Shaun Symington

[00:00:01] Speaker A: The best music from the 60s to today. IPL radio. [00:00:06] Speaker B: The boys are back in town. [00:00:08] Speaker C: Boys are back in town. [00:00:09] Speaker B: Go the Birth Property Bros with Josh and Carlos. Finally. [00:00:15] Speaker C: Two weeks, buddy. [00:00:16] Speaker B: It's been, man, I've. [00:00:17] Speaker C: I've been sick, as you know, and I haven't been able to get rid of it. Yes, but you know me, I just work, work, work and push, push, push. And you've been telling me for weeks, Carlos, you need to stop and rest, stop and rest. And you're right. Surprising how much like sleep can do for you. [00:00:30] Speaker B: Yeah. [00:00:31] Speaker C: Who knew you needed that stuff? [00:00:35] Speaker B: It's an unknown, isn't it? Anyway, how have you been, man? What's been happening on your side? [00:00:41] Speaker C: Well, like in amongst being sick, I mean, you know, I lost my voice a few times. Yeah. I just, I was. I couldn't be on the radio anyway. [00:00:49] Speaker B: Yeah. [00:00:49] Speaker C: But I've been working hard in the background. I've still been selling, I've still been listing. Yeah, I've still been pushing and yeah, certainly had a few sales come through. Sales away, property settled. So lots going on in my end, man. What about you? [00:01:02] Speaker B: Amazing. Well, same thing. I think we've been having a lot more inquiries, especially as we've spoken a few times that come first October, you know, the first 5% government guarantee scheme is going to kick in. So a lot of people are, you know, having FOMO again and trying to get in there as quick as they can. There's a bit of a buzz about, especially investors. Yeah, investors trying to get in quickly because obviously, you know, at one point it's anywhere between 450 and 600. Right. So all properties that were worth probably about 450 are now currently worth about 600,000. So what are we trying to going to post potentially look at, is when the guarantee scheme kicks in, you're looking at house prices between 650, 850. So now your 600 would be the new 850 coming going forward. So, you know, so it's, it is pretty intense and I can understand why a lot of people want to rush in and why a lot of first home buyers are already waiting to get in there. [00:02:03] Speaker C: Well, I've seen them. Absolutely. Have I seen them? [00:02:05] Speaker B: Yes, you have. [00:02:06] Speaker C: Out the door, Josh. [00:02:07] Speaker B: So we're going to talk about that actually. So we're going to talk about what's happening in the market and obviously you've had a few successes in your sales this week and kind of what you've done to achieve that. [00:02:19] Speaker C: Oh, it's been a process, Josh, and we can have a deep dive. But what I can tell you, the overall outcome is that there's huge. I've got huge lists of qualified buyers. I've had people out the door, out the street, out down the street lining up to come through these properties. And when I look at the stats on who they are, they're primarily first home buyer buyers, owner occupiers looking to shift around. But not many investors in those crowds. People looking to buy something for themselves. And the sad part about it, man, like I feel it because, you know, we're all human. Only one person can acquire the property, One offer can be successful. And the look of desperation in people's eyes, like, you know, let it be me or let it be me this time because I know that they're missing out. Home open after home open again, it's the same groups coming through these properties again. Only one can be successful. So they keep missing out. That can be quite disheartening, Josh. [00:03:19] Speaker B: It can, it really can. So we're seeing that a lot. And I think, like what you mentioned, you're not seeing a lot of investors at the moment. [00:03:27] Speaker C: Not really. [00:03:27] Speaker B: I think once you see a line of 100, is that really a good investment going in, you get what I mean? So it starts becoming a. Should I or should I not? [00:03:39] Speaker C: But you were talking about the flow. In effect, once the investors start seeing really high owner occupier activity, that starts pushing the market, then the investors sort of start taking notice and that drives another wave, 100%. So from what you were saying before, we're expecting a wave to really take hold 1st of October. Some people are looking now they've got no choice. Others may be holding back a bit waiting for the 1st of October, but after that, sort of maybe early into the new year, you think maybe we're going to see some investor. [00:04:12] Speaker B: I think we would. Because end of the day I was looking at the affordability index throughout Australia. We are still one of the most affordable states in the country. [00:04:21] Speaker C: Don't forget beautiful, man. [00:04:22] Speaker B: Yeah, don't forget beautiful. Exactly. So I still think it will kind of take off. I think investors obviously have kind of moved away at the moment, but once we see that owner occupied activity coming back, we still have lots of fundamentals for growth over here. [00:04:38] Speaker C: Yeah, because they're driven by stats and numbers, aren't they? [00:04:40] Speaker B: It is. [00:04:41] Speaker C: If they start seeing sharp spikes, they start to take notice again. [00:04:44] Speaker B: Well, it's a big demand and supply. Right. I know we harp on about this every week, but we have no supply. So much demand. What's our current stats this week? [00:04:55] Speaker C: I think we're still under three, Josh. [00:04:57] Speaker B: We're still under three. So that's what I meant. So it's not. It's, you know, the demand is big, you can see it for yourself. But there's no supply. Yes, there's land. Talks of land releases and stuff, but that's not coming in the next two, three years. Over time, it's going to be over time. [00:05:15] Speaker C: So building takes time. [00:05:17] Speaker B: Building takes time. So if you buy land tomorrow, that's still going to take a good one and a half years before that actually becomes, you know, going through the process and actually that materializing. [00:05:28] Speaker C: That's fair. 18 months is fair, Josh. Depending on what the delays are, you might go to two and a half years. [00:05:36] Speaker B: Exactly. [00:05:37] Speaker C: Over the last year, I've met several people that were into their fourth year waiting for turnkey. So look, it's a bit of a roulette game as well, which builder you choose and what's happening for them. But on average, 18 months is fair. [00:05:51] Speaker B: 18 months is fair, exactly. So looking at that, if we are looking at this the same time last year, last year it was 3,800, just over 3,800 properties. [00:06:02] Speaker C: Properties on the market. We're looking at Perth, Metro Perth, Greater Perth. What's the statistic? [00:06:07] Speaker B: We're talking Greater Perth. [00:06:08] Speaker C: Yeah, Greater Perth radio. 3800. And. [00:06:12] Speaker B: And as at today, we've got 2,941 to be exact. [00:06:17] Speaker C: Yeah. And approximately, what, 7,000 licensed agents and reps inclusive in WA. [00:06:24] Speaker B: WA. Yep. [00:06:25] Speaker C: Yeah. The numbers don't add up. [00:06:28] Speaker B: Well, there you go. So, you know a lot. But when talking to agents, obviously a lot of people are gearing up towards spring, so we are optimistic that we'll see a few more. Actually, we said that last year as well, isn't it? Last year we said. And we kind of towards December, we hit about 5,000 properties and then we went back down again after. [00:06:49] Speaker C: See, everybody goes on holidays, mate, in December. I'm going holidays. It is a time that it is not good for the market. It may be different this year, but generally there's not much going on. All the sedimentation shut down, the shut down. Everybody just gets in their caravan or Winnebago and shoots north, south. So things do notice. Bliss lay down. And when I've held home opens just in that January period, the thinking, oh, well, I'll sneak in while everybody's away. Well, it doesn't work because people are away. But as soon as they get back. So end of January, Feb, things pick up again. So it seems to take a bit of a pause. [00:07:28] Speaker B: It will. So hopefully we see a little bit more. A little bit more stock. Come on. Obviously, as buyer's agents as well, we're also looking for stock. I think there's just a bottleneck everywhere. [00:07:40] Speaker C: Yeah. [00:07:40] Speaker B: So it's. Hopefully we get a lot more and more choices. Hopefully we get a bit of a bargain. Fingers crossed. [00:07:49] Speaker C: Well, look, the people that database that I've been acquiring, building over time, over the last week, the last month, the last few months are perfect clients for you, Josh. They're qualified buyers. And initially when they think I don't need a buyer's agent, I think over time they may realize that they may need one because of the time expense. [00:08:10] Speaker B: Yep. [00:08:11] Speaker C: Of missing out of going to home open after home open every weekend. Eventually, when you start to sort of put a value on your time, what you're missing out on the opportunity cost of your time. Buyer's agents are very valuable. [00:08:25] Speaker B: Yeah. Funny, funny that you mentioned. I was reading a newsletter from one of the sales agents and they started putting out like blog posts and saying why you should use a bias agent. [00:08:38] Speaker C: Yeah. [00:08:38] Speaker B: You know, so I think sales agents are also recognizing that, you know, there is a real need for bias agent. And like you said, you're, you're seeing real desperation in people's faces. [00:08:49] Speaker C: It's really sad, Josh. [00:08:50] Speaker B: It's sad. [00:08:51] Speaker C: It's not a good report. It's not a report I like to give, but I can't sort of put it any other way. [00:08:57] Speaker B: Yeah. [00:08:58] Speaker C: Because keep in mind, you know, I like, as I'm holding a home open, I'm the center of attention in a way. They go through, but then they come to me, they want to talk to me, they want to get information from me. So I individually go through every single one of them. Not just personally, but then later on with follow ups and phone calls and text messages. So we start to build a bit of a rapport and that's the undertone. They're really struggling to find somewhere to live. [00:09:25] Speaker B: I think. You had a case where you referred me. Right. This one, there's a client coming from Geraldton every week. So every Friday after work she would head down to Perth to come for home opens. [00:09:36] Speaker C: So she's what, she was a FIFA teacher, I think. [00:09:41] Speaker B: Teacher. I think. Yeah. So teacher up in Geraldton was moving to Perth. I think she's got a new place in Perth to work, a new placement. [00:09:49] Speaker C: Right. But she was working. [00:09:50] Speaker B: I remember she was working. Yes. And then she obviously she was finding a place for herself. [00:09:55] Speaker C: Yeah. To buy in Midland. I remember that one. This is last year. [00:09:59] Speaker B: Yes, last year. And then she was dry. She was after work, she would drive down from Geraldton, which is a six. [00:10:04] Speaker C: Hour drive in Five, six hours. [00:10:05] Speaker B: Five, six hours for. On a Friday attend. The home opens on Saturday and Sunday and she will head back to Geraldton on a Sunday, another five or six hour drive back for Monday work. [00:10:18] Speaker C: Monday work, yeah. And she was doing this for weeks, if not months. [00:10:22] Speaker B: I think she did it for a few months until she found something. Yeah, there you go. [00:10:26] Speaker C: So, yeah. So in that, in that case, wouldn't you just like to sit down with her at the beginning of the process and say, hey, you could spend all this time driving. I mean, you know, that's 10, 12 hours a week that starts add up fatigue, wear and tear on your car risk, you know, that's not the best road from Gelatin down to Perth. Then you're not resting, you're not spending time with your family, you're not recovering, doing the things you love because you're looking for somewhere to buy. [00:10:57] Speaker B: Yeah. [00:10:57] Speaker C: Whereas the buyer's agent can completely just take all that away. [00:10:59] Speaker B: Correct. [00:11:00] Speaker C: You just continue on with your life, you rest, recover, go and do whatever you want with your life. And the buyer's agent is going to sit there in the background, do the research, run around for you, go to the home opens, make the office, deal with the difficult agents. [00:11:12] Speaker B: Yep, exactly. And like Carlos. [00:11:15] Speaker C: And get it over the line. Yeah, yeah, exactly. Like me, I'm a nice agent. I try to be nice to people. [00:11:22] Speaker B: Nice. [00:11:22] Speaker C: But yeah, get it over the line for them whether they don't have to. So some people actually are learning that the hard way. [00:11:30] Speaker B: But I think that there's only so much you can educate people. And as we keep saying, the wa. You know, we still, they're still not seeing the need for a buyer's agent yet. [00:11:40] Speaker C: Well, I don't think they still. A lot of people know about them. [00:11:43] Speaker B: They don't. [00:11:43] Speaker C: What are they? What do they do? [00:11:45] Speaker B: So a lot of it is education and a lot of it, when I sit down with a client, I spend then, you know, I got an hour with them, but I tend to spend about 30 to 45 minutes just talking about buyer's agent, what we do, how we can help. But most of the time, oh, I can do that myself. Yeah. Cool. You know, but when you're, when you're ready, feel free to give me a call. Right. [00:12:04] Speaker C: So it means to say, yeah, you can do it. Yeah, but what's the opportunity cost to your life? [00:12:08] Speaker B: Correct. Sure. It's the same. Right. I could sell my own house. [00:12:12] Speaker C: Of course you can. [00:12:13] Speaker B: Why can't I do it myself? Right. So it's the same thing but with you, which we will talk later once we come after the break. How you actually manage to give them the best and inter. In turn pay for yourself and all the marketing and everything that comes with it and still achieve a good price for the property. [00:12:30] Speaker C: Yeah, we've actually got an interesting case study to talk about from. From this week. There's a couple there actually, but one in particular really stands out. Out. So we'll go to a quick break and yeah, we'll talk real estate. [00:12:41] Speaker B: Excellent. You're listening to Perth Property Bros with Josh and Carlos. [00:12:46] Speaker A: The best music from the 60s to today. IPL radio. [00:12:52] Speaker B: And we're back with the Perth Property Bros with Josh and Carlos. Did you, did you listen to the songs that I played first? [00:12:58] Speaker C: They were good songs. [00:12:59] Speaker B: They were. [00:13:00] Speaker C: I have to say I'm glad. I thoroughly enjoyed them. I was bopping my head the whole time. [00:13:05] Speaker B: Well, yeah. All right. Well, there you go. [00:13:07] Speaker C: Okay. I have to tell you man, it's so good to have my voice back. I was here last week. I was, you know, I couldn't talk on the radio but you know, I was just at leader at least here to help you with push some buttons. [00:13:18] Speaker B: Or push some buttons. [00:13:20] Speaker C: That was the extent of my abilities last week. But yeah, yeah. Anyway, the Perth Property Bros are back. [00:13:26] Speaker B: Well, it's good to have you back, man. I think Karl, you almost took your spot there. [00:13:33] Speaker C: She'd love my spot. [00:13:34] Speaker B: She would love your spot. Exactly. [00:13:36] Speaker C: So our illustrious settlement agent for all your settlement needs, Carly Beasley. [00:13:41] Speaker B: But guess what, Carlos, you're not here next week again. That was short lived. It was a short lived ruin. [00:13:52] Speaker C: I thought I better show up at least once. [00:13:58] Speaker B: All right, Mario. It'll be a good show next week as well. So next week we have Kali again be replacing you. [00:14:04] Speaker C: Yeah. [00:14:05] Speaker B: And we've got Wendy Drenna from Coburn Settlement. [00:14:10] Speaker C: So it's going to be a settlement agent discussion. [00:14:11] Speaker B: Good. [00:14:12] Speaker C: I won't be here for that one. [00:14:13] Speaker B: I'm actually just going to be sitting here and pushing buttons the whole time and let those two talk. I'll just let them talk and I'll just be playing songs on the background. [00:14:19] Speaker C: Let them talk settlements. I'm going to be relaxing in Bremer Bay listening into the Perth Property Bros. All right, let's See how that one goes. [00:14:30] Speaker B: Anyway. Well, anyway, we were talking earlier about properties and you know, the kind of prices that it's getting at the moment. Obviously, like I said, it's an unoccupied market, it's emotionally driven and obviously FOMO as well. [00:14:44] Speaker C: Yeah. [00:14:45] Speaker B: You know, a lot of people having this fear of missing out and. [00:14:48] Speaker C: And the other. What's the other term that we've coined, comma. [00:14:51] Speaker B: Compromise. [00:14:53] Speaker C: Yeah, Compromise or miss out. Not the Perth suburb. [00:14:55] Speaker B: Yeah. [00:14:56] Speaker C: Fear of overpaying. [00:14:58] Speaker B: Fear of overpaying, that's right. Oh, there's a lot of. A lot of terms out there, man. [00:15:02] Speaker C: There doesn't seem to be much fear of overpaying at the moment, I tell you that much. [00:15:06] Speaker B: Well, buyer's remorse is a big thing. You know, after getting into it, then you were like, oh, should I have paid that? Yeah. You know, or should I have? But, you know, you're already in it, so you can't really do much about it. But yeah, I guess what we're trying to segue into you achieving good prizes for your clients, obviously. And, you know, we were talking about how would sellers, you know, we talked about them doing themselves. Right, sure. So if they were to do it themselves. [00:15:39] Speaker C: Yep. [00:15:40] Speaker B: And there you are representing them. [00:15:44] Speaker C: Yeah. [00:15:45] Speaker B: Difference. [00:15:46] Speaker C: I don't know if there's too much difference at the moment to be fair. That's me saying I didn't achieve this because I'm an agent. I think that the market is very hot and I think anybody can list their property for sale and sell it. There's buyers out there. I mean, it's really just simple math. But the sales process, and this isn't new. We've spoken about this before. This has been an ongoing process that I've refined over many, many years working in real estate. The process that I bring to the table can certainly help build the emotional buyer. And the emotional buyer, from my experience, will go higher. [00:16:24] Speaker B: Yeah. [00:16:24] Speaker C: And look, it was a case in point. We took a property to market this week. I explained the same thing to the seller. I said, so first of all, it's only a small unit. 59 square meters, Josh. [00:16:37] Speaker B: It's tiny. [00:16:37] Speaker C: How tiny is that? How many cars can you fit in a 59 square meter unit? [00:16:41] Speaker B: Not much. Yeah. [00:16:42] Speaker C: Think about it in terms of double garages. It's not a big space. You know, this is in East Victoria Park. And so the unit was renovated beautifully, but bare and just white, stark walls. You'd walk into the place and it just would feel quite clinical, you know, feel like you walked into like a surgeon's offices or something like that. [00:17:06] Speaker B: Yeah. [00:17:08] Speaker C: And look, the cell are very capable. Very capable man. He used to own a settlement agency. He used to own a mortgage broking firm. He worked for Westpac for many, many years. And I had this conversation with him about. It's really important that we make people feel like they're walking into their own home. We're selling them a dream, we're selling them a feeling the second they turn up. Before that, when they see the first photos or watch the video, which is all part of this process that. That a lot of agents adopt that I run with. I try to apply depending on the property. It's generally we just tweak it, I guess, but effectively, we've spoken many times about it. We need to make the unit look as beautiful as possible. And how we do that in many cases is to stage it. That's hire furniture and bring it in. That's beds, dining tables. There'll be plates out, there'll be lentils and biscuits on the counter. There'll be pots, popcorn and bottles of coke out, for example. There'll be pot plants. It's so good. The staging is so good. The stages I have are so good that people think they're walking into a tenant's home or they think they're walking into an owner occupier's home. Because I often get the question, are these people, when are these people moving out? Or how much rent are they paying? And I say, no, it's been staged. It's. It's all higher. It's all a smokescreen. [00:18:35] Speaker B: At least you're upfront about it. [00:18:36] Speaker C: I know. I tell them, I tell them. No, I'm proud of it. I'm actually proud of it that we can stage these properties so beautifully that it feels like a home. I mean, I added a little bit of my own spice to it. I'll put a little bit of music on in the background as well. Put a few chocolates out on the counter. So that's the presentation I think a good agent should. Should put forward to the market. But having prepared properties like this, we can take amazing photos. You can choose your photographer, you can choose a good photographer, you can choose an excellent photographer, or you can choose the best of the best. And that's the one I always recommend to my clients. Choose the premier plus platinum photographer, the best of the best, who has the best cameras, who's just got that eye for detail. And he's also an incredible cinematographer. That's always my suggestion to clients. So I'm always pushing that top package of pay this guy, pay more for this guy, he'll give you the results, right? And then when it comes to my marketing campaign, pay more for the marketing. I only use premier advertising. That's just top level advertising because I know it works. So couple that with a really good photographer and a staged property that's been well prepared, you've got something very, very shiny, very brilliant, just standing right out to everybody. And this property in East Vic Park, Josh drew so much inquiry, I can't tell you. Now, by my estimates, in all fairness, for a 59 square metre unit in East Vic park, based on the data, our research is data driven. I thought, in all fairness, probably 435 to 465 with the possibility of hitting the 475 or above mark. Not too much above, but I thought because it's only small and the seller being he was a mortgage broker and a settlement agent, did his own research and he interviewed three other local agents. He reconciled all the data and he completely agreed, thought I came in smack in the middle and gave him a fair appraisal and estimate on what the property was worth. Josh. Oh, and also, I have to say, he reluctantly paid for the staging. He reluctantly paid for. He didn't want to pay for it. He thought, no, he doesn't need it, the market's hot. And then he reluctantly paid for that top package I suggested, because the market's hot, it'll sell. And he was happy to sell around the 465 mark. That was really good money for him. [00:21:02] Speaker B: And what did you appraise it at? [00:21:04] Speaker C: 435 to 465. So in his mind, you know, the top end of the range is probably going to be good money. And I agreed for the size of the place anyway, that, that campaign that I've just described in detail, Josh attracted in two days. Josh, I listed it on Sunday night, like about, I don't know, 8pm or something. [00:21:27] Speaker B: Was that normally a day that agents put it on? Sorry, do you normally put it on a Sunday? [00:21:31] Speaker C: But you know, I run on my own schedule. I was working all day preparing it. Shiny, making this ad nice and shiny. I listed it about 8pm on a Sunday night. And over the the course of the Sunday night, the Monday and then the Tuesday, I had 86 inquiries come through. [00:21:47] Speaker B: 86. [00:21:47] Speaker C: 86 inquiries. Of the 86 inquiries, 62 people came to this home. Wow, 62 people. So they were just coming back again to the size 59 square meters. [00:21:59] Speaker B: Josh couldn't all fit into that one. [00:22:02] Speaker C: I had to stage just a few. It's like. It was like Covid times. [00:22:06] Speaker B: Yeah, yeah, yeah. We had to let people in and out. Yeah. [00:22:09] Speaker C: Limited numbers sort of thing. So honestly these people were lined up from the unit all the way out to the gate. From the gate all the way. I couldn't even see the end of the line. It was going down the street. [00:22:19] Speaker B: Wow. [00:22:21] Speaker C: And of the 86 inquiries we had 15 offers come in within the first three, four hours. [00:22:26] Speaker B: Wow. [00:22:26] Speaker C: Just how do I make an offer? How do I make. How do I make an offer? How do I make an offer? And Josh. So obviously we can't disclose the exact sale price but what I can tell you is that unit again listed from. Fairly listed from. Not trying to take the mickey out of anybody listed from 449 trying to hit that owners target of say above the 465 to the 475 mark. Josh. Without disclosing the price, this unit sold for at least $100,000. For thousand dollars over its listing price. [00:22:58] Speaker B: It's amazing, isn't it? [00:22:59] Speaker A: Wow. [00:22:59] Speaker C: Yeah. It was in the mid fives. Wow. For a little 59 square meter unit. Wow. Mid 500. [00:23:06] Speaker B: You just spoiled the market in this week, park man. [00:23:08] Speaker C: Yeah. Well, no, well, that's a new record. It's. It's a complex of 19 units. So now that unit has now set a new record in the complex. It is now that unit is going to be like, you know, all the other units will compare to it and it will bring all the units up. It's going to. Going to make waves. This is what sales do. Whether they're up or down, they make waves. So it was just a really interesting process to see all of that unfold. Now going back to the initial process, I think, I don't think, I personally don't think. I know that the market's hot. I know that sellers can sell their own. I don't think you would have done as well if we hadn't have staged it, prepared incredible photos and an amazing video and, and listed it with top. [00:23:49] Speaker B: Premier ads or if he were to do it himself. [00:23:53] Speaker C: Sure, I'm sure he could have sold it. He probably would have taken an offer anywhere between 4, 6, 5 4, I don't know, 80. Yeah, he would have thought that was amazing. [00:24:00] Speaker B: Yeah. [00:24:01] Speaker C: But I got him 100,000 over what he expected. [00:24:03] Speaker B: What is it that you always say? The unicorn price, isn't it? [00:24:06] Speaker C: Well, to me, Josh, to me the unicorn price was 500. [00:24:10] Speaker B: Yeah. [00:24:11] Speaker C: Or just a smidge over 500. Maybe 510. [00:24:14] Speaker A: Yeah. [00:24:14] Speaker C: You know, you've got your fair price, which is your market price and you've got your above market price, your top end. Then there's the unicorn price, which is the one you really would love. [00:24:24] Speaker B: So what would you call this then? [00:24:26] Speaker C: What do you think? It's like the God particles. At least there's something beyond that. It's something. Yeah. What, what would you call it? [00:24:36] Speaker B: I have no idea. [00:24:37] Speaker C: What's better than a unicorn? What's rarer than a unicorn Hand tape? [00:24:39] Speaker B: A leprechaun. The first thing that popped into my head. There you go. [00:24:46] Speaker C: Actually, that's right. It's the pot of gold at the end of the rainbow, isn't it? [00:24:50] Speaker B: Exactly, exactly. [00:24:51] Speaker C: But remember he was reluctant, reluctant to pay for that marketing, reluctant to pay for that staging. [00:24:55] Speaker B: Yeah. [00:24:56] Speaker C: And now he's just doing back flips. That was amazing. [00:24:59] Speaker B: Cuz I actually asked a few, asked around for some questions for you and one of it was is it really worth spending thousands on styling and photography or can you just sell the house as is? [00:25:12] Speaker C: It's a five thousand dollar investment. [00:25:14] Speaker B: Five thousand for a hundred thousand dollar increase. Roi. [00:25:18] Speaker C: What do you think? Does that speak for itself or what? Because it's about $3,000 to stage. [00:25:23] Speaker B: Yeah. [00:25:24] Speaker C: And you generally get the furniture for four or five weeks. [00:25:26] Speaker B: Yeah. [00:25:27] Speaker C: You know, if the market's a bit slower, you know, I will probably get a bit nervous that, that isn't it long enough? [00:25:32] Speaker B: Yeah. [00:25:32] Speaker C: In the current market it's not about even. Jeez, you're paying for furniture you're not going to have for very long. Yeah, it's that impact y Josh, that initial high impact of the photos, the video and that initial impact of people walking in the door into what feels like a home. [00:25:47] Speaker B: So that's, that's the first impression counts, isn't it? [00:25:49] Speaker C: Oh, 100% visual. Everything sells through the eyes, Josh. [00:25:53] Speaker B: No matter what they say. Don't judge a book by a, by its cover. But it works in reverse in real estate. [00:25:58] Speaker C: Absolutely right. [00:25:59] Speaker B: Yeah. [00:25:59] Speaker C: Absolutely right. Yeah. So yeah. So is in institute to the listeners question there, is it worth it? I mean in that case, $5,000 investment for Premier Advertising and Staging led to $100,000 above asking. Now this isn't an isolated incident. Many agents are replicating these results across Perth every single day. Now this happened last Tuesday, Josh. [00:26:26] Speaker B: Yeah. [00:26:26] Speaker C: Now the same thing happened to me on the Saturday just three days prior. [00:26:31] Speaker B: Yep. [00:26:32] Speaker C: Three, four days prior. It was a property in Bass and Dean. Same thing. We, I think we hit Them over the mark, about 70,000. [00:26:41] Speaker B: Nice. [00:26:41] Speaker C: With that property, that was about, I think it was over 50 inquiries. It was definitely 30 people through 32 groups through the door. So about 50 people all up. When you take into account couples. That place was staged and that place was not amazing. That place was still older. It wasn't fully renovated. The carpets were still original. Had a lot of original feeling aspects about it, Josh. But the staging. Wow. [00:27:06] Speaker B: But I think we saw one of the property there before, isn't it? There was one you had. [00:27:10] Speaker C: Yeah, that's right. I sold one in the same complex earlier in the year. [00:27:14] Speaker B: So that was about half a mil back then. [00:27:18] Speaker C: Approximately. [00:27:19] Speaker B: Approximately, wasn't it? So this has now kind of gone up in price. [00:27:21] Speaker C: We're 150 above the averages. [00:27:23] Speaker B: There you go. [00:27:24] Speaker C: Yeah. So like I said, it's not an isolated incident. I did it on, on the Saturday and I did it again on the Tuesday. That's two in a week. [00:27:31] Speaker B: Well done. [00:27:32] Speaker C: Same, same result, same numbers. But I think it was the staging and the advertising that really got it over the line. [00:27:39] Speaker B: Nice. I had another question here and this one comes up especially with sellers, right, who are nervous. What's the one thing sellin can do to add the most value before hitting the market? [00:27:55] Speaker C: To add the most. [00:27:56] Speaker B: So obviously we've touched a little bit on that, but what else can they do to kind of add that value? So as you mentioned, sometimes, you know, you got a little bit of an older house. [00:28:05] Speaker C: Tidy. I have to come back to tidy. [00:28:08] Speaker B: Tidy. [00:28:08] Speaker C: Yeah, I think I have to come back to neat and tidy. So the first part of the process in any sales journey for me is to go in and have a look at what it is. And that can get to be a bit of a nitpicky session on tidying the small things up. You know, a screw there, a door handle here that's loose, some weeds, some, you know, some overgrown areas, maybe some gardens that need mulching. All these little aspects, they're only small details, but the overall picture starts to add, add up. So once all the little neat and tidy details are tidied up, then we've got a canvas to work on to come and stage and photograph and video and then sell. [00:28:48] Speaker B: Yep. [00:28:48] Speaker C: So it just leads on. So definitely that. That would be my answer to you. [00:28:52] Speaker B: Amazing. What about tidy? What about if they needed to do any renovation works? Sort of. [00:29:00] Speaker C: Well, this is another really important discussion to have because some properties do. Some properties are very old, some properties are in really bad nick, others are. Okay. So what what we do a bit of a cost benefit analysis into. Right. So if we're going to spend 20,000 on an upgrade or partial renovation or a renovation or 30 or 40, 50,000, what are we really going to realistically achieve in the market? When we go to market, are we going to just make that money back? Are we going to only make that money back? Are we going to make that money back plus maybe 5 or 10,000? Or are we going to make that money back plus another 50? Is this investment, this renovation you're talking about, is this going to add enormous value to the sale? Because in my opinion, sometimes that money is better in your pocket and you let somebody else spend it. Because if you spend the money and you're only going to make it back or maybe just a little bit over, then you're putting yourself at risk. You're putting yourself at risk because you've taken that money out of the bank, you've put it into a property, then you're like, you have to get it back, you know? [00:30:06] Speaker B: Yep. 100%. [00:30:08] Speaker C: So, yeah, it's a case by case, Josh. You can't say, look, if you spend a Renault, leads to great money. Sometimes people over capitalize on these properties and they go backwards. [00:30:18] Speaker B: Yep. [00:30:20] Speaker C: So, yeah, tread, tread carefully with that one, I think. [00:30:24] Speaker B: Excellent. [00:30:25] Speaker C: Get quotes and wait up. [00:30:27] Speaker B: Excellent. So there would be one happy buyer then. [00:30:30] Speaker C: Sorry? [00:30:30] Speaker B: One happy buyer and the rest. Well, I think we talked about it. Isn't it at least now all the, in the, in the apartment that you said in East Big park, all the owners of the complex would be looking at the property that you sold and, and seeing what it sold for. [00:30:48] Speaker C: Yeah. [00:30:49] Speaker B: And they'll be deciding whether they want to sell or not. [00:30:52] Speaker C: Yeah, that's right. [00:30:54] Speaker B: So there'll be a good one. I think in the next future, maybe we need to go and start door knocking on all of them. [00:30:59] Speaker C: Oh, we definitely will, actually, in both complexes because of the sale achieved. Now, like I said, you know, I'm not special. Any, any agent that's following this process can achieve the same result 100%. I, I think if you take the time and I say that any agent that, that does it, because I know that there are other agents that don't. They, they do circumvent the process a bit. They try to cut corners a bit. Just take it to market quickly. It doesn't matter. Don't worry about the weeds, don't worry about this or that. Just, just get it on, get the sign up, tick it over. Sure you'll get again you will get the result, yes. You'll get the sale, probably more likely in this market than any other. But will you get the best result? And as an agent, as a professional, are you doing the best thing for your client, the best thing for your profession by. By cutting that corner? [00:31:51] Speaker B: Interesting. All right, so we're going to a bit of break there, Carlos. I think we had a good, good intro into what you do. Well, not really an intro. We know what you do, isn't it? Why don't you share a little bit of your contact details with our. With our people if they want to engage your services? [00:32:07] Speaker C: Sure. Call me, text me.04197755 or you can always get [email protected] isn't that just the best business name for a real estate agent? Wa. [00:32:18] Speaker B: Property sales. [00:32:19] Speaker C: Wa. Property sales. I'm incredibly proud of that one, mate. [00:32:24] Speaker B: Yeah. [00:32:25] Speaker C: Now we're going to come back and actually talk to Sean, aren't we? Sean Symington. [00:32:29] Speaker B: Yeah, we've got Sean Symington on today. So he's a mortgage broker and he specializes in the first home bias space. So it'll be an interesting one because obviously we want to pick his brain when what's about to happen. [00:32:41] Speaker C: Big topic on the table, Josh. [00:32:43] Speaker B: Big topic on the table. And I think it'll be the right person to answer all these questions, so I'm ready to pick his brain. I've got all these questions in line at the moment, so let's do it. All right. And one last thing. He just came back from a holiday. Did you know that he was up in Vietnam the whole time? Playing golf, apparently. [00:33:01] Speaker C: Is that where he's been? I haven't seen. [00:33:03] Speaker B: Yeah. So I've got a. A few things to ask him about it, you know, so if he doesn't look relaxed, we'll ask him what happens. [00:33:11] Speaker C: We'll stop in the middle of the. You keep talking to him. I'll massage his back and relax the guy. So he's coming back from holidays. I'm headed down to Bremer Bay. When I'm counting down Josh, what I'm. [00:33:23] Speaker B: Seeing is everyone's going on holiday except me. I think I need to start taking some breaks from our show. All right, you're listening to. [00:33:29] Speaker C: We're working hard though. [00:33:31] Speaker B: Yeah. [00:33:32] Speaker C: I don't know. [00:33:35] Speaker B: All right, you're listening to the Perth Property Bros with Josh and Carlos. [00:33:39] Speaker A: The best music from the 60s to today, IPL radio. [00:33:46] Speaker B: And we're back with the Property Bros with Josh and Carlos today. Now, we've got Sean Symington with us today. [00:33:53] Speaker C: Big, bad Sean, Big by Sean. Part of our BNI network, one of our networking. [00:33:58] Speaker B: Yes. [00:33:59] Speaker C: Partners and brothers. [00:34:00] Speaker B: Wait, he just came back from a very stressful trip to Vietnam, man, you know, 18 holes a day, cocktails by the pool. Did you even do that? Cocktails by the pool? [00:34:09] Speaker A: A couple of times. [00:34:10] Speaker B: Couple. All right, There you go. You know, I don't know if it's a work life balance there or, you know, like a work golf balance. [00:34:17] Speaker C: Work golf balance. [00:34:18] Speaker A: I think we were getting up at 4am to do a bit of work before we hit breakfast, of course, just to keep on top of stuff. [00:34:26] Speaker B: There you go. All right, well, I'm going to ask you a little bit about it later, all right? And we promise not to make you feel like you're straight back into work. [00:34:33] Speaker C: All right? [00:34:35] Speaker B: Anyway, we've got Sean Symington, who prides himself on honesty, loyalty, and dependable service after a long journey to step into his dream role as a finance broker. He now helps clients achieve their property and financial goals, whether it's buying their first home, renovating, or growing wealth through investment. With a background in law enforcement, Sean brings a unique skill set from, from sharp problem solving to strong ethics to help clients navigate their finance options with clarity and confidence. So, again, welcome, Sean. [00:35:04] Speaker C: Welcome, Sean. [00:35:08] Speaker A: Sound like a nice guy, doesn't it? [00:35:10] Speaker C: We do like you. [00:35:11] Speaker B: We do like. Yeah. [00:35:14] Speaker C: We like you, Sean. [00:35:15] Speaker B: Well, obviously you've got a bit of a law enforcement background. [00:35:18] Speaker A: Yeah, I. I did 27 years with WAIPOL. [00:35:22] Speaker B: Yeah. [00:35:23] Speaker C: What is white pole wa. [00:35:24] Speaker A: Police. [00:35:25] Speaker C: White, Paul. Okay, that sounds like Interpol for a second. [00:35:29] Speaker B: So talk to us a little bit about your journey from, you know, obviously being a police officer and then coming into the financial sector. [00:35:39] Speaker A: Yeah, I guess mortgage broking was something I came across in about 2009. [00:35:48] Speaker B: Yep. [00:35:50] Speaker A: My wife and I actually bought a franchise in mortgage broking with the goal to. For her to build the business and for me to join her. That didn't quite work out for us. The. The people who are. We bought the franchise off. Won't say too much about it, but there, I think there was about 270 franchises around Australia that went belly up. [00:36:13] Speaker C: Really? [00:36:13] Speaker A: Yeah. Was. [00:36:14] Speaker C: Was it refund, was it? [00:36:16] Speaker A: Yeah, it was. [00:36:16] Speaker C: It was refund. [00:36:17] Speaker A: Yeah. [00:36:18] Speaker C: I remember those guys going around selling, like, to everybody. Yeah, yeah. That was, what, back in 2009 or something? [00:36:24] Speaker A: 2009 was when Laura and I went to Queensland and did our diploma in mortgage broke and. And started it. We had. Cannington was our Our area and Laura was building the business while I was still working as a police officer. [00:36:42] Speaker C: I remember refund because they were, they were trying to set up like huge, a huge business like refund real estate, refund, travel, refund home loans, refund, you name it. Yeah, put a refund in front of it. [00:36:54] Speaker A: Well, it started with refund home loans and then they added on all of these other bits and pieces. Yeah, we've made some lifelong friends out of that. [00:37:03] Speaker C: Great. [00:37:04] Speaker A: But yeah, I thought it was a very hard concept. [00:37:08] Speaker C: I mean, considering mortgage brokers work so hard to even get the loan over the line. Then there's this clawback thing that you guys have to work on, don't you? Like with banks. [00:37:18] Speaker A: Yeah, clawbacks are something that's not discussed greatly in the industry, but people need. [00:37:23] Speaker C: To know about it. [00:37:24] Speaker A: Yeah, but yeah, effectively what happens. And you ride alone and if your clients sell their house, refinance elsewhere. Refinance elsewhere or do something different. Or if they're lucky enough to win lotto pay off their mortgage, you have. [00:37:42] Speaker C: To pay them back. [00:37:43] Speaker A: Well, we don't have to pay them back. They just take the money out of your next payment. There's no warning warning. It just happens. [00:37:53] Speaker C: So how is that going to work with the refund model if you're having to refund the client money? [00:37:58] Speaker A: No, you don't. You, you know what I mean? Yeah. [00:38:00] Speaker C: You wear that, it's like money's going out the door. [00:38:02] Speaker A: Yeah. [00:38:03] Speaker C: So I don't know how that was ever going to work, to be honest. [00:38:05] Speaker A: Yeah, well, no, that, that concept was quite a good concept because it got people. [00:38:11] Speaker C: It's. [00:38:11] Speaker A: It made the difference. You've got people to the door and as the broker, you, you wrote the loan and then once it settled and you got paid, you gave them a portion of your, your tray of your upfront commission. [00:38:24] Speaker C: Remind me the percentage it was up. [00:38:27] Speaker A: To the individ suggested. I think it was between 10 and 30% from memory. I mean, we are going back to, to sort of 200 2011. I think it all fell apart. [00:38:39] Speaker C: Yeah, I remember they were most active around 2009. [00:38:42] Speaker A: Yeah. [00:38:43] Speaker C: So my partner at the time actually considered it. Yeah, refund home loans, become a franchisee. So there you go, Sean. See? And they've been around the traps, mate. [00:38:57] Speaker A: And then when that went belly up, we had a choice to whether to hang around and see if somebody else picked up the franchises, which somebody did eventually. But Laura had built herself a bit of a name in the industry and she had, I think, three finance companies or Broking companies ring her up and offer a job within two weeks. And Tracey at Finance Corp was one of those. And Laura's been with her since 2011. [00:39:25] Speaker B: Nice. [00:39:25] Speaker C: So Tracy, the lady you were talking about, an enormous Facebook presence. [00:39:29] Speaker A: Yeah. [00:39:30] Speaker C: Like 300 pages or something. [00:39:32] Speaker B: They've got a finance. Financial. [00:39:34] Speaker C: Yeah, finance. [00:39:36] Speaker A: She's the owner of Finance Corp. Yeah. [00:39:38] Speaker C: She's very good with the social media, very good on pushing brand. Tracy, is it? [00:39:43] Speaker B: Yeah, that's the one. Teresa Franco. [00:39:45] Speaker C: We're only talking about her the other day. [00:39:48] Speaker A: Yeah. [00:39:49] Speaker C: Actually admiring her work. [00:39:51] Speaker A: She is a very motivated and. [00:40:00] Speaker B: Passionate. [00:40:01] Speaker A: Passionate. She's passionate about her work. She's been doing it for a long time, but she's also passionate about. She mentors all of us that work for her, with her. And she's very motivating person and she's great to work for. [00:40:20] Speaker B: Amazing. So obviously your partner joined. [00:40:24] Speaker A: Yeah. [00:40:25] Speaker B: What happened after? [00:40:26] Speaker A: So, yeah, I. When, when Laura started working for Finance Court. No, when she started refund, I, I went into prosecuting in the police department. [00:40:41] Speaker B: That must have been hard, isn't it? [00:40:43] Speaker A: That's different. I, I say this often. I think prosecuting and, and mortgage broking is. There's a little bit of a overlap in skills. So I used to get a situation that had occurred, I'd match that to the law and then present it to the courts to try and win. And, and now what I do is I get a person's situation, I match it to a loan and I present that to them, to the banks to get them their loans. [00:41:12] Speaker B: Excellent. [00:41:13] Speaker C: It's a good way to look at it, isn't it? [00:41:14] Speaker B: Yeah, it is, yeah. [00:41:15] Speaker C: The investigative ability is to put people together. Loans and banks. [00:41:19] Speaker A: Yeah. [00:41:20] Speaker B: So which is more stressful? Chasing a criminal or writing up a. [00:41:25] Speaker A: Loan. [00:41:28] Speaker B: Or choosing a bank for the. [00:41:29] Speaker A: Loan any given day? And he can be just as stressful. I did some very, very things when I was in the police department. I climbed a rope net at 1am in the morning, 30 nautical miles out to sea. [00:41:48] Speaker C: Yeah. [00:41:48] Speaker B: You mentioned this story to me once. Yeah, yeah. It was an interesting. [00:41:51] Speaker A: In the middle of the night from a 10, 10 meter boat to a ocean liner and serious car crashes. Yeah, all. All sorts of things. [00:42:06] Speaker B: All right, so you're saying those are easiest compared to chasing a bank? [00:42:09] Speaker A: No, no, no. Same as every job. You have your times where you, you feel like you're bashing the head against the wall because of a small obstruction you've come up against. But some people aren't seeing it the way you are. So you, you You've got to overcome that hurdle to, to get that loan across the line and that can be very stressful because you've got not deadlines where people's as you know finance is due on a certain day and if the, and in this current market you're always worried about that a cure. People lining up to take that house because they want it. [00:42:46] Speaker C: They're just talking about the cues. [00:42:48] Speaker B: There's always someone else. Yeah. It could go to him. [00:42:51] Speaker A: Yeah. So yeah you, so if you're not. [00:42:54] Speaker C: Cash you want to be pre approved or be finance ready at least. [00:42:57] Speaker A: Yep, yep. [00:42:58] Speaker C: Because your broker is ready just to receive that OA and run with it. [00:43:01] Speaker A: Yep. And yeah I do that one. One of the things Laura and I both very passionate about is knowing our clients and, and doing the right thing by them. So we will. Even if a client's not ready to go today, we like to go and meet with them and spend that time with them and give them a, a goal so that they are ready to buy. Because for my mind the last thing you want to do is speak to a client today and they're not ready to go and, and if you just fold them off they could ring you in six months time and they unwittingly might be in the same situation where they're still not any closer to the, the objective that they want to achieve. But if we go and spend that time with them, you can give them a goal what the bank is going to need them to be their position to be and they can start working on it rather than and for me that spending that time with the people to get them there is valuable. [00:44:13] Speaker B: Nice. [00:44:13] Speaker C: I hear the good brokers take the time to do that especially with the young ones to say right if you want to buy excise unit or house in whichever wherever they want to live, you need to earn X amount. You need to have this much in the bank, tidy up your spending habits. No Ubereats or all those bits and pieces in the bank statements. Huh. [00:44:32] Speaker A: Do you know which what one? You would be surprised that I come across a lot these days. And what banks don't like Apple Pay Sports Bet. [00:44:41] Speaker C: Oh really? [00:44:41] Speaker B: Really. [00:44:43] Speaker A: It is unbelievable how many people have a Sports Sports Bet account. [00:44:48] Speaker B: Lucky I close mine. [00:44:53] Speaker C: Yeah, interesting sports bet because you can gamble it on big or small scales but it's the pattern they're looking for, isn't it? [00:45:00] Speaker A: Yeah. Yeah. Well I don't profess to know what the banks are looking for but I, yeah it's a, it's another debt that or Another expense, that tendency. Yeah. And it, it adds up. [00:45:13] Speaker C: Yeah. I'm so guilty for the Uber Eats one. [00:45:18] Speaker B: So, Sean, obviously you've, you've joined and now you're doing mortgage broking with your wife. And I know you've got a bit of a passion for first home buyers, isn't that right? Yeah. So obviously we're going to delve a little bit into it, you know, in this current market, you know, where lots of emotions are involved, house prices are skyrocketing. It's getting harder and harder for first home buyers to get in. And that's where I think, where you mentioned you spending time with them and going through everything makes a lot of sense. Right. Like, for example, in this current one, say it's what, median price 800,000. Just putting a 20,000 deposit, that's what, 160,000 as a deposit. How long does it take to save that amount? That's a long time. But there are other things out there, there are schemes and all that, and I'm sure you're going to be touching on all of those things today. [00:46:09] Speaker A: Yeah, there is. I mean, look, I think, I think you can get into a mortgage with 2% deposit plus fees. So Keystart is one of those that, that do that and they have a slightly higher interest rate than the, the banks. But the good thing with keystart is you don't have to pay lenders mortgage insurance. [00:46:30] Speaker C: Should I be concerned, Sean, when I get offers coming in with keystart, I did one the other day and I just noticed that it just took longer. Took longer to approve. They wanted longer to settle and they're not paying very much. They're only paying 2%, aren't they? They're putting 2% down the banks or their loan is 98%. [00:46:50] Speaker A: The smallest. Yeah, the smallest amount of deposit that Keystart want is 2%. Look, it's horses for courses and Keystarts is a great product if that's where you fit in the market and that's where your situation puts you. There are several. I touched on lenders mortgage insurance and we try to avoid our clients paying lenders mortgage insurance. It's another expense to a loan and it can add up. [00:47:30] Speaker C: So. [00:47:31] Speaker A: And then they've effectively got to pay that money back again as part of their loan and the interest adds up. So that becomes quite an expense for people. So we, we look for ways for our clients if they don't have the 20% deposit, to avoid lenders mortgage insurance. So. But again, if the choice is on not Buying a house or paying lenders mortgage insurance. And if that's your only option, you buy the house. Look, I'm a firm believer of that because houses only go up and the longer you wait, and especially in the market we're in, if you can buy today, I think you buy today because in six months time, that property that you could have bought today isn't going to be the same price. [00:48:20] Speaker C: Well, it's jumping 20, 30, 50, 100 grand. It's jumping in these time brackets. [00:48:27] Speaker A: I had a client who last year refinanced in, I think April, and at that time their property was valued at 750,000. I went and saw them in August and they decided to sell their property and build a new property. And I sorted out the finance for that. They showed me the video footage from, from their front door camera and there was comfortably 40 people lined up down the street waiting, come through their house. [00:49:02] Speaker C: Wow. [00:49:03] Speaker A: And from April last year, house being valid at four. Sorry, 750. They sold it for $850,000. [00:49:12] Speaker C: Wow. [00:49:13] Speaker B: Wow. In a year? [00:49:15] Speaker A: In four months. [00:49:16] Speaker B: In four months. [00:49:18] Speaker C: Happened to the place we saw the success. Josh, what was that? I sold that for 900, which I thought was, wow, that blew a lot of people away. And then they sold it 4 months later for 1.15. 4 months. [00:49:31] Speaker B: Interesting. 4 months. Who needs to work? Isn't it just hopping property to property? But actually that brings a good question there. So we just touched a little bit on. I had a question earlier today by one of our listeners and this one came out. It said everyone keeps saying about saving a 20% deposit. All right, is that really necessary in today's market? So obviously I've touched a little bit about this. Can you get into that a little bit? [00:50:01] Speaker A: So the reason why Everybody mentions the 20% deposit is because if you have a loan value ratio. So and when we talk about loan value ratio, that's the percentage that the bank's putting up as the loan and you put the rest in. [00:50:14] Speaker B: Can I ask why 20%? Like why not 30% or 10%? Like who plucked this magic for you to go 20%? [00:50:21] Speaker A: Look, this is my thoughts on it. And the figures I'm going to use may be a little bit outdated, but I use a $500,000 mortgage and I'll explain lenders mortgage insurance in the same thing. [00:50:36] Speaker B: Excellent. [00:50:38] Speaker A: So if you buy a property for $500,000 and you put a 20% deposit in, that means you're borrowing 400,000 from the bank and you're putting 100,000 in if something goes horribly wrong and that person can't pay their mortgage, the bank has got room for selling that property and recouping their $400,000. [00:50:58] Speaker C: It leaves a margin for quickly. Yes, it leaves them a margin for doing it quickly. [00:51:03] Speaker A: And the figures I use are that if they walk in and put that property on the market for 450,000, that's 10% below low market value, it's going to sell very quickly, they're going to recoup their $400,000 quickly, and the bank's going to be happy because they've got their money. [00:51:16] Speaker C: Don't forget their costs. [00:51:19] Speaker A: If you switch that around and you do a 95% lend on that same property, that means that the bank is putting up $475,000. So you've only got $25,000 worth in the game. So in that same scenario, if they sell that property for $450,000 to recover, recoup most of their money quickly, they're $25,000 out of pocket. This is where lenders mortgage insurance company comes in. So let's say I'm the borrower, Carlos is the bank, and Joshua, you're the lenders mortgage insurance company. When you pay the lenders mortgage insurance on that, that goes to Carlos, the lenders mortgage insurance company. [00:52:01] Speaker C: I'm the bank. [00:52:02] Speaker A: Oh, sorry, I'm the bank. That goes to Joshua, the lenders mortgage insurance company. [00:52:06] Speaker B: Yeah. [00:52:07] Speaker A: So in that scenario, if I haven't paid my loan and that property gets sold for $450,000, Carlos is the bank. He says, I'm out of pocket, $25,000. So he comes to Joshua as the lenders mortgage insurance company and says, I'm $25,000 out of pocket. Can I buy $25,000? You get your $25,000, Carlos, and you're happy because you've recouped all your money. Lenders mortgage insurance company comes to me as the lender and says, says, hey, Sean, the bank was $25,000 short. You've got to give me that. So then I have to give the lenders mortgage insurance that $25,000. Even though I paid the insurance premium, it doesn't protect me in any way, shape or form. As the borrower. [00:52:52] Speaker C: I was going to ask you about the flow and effect because effectively, if the bank is short, you're responsible as the, as the, the loan hold the borrower, they're not going to be out of pocket. No, the banks are not going to lose. [00:53:07] Speaker B: So ultimately, what we're getting here is even Though you, the borrower are paying for the lenders mortgage insurance, they are not there to protect you. No, they're technically there to protect the bank 100%. [00:53:20] Speaker C: Yeah, good observation there. Yeah. [00:53:22] Speaker A: So again, I'll go back to what I said before. And particularly in this market, if you, if that's the only way you can get into a property, it's not the worst thing in the world because you got into your property. [00:53:35] Speaker C: What are we talking here, Sean? What are we talking? 50 bucks? 100 bucks? 10,000? 100,000? What are we talking? Depends on your $500,000 loan, like you said. That's a good one. [00:53:47] Speaker A: I'd have to run it through the calculator. It tells me, look, lenders, mortgage insurance can be, it can be $5,000. [00:53:55] Speaker C: Okay. [00:53:56] Speaker A: It can be a hundred thousand dollars depending on how much you're borrowing. [00:53:58] Speaker C: Okay. [00:53:59] Speaker A: And it's a sliding scale. So I think if I get my figures right from, it's, it's a percentage. And if your borrowings between 80 and 88%, it's. That's when it's the best. Yeah, that's that sort of percentage there. And then I think it's from 88% to, to either 91 and a half or 92 and a half. That's another bracket. [00:54:26] Speaker C: Okay. [00:54:27] Speaker A: And then above 90, above that is a third bracket. [00:54:30] Speaker C: Right. [00:54:30] Speaker A: And it's a percentage. [00:54:32] Speaker C: That makes sense. It's like a cascading. [00:54:34] Speaker A: Yeah. [00:54:34] Speaker C: Thing. Right. [00:54:36] Speaker A: So that's, that's how it's worked out. And it, and it, and it can be, you know, in today's market, if you're purchasing a sort of a 600 or $800,000 house, it can be around that 40 to $50,000 mark. [00:54:51] Speaker C: Hey, just out of interest. So if that foreclosure happened right. Within the first two years of the loan, does that mean they're going to come after you as a mortgage broker and claw back as well? [00:55:00] Speaker A: Probably. That's where as a mortgage broker you've got some responsibilities. You have to ensure that the person that you're getting the loan for. [00:55:10] Speaker C: Yeah. Can responsible lending. [00:55:12] Speaker A: Yeah, they, they can, they're in a situation to service the loan. [00:55:17] Speaker C: I have so much respect for mortgage brokers. I know how hard the job is. You're going back and forth getting documents, you know, then they're going to want some. Depending on the lender, they're going to want more and more and more. Some of them are just never happy. [00:55:28] Speaker A: Yeah. [00:55:29] Speaker C: And you've got to have that patience to be going back and Forth until. And you might do all that work and not even get the. Get the client. [00:55:35] Speaker A: Yeah. [00:55:36] Speaker C: In the end. Yeah. [00:55:37] Speaker A: And you have situations and banks can change their. [00:55:42] Speaker C: They change the goalpost at any time, Josh, anytime. [00:55:46] Speaker A: I won't talk lenders in specific, but I was dealing with a particular bank and they've been really good to deal with for years. And I had a client and I thought that's a good fit for them. Their interest rate's good, their fees are good, their product's good and the way they assess people is really good. I put them with that. That bank and I think I was going backwards and forwards, like you say, for. For nearly four weeks. [00:56:18] Speaker C: Yep. [00:56:19] Speaker A: And I then had a conversation and with my. My BDM at the bank and we thought it might not be going. So that was on the Friday I spoke to the clients, lodged the new. Lodged with another lender on the Monday. Bear in mind, I'd been working on this one for three or four weeks at that stage, and Thursday I had the approval. [00:56:46] Speaker C: Wow. [00:56:47] Speaker A: So, yeah, and. And things change. [00:56:50] Speaker C: Yeah. [00:56:51] Speaker A: And it was a very same situation that I'd done with a loan last year with the same lender. And they've just changed something very slightly in there in their back end, and it just completely changed the situation. So you live and learn in this job and. Yeah, I know now which lender to go for in that situation. [00:57:20] Speaker B: All right, I think let's go to a bit of a break, shall we, and then we'll come back and talk a little bit more about what else can you do to save on LMI. And is 20 always the case? All right. All right. You're listening to the Perth Probably Bros in with Josh and Carlos. [00:57:38] Speaker A: The best music from the 60s to today. IPL radio. [00:57:43] Speaker C: Best music indeed. That was actually a really good song. The extended version of Money For Nothing, Dire Straits. I thought, this song is going for a long time. And I looked at this, I looked at the time stamp, I thought 8 minutes and 24 seconds. I'm like, well, people are bopping along to die straight. [00:58:00] Speaker B: There you go. That was a good song choice there, Sean. [00:58:04] Speaker C: Thanks, Sean. [00:58:05] Speaker A: Good song, good band. [00:58:06] Speaker C: Thanks for entertaining everybody and us. [00:58:09] Speaker B: So obviously we've been talking a lot about mortgage. [00:58:11] Speaker C: Yeah. This is the. This is about. All about Sean. [00:58:14] Speaker B: But it was really interesting, though, they were talking about the traditional 20%, how it kind of came about, who is really protecting LMI and stuff like that. I think the next one we kind of want to get into is all right now we understand that is 20% just the amount that you need to get in. There is, are there other strategies around it to get in? And then also lmi, is that something that can be waived along the way? [00:58:38] Speaker C: So. [00:58:41] Speaker A: I guess the magical figure where there is no LMI, lenders mortgage insurance is having a 20% deposit. There are exceptions to that. So certain lenders will waive LMI up to about 90% depending on your profession. [00:59:01] Speaker B: What was sort of the profession that we're talking about? [00:59:04] Speaker A: Probably the ones we all expect like lawyers, doctors. [00:59:09] Speaker B: And why would you say. [00:59:10] Speaker A: That is they, they have the, the ability to generate the income to, to pay the, the mortgage and like the. [00:59:20] Speaker B: Most stable sort of job, isn't it. They're not likely to kind of just hop and leave. Yeah. Interesting. So they are the ones that you kind of. They don't really have to stick in the 20. [00:59:30] Speaker A: They can go down to 90. And I, I guess part of it would be those people. People have, have been at uni studying and so when they finish uni and they start working in their chosen profession, they perhaps not had the income that other people have had because they've been working for a bit longer. [00:59:51] Speaker C: I've seen these loans, these uni student loans where say if they want to buy a car, they need a car while they're at uni, they'll get the loan. So at very low repayments for, for the first year or couple of years. Well until they're finishing, until they actually get out. That's when the full repayments start. [01:00:09] Speaker A: Okay. [01:00:10] Speaker C: Yeah. Because do you do any, any car stuff as well? Sure. Or you can, or you can. [01:00:15] Speaker A: We, we, you know, we, we can. [01:00:17] Speaker C: Do the whole, anything landing so assets as well. [01:00:21] Speaker A: I can do. [01:00:22] Speaker C: Wow. [01:00:23] Speaker A: Look, I, I try to be. It's not that I can't do it. I, I guess I don't chase it as such. If one of my clients needs that, I help them with it. I predominantly do residential mortgages, but all residential mortgages, whether it be a first home, somebody upsizing, buying an investment property, self managed super funds or accessing the funds that, the equity that they built in their house to, to do something with, whether it be be somebody who's built their first home or and they haven't had a, a rear yard, they haven't had that done. But especially in this market, after not so long you build up the equity and you can access that to complete your. [01:01:08] Speaker C: Exactly. A lot of people in that position, huh Josh? [01:01:11] Speaker B: There is a lot at the moment. [01:01:13] Speaker A: Yeah. [01:01:14] Speaker B: Yeah. A lot of people especially in wa. At the moment, they're sitting on big, large equities, isn't it? So let's talk a little bit about that. Tell me a little bit about what you're doing in that space as well. [01:01:24] Speaker A: So did you want me to run through the different options for. To avoid lenders, mortgage insurance? [01:01:32] Speaker B: Yes, let's do that. [01:01:32] Speaker C: Just go for it. [01:01:35] Speaker B: Yep, go for it. [01:01:36] Speaker A: So we talk about that magical figure having a 20% deposit or an 80% loan. So it's 20% deposit, deposit plus the fees involved in purchasing the house. So there are a number of ways that we can avoid that if you don't have the deposit. So the first one is a family guarantee. So in that scenario, what happens is generally it's mum and dad because they've got the equity, but it can be a brother or sister or a close family member, they've got the equity in their property or they own their property because they've been in it for long enough and they put their property up for security for that 20%. And now technically you can do it for the 20% plus the fee, so you can actually take out the mortgage for 100% of the loan, plus the fees involved in purchasing the house, the. [01:02:24] Speaker C: Stamp duty, and as long as they've got enough equity and as long as, yeah, they're willing to risk it. [01:02:28] Speaker A: Generally what the banks want to see in that scenario is that if they have got a mortgage on their property, the mortgage plus the value of the. They're guaranteeing of the property adds up to a maximum of 70% of the value of the property. [01:02:48] Speaker B: So technically it's about like 30% sort of. [01:02:50] Speaker A: Well, it just depends on the situation. [01:02:52] Speaker B: Yeah. [01:02:53] Speaker A: So let's. If we, if we work on, on some figures. So if you're purchasing, if we go back to that 500,000, because it's a nice round figure and easy to work with, you're guaranteeing, they're going to be guaranteeing that $100,000 if you've got no deposit. And then you're going to have stamp duty and fees, a lot of fees adding up. We tend to allow around about $5,000 for fees. So there's some government fees you've got to pay for registering the mortgage, for registering the loan, and then you've got the fees involved, the settlement agent fees. And when you purchase a property, the owner, current owner, has paid the rates for the 12 months and you've got to figure, factor in that you, you pay the proportion that is remaining to the end of the year. So you pay that at settlement as well. So yeah, we allow around about $5,000 to cover all of those fees. And then you've got pest inspections and building inspections which is a great idea to do when you, when you're buying a property. So that covers that. And then there's a stamp duty as well. [01:04:04] Speaker B: Yeah. [01:04:05] Speaker A: So for first home buyers there is the first homeowners grant which I'll touch on a little bit later and explain on that. So the family guarantee will, you can actually cover that full amount. So if we're working on that 500,000, they would be guaranteeing the hundred thousand plus the fees now, including stamp duty, it might come up to be around about $120,000. So if they own their property outright and let's say mum and dad have paid off their mortgage and they own $800,000 property, they're guaranteeing about $120,000. [01:04:46] Speaker C: Have you seen cases. Josh. Sean. Sean. Where there has been foreclosure and they have come to put their hands in mum and dad's property? [01:04:55] Speaker A: No, I haven't seen that myself. [01:04:58] Speaker C: So what would that look like? There's been a foreclosure. Mum and dad have, you know, they've worked all their lives, they're retired, but they put their equity up. So I mean it sounds like a train wreck, but. [01:05:07] Speaker A: Yeah, it does sound like. [01:05:08] Speaker C: But there is a process here, isn't there? [01:05:10] Speaker A: There would be. I, look, I haven't been involved in it so I, I don't like to talk about or speculate about things that I haven't been involved in or I haven't, haven't seen myself. So I don't know that process. And I guess that's part of our job as a mortgage broker is to assess risk as best we can because obviously we're reliant on what people are telling us and what they show us. But yeah, we go through their living expenses and make, and try to make sure that we're not putting somebody in a loan that they can't afford. Because the last thing we want to do is set somebody up for failure. We, we're trying to set somebody up for success. [01:05:46] Speaker B: Yeah. [01:05:48] Speaker A: And, and I, I really enjoy my part of job of helping people. [01:05:53] Speaker B: Yeah. [01:05:53] Speaker A: You know, there's nothing better in this job than ringing somebody up. They're so excited that they're buying their first property or they're buying their dream home. You get to make two really good phone calls. The first one is, hey Carlos, the bank's just approved your loan. Congratulations. That's. It's A great feeling. And the next one that's even better is, hey, Carlos, congratulations. You now own your own home. [01:06:19] Speaker C: You've settled. [01:06:20] Speaker A: It's settled. You own your home. [01:06:22] Speaker C: Whoa. [01:06:23] Speaker A: And I remember building my first home back in 1997. And, you know, for us, it was a particular day. 26th of July was the day we got the keys. My birthday is the 27th of July, so actually. Yeah. So we really wanted to move in so we could wake up in that. [01:06:45] Speaker C: House on your birthday. [01:06:48] Speaker A: And it was my first house. And it's. I remember that. And it's a few years ago, so I know how exciting it is for. For your clients, and it's. It's really nice to be part of that. [01:07:00] Speaker B: Yeah, definitely. No, that's amazing. [01:07:03] Speaker C: Good on you. Sure. That's such a lovely story to hear. What did you move in just like, with a mattress you made? Was it just the mattress for your first time? [01:07:11] Speaker A: My. I've. I'm very lucky. I've grown up in a wonderful family. I've got a great sisters. They came in, everybody pitched in and helped us move into the house. Not, you know, the basics, skeleton operations. You know, we had the bed and kitchen stuff and everything, and we could sleep in our house and wake up in the morning. [01:07:33] Speaker C: I love hearing that about you, that you're saying that you enjoy helping people. I know how difficult the job is, so I'm just admiring that about you, because that job can get on top of a lot of brokers. They can get very sour. They can get very. Just snowed under with the job. But you're a team with Laura. She's a lovely lady. I've met her a few times. And, yeah, you just. You seem to really enjoy what you're doing, and you've got your heart in the right place. I'm. I'm seeing your passion come through so good on you, my friend. [01:08:03] Speaker A: We're also lucky that we were with Finance Corp. And I'll say, oh, you've. [01:08:07] Speaker C: Got the backup team as well. [01:08:08] Speaker A: Well, and that's. That's. That's the way Tracy works, that we. We are always there backing up one another. There's 20 of us that work at Finance Corp. As brokers. [01:08:20] Speaker C: I often wondered about that because I used to see so many Facebook pages, and I'd sit there and keep adding them to, like, you know, keep logging these pages. And there was just always more. [01:08:29] Speaker A: Yeah. Yeah. Well, there is, I think, 20 of us at Finance Corp. And we. Not only do I have Laura to support me, and we work in the Same office. We live in the same house. We're together all the time. We have quite a few hobbies that are similar now. [01:08:46] Speaker C: Like golf in Vietnam. [01:08:48] Speaker A: Yes. Which she didn't play until, oh, about 10, 11, maybe 12 years ago she started playing. I used to go off without her, but yeah, so we do a lot. We have a lot of similar interests, but we do have separate ones as well. [01:09:04] Speaker C: All I hear is team, team. You guys are a team across the board. And by the way, Mr. Josh over here has got a good swing. We went, we went to play up at Hammersley and for some reason, my ball. There's something wrong with my ball and my club because he kept going to the right. He was just kept in those trees. So I actually ended up pointing about 45 degrees that way to try to get straight down the fairway. And Mr. Josh comes along with his elegant stroke and perfect noise on the ball. And he just kept going straight down the middle. It was just alive every single time. [01:09:43] Speaker B: Oh, it's a fluke, man. [01:09:45] Speaker C: A fluke. 50 times, 50 flukes in a row. So if you ever want to play golf, you know, don't underestimate this guy. He's actually pretty good. [01:09:54] Speaker B: I haven't played in years. So we could, could come under our new training by Mr. Sean. [01:10:00] Speaker C: It's actually surprising how many of our referral partners are golfers. [01:10:03] Speaker B: Yeah. [01:10:04] Speaker A: Don't be eluded by the fact that my enjoyment of golf means that I'm a good. [01:10:12] Speaker B: Actually, I've been meaning to bring this up. Today is the sick. We've run a show for six months there, Carlos. [01:10:17] Speaker C: Our six month anniversary. [01:10:19] Speaker B: Yeah. Six months. Well done, man. [01:10:20] Speaker C: Have you got a ring for me or something? [01:10:23] Speaker A: I. I do remember you guys first talking about that and it surprised me when you said a minute ago that it was six months. It has seems like that six months has gone very. [01:10:32] Speaker C: Yeah. [01:10:33] Speaker B: And you're here to share it with us there. [01:10:34] Speaker C: You. [01:10:36] Speaker A: Share that with you guys? [01:10:37] Speaker C: So that, that's. If you look at that, I mean, that's 26 episodes. We're here, what, three hours. So how much is that going to be in terms of hours here? [01:10:49] Speaker A: 78 hours. [01:10:51] Speaker C: That's right. Sean's good with numbers. I was ambushed once. I walked into a conversation with Sean Symington and Karen Crow and they were talking about code breaking and long division and all the numbers that you can do in your head, they can just do massive their head very quickly. And I thought, I am so out of my depth here, standing with these two. I can't even pretend. I can't even play real estate agent and pretend to carry myself. So I had to just sort of bow out and go and have a coffee somewhere else. You're good with numbers, Sean. Code breaker. I remember code breaker. [01:11:31] Speaker A: I guess people have things that they're just naturally. I shouldn't say good at, but I, I enjoy and I do have it. Numbers stick in my head. [01:11:45] Speaker C: They stick in your head and I. [01:11:47] Speaker A: I can work with them quite well. [01:11:49] Speaker C: And Karen's the same, isn't she? Yes, she's very, very intelligent woman. [01:11:52] Speaker A: Yes. [01:11:53] Speaker C: Karen crows are accounted in our B9 network. [01:11:55] Speaker B: Of course they have to be. Could be thumbless. Isn't it the contest. Yeah. [01:11:59] Speaker C: In mortgage brokers, aren't you. There you go. [01:12:02] Speaker B: Well, you look at numbers every day anyway. [01:12:04] Speaker A: Yeah, look, it's, it, it was always something I was. Luckily I, I, I think people are analytical or. [01:12:16] Speaker B: Yeah. [01:12:16] Speaker A: Or creative. [01:12:18] Speaker B: Creative. [01:12:19] Speaker A: Or creative. Definitely not creative. [01:12:24] Speaker C: I'm ultra creative. [01:12:26] Speaker B: All right, let's, let's bring this back again. I'm going to come back to the. So, so we, we touched a bit. So we touched on the guarantor a bit. [01:12:33] Speaker A: So the, there's the F family guarantee. There's a great scheme that the government runs called the First Home Guarantee Scheme. Y so that one is just about to go over an overhaul on the 1st of October and it's going to become much better so and much more accessible for people. So currently, if you're a single person, you want to access it, your maximum income is 125,000 a year. If you're a couple, it's $200,000 a year. And there's, it's, I think the figures 35 or 38,000 spots a year have been available by the government. And if you live in WA, the maximum property price you could purchase was $600,000. And in country WA, that's in Perth, in the capital city, country wa, it's 450,000. [01:13:26] Speaker C: Okay. [01:13:27] Speaker B: That's the max. [01:13:27] Speaker A: Yeah. The maximum purchase price to be eligible for it come October 1st. The. There's going to be unlimited places. [01:13:37] Speaker B: Yep. [01:13:38] Speaker A: So that's great. There's going to be no income cap, so. [01:13:42] Speaker B: Interesting. [01:13:43] Speaker A: Yep. So that's going to be good for people. And the, the Perth maximum price is going up to $850,000, which it's great for people because, you know, in this market, if you can only find a property for $605,000 or $630,000. You weren't eligible before. [01:14:02] Speaker B: Yes. [01:14:02] Speaker A: Now it's gonna. [01:14:04] Speaker B: So Anyone is eligible for it. There's no cap on it. [01:14:07] Speaker C: What about time frames? I wonder if you've purchased recently or been a first home buyer or things like that. Like what disqualifies you? That's the question. [01:14:15] Speaker A: So you have to be a first home buyer. [01:14:17] Speaker B: Yep. [01:14:17] Speaker C: Okay. [01:14:17] Speaker A: Okay. You have to be an Australian citizen. Both. And if it's buying as a couple, you both have to be. [01:14:24] Speaker B: Okay. The, the. So there's no cap on how much you earn? [01:14:30] Speaker C: No. [01:14:31] Speaker A: From Jan. From October 1st. So what are we, just over two weeks away? [01:14:35] Speaker C: Two weeks. It's the 15th today. [01:14:38] Speaker B: Yes. [01:14:39] Speaker A: So currently it is 125,000 for a single. [01:14:41] Speaker B: Yep. [01:14:42] Speaker A: And 200,000. [01:14:44] Speaker B: Yeah. [01:14:44] Speaker A: And that sort of affects how much you can borrow. [01:14:51] Speaker B: Yep. [01:14:53] Speaker A: So as a ballpark figure, it's not set in stone, but I, I guess we look at, as a. When somebody tells me their income and I start working out in my head whether they're going to be eligible for a loan, we. As a ballpark figure, we look at about five times what their annual income is before tax. [01:15:13] Speaker B: Yep. [01:15:15] Speaker A: So hence those incomes were about on your maximum that you'd be able to borrow. [01:15:22] Speaker B: Understood. So what is this called? This the First Home Buyers Guarantee scheme. [01:15:26] Speaker A: Or the 5% first home guarantee. [01:15:29] Speaker B: So what does it guarantee? [01:15:30] Speaker A: So what happens? You have to have 5% genuine savings. [01:15:33] Speaker B: Yeah. [01:15:34] Speaker A: So if you're buying that $600,000 property, you have to have saved $30,000 of genuine savings. So you have to be able to show that that's been going into your bank account. [01:15:45] Speaker B: Yeah. So that's, that actually shows that that's actually going to make a lot more people more accessible, isn't it? To enter the housing market, obviously you don't have to save. So what, 20% of is actually a hundred thousand. Now you don't need to do that. [01:15:58] Speaker A: That's a hundred thousand of a $500,000 purchase. [01:16:03] Speaker B: Yeah. [01:16:03] Speaker A: So we're looking if you can afford to make the repayments as a couple. If you're looking at purchasing an $850,000 property, of course that's $170,000 deposit plus fees. [01:16:16] Speaker B: Yes. [01:16:17] Speaker A: Instead, what are we looking at? 17,000. [01:16:23] Speaker B: Is it? [01:16:24] Speaker A: Is that right? [01:16:25] Speaker C: No, you're the one going with numbers, man. Come on, let's do some calcs. [01:16:31] Speaker A: I'm doing 2%. [01:16:32] Speaker B: That's all right. So 170, what is it? 85. So it'll be about 40. [01:16:37] Speaker A: 42 and a half. [01:16:38] Speaker B: Two and a half. There you go, 42 and a half. So again, you don't have to save for 170 000. The moral of the story is you don't need that amount, you need only 42 and a half 5% and, and the rest is guaranteed by the government. So what it means is. What does that mean? [01:16:54] Speaker A: So the government's not putting up any money. [01:16:56] Speaker B: Yep. [01:16:57] Speaker A: That's, that's the number one thing. You're taking out the loan at 95%. [01:17:01] Speaker B: Yep. [01:17:02] Speaker A: But you're by effectively the, the government's back guaranteeing that 15%. So if there is a problem they're paying the bank that money I guess rather than lenders mortgage insurance company you don't have to pay the lenders mortgage insurance. [01:17:19] Speaker B: Yeah. [01:17:21] Speaker A: And the, the other bonus to that is you get access to an 80% interest. 80% loan interest rate. [01:17:31] Speaker C: So that's good. [01:17:31] Speaker A: So the way that works is banks start with an interest rate that they lend at and then they offer people discounts on that depending on your loan value ratio. [01:17:44] Speaker C: So. [01:17:46] Speaker A: Depending on the lender they all, it's all slightly different. But if their maximum lend they're going to lend at is 97 or 98% depending on the lender, you're going to be paying a much higher interest rate than if you're lending at 80% or even 95%. So if you walk into a bank and you've got the 5% deposit and you're paying LMI and you're having a 95% loan, you're paying a much higher interest rate than if you've got a 20% deposit. And so it actually means that people can, can afford it more too because they're paying a lower interest rate. [01:18:25] Speaker B: Correct. [01:18:26] Speaker A: And their repayments are less. Oh, that's good. It's a great scheme that the government's got in place. [01:18:31] Speaker B: So what, what else are there in terms? So obviously you got this. Then the next one down would be keystart. [01:18:36] Speaker A: Well, I don't like to say the next one down. [01:18:41] Speaker C: Next one down. Another option. Another option would be keystone. [01:18:47] Speaker A: Yeah. Because it's not about what's. Obviously there's advantages to all of them, there's disadvantages to all of them because. [01:18:56] Speaker C: You'Ve got all the private money too, don't you? Like Resimac and Pepper. And there are their options as well in, in different ways with huge interest rates. But yeah, they're options, aren't they? [01:19:05] Speaker A: But they're other options, they're alternate lenders effectively for if you've got impediments or if you're not. So we sort of go to the Lenders, depending on your situation and they, they've got a place out there but you probably not going to be putting a first home buyer with Resimac and those other lenders. But they, they've all got their purpose and they don't they short term. Yeah. [01:19:32] Speaker C: They know movement, they charge high fees. Yeah. [01:19:35] Speaker A: But keystart is another one. It's, it's a government funded loan service and they know, they, their idea is to help people get them into a house and then as soon as they can afford it they want those people financed out so that money becomes available to help the next person. So that. [01:19:57] Speaker C: Do you have to refinance that market? It's not on what you borrowed, it's whatever. [01:20:01] Speaker A: No, no, that's, it's on, it's on what you borrowed. Because there is another scheme that we don't do. [01:20:09] Speaker C: Yeah. You know what I'm talking about. [01:20:10] Speaker A: Yeah. As a broker there's shared equity lending. [01:20:12] Speaker C: I know. Yeah. And that can be hard to get out of sometimes. If you're wanting to, to refinance you, you know, if you came in an X amount then the property's gone up to this. This much. [01:20:25] Speaker A: Yeah. [01:20:25] Speaker C: They're going to want to piece of the action. [01:20:27] Speaker A: The. Well the bank, if you, if you could do a 70, 30 split, the bank owns 30% of the. And it's as you say, it's 30% of the current market price, not what you paid. [01:20:39] Speaker C: Yeah. [01:20:40] Speaker A: As a broker we don't do those loans through keystart but yeah, going back to Keystarts probably product, it's a 98% lend with no lenders mortgage insurance, you do pay a higher interest rate. I think it's 7.1% at the moment. Whereas you, you can get in at around about 5, around the mid fives at the moment. You should be able to get into as a first home buyer at 80% so it is a fair bit higher. But if you don't have the, if you don't qualify for the other schemes and you're not tacking $30,000 worth of lenders mortgage insurance onto your loan in the current market as it, once your equity grows then you move to a more mainstream lender with a better interest rate. [01:21:43] Speaker C: Once you've got a bit of a proven track record, you can show your repayments, you can prove to them you can afford it. [01:21:50] Speaker A: It's about getting that equity, that 80, getting to that percentage of 20%. So if you buy a property today, say for 600,000, you get in there with 2%, you only need $12,000 deposit and you're not paying that $30,000. [01:22:06] Speaker C: But you want to get. You're saying you want to pay that loan down, the principal down to 80%. [01:22:12] Speaker A: Yeah. Well, if you get that property growth and it grows by a hundred thousand dollars in a couple of years, then you've got your 20 deposit. [01:22:20] Speaker C: You've done it. Yeah. [01:22:21] Speaker A: And then your 20 equity and your, your. You can move to a mainstream lender and not pay lenders mortgage insurance. [01:22:32] Speaker B: What's the eligibility on that one? [01:22:35] Speaker A: Oh, I knew you were going to ask me that one. I haven't written one of those for a while because I've been doing a lot of the first time. Yeah, well, you look that up and. [01:22:46] Speaker C: We'Ll go go to a quick break, huh? What do you reckon? [01:22:49] Speaker B: Excellent. [01:22:49] Speaker C: All right, well, you're listening to Cold On a second. We're not on the air. I didn't push the buttons up. Just joking. We're on the air. You're listening to the Perth Property Bros with Carlos and Josh and Sean Symington. [01:23:00] Speaker A: More music, Better Mental health Only on IPL RA Radio. [01:23:07] Speaker C: And you're back with Carlos and Josh and Sean Symington from Finance Corp. Hope you've had a good time with us. [01:23:15] Speaker A: It's been enjoyable, yeah. [01:23:16] Speaker C: Especially during the break when we're doing the. The photos and we're talking markets. People generally relax more during the breaks. That's why I ask. [01:23:26] Speaker A: Sometimes it's easy to forget that you're on the radio when we're just sitting here and going through stuff. [01:23:32] Speaker C: Exactly. [01:23:33] Speaker B: Yeah, it is. [01:23:34] Speaker C: Yeah, that's exactly right. It's actually a good way to do it. That's my goal. My goal is to. Is to help our guests just completely relax, that we're just sort of sitting around having a chat as friends. [01:23:45] Speaker B: Maybe we should just pretend that we are not on air and then do this. Say like, oh, actually we're not on air, but technically we are. [01:23:52] Speaker C: I got you before, didn't I? We're not on the air. I didn't press the button. Carly Beasley is listening in actually from Alpha Conveyancing, our illustrious settlement agent, she requested a song called Nothing Burns like the Cold by Snoh Allegra. So I played it for her. In fact, she's requesting that I play it again at the next break. So, Carly Beasley, if you're listening, I'll play it for you again, my love. [01:24:16] Speaker B: Did you say one of the song you played was not good? [01:24:20] Speaker C: That's the one that you didn't like, that's the one she liked. So we'll play it for her again after. That's for Carly. Be for convincing. [01:24:31] Speaker B: There you go. All right. [01:24:31] Speaker C: She works wonders. [01:24:32] Speaker A: Yes, she does. [01:24:34] Speaker B: Yes, she does. Obviously, she's part of our B and I group. We. We all work really closely with her. You especially. [01:24:39] Speaker A: Yes. [01:24:40] Speaker B: So. Yeah, well, not you especially. All of us work. [01:24:42] Speaker C: All of us. We're a team. We're family. We're a referral partnership. We. We're everything. Yeah. [01:24:47] Speaker A: Yeah. She's worked with many of my clients, and she always does a great job. [01:24:50] Speaker B: Amazing. I think you. [01:24:52] Speaker C: She's listening, so good time to just suck up a bit. [01:24:56] Speaker B: Is it the Sean specials that you send to her? [01:24:58] Speaker A: Oh, she loves the Sean special. [01:25:00] Speaker C: I've heard all about the Sean specials. [01:25:02] Speaker B: All right, let's get into your. Your keystart, and then you can tell us a little bit about the Sean special that you give Carly. I'm sure she'll appreciate it. [01:25:12] Speaker A: So the maximum purchase price you can go with Keystart is $730,000. Yeah. They have income limits. As a single, it's $148,000 a year, and as a couple, it's $218,000 a year, which is pretty generous. [01:25:29] Speaker B: That's quite a sizable purchase, though. [01:25:31] Speaker A: Yeah, it is. [01:25:31] Speaker B: It's good. [01:25:34] Speaker C: Does that look good? [01:25:36] Speaker A: You have to live in the property all the time that it's got a keystart loan on it and you're not allowed to own any other properties. [01:25:43] Speaker B: All right. [01:25:43] Speaker A: When you. At the time, and you have to be either a citizen or a permanent resident of Australia. There are some other little other little bits of pieces, but I think they're the main. They're the main things. [01:25:55] Speaker B: Excellent. But you get in with a 2%, isn't it? [01:25:58] Speaker A: 2% deposit. Yeah. [01:25:59] Speaker B: Government guarantees it. And you're trying your best to kind of get out of that. [01:26:04] Speaker A: Yeah, look, they. Their idea as a government lender is that you get in, you build up, you get. Get the ability to get into the property earlier, you build up your equity, and then you refinance to a conforming lender and start. Get a better interest rate. And that way they can use that same money to help somebody else. [01:26:29] Speaker B: Can you tell me probably you'll be able to help me. Sometimes you have to look and you see in the title you've got the actual buyer and. And you've got the government's name as a state housing next to it. Is this one of those? [01:26:41] Speaker C: I haven't come across those. [01:26:42] Speaker B: You have not I've come across a lot of that. [01:26:45] Speaker C: No, well, you're always searching titles. I only see them when I'm selling them. So I'm generally selling for private, private sellers. [01:26:51] Speaker B: So yeah, I'm not sure. I have to find out a little bit more whether that's the case. I'm seeing a lot of houses, you know, and you research the street, you will see a lot of. [01:27:00] Speaker C: That's what I mean, you're researching. [01:27:01] Speaker B: You, you'll. Yeah, that's right. So anyway, I was going to say to you, Sean. [01:27:06] Speaker C: Oh, yeah. So Sean, as an agent, you know, when I'm getting, I'm receiving offers, I see the key start, I see the some. Obviously there's a risk factor. When I see that people are borrowing 95, 96% as opposed to 80% or 60% or they're all cash. So I have my recommendation for sellers. When it comes to weighing up the risk of a contract, we look at things like days finance. Days is going to be 14 or 21 or 30, whatever. But specifically about this keystart, is it a pretty solid thing for me to see an application, an expression of interest from somebody that's doing keystart? They've got their 2% deposit, they're borrowing 98%. I know they ask 30 days for finance and 30 days for settlement, but from your experience, if somebody's got their pre approval, at least through keystart, is that going to be a safe sort of bedmate for me to recommend to people? [01:28:13] Speaker A: So I guess the, from my point of view as a broker, if I get a phone call from a real estate agent, it's how much I know about the client rather than the lender that they're going to. So if I've done my due diligence with the clients and I've gone through their income and I've, I've. Not that I've put a pre approval in, but I've pre assessed them. [01:28:46] Speaker C: Indicative approval, Is that what that's called? [01:28:48] Speaker A: Yeah, we do what's called a letter of eligibility. So we've checked out their. Pay their, their debts and all the rest of it and, and assess them and worked out what they can borrow. And we've, we've done almost everything to putting the loan into the, to the lender. [01:29:12] Speaker C: Yeah. [01:29:14] Speaker A: So if, if we've done that with a client, we, that's generally a good assessment that they're going to get a loan. And I've just, what I was going to say is just slipped my mind. But somebody can come in With a. We do our best, but there can always be one little thing that you haven't been told about or you always. That can trip you up, trip you up. [01:29:46] Speaker B: With a 20 loan, a 20 deposit, 30 deposit, there's always be something that could go wrong. [01:29:53] Speaker C: I just, I did one the other day and to be, to be honest, it was 30 days finance. That's for 30 days. And I was, I was sort of like worried the whole month because there was other buyers there that, you know, they, that could have been in a better position if you assess the risk on them. [01:30:10] Speaker A: So. [01:30:10] Speaker C: And the seller chose to go with the Keystone because it was a few thousand above, so it became the highest price. And generally, you know, it's not always the highest price that wins. You're going to assess the risk on the overall buyer. [01:30:24] Speaker A: I guess what I was trying to say was that I. [01:30:26] Speaker C: Did you remember? [01:30:27] Speaker B: No, no. [01:30:27] Speaker A: Well, I did. It's. It's this. You can do as much work as you like, but you can still get tripped up. And I'll explain one reason why and in a minute. But going back to your question, you could have somebody who's got a 20% deposit and they may have more trouble getting a mortgage than somebody's going. Got a 2% deposit and going through Keystone. So by assessing that, or that has been your assessment is, Is probably a dangerous ploy. It's the old. You don't judge a book by its cover. And the reason I'll tell you this story, I, I did a loan. I had some clients come to me. I went through everything and there was one little thing that they didn't tell me and they picked the lender because it's not my job to pick a lender. It's my job to provide the client with a range of products there might be in those lenders. There might be lenders that assess quicker or. And I can give them that information and then they can make a determination of which lender they want to go with. Because it's not my job to pick their lender. No, it's my job to give them good options. They picked a lender and we put the application in and it got declined and I couldn't work out why. Turns out they didn't disclose this to me. But they had had a credit card with that lender that won't pay years ago. [01:32:00] Speaker C: Yeah, they don't forget. That's what I do. They never forget. [01:32:06] Speaker A: And they had. They'd come with a. It wasn't on their credit file. [01:32:11] Speaker C: No, it wouldn't be it was usually. [01:32:12] Speaker A: Because they'd paid, they came to an arrangement like. Yeah, let's say it was a. And I can't remember the exact figures, but let's say it was a five thousand dollar credit card. They paid one thousand dollars and they wiped the debt. So the bank got some of their money and they were happy. Well, obviously not happy because they missed out on $4,000. But they, but they picked that lender to go through. They hadn't told me about this and I got a decline. They could borrow the money, they could service the money, but because they'd had that issue with the bank. So those little things that you can only work with what you know, you can ask a lot of questions, but if they don't give you the information, your client, you can get the rug pulled out from under you. [01:33:01] Speaker C: You know, I came across a similar situation like that, Sean, and it was a part 9, part 9 debt agreement where there was a, it was a personal loan involved with the buyer and they, but they paid it off. They actually went into a Part 9 debt agreement, no interest. So the bank actually got its money over like five or six years or whatever in drips and drabs. But they got their money years ago. And then when it came to, you know, they got older, they got more mature. It came to borrowing again, the bank picked it up. Like you say, like this was back then, years and years ago this happened, but they paid it. So they gave them the loan. Yeah, it works the other way. Yeah, yeah, you have to do the right thing. [01:33:44] Speaker B: Interesting. [01:33:45] Speaker C: Can you actually go back and repay that loan like that? Could that person fix that credit that you're talking about? They paid like 1000 and the bank had to write off 4. Can you fix that file with the bank, you reckon maybe with a debt advocate? [01:34:00] Speaker A: Look, I got them alone. It wasn't an issue that I couldn't get them alone. [01:34:04] Speaker C: It was just that bank, it was. [01:34:05] Speaker A: That lender, but I didn't know about it. So I put the application with that lender. So it took a little bit longer. But yeah, that, it's, it's just those things that you can come across. So when it was sort of answering your question, oh, if I've got a 98% lend with Keystart, is that better or worse than a 80% with another. I mean it, it's not necessarily the lender or the, the deposit. [01:34:32] Speaker C: Is it a risk worth taking? Is what I'm asking? If they're the highest offer, is it a risk worth taking? Somebody's saying keystart, are they? [01:34:41] Speaker A: Well, just because they're going with keystart doesn't mean they're not going to get the loan, I guess would be my answer copy. It's the background, it's the whole picture that you're putting together to the bank as the broker which gives you the best opportunity. So if I've sat down with a client and I've given them a letter of eligibility, I'm confident that I'm going to be able to get them alone. [01:35:06] Speaker C: If not that one, with another one or with another one. [01:35:09] Speaker A: And this is, this is one of the issues. It's sort of a catch 22. So we talk about pre approvals and that. Well, some lenders don't do pre approvals at all. Some lenders won't do a pre approval unless you're an existing client with them. And the. And understandable for some banks because they want to service actual loans. So if they're spending all their time doing pre approvals, that that puts their service levels out and they can't approve loans quicker that are actual loans. So you can understand that sort of reasoning. But the lenders that are doing pre approvals may or may not be the cheapest lender going around. So you can get a pre approval for somebody, but they may not end up using that lender anyway. You're putting a whole new loan in because they can get a much better interest rate. With a lender that's not doing a. [01:36:02] Speaker C: Pre approval, of course. [01:36:05] Speaker A: Or things change because you could do a pre approval and that lasts for 90 days and banks sharpen up their policies all the time and a bank can go from being the right at the pointy end as being one of the good lenders, you know, a good interest rate and they could move away quite quickly. [01:36:28] Speaker B: So that's a good question, Sean, because I had this question always pops up, all right, as how often should I be reviewing my home loans? And I've had the same one for. [01:36:38] Speaker A: Five years now, more often than that. [01:36:41] Speaker B: So say, for example, you even take out a home loan, say for example, for, for your client now, you know, once they've got their year in, how, how often would you say they should have a loan like review it? [01:36:55] Speaker A: Home loan, health check? Yeah, yeah. [01:36:58] Speaker C: Sort of. [01:37:02] Speaker A: 12 months is maybe a little bit quick, but 18 months to two years is a good time frame. As a broker, my clients are my clients and I'm always trying to do the best thing by them. So as a. We talked about clawbacks earlier and there's a magical figure which is two years. After two years we don't get a clawback. So you know, if I refinance them in just over two years, I get it up front, convention again. But that's not what it's about. It's about doing the right thing by your clients. I always start with doing a pricing request with their current lender because there are fees involved in borrowing money. There's a government fee. Every time you register a mortgage or close a mortgage, you've got to pay a fee. It's $216.30 each way. So if you refinance, you're already looking at $430 before we even start. So you've got to make sure you're doing the right things by the time clients. So the fees that's involved in refinancing, they've got to be able to recoup that pretty quick because like I said before it, things can change pretty quickly even in a, in a 90 day period as to a lender being, you know, a sharp interest rate or, or not up with the leaders. So in 12 or 18 months it can, it can change again. So there's no point in. I don't change somebody or re finance somebody for me. I refinance somebody if it's good for them. [01:38:36] Speaker B: Yep. [01:38:37] Speaker A: And. [01:38:41] Speaker C: I really like your attitude about work. [01:38:43] Speaker A: You've got to do the right thing by your clients. [01:38:45] Speaker C: You're such a good man. [01:38:46] Speaker A: Well, word of mouth is your number one asset. Your reputation, the way you look after people. And that's what I want to do for my clients because they stay with you, they come back to you or they refer people. So it's, it's not about making the most money I can today. It's about looking after my clients and keeping my clients as my clients for a long time and, and looking after them. So we start with a pricing request with their current lender and see if they can get, give them a better. [01:39:18] Speaker C: Interest rate because they generally offer you when they know you're leaving. Well, have you noticed Telstra does that when you're going to cancel your Telstra account. I was saying, oh, well, what can we do for you? I'm like, why didn't you give me a discount two years ago? [01:39:29] Speaker A: Yeah. [01:39:29] Speaker C: Or Vodafone, whoever you're with. [01:39:32] Speaker A: Well, banks a classic is, I've just refinanced a client. He originally started, he had a, he built a new home in 2023, moved into it in 2024 and it was a new Build. [01:39:49] Speaker B: So. [01:39:50] Speaker A: So he had no backyard and he's got a sand pit. He wants to access his equity to finish his back garden, do all the landscaping and everything. So he was with one of the big four. And when he paid LMI and everything, he wasn't my client then, but his interest rate, I think he was at 7.44%. So I went to the lender and they offered him 6.5 because he dropped down below 80% loan value ratio. So he gets 6.24 when you're paying 7.44. Sounds great, but he's an existing client. If he, if he'd been a new client going to the bank at a sub 80% LVR at that time, and we're talking a couple of months ago, before we've had a couple interest rates, drops 6 point oh 4% he would have got as a new client to that bank. So they're not looking after him. [01:40:49] Speaker C: No. [01:40:49] Speaker A: So I did, I refinanced him, put him into another lender after the fees, after accessing $70,000 so he could do his garden, do all those renovations and that to his back garden he wants to do his loan repayments are now less than he would have been if he'd stayed with the other lender. [01:41:12] Speaker C: Yeah, well, that's not bad. [01:41:14] Speaker A: So it's about looking after your client and doing the right thing. [01:41:17] Speaker C: I think great attitude about businesses mate and mortgage. [01:41:21] Speaker A: I think I did write a note here. I'll find my little note and I'll tell you what. The interest rate I got him because it was much sharper than 6.045 point. [01:41:36] Speaker B: So anyway, while you're finding that, Sean, I think you had a quote for us. Wasn't it that you wanted to make, make sure you conduct regular health check. [01:41:46] Speaker A: Oh, regular health checks, yes, definitely. And because this is what happens, banks advertise the rate for new to bank lenders, not existing clients. [01:41:55] Speaker C: Correct. [01:41:56] Speaker A: And so what you want to do if you've got a home loan is keep an eye on what the banks are doing. So if we have an interest rate rise and the interest rate goes up by 0.25% and your lender puts it up by 0.3, then you want to keep an eye on that. If you're having an interest rate cut and it drops by 0.25, but your lender only drops it by 0.2%, then you want to conduct a home loan check because those things can add up. And over two, three, or if you haven't done one for five years, you could suddenly be paying a percent higher than what you could be getting somewhere else. [01:42:32] Speaker B: So as you can tell, the mortgage brokers are there to help you, isn't it? So you know, if anything changes at all, approach them, ask them and you know they'll be able to give you the best advice. [01:42:44] Speaker C: Well, it's like an insurance broker, isn't it? I'm just like if you have a claim you would go through them, not go through the big queue of the, the big company. Yeah, you guys are there to be on the ground and that help people. [01:42:54] Speaker B: Obviously as the interest rate goes up it gets passed on almost immediately but when it goes down it takes a while before you actually get whatever. So it's always good. I think, you know, if you've got a mortgage broker, you've got a relationship and as you can tell from Sean's. [01:43:08] Speaker C: Talk today, I can't believe the figures because I remember the first property I bought was a commercial property and it was with bank west and they gave me 6% and that was like a high risk loan. It was a high risk commercial because I was always younger and because that's when the average rates were like you know, 3%, you know 2% and 6. But I remember that was so much. And now you're saying that that's like a really good rate, a really good starting rate. Yeah, look, because I remember that percentage.6 and it went up to 7. Yeah. [01:43:43] Speaker B: All right, I'm going to go run through our rapid fire fire questions there. [01:43:46] Speaker C: Yeah, you're gonna have to. Josh, we've been having too much fun here mate. [01:43:50] Speaker B: So this is a quick, quick answer. All right. Okay, so whatever. [01:43:54] Speaker C: No stories, quick answer. First thing that comes to mind. [01:43:56] Speaker B: First thing that comes to mind right now obviously 20 deposit must. Is it a myth or not? [01:44:05] Speaker A: It's great to have but there are options. [01:44:07] Speaker B: All right. LMI in one word. [01:44:11] Speaker A: Necessary evil in certain cases. [01:44:16] Speaker B: Clarified first Home owners grant overhyped or underrated. [01:44:20] Speaker A: That's great for people who qualify for it. [01:44:23] Speaker B: Excellent. Best time to review your mortgage anytime. [01:44:28] Speaker A: Yeah, but you know, 18 to two years is at a minimum. I'd be reviewing mine. [01:44:34] Speaker B: Cool. Biggest mistakes for some buyers make getting. [01:44:39] Speaker A: Another type of loan before they get their mortgage like a car loan or credit. [01:44:43] Speaker C: Oh yeah. [01:44:46] Speaker A: Well just a quick one after pay if you've got a $15,000 credit card that can reduce your lending by about $75,000. [01:44:56] Speaker C: Really? [01:44:56] Speaker A: $15,000 credit card if you've got. [01:44:58] Speaker C: I've got a $12,000 credit card that just sits there. [01:45:01] Speaker A: Yeah. [01:45:01] Speaker C: You're saying that that would reduce my lending by like, 60 grand? [01:45:04] Speaker A: Something like that, yeah. [01:45:06] Speaker B: All right, next one. Best advice for someone using equity. [01:45:12] Speaker A: Oh, depends on what you're using it for. So Porsche buy Porsche by, Porsche by. By a increasing asset rather than a decreasing asset would be my advice. [01:45:23] Speaker B: All right, next one. Interest rates. Barrier or opportunity? [01:45:29] Speaker A: Interest rates. As far as going up, going down. [01:45:32] Speaker B: Or like, I guess, from an investor point of view, interest rate doesn't. [01:45:38] Speaker C: You. [01:45:39] Speaker B: You're going in, you see where the opportunities are and you go in. [01:45:42] Speaker A: If you. If. If you've got to pay interest and you're going to use that money to make money, it's. It's an opportunity. [01:45:48] Speaker B: Excellent. Investment property, cash flow or growth? Which one would you look at? [01:45:53] Speaker A: Probably both, if you can. Yeah, it's. It depends on the person and what they want. [01:46:00] Speaker B: All right, we'll go on to the next one. One thing lenders don't tell you. Not really. [01:46:08] Speaker C: Exit fees. [01:46:09] Speaker A: Oh, there's extra fees. [01:46:10] Speaker C: Exit fees are a big one. Yeah. Yes. [01:46:12] Speaker B: What's harder to get approved? A loan for a house or a. [01:46:15] Speaker A: Loan for a car, Sir? This. [01:46:19] Speaker C: They'll give them to anyone with an abn, weren't they? [01:46:23] Speaker B: All right, short sentence. What's more, what most. What's the most rewarding client story in your finance journey? [01:46:29] Speaker C: Me. [01:46:31] Speaker B: Not a long story. [01:46:32] Speaker C: Oh, God, he's his boss, isn't he? [01:46:37] Speaker A: Didn't give you a heads up on that? [01:46:39] Speaker B: Yeah, I did. [01:46:40] Speaker A: Well, a minute ago. I didn't get that far down the list. [01:46:45] Speaker C: Well, you told a good story earlier. [01:46:48] Speaker A: I recently Hope helped a client. I got a phone call from him, actually. Went to school with Mum and Mum. Mum saw I was broking on. On Facebook, gave me their details and they said, look, we. We just want to chat because we don't think we're anywhere near being able to buy a house. Yeah, but we. We want to. And they're now in the house. [01:47:09] Speaker B: Amazing. [01:47:09] Speaker A: So they moved in in. In June. So it was. I went and saw them and I showed them how they could get into a house. We used the first Home Guarantee Scheme and they've. They're now in their own home. They have been for three months. [01:47:23] Speaker C: So Carly Beasley works wonders. Sean Symington makes dreams come true. Hey, that's a good one. [01:47:30] Speaker B: What's going on? What's one thing people don't realize about finance brokers or mortgage brokers? [01:47:35] Speaker C: They're nice people. [01:47:37] Speaker B: The superheroes. [01:47:39] Speaker C: They're superheroes. [01:47:41] Speaker A: Most of the brokers out there are out to do the right thing by their clients. [01:47:46] Speaker B: All right, more personal one. Favorite golf course you've played. [01:47:49] Speaker A: Oh, look it. The prettiest golf course I ever played. I played last week. I played at Barnard Hills in. In Vietnam, and it's absolutely beautiful. But I have paid St. Andrews in Scotland, so to play at the home of golf is pretty special. [01:48:07] Speaker B: What's worse, a double bogey or a loan rejection? [01:48:14] Speaker A: I don't get as many loan rejections as double bogeys. [01:48:19] Speaker C: Have you ever had a hole in one? [01:48:20] Speaker A: Yes, I have. [01:48:21] Speaker C: Really? [01:48:22] Speaker A: Yeah. [01:48:22] Speaker C: Whoa. [01:48:23] Speaker B: All right. Dream golf partner? Tiger woods or Rory McElroy? [01:48:27] Speaker A: I. I like Rory. [01:48:28] Speaker C: Okay. Who would you play? Me or Josh at golf? [01:48:31] Speaker A: Yeah, I play with anybody happy just to get out on the course. [01:48:36] Speaker B: All right, favorite club in your bag? [01:48:40] Speaker A: My go to club is my five iron. It's the one I always feel confident that I'm going to hit. [01:48:45] Speaker B: Well, mine's the seven iron. [01:48:46] Speaker A: Seven. [01:48:47] Speaker B: All right. What's your favorite song? I know you're a big music buff. [01:48:52] Speaker C: Is it Nothing Burns like the Cold by Snow Allegro. [01:48:57] Speaker B: I've got it ready to go playing that one. [01:48:58] Speaker C: I've got it ready to go here, man. Carly asked for it earlier. [01:49:05] Speaker A: My. I guess my. I'd probably go back to Bohemian Rhapsody. Just a great song. [01:49:12] Speaker C: I wonder if we have that here for you. [01:49:13] Speaker B: All right, while you're looking for that. [01:49:15] Speaker A: That'S another long song. [01:49:16] Speaker B: Coffee or energy drink before tackling loan. [01:49:18] Speaker A: Applications, I don't do energy drinks, so. Coffee. But I do drink lots of coffee. [01:49:24] Speaker B: Coffee or golf? What gets you out of bed quicker? [01:49:28] Speaker A: Oh, they go hand in hand. I can tell you. It's much easier to get up. [01:49:34] Speaker B: Golf or broking? [01:49:36] Speaker A: Golf. That. That feeling when you hit that one good shot. [01:49:40] Speaker C: And there's that noise. [01:49:42] Speaker A: Yep. And you barely feel it off the. [01:49:45] Speaker C: Car toes and it just flies so straight. [01:49:47] Speaker B: I was going to ask, if you weren't a mortgage broker, what would you be doing? [01:49:54] Speaker A: My. My. My dream job. When I was a kid, I wanted to be a vet. [01:50:01] Speaker C: Really? [01:50:02] Speaker A: Yeah. [01:50:02] Speaker C: Oh, you totally suit a vet, Sean. [01:50:04] Speaker A: I love animals. I've got. I've got the three rottweilers at home. [01:50:07] Speaker B: So I've got one last question. One word to describe birds. Property market right now. [01:50:14] Speaker A: Hot. [01:50:15] Speaker B: All right, cool. [01:50:17] Speaker C: Come on, be a bit more creative than that. [01:50:19] Speaker B: You're right, Bombastic. [01:50:21] Speaker C: Use your right brain for this one. [01:50:23] Speaker A: I don't have that, so I don't know if Prime. [01:50:28] Speaker B: All right, well, we had Sean Symington with us today, and it was amazing, man. [01:50:33] Speaker C: Yeah. Thanks for coming. Sean, it was good. We got to spend a little bit more time than just like 20 minutes or 15 minutes at, you know, Jamaica Blue quickly with other people interrupting us. You know, this is good. We got to spend some really deep quality time together. So it was good to have you on the show, mate. [01:50:48] Speaker B: It's really good to have information, information about. For first home buyers as well. And Sean's really good at that area, so. [01:50:53] Speaker A: Yeah, thanks for having me on, guys. Gotta admit, and everybody will probably say the same thing to you. It's pretty daunting the thought that you're gonna come here and. Yeah, but I used to do it when I was prosecuting. You just have to. You forget that's going on in the background. [01:51:09] Speaker C: Yeah, but we're mates and you know, us and we're trying to make you feel comfortable. So that goes for anybody, but it is enjoyable. Why don't you give yourself a bit of a plug? Contact details. How can people get in touch with you, mate? [01:51:20] Speaker A: Sean Simon at Finance Corp. So my mobile number is 0400-31700. Happy to have a chat and go through and see how I can help you. [01:51:30] Speaker C: What's your email, mate? [01:51:31] Speaker A: Email, Sean. S-H A U N financecorp.com Sean. [01:51:36] Speaker C: Financecorp.com. awesome. [01:51:39] Speaker B: Excellent. [01:51:39] Speaker C: Good job, Sean. [01:51:41] Speaker A: Thanks, guys. [01:51:41] Speaker C: You did really well. [01:51:42] Speaker B: Yeah. [01:51:43] Speaker C: All right. Well, that was a. That was a good session. Who have we got on next week? Mr. Josh. [01:51:47] Speaker B: That's a wrap. [01:51:48] Speaker C: That's a wrap. [01:51:49] Speaker B: So next week, obviously you're going on leave again there, Carlos. Oh, my God, it's like you're never here. [01:51:54] Speaker C: Well, I'm actually better. I have been sick for weeks. I haven't been able to be on the radio. [01:51:58] Speaker B: I mean, I've been holding this show together for a while, so. But anyway, so Carlos is away again next week. Week. [01:52:07] Speaker C: So I'll be in the. In the Great Southern next week. [01:52:10] Speaker B: So it'll be Carly Beasley and Wendy Drayton. So two Solomon agents. [01:52:15] Speaker C: That's going to be a good session. I'm going to be listening in. [01:52:18] Speaker B: So I'm going to be sitting back and just playing the music and just let them both hash it up. [01:52:23] Speaker A: All right, I'll have to tune in and have a listen to you guys. [01:52:28] Speaker C: Thank you, Mr. Josh. Good to be back on the air with you, my friend. That was a good session. [01:52:33] Speaker B: There you go. [01:52:33] Speaker C: Hopefully we've added value to a lot of people's lives. And Sean, thanks for coming on. We're going to see you on Friday at bni. Of course, absolutely not going to see me. All right. We're going to. I'm going to play Bohemian Rhapsody for you, Sean, if it's your favorite. So I'm going to play. We're going to go out on that one. I can play Nothing Burns Like a Cold if you like. [01:52:54] Speaker B: City Makes Takes the Cake. Let's go. [01:52:56] Speaker C: All right. All right. You're on the Perth Problem Property Bro show with Carlos and Josh. And you've been with Sean Simon as well from Finance Corp. Have a great week, everyone. [01:53:05] Speaker A: The best music from the 60s to today, IPL radio.