
00:28:04,840 --> 00:28:07,280
Speaker 1: It's very limited amounts of people who are actually able

613
00:28:07,280 --> 00:28:08,879
Speaker 1: to do that because their parents have to be in

614
00:28:08,920 --> 00:28:11,280
Speaker 1: the financial position where they can actually afford it, and

615
00:28:11,320 --> 00:28:14,040
Speaker 1: that often comes with like, you know, good money, habits

616
00:28:14,040 --> 00:28:16,080
Speaker 1: that have been ingrained over a long period of time.

617
00:28:16,119 --> 00:28:17,760
Speaker 1: And so if you're in that position, like that's great,

618
00:28:17,760 --> 00:28:19,800
Speaker 1: but it is a very privileged position to be and

619
00:28:19,840 --> 00:28:22,359
Speaker 1: you can't just go, oh, just get a guaranteur, like

620
00:28:22,400 --> 00:28:25,640
Speaker 1: it's not available to everybody, and you know, I think

621
00:28:25,680 --> 00:28:28,000
Speaker 1: that a lot of parents actually feel a lot of

622
00:28:28,000 --> 00:28:30,720
Speaker 1: guilt because they're not able to provide that to their children,

623
00:28:31,160 --> 00:28:34,679
Speaker 1: especially in twenty twenty one where properties are going for

624
00:28:34,800 --> 00:28:37,960
Speaker 1: four hundred thousand dollars over reserve consistently. Parents are like,

625
00:28:37,960 --> 00:28:39,600
Speaker 1: oh my gosh, it was so much easier getting into

626
00:28:39,640 --> 00:28:42,240
Speaker 1: the property market when I was getting in. I wish

627
00:28:42,240 --> 00:28:44,000
Speaker 1: I could help my child, but it's just not an

628
00:28:44,040 --> 00:28:46,520
Speaker 1: option for me. Might limit them too much. It might

629
00:28:46,520 --> 00:28:49,280
Speaker 1: stop them retiring as easily. It might stop them, you know,

630
00:28:49,320 --> 00:28:52,680
Speaker 1: buying an investment property to help them with their financial success.

631
00:28:52,720 --> 00:28:54,880
Speaker 1: So I think if your parents aren't able to do that,

632
00:28:55,040 --> 00:28:57,000
Speaker 1: or they're saying no, there's a really good reason they're

633
00:28:57,000 --> 00:28:58,680
Speaker 1: saying no. It's not just because they don't want to.

634
00:28:58,880 --> 00:29:01,240
Speaker 1: It's because maybe they're not financially able to. And it's

635
00:29:01,240 --> 00:29:03,640
Speaker 1: actually none of your business what their financial lives are.

636
00:29:03,960 --> 00:29:06,480
Speaker 1: In my opinion, it's not your business what your parents earn,

637
00:29:06,560 --> 00:29:08,320
Speaker 1: what they spend, what they own, what they own not

638
00:29:08,400 --> 00:29:10,680
Speaker 1: your business unless they decide to share that with you.

639
00:29:10,920 --> 00:29:14,080
Speaker 1: And I think it goes for everybody right, But definitely

640
00:29:14,120 --> 00:29:16,320
Speaker 1: an option still if you want to do it. But

641
00:29:16,480 --> 00:29:18,680
Speaker 1: I think it's also really important to just take into

642
00:29:18,720 --> 00:29:22,720
Speaker 1: consideration how big of a responsibility that is. But also

643
00:29:23,040 --> 00:29:26,320
Speaker 1: getting the ground rules in place again before you move forward.

644
00:29:26,640 --> 00:29:29,400
Speaker 1: Are you going to have that guaranteur for a couple

645
00:29:29,440 --> 00:29:31,280
Speaker 1: of years and then refinance your loan so it's one

646
00:29:31,360 --> 00:29:33,239
Speaker 1: hundred percent in your name. Are you going to be

647
00:29:33,240 --> 00:29:36,480
Speaker 1: making extra mortgage repayments so that happens sooner rather than later,

648
00:29:36,800 --> 00:29:39,120
Speaker 1: or are you just planning on cruising along with minimum

649
00:29:39,240 --> 00:29:42,560
Speaker 1: repayments because you actually can't afford additional repayments to get

650
00:29:42,640 --> 00:29:46,440
Speaker 1: out of that guarante period first, Because a guaranteur is

651
00:29:46,520 --> 00:29:49,360
Speaker 1: essentially in place of a deposit, so if you don't

652
00:29:49,400 --> 00:29:52,440
Speaker 1: have a deposit, someone can guarantee a portion of their

653
00:29:52,480 --> 00:29:57,040
Speaker 1: property to become in quotation marks your deposit. So once

654
00:29:57,080 --> 00:29:59,600
Speaker 1: you actually reach a point of having equity in your property,

655
00:29:59,640 --> 00:30:02,320
Speaker 1: which is essentially means that you've got enough money paid

656
00:30:02,320 --> 00:30:04,840
Speaker 1: off your mortgage to refinance it so that you would

657
00:30:04,880 --> 00:30:08,400
Speaker 1: have that quote twenty percent, you can release a guaranteur,

658
00:30:09,200 --> 00:30:11,400
Speaker 1: which is kind of cool. But are you working towards

659
00:30:11,400 --> 00:30:13,680
Speaker 1: that on a fast chech or are you just making

660
00:30:13,680 --> 00:30:16,320
Speaker 1: minimum repayments and you're not really planning on doing that,

661
00:30:16,440 --> 00:30:18,680
Speaker 1: or you're planning on only paying interest off, which is

662
00:30:18,720 --> 00:30:20,800
Speaker 1: going to take a really long time. I think it's

663
00:30:20,880 --> 00:30:24,080
Speaker 1: just important to know what your parents' expectations of that

664
00:30:24,120 --> 00:30:25,920
Speaker 1: are as well, because they might go Noah, don't worry

665
00:30:25,920 --> 00:30:28,200
Speaker 1: about it, like we've got absolutely no intention of doing

666
00:30:28,240 --> 00:30:30,840
Speaker 1: anything at all, So just take your time, enjoy it.

667
00:30:31,080 --> 00:30:32,680
Speaker 1: Or they might say, Yep, we really wanted to get

668
00:30:32,680 --> 00:30:34,360
Speaker 1: you in the property market, but you know, in the

669
00:30:34,400 --> 00:30:36,440
Speaker 1: next five years, we really do want to retire or

670
00:30:36,440 --> 00:30:38,800
Speaker 1: we really do want to create some more wealth ourselves.

671
00:30:39,040 --> 00:30:41,680
Speaker 1: So you need to buckle down. And we've given you

672
00:30:41,720 --> 00:30:43,680
Speaker 1: this opportunity because you don't have a deposit, but that

673
00:30:43,680 --> 00:30:46,000
Speaker 1: doesn't mean you get to be lax. So I think

674
00:30:46,080 --> 00:30:48,760
Speaker 1: that's really important. But again, we're going to be talking

675
00:30:48,760 --> 00:30:51,360
Speaker 1: about these more closely on the Property Playbook in two weeks.

676
00:30:51,400 --> 00:30:55,600
Speaker 2: Friends, Hey, but was there anything else you wanted to

677
00:30:55,640 --> 00:30:56,120
Speaker 2: add there?

678
00:30:56,240 --> 00:30:58,360
Speaker 1: Are we ready to wrap the show? I think we

679
00:30:58,640 --> 00:31:01,320
Speaker 1: nearly are ready to wrap the sho show. But as always,

680
00:31:01,720 --> 00:31:04,440
Speaker 1: before we wrap the show, we'd like to acknowledge and

681
00:31:04,440 --> 00:31:07,880
Speaker 1: pay respect to Australia's Aboriginal and Torres Strait islander peoples.

682
00:31:07,920 --> 00:31:11,440
Speaker 1: They're the traditional custodians of the lands, waterways and skies

683
00:31:11,480 --> 00:31:14,200
Speaker 1: all across Australia. We thank you for sharing and for

684
00:31:14,240 --> 00:31:16,320
Speaker 1: caring for the land which we are able to earn on.

685
00:31:16,720 --> 00:31:19,400
Speaker 1: We pay respects to elders past and present, and we

686
00:31:19,440 --> 00:31:21,360
Speaker 1: share our friendship and our kindness.

687
00:31:21,560 --> 00:31:24,360
Speaker 2: And of course, guys, please remember that the advice shared

688
00:31:24,400 --> 00:31:26,560
Speaker 2: on She's on the Money is general in nature and

689
00:31:26,600 --> 00:31:30,080
Speaker 2: does not consider your individual circumstances. She's on the Money

690
00:31:30,160 --> 00:31:33,200
Speaker 2: exists purely for educational purposes and should not be relied

691
00:31:33,240 --> 00:31:36,120
Speaker 2: upon to make an investment or a financial decision. And

692
00:31:36,200 --> 00:31:39,800
Speaker 2: we promise Victoria Devine is an authorized representative of Australia

693
00:31:39,840 --> 00:31:43,360
Speaker 2: Pacific Funds Management, but prietarily limited ABN. It's three four

694
00:31:43,400 --> 00:31:46,080
Speaker 2: one three two four six three two five seven AFSL

695
00:31:46,200 --> 00:31:49,640
Speaker 2: three three nine one five one and big thanks to

696
00:31:49,640 --> 00:31:53,120
Speaker 2: Tone for putting together today's a podcast.

697
00:31:53,440 --> 00:31:54,520
Speaker 1: Hallakya we to have her.

698
00:31:54,760 --> 00:31:57,520
Speaker 2: She's in the room right now, Toto to say, Yeah.

699
00:31:57,160 --> 00:32:00,200
Speaker 1: She's got nothing to say. She's shaking her head. She

700
00:32:00,280 --> 00:32:02,280
Speaker 1: is not nodding her head. She is shaking her head.

701
00:32:02,320 --> 00:32:03,920
Speaker 1: I got in trouble for that before. But yeah, I

702
00:32:03,960 --> 00:32:06,560
Speaker 1: really like Tony. Good acquisitions are from the team. Glad

703
00:32:06,600 --> 00:32:08,920
Speaker 1: we stole her from Radio Life. Yeah. Are you happy

704
00:32:08,960 --> 00:32:12,920
Speaker 1: with the podcast today? Happy? She's happy? Okay, yay, Well

705
00:32:12,920 --> 00:32:15,200
Speaker 1: with that, see you next week. Bye, guys,