Latest / TFS WealthCast / Fewer Buyers. Better Deals?

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Fewer Buyers. Better Deals? · TFS WealthCast

0:17
SPEAKER_01: Hello, hello, hello.
0:18
SPEAKER_01: Hi guys, and welcome back to another episode of the TFS Webcast, the Gen Z edition.
0:24
SPEAKER_01: Where the upgrade.
0:26
SPEAKER_00: We are the upgrade.
0:27
SPEAKER_00: We got made for a third episode.
0:28
SPEAKER_00: I mean, I think that's fine.
0:30
SPEAKER_01: Yeah, you know, we got tired of doing episodes with all these baby boomers.
0:34
SPEAKER_00: Yeah, you gotta, you know.
0:35
SPEAKER_01: No, that's a joke.
0:36
SPEAKER_01: Don't fire me, boss.
0:39
SPEAKER_01: Don't fire us.
0:40
SPEAKER_01: You know, yeah, don't fire us.
0:41
SPEAKER_01: All right, Charlie.
0:42
SPEAKER_01: What are we talking about today?
0:44
SPEAKER_00: First home buyers.
0:46
SPEAKER_00: Talk of the town.
0:48
SPEAKER_00: First home buyers today, what they can do, what the benefits are, what they can't do, what they shouldn't do.
0:54
SPEAKER_00: Especially what they should do to make sure you can uh purchase your first property.
0:58
SPEAKER_00: First property.
1:00
SPEAKER_01: And also first home buyers thinking about becoming investors.
1:04
SPEAKER_01: This episode is for you.
1:07
SPEAKER_01: There you go.
1:09
SPEAKER_01: Alright, so to start things off, we actually had a very serious conversation with our boss in the morning, and uh he told us the do's, don'ts, and a lot of points to talk on.
1:20
SPEAKER_01: Which we have a whole list.
1:22
SPEAKER_01: I took I Charlene took notes.
1:25
SPEAKER_01: I took notes too, but just digitally.
1:27
SPEAKER_01: Yeah, I think I have my notes, so you have your notes.
1:29
SPEAKER_00: No, I don't have my notes, but uh it's fine.
1:32
SPEAKER_00: You ask the questions.
1:32
SPEAKER_00: I know, I I think I know what we talk about.
1:34
SPEAKER_01: So first things first.
1:38
SPEAKER_01: Let's talk about the current property market for first home buyers, right?
1:43
SPEAKER_01: And what have we seen from our settlement numbers?
1:47
SPEAKER_00: I think uh Vishy, it's uh absolutely good time uh to buy.
1:52
SPEAKER_00: Uh, I think we've seen a lot of uh you know, investors are obviously looking and capitalizing for opportunities, but our first home buyers are in a much better position to buy properties, and it's not just necessarily they are borrowing, it's just that there are properties where you know, if they're going for an established property, if there's an auction, there's a lot less people at these auctions.
2:13
SPEAKER_00: If they're going for a land and build property, there's a lot more leeway they get.
2:17
SPEAKER_00: Uh, they do get to negotiate better prices.
2:20
SPEAKER_00: So, in terms of our pre-approval first home buyers to formal approval, it's a lot more quick, and our turnarounds are much better.
2:28
SPEAKER_00: That really indicates to us that you know the first home buyers are absolutely going for it.
2:33
SPEAKER_00: They've made their choices, and obviously they're trying to get into the market before you know the December break.
2:38
SPEAKER_00: There could be a lot of people who are, you know, getting unpaid leaves during the December break.
2:43
SPEAKER_00: There could be those that are, you know, getting more money to refurbish their properties during the Christmas break.
2:48
SPEAKER_00: So absolutely, I would say it's time for first home buyers to go into the market and uh yeah, buy their first property and become first homeowners.
2:56
SPEAKER_01: And that helps them get into that helps them get their foot in the door to becoming a property investor.
3:04
SPEAKER_01: That way you can go buy more properties, give us more home loans, it's a win-win situation for everybody.
3:10
SPEAKER_00: Absolutely, and it's just about figuring out what type of property you're buying and what you can get out of it.
3:15
SPEAKER_00: And it's always about adding value firstly to yourself and obviously to your property, so that you know, over time you get more equity out of it, where you obviously reinvest it into your next property.
3:27
SPEAKER_00: Your next property could be you know a small investment, or you could convert your property once you're you know done with uh one or two years when you build up that equity, convert that into an investment and move into maybe a bigger property, or maybe somewhere you know closer to where you want to be, or maybe it should work.
3:44
SPEAKER_00: So it's a lot of opportunity.
3:46
SPEAKER_00: I think it's important that we you know discuss what some of those key things are, which I think we will get into as well uh later on in the podcast.
3:53
SPEAKER_01: Oh, yeah, we're definitely gonna get into it.
3:55
SPEAKER_01: But first things first, I gotta take a sip from my coffee because oh, shout out to boss who did not sponsor our coffee this morning.
4:02
SPEAKER_01: But hopefully from the next episode onwards, you'll sponsor our coffee, you know, in the morning.
4:06
SPEAKER_00: He asked for it, he said, done.
4:08
SPEAKER_00: We're like, you know what, we're getting it anyway.
4:09
SPEAKER_00: Yeah, so now we should and I are$12.
4:12
SPEAKER_01: Yeah, now we are$12 down, but go check out our last episode on why we think our morning cup of coffee is an investment.
4:19
SPEAKER_00: And this podcast is the proof in the pudding because it probably wouldn't be as energetic if we didn't buy that.
4:25
SPEAKER_00: Yeah, exactly.
4:25
SPEAKER_00: So it's six dollars and seventy cents well spent because I have oat milk.
4:31
SPEAKER_01: He's lactose intolerant.
4:32
SPEAKER_01: Yeah, yeah.
4:34
SPEAKER_01: So anyone who wants to take place sick prank on charine that you go get him a coffee with full cream milk.
4:41
SPEAKER_01: Yeah, that was an accident.
4:42
SPEAKER_01: Okay, I told the girl at the counter that I wanted an oat milk latte, and she forgot to write oat milk.
4:48
SPEAKER_01: Don't lie, bro.
4:49
SPEAKER_01: You didn't say that.
4:50
SPEAKER_01: Okay, fine.
4:51
SPEAKER_01: First question.
4:53
SPEAKER_01: So we just wrote down points.
4:55
SPEAKER_01: There's no specific order.
4:57
SPEAKER_01: We're just gonna go through each of them, alright?
4:59
SPEAKER_01: So for first home buyers who want to become property investors, right?
5:03
SPEAKER_01: So now without buying their first home, they're thinking about how they can build a property portfolio.
5:08
SPEAKER_01: Now, even for those clients, this is a good time to buy their first home if they haven't bought.
5:14
SPEAKER_01: And one of the reasons that this is a good time to buy their first home is you look at the market.
5:19
SPEAKER_01: There's a lot of fear around, oh, the property price the property market's going to crash, it's not the best time to buy property, right?
5:25
SPEAKER_01: So then you look at the supply side of it.
5:27
SPEAKER_01: There are a lot of builders, a lot of properties on the market, and people are struggling to sell those properties.
5:34
SPEAKER_01: And usually what happens when there's when supply goes up and demand comes down?
5:38
SPEAKER_00: Prices.
5:39
SPEAKER_01: Exactly.
5:40
SPEAKER_01: Your your your bargaining power increases.
5:42
SPEAKER_01: You know, you you can go see a property on the market that's been on the market on average, let's say that in that area, properties stay for about 25 to 30 days.
5:53
SPEAKER_01: But this market, that time on the market has almost doubled, and agents are desperate to get rid of those houses because that affects their ratings as well, right?
6:02
SPEAKER_01: Because when an agent has a property listing for a longer number of days, a guy can't use those stats in marketing themselves.
6:09
SPEAKER_01: Like, oh, I'm one of the best rated agents in the market.
6:12
SPEAKER_01: You know, my average uh property time on the market is only 25 days.
6:15
SPEAKER_01: Well, now that 25 days average will go up to about 50 days, and that agent really doesn't want that, especially if you're someone who loves collecting awards and boasting about it.
6:25
SPEAKER_01: But, anyways, yeah.
6:27
SPEAKER_01: So your bargaining power increases right now in the property market.
6:32
SPEAKER_01: So you can essentially, if let's say, first home buyer, what would you you you can talk the numbers, Sharon?
6:38
SPEAKER_01: You know, you love you love the numbers.
6:40
SPEAKER_00: So, you know, let's say let's talk realistic numbers here.
6:43
SPEAKER_00: You know, you're not gonna find a great property for$500,000.
6:46
SPEAKER_01: And and yeah, we let's not let's just keep you know those fake figures, fake marketing figures out of these podcasts.
6:53
SPEAKER_01: We talk real figures, real property prices, because we are not gonna just butter your asses up like it's a slice of bread, and also boss said we can swear.
7:01
SPEAKER_01: So uh an ass is ass is just it's not a bad word.
7:04
SPEAKER_01: It's not a bad word.
7:05
SPEAKER_01: It's not a bad word.
7:07
SPEAKER_01: Everyone loves S.
7:08
SPEAKER_01: I mean some love giving S, some some love talking about S.
7:15
SPEAKER_00: Numbers, yeah.
7:16
SPEAKER_00: Numbers realistic property price.
7:18
SPEAKER_00: If you go in for a 600 to 650,000 property in let's say in Victoria, for example, that's realistic.
7:25
SPEAKER_00: That's good coffee, exactly.
7:27
SPEAKER_00: You know, six dollars.
7:30
SPEAKER_00: Yeah.
7:32
SPEAKER_00: Anyway, six hundred to six fifty property in Victoria.
7:35
SPEAKER_00: That's a realistic uh number, I would say, for a first home buyer to get into the market.
7:38
SPEAKER_00: It can be an established property, uh, it can be a brand new property, it can be a land and build.
7:43
SPEAKER_00: And I think this also loops in with you know the government benefits that are offered, they are being offered for a reason.
7:50
SPEAKER_00: Yeah, it's to help you purchase your first home, right?
7:54
SPEAKER_00: We have the first home buyer or the first homeowner grants that are available across the states, you know, 10,000 in Victoria and New South Wales, obviously there are price caps on these, you know, Queensland it's about 30,000, and uh, you know, South Australia it's um up to 15,000.
8:10
SPEAKER_00: So these are benefits that you should use, and those are available for these new homes and uh newly built homes, right?
8:17
SPEAKER_00: And you also get stamp duty concessions based on the price of the property.
8:21
SPEAKER_01: And and and uh the stamp duty concessions they vary depending on the state as well, right?
8:26
SPEAKER_00: In Victoria, New South Wales.
8:28
SPEAKER_00: I mean, in Victoria, for example, below 600,000, you don't pay stamp duty, and after stamp duty, you get discount.
8:36
SPEAKER_00: New South Wales, it's uh you know, 800,000 and less you get the stamp duty concession.
8:40
SPEAKER_01: So but okay, uh so that's the beauty of it, right?
8:44
SPEAKER_01: Now you save on stamp duty if you buy purchase a property that's under 600,000.
8:49
SPEAKER_01: Now, most of the first home buyers, we all know if you want to buy a pro nice four-bedroom house under 600,000, you'll have to go very far away, right?
9:00
SPEAKER_01: But if you've got about 800, 750 to 800,000 in borrowing and you want to buy a house with a bigger land, right?
9:09
SPEAKER_01: You're definitely gonna go over that 600,000 price cap, even though you can afford it.
9:13
SPEAKER_01: But what's the what's the loophole?
9:16
SPEAKER_00: Loophole there is uh Vishy.
9:18
SPEAKER_00: Good thing you brought it up, actually.
9:19
SPEAKER_00: If you go for a land and build, it's actually your land that has the dutyable value, which means your land is most likely almost 100% of the time, going to be under 600,000.
9:30
SPEAKER_00: Right?
9:31
SPEAKER_00: So in Victoria, you're going to avoid paying stamp duty completely.
9:34
SPEAKER_01: Depending on where you buy the land.
9:35
SPEAKER_01: So like Clyde North Officer, yeah, under 600,000, you can buy a decently large block of land, about 400,000, 450 square meters.
9:44
SPEAKER_00: So you get that benefit where you save on that stamp duty.
9:47
SPEAKER_00: So you know your overall package might be 750, 800, but if your land is, you know,$400,000 or you know, 350, you're basically paying no stamp duty on that, and that's a huge benefit that ends up saving our clients, you know, maybe uh 15 to$30,000 in stamp duty on average.
10:05
SPEAKER_00: That's something that you know is definitely important.
10:07
SPEAKER_00: And also, speaking about the no LMI scheme, the government uh you know guarantee scheme, it's probably one of the only times in your life, unless you're a specialist in certain fields, where you're going to get to purchase the property at 95% without paying LMI.
10:24
SPEAKER_01: The government backing you.
10:25
SPEAKER_00: Exactly.
10:26
SPEAKER_00: So why don't you take that opportunity?
10:28
SPEAKER_00: I think it's a great opportunity.
10:29
SPEAKER_00: A lot of people are worried about it, but in a market like this, you use a 95% scheme, put in a 5% deposit, right?
10:36
SPEAKER_00: If Stand Real is payable, you pay that.
10:39
SPEAKER_00: You get your property, right, and your equity is gonna build up in no time.
10:43
unknown: Yeah.
10:44
SPEAKER_00: Whatever is happening in the housing market now, everyone has their own take on it.
10:47
SPEAKER_00: But it's not gonna be that it's forever.
10:49
SPEAKER_00: It's obviously, you know, going to come back up.
10:51
SPEAKER_01: 100%.
10:52
SPEAKER_01: I mean, the property market always bounces back because at the end of the day, you know, people keep making babies, babies keep wanting to buy their own houses, you know.
11:01
SPEAKER_01: So, and everyone wants to keep getting closer and closer to the city.
11:04
SPEAKER_01: So people living in areas like Clyde North, Officer Packanam right now, who are saying it's too far away, when their kids grow up and want to buy brand new houses as first home buyers, they'll be looking at suburbs past Nanagoon, you know, go all the way down to Moi, which is regional now.
11:23
SPEAKER_01: But back in the day, Pacanam was considered regional, and now for work visa scenarios, those areas are considered regional.
11:31
SPEAKER_01: But we have friends who live in Pacanam, Office of Clyde North, so I go down there on the weekends most of the time, and it's only like a 35-minute drive from where I live.
11:41
SPEAKER_00: So I mean, look, and also on that wish, I think it's important to talk about how you know the Victorian property market, it's all about you know building infrastructure in each suburb, right?
11:52
SPEAKER_00: Apart from your work, right?
11:54
SPEAKER_00: That can be obviously anywhere.
11:57
SPEAKER_01: For anything, we don't discriminate.
11:59
SPEAKER_01: For his for him and her.
12:01
SPEAKER_01: For him and her, they, them, it doesn't matter.
12:03
SPEAKER_01: But if you want to get a loan, it has to be a legit job.
12:06
SPEAKER_01: You need to show pay slips.
12:07
SPEAKER_00: You know, don't come, yeah, don't be scared to pay taxes.
12:10
SPEAKER_01: Don't be scared to pay taxes.
12:11
SPEAKER_00: We're not advice, they're just giving an opinion.
12:14
SPEAKER_01: Yeah, yeah, yeah.
12:15
SPEAKER_01: And yeah, so yeah, whatever job you do, you do it.
12:20
SPEAKER_01: But if you want to get a loan, what do we need if people want to get a loan?
12:24
SPEAKER_00: Pay slips.
12:27
SPEAKER_01: Proper pay slips, not made-up pay slips.
12:29
SPEAKER_00: Yeah, real pay slips, which we obviously verify, so you know you can't lie to us.
12:33
SPEAKER_00: There's really no point if you do that.
12:35
SPEAKER_00: But yeah, I mean, going back to uh suburbs and how the property value is actually built up, you know, it's not necessarily just about the type of property that you build, it's about the amenities that are around you.
12:47
SPEAKER_00: So if you look at officer, when I came to Australia, there wasn't anything in officer, even like the M1 didn't extend up to officer.
12:54
SPEAKER_00: It's it ends and it's just a travel road.
12:56
SPEAKER_00: Yeah.
12:57
SPEAKER_00: And there aren't you know um coals, woolies close by, no always.
13:00
SPEAKER_01: Back in the day, um and that this wasn't too far back as well, yeah.
13:05
SPEAKER_01: We're young, we're not.
13:07
SPEAKER_00: Yeah, no, that's right, after all.
13:13
SPEAKER_00: So just like that, you know, we could always have a way of creating these pockets where you know you build up shopping centers, you uh shopping centers, you make daycares, right?
13:23
SPEAKER_00: And it makes it a self-sufficient place.
13:25
SPEAKER_00: Yeah.
13:26
SPEAKER_00: Sure, your friends might leave 40 minutes, uh, even forty minutes away from you, whether it's a west, north, right down the suburbs.
13:34
SPEAKER_00: Yeah, it's all about knowing the freeway that's gonna come there, the train lines that are gonna be extended there, you know, the shopping centers, the daycares, all of that is what's gonna add value to your property.
13:47
SPEAKER_00: And additionally, what that it also creates more jobs.
13:50
SPEAKER_01: Yeah, please say uh please ignore the noise.
13:52
SPEAKER_01: If you can hear the noise in the background, we've told our colleagues that we're shooting a we're recording a podcast, but some people are selfish, they don't seem to care.
13:59
SPEAKER_00: Yeah, I think they got the I think they got the hint and yeah.
14:03
SPEAKER_00: But um yeah, like I was saying, you know, it's it's all about those pockets, and that's where the value gets built.
14:08
SPEAKER_00: And you know, you might be working, you know, very far away, 40 minutes away, maybe in the city, and you know, maybe once or twice a week you have to commute if you have to go into your office, but you might get end up getting a job that works for you within that suburb.
14:21
SPEAKER_01: Or or you might get a job in a closer suburb to your house, and all of a sudden your boss decides to buy a nice office in the closer to the city.
14:28
SPEAKER_01: You might end up having to drive a long time, but it doesn't matter.
14:32
SPEAKER_01: Yeah, you still have a house.
14:35
SPEAKER_00: If it's with the boss today, I don't know.
14:37
SPEAKER_00: You know, it's just the coffee.
14:39
SPEAKER_00: Yeah, just the coffee anyway.
14:41
SPEAKER_01: But yeah, so it's okay, but we love you.
14:43
SPEAKER_01: We know you're gonna get us coffee on the next episode.
14:46
SPEAKER_00: No beef.
14:47
SPEAKER_00: There, I don't know, but no beef here.
14:48
SPEAKER_01: No, no, but only you're gonna get coffee.
14:52
SPEAKER_00: But um, yeah, essentially it's about um you know knowing the infrastructure that are around you and obviously getting used to that, and obviously, this is your first home, you know, which I think we something a lot of people get lost in is that oh, I want this many rooms emotionally attached, and like first time I wanted to be perfect.
15:09
SPEAKER_00: I mean, everyone wants a perfect house, but is this the same house I want to be in five years?
15:13
SPEAKER_01: Yeah, and also that that that that's a good point.
15:17
SPEAKER_01: So if you're buying a first home with the intentions of not wanting to buy another house in Australia, then it's okay, provided you have the borrowing, provided you can afford it.
15:26
SPEAKER_01: It's okay to go crazy with adding certain features to your house, right?
15:30
SPEAKER_01: Because end of the day, yeah, that's where you're gonna plan on living for the rest of your life, make babies if you like making babies, but if you just enjoy the process, that doesn't matter as well.
15:41
SPEAKER_01: But uh, but if you're someone who wants to go down the path of a property investor, right?
15:46
SPEAKER_01: You want to have a property portfolio.
15:48
SPEAKER_01: A four-bed okay, so to give you guys some context.
15:51
SPEAKER_01: Two two four-bedroom houses, okay, let's say in officer, uh in thinking of an estate right now.
16:00
SPEAKER_01: I can't think of one.
16:03
SPEAKER_01: Okay, let's go Clyde North.
16:04
SPEAKER_01: Our estate in Clyde North, right?
16:06
SPEAKER_01: You get two identical four-bedroom houses on a 350 square meter block of land, right?
16:10
SPEAKER_01: You both rent it out, four-bedroom house.
16:14
SPEAKER_01: You get about six hundred six hundred dollars per week for both houses.
16:19
SPEAKER_01: But one uh one owner spent about eight hundred thousand building their house, and the other spent only seven hundred thousand building their house.
16:27
SPEAKER_01: Both have a four-bedroom house, two-bathroom, two-car garage.
16:30
SPEAKER_01: The one that spent eight hundred thousand, they spent that money because they went a little crazy on the furn the fittings in the house.
16:37
SPEAKER_01: Like they wanted a waterfall, uh, bench countertop, they wanted fancy chandelier LED downlights, right?
16:46
SPEAKER_01: They built a cinema room in the house.
16:48
SPEAKER_01: All that is not going to add a lot of value to the rent, right?
16:52
SPEAKER_01: So that's just an example.
16:56
SPEAKER_00: Yeah, exactly.
16:57
SPEAKER_00: I mean, it's the end of the day, you whatever you add to your property is going to add to the value of the property.
17:02
SPEAKER_00: It's not going to change your unless it's an additional bedroom and a bathroom or a you know a parking slot or garage, it's not going to really add value to how much rent you're going to earn.
17:12
SPEAKER_00: And you know, just on that same uh topic, we should let's say it's the same property.
17:16
SPEAKER_00: Yeah, you know, but you have someone um you know who you have a couple where you know the husband is a bit of a handyman.
17:22
SPEAKER_01: You know, he knows how to know how to work the tools.
17:26
SPEAKER_01: Work the tools.
17:28
SPEAKER_00: Uh you know, he's good with goodwith.
17:31
SPEAKER_00: Goodwith.
17:33
SPEAKER_00: He knows how to know how to screw.
17:35
SPEAKER_00: He really knows how to screw it.
17:37
SPEAKER_00: So if you know how to screw well, you know, you can actually do some of these upgrades yourself.
17:42
SPEAKER_00: And uh to the house, not the wife.
17:44
SPEAKER_00: Yeah, I was talking about the house, not the wife.
17:46
SPEAKER_01: Okay, now yeah, I had to clarify.
17:49
SPEAKER_01: Never know, you know.
17:50
SPEAKER_01: People might get confused.
17:51
SPEAKER_01: Yeah, people might get confused exactly.
17:53
SPEAKER_01: You know, talk about hey, this is a finance podcast, finance and property.
17:57
SPEAKER_01: Sometimes life, it's not a mix of both.
18:00
SPEAKER_00: You get to choose.
18:00
SPEAKER_00: You don't choose, it's just finance.
18:02
SPEAKER_01: Yeah, no, if you're married, you can't choose.
18:04
SPEAKER_01: You you already chose it's done.
18:06
SPEAKER_01: Yeah, unless you want to buy investment properties, then you can choose.
18:10
SPEAKER_00: You know, the world is your oyster.
18:13
SPEAKER_00: But um, yeah, like you can actually do some upgrades, tiny upgrades, um, by yourself to your property, whether it's upgraded lights, or you know, add certain things to the bathroom or the bedroom.
18:26
SPEAKER_01: Or some some people you said bedroom.
18:32
SPEAKER_00: Yeah, whether it's uh highly extended walking closet or something like that, is what'll add value.
18:37
SPEAKER_00: You might be adding 20, 50,000, which might get your LVR from 95% below 80.
18:43
SPEAKER_00: And what does that mean?
18:44
SPEAKER_00: That is exactly the platform you need to access that equity right from the value that you have built and also your area has built to reinvest that towards your next property.
18:56
SPEAKER_00: You don't have to build the deposit twice, yeah.
18:58
SPEAKER_00: Yeah, pay it from your home.
19:00
SPEAKER_00: Yeah, and that's how kind of plan for the long term.
19:03
SPEAKER_00: The first home is a pillar or other foundation to getting your foot in as an investor, property market and then growing your portfolio.
19:11
SPEAKER_01: Again, we stress a lot on property portfolios because Australia has this massive uh following around building property portfolios, right?
19:23
SPEAKER_01: But we know people who are happy, they just want to buy one house, that's their dream house, they want to live in there forever.
19:28
SPEAKER_01: So for people like that, perfect.
19:30
SPEAKER_01: If you again, if you can afford it, if you if your borrowing supports it, go crazy with the house.
19:35
SPEAKER_01: But if your goal is to become a property investor, you know, build a property portfolio, then you need to really consider what you're spending your money on, right?
19:45
SPEAKER_01: In building this house, because like we said, two houses with four bedrooms in the same area will get you the same rental income.
19:54
SPEAKER_01: One house that you spent hundred thousand dollars more isn't really going to do you any good, much good from uh from an investment point of view.
20:03
SPEAKER_00: Yeah, and I think where the game changes is that you know you might start off uh in the northern suburbs or western suburbs, fly north officer, and then obviously as a first room buy, you know, you're very new in the market, and then obviously you have your kids, you know, they start growing up, and all of a sudden you want to put them to a better school.
20:22
SPEAKER_00: And sometimes a better school means kind of closer to the city.
20:26
SPEAKER_01: Yeah, and and depending on the school you like so you want to send your kids to a private school, that's someone's salary you're actually gonna be spending on your kids.
20:36
SPEAKER_01: So that's a massive investment, right?
20:38
SPEAKER_00: So you need to prepare for those things.
20:39
SPEAKER_00: That's why I think people you know need to realize that if you buy there, it doesn't mean you're gonna live there forever.
20:44
SPEAKER_00: You might not see it now, but eventually, if you haven't planned it out, you're gonna end up seeing that okay, maybe you need to change your lifestyle.
20:52
SPEAKER_01: I mean, if you don't pull out and pray nine months later, just wrap it.
20:59
SPEAKER_00: Don't be a fool, wrap your tool.
21:02
SPEAKER_00: And that's a good one for the people who are good with tools as well.
21:04
SPEAKER_01: Oh, yeah.
21:07
SPEAKER_00: Life advice.
21:09
SPEAKER_00: Yeah.
21:10
SPEAKER_01: It's raining, you gotta wear a raincoat.
21:12
SPEAKER_01: Exactly.
21:12
SPEAKER_01: But if you want to feel the rain, raincoat.
21:21
SPEAKER_00: Don't be a fool, wrap your tool.
21:25
SPEAKER_00: I mean that's the best way.
21:27
SPEAKER_00: I mean, that's the that's the cut.
21:32
SPEAKER_01: Anyway, but yeah, yeah, that's interesting, son.
21:34
SPEAKER_01: So you you touched, you you actually uh brought up a good point.
21:37
SPEAKER_01: You spoke about different suburbs, right?
21:39
SPEAKER_01: Some people like to buy in the southeast, whether they buy in the north or the west.
21:43
SPEAKER_01: Now, when we look at property prices in in different regions, right, of Melbourne, property prices in the southeast is actually much higher compared to the west or the north, and that and that has uh mainly to do with the government infrastructure and developments and Investments that go into these suburbs, and also uh there are uh certain ethnicities, communities that prefer to live in the southeastern suburbs, right?
22:12
SPEAKER_01: Like for example, Sri Lankans.
22:14
SPEAKER_01: A lot of Sri Lankans uh they love living in the southeastern suburbs, and this is very evident because there's a lot of Sri Lankan shops in these areas, which is not a bad thing, which is good for us.
22:24
SPEAKER_01: More competition to Sri Lankan shops, the cheaper the goods we want to buy, yeah.
22:29
SPEAKER_01: Right?
22:30
SPEAKER_00: What is the question?
22:34
SPEAKER_01: Yeah, yeah, sorry, so yeah.
22:36
SPEAKER_01: So uh so my question is so if you're if you're a first home buyer who's going to the market looking at becoming a property investor, sometimes you you can think about making that lifestyle shift.
22:47
SPEAKER_01: Like, okay, you've been renting in the southeast all your life and you want to buy a first home in the southeast, but your borrowing doesn't support that, right?
22:55
SPEAKER_01: And if your job is in the city, you've got to drive to the city anyways, you can look at purchasing a house somewhere in the west, some somewhere in the north, right?
23:03
SPEAKER_01: Because and and then again it comes back to what Charin said, you look at where the government is investing their money in, okay, where are the government investments going in the West?
23:11
SPEAKER_01: Are they building train stations?
23:12
SPEAKER_01: Is it in their pipeline?
23:14
SPEAKER_01: Have they already started construction?
23:15
SPEAKER_01: Is there a freeway extension that's going through those areas and it's currently under uh construction?
23:21
SPEAKER_01: Then it's a good time to buy in those areas because the moment that infrastructure is complete, that's when everyone's gonna start marketing.
23:28
SPEAKER_01: Oh uh, you know, go go heavily on marketing property in that area, and property prices are gradually gonna go up.
23:34
SPEAKER_00: And if you're smart enough, which obviously we can help you with as well, you know, you for$650.
23:40
SPEAKER_00: Let's just talk about$650, right?
23:43
SPEAKER_00: The properties you buy the properties you buy in Clyde are gonna be you know not massive, but they're gonna be decent houses, maybe townhouses or units, that that type of property, maybe three bedrooms.
23:54
SPEAKER_00: But for that same price, you'll probably get a much bigger land and house, right?
23:58
SPEAKER_00: In uh the western suburbs, maybe you know, each side.
24:01
SPEAKER_00: Yes.
24:02
SPEAKER_00: The benefit is that realistically, you're not gonna be there forever.
24:06
SPEAKER_00: Touching back on the same point before, it's you're not gonna be there forever.
24:09
SPEAKER_00: It's it's for a few years.
24:11
SPEAKER_01: And let's say you commute from there to the city versus you know, because in the morning, say from Clyde to uh Clyde North officer on the M1 to get to the city, there's a massive traffic block.
24:24
SPEAKER_01: That is if you work a nine to five, but if if you work uh shift like us, you know, 10 30 to 6 30, then the traffic is okay.
24:33
SPEAKER_01: No, but on paper, 10 30 to 6 30.
24:37
SPEAKER_01: Uh no copy for you too.
24:41
SPEAKER_00: But yeah, absolutely.
24:42
SPEAKER_00: So it's you know, it's really important to you know have an eye for those things.
24:46
SPEAKER_00: Sometimes it's not about you're also gonna own a property, you're just gonna be somewhere else for the time being.
24:53
SPEAKER_00: And the moment that suburb comes up, the moment the infrastructure is there, like you mentioned, the train lines, you know, the amenities, all of that, you're sitting on a pool of equity, right?
25:03
SPEAKER_00: And what you're gonna do is you're gonna convert that into an investment, right?
25:06
SPEAKER_00: Get that equity, put it towards a deposit, and you know, get a better house for you to live in, and at that time, depending on your family situation, wherever you guys like to go, and probably be a lot closer to try not that you affect it, you know, maybe towards mobile park or in the news, and you know, it's just about figuring out how you're gonna keep building up that equity and using it for the next exactly.
25:29
SPEAKER_00: So it's really important to know that if you can afford the property, it's definitely I would say probably, but it's definitely a good idea to get into the market, get that pre-approval, go see some houses, speak to builders, speak to agents, see what fits your business and take that step.
25:48
SPEAKER_01: I know and you and you don't need to just speak to one person or listen to them.
25:52
SPEAKER_01: That guy could be a complete dumbass who's just trying to sell a property to you.
25:56
SPEAKER_01: YouTube, Instagram, there are DFS Worldcast.
26:01
SPEAKER_01: DFS Worldcast.
26:02
SPEAKER_01: Check out our podcast and chat GPT.
26:06
SPEAKER_01: Use it to fact-check.
26:07
SPEAKER_01: You can use it to fact-check.
26:08
SPEAKER_01: Don't ask it what to do.
26:10
SPEAKER_01: I mean, it will give you a blueprint, right?
26:12
SPEAKER_01: Yeah, but use all these different uh source material available and use this a little bit.
26:19
SPEAKER_00: Yeah, not a lot, just a bit.
26:20
SPEAKER_01: Not a lot, it's just a bit of a.
26:21
SPEAKER_01: I mean, these days you don't need to use it a lot.
26:22
SPEAKER_01: Back in the day, yeah.
26:24
SPEAKER_01: I mean, even back in the day, the way boss man says how they used to approach women back in the day.
26:29
SPEAKER_01: If we do it now, these days, bro, we we'll probably get arrested.
26:33
SPEAKER_01: They'll probably think we're a creep.
26:34
SPEAKER_01: You see a pretty girl on the street, you go be like, hi.
26:36
SPEAKER_01: Hey, hi.
26:39
SPEAKER_00: Who the hell are you?
26:40
SPEAKER_01: Who the hell are you?
26:42
SPEAKER_01: Oh shit, okay.
26:45
SPEAKER_00: It's a different time, and I think on the same thing, you know, I think promotion I did the podcast where they spoke about how they made their investment portfolio, and that's through a recession, where there's a housing crisis, through COVID, yeah, another economic crisis, and you know, now we're here, and I think we'll always touch basically.
27:03
SPEAKER_01: And and yeah, and and uh check out that podcast episode if uh you haven't.
27:07
SPEAKER_01: Can't remember the name uh out of the top of my head, but link in the description, go check out all episodes, and then there's that we have cover photos.
27:16
SPEAKER_01: There's a cover photo of our boss and his wife.
27:18
SPEAKER_01: That means it's it's one of those episodes, right?
27:21
SPEAKER_01: It's something to do around budgeting.
27:23
SPEAKER_01: So Sunali and uh Pramu.
27:26
SPEAKER_01: So Sunali and Pramu, they went on an aggressive, uh tight budget, right?
27:31
SPEAKER_01: So they can save up to invest.
27:34
SPEAKER_01: Uh, and they talk about it a lot.
27:35
SPEAKER_01: That's how they started.
27:38
SPEAKER_01: Sonali gave Pramu a hundred dollar budget a week.
27:42
SPEAKER_00: I think he's still on the budget.
27:44
SPEAKER_01: That's what he tells us, but then the bottles I bring, the cheapest bottle is like$110, you know.
27:52
SPEAKER_01: Oh, so he spends it on a bottle that he finishes in three days?
27:56
SPEAKER_01: I I buy more than two bottles a week sometimes, you know.
27:58
SPEAKER_01: That's I don't know where the math then math him, bro.
28:01
SPEAKER_00: I'm that's not gonna that's gonna be cut.
28:04
SPEAKER_00: That's not gonna be the cut.
28:09
SPEAKER_01: Uh we love you, boss.
28:10
SPEAKER_01: You know you, you we know you love us too.
28:12
SPEAKER_00: But yeah, budgeting.
28:14
SPEAKER_00: See, that's another good point.
28:15
SPEAKER_00: I don't know how we keep getting good points or not, but we keep see that that's the thing.
28:19
SPEAKER_01: There's so much knowledge here.
28:22
SPEAKER_01: It just comes with yeah, someone just needs to ask the right question, hey, light bulb moment, you know.
28:28
SPEAKER_00: You know, budgeting.
28:28
SPEAKER_00: I think we did the video, which got a lot of traction about the six dollars you spend on the coffee.
28:34
SPEAKER_01: On coffee, no worry next next episode that six dollars is covered sponsored by a boss, so it's it's covered.
28:40
SPEAKER_01: So yeah, but this then it's zero cost.
28:42
SPEAKER_01: So now see how productive we are in this episode, boss.
28:45
SPEAKER_01: We remember things you said in like last year's podcast episodes.
28:49
SPEAKER_01: Uh that just goes to show that we listen to the episode as well.
28:52
SPEAKER_01: It doesn't I used to run, I don't run anymore, but when I did, I listened to that.
28:56
SPEAKER_01: He used to run, but now he's now he's got abs.
28:58
SPEAKER_01: It's okay.
28:58
SPEAKER_01: He doesn't need to run.
28:59
SPEAKER_00: But uh yeah, budgeting, right?
29:01
SPEAKER_00: It's again the video is not about spending six dollars on the coffee.
29:04
SPEAKER_00: Yeah, it's about knowing that you are spending six dollars on coffee.
29:09
SPEAKER_00: I put a poll SCC from whoever is.
29:12
SPEAKER_01: I saw that, and and and a lot of people actually saying, yeah, the six dollars they spend on a coffee in the morning as opposed to making one with generated coffee is an investment for them.
29:23
SPEAKER_00: Exactly.
29:23
SPEAKER_01: So there's so many divided opinions on it, and I'm glad that we're talking about uh oh, and some people, oh, you should have put a section where I like matcha.
29:31
SPEAKER_01: You know, there are a lot of matcha drinkers.
29:33
SPEAKER_00: Who are the matcha bums out there?
29:35
SPEAKER_00: You know, if you drink matcha, you're a bum.
29:38
SPEAKER_00: I mean, I like yeah, you're a bum.
29:42
SPEAKER_01: Hey, matcha's okay on the weekends, all right?
29:44
SPEAKER_01: Just not in just not just before work.
29:46
SPEAKER_01: Doesn't give me that caffeine rush.
29:48
SPEAKER_00: Yeah, well, whatever food.
29:50
SPEAKER_00: It's okay, it's okay.
29:52
SPEAKER_00: Uh I don't like the taste of grass as much as you do, obviously.
29:56
SPEAKER_00: But uh yeah, but it's about I don't like eating it, but you know.
29:59
SPEAKER_00: Yeah, when you drink it.
30:02
SPEAKER_00: So it's not about you know spending the six bucks on just the coffee, it's about all your tiny expenses that do add up over a week, uh over a day and over a week, and obviously at the end of your month.
30:14
SPEAKER_00: So if you don't budget it and figure out exactly where you're spending your money, you're not going to know how you're gonna increase your savings.
30:23
SPEAKER_00: You know, I've been there, I just spent, spent, spent without knowing what the head is going.
30:27
SPEAKER_00: I'm like, oh shit, where did my money go?
30:29
SPEAKER_00: And at one point I generally just like, oh, I'm just you know not earning enough to uh you know meet my needs.
30:36
SPEAKER_00: But then you know, I listen to Sonali's podcast and how she explained how you need to analyze three months and kind of understand expense you have.
30:46
SPEAKER_00: The recurring one, the one-off, and also the essentials, and you know, they're not also essentials.
30:53
SPEAKER_00: So as a personal buyer, it's absolutely important, right, to build your savings.
30:59
SPEAKER_00: Right, building your savings is gonna help you, you know, have the five percent deposit you need.
31:05
SPEAKER_00: Maybe you're at a 30,000 deposit at the moment and you can afford a six hundred thousand property, or you can afford more than that, but your deposit is also is what's holding you back.
31:15
SPEAKER_00: So you need to see analyze your expenses, and if it's a if you're a couple, you know, analyze your expenses together and um you know where your income is going, what you're spending it on, and cut it down.
31:28
SPEAKER_00: Because if you can save up, you know, a thousand dollars extra per month within five months, you made up 5k, right?
31:35
SPEAKER_00: And that's like I'm saying per person, right?
31:38
SPEAKER_00: That's just uh you know boba figure.
31:40
SPEAKER_00: But if you can do that, you're gonna be in a much better place to you know see where your money is going.
31:46
SPEAKER_00: And honestly, if you watch this podcast and you made it this far, it's to you, and that's a celebrity, you know, yeah, you know, yeah, let us know.
31:58
SPEAKER_01: Take your budget and hey, look, if you've got a business, we can even do a joint podcast episode.
32:04
SPEAKER_01: Yeah, you and us, and if you want a coffee shop, and don't worry, when you come for the show, coffee's on well, the boss say us, but it's on boss we have a tight budget.
32:17
SPEAKER_00: Do it like if you if you if you heard this video, if you're listening to it now, check your budget, right?
32:22
SPEAKER_00: And see, are you actually you know, are your pockets actually tight, or are there expenses that can easily just be cut down?
32:29
SPEAKER_00: So have a look at that, and that's something that we highly recommend doing, especially being a first-home buyer, you need to have that saving and you need to understand that you know your budget it's it's a temporary thing, you're just tightening your you know, expenses for a temporary time to earn, I mean, not to earn, to own your first property, which is a great deal.
32:50
SPEAKER_00: I mean, you know, owning a property is awesome, I think.
32:53
SPEAKER_01: But if you've got rich parents, hey, you you earn your first property.
32:56
SPEAKER_01: There you go.
32:57
SPEAKER_01: If you've got rich parents, ask them to if you don't have the deposit, ask them to help you out.
33:02
SPEAKER_01: I mean, maybe get as a gift.
33:03
SPEAKER_01: Because technically, that that that to your parents also that is not an expense, that's an investment for them as well.
33:09
SPEAKER_00: So that might be the extra bedroom that they get to stay in and help look after your kids.
33:14
SPEAKER_01: There you go.
33:15
SPEAKER_01: All right.
33:15
SPEAKER_01: So now I know what he wants his parents to do look after his kids.
33:21
SPEAKER_01: I don't want kids, but uh yeah, those are the guys who forget to pull out and pray, and all of a sudden we don't want that, but uh yeah, definitely, you know, uh getting that deposit if you have your pay support.
33:36
SPEAKER_01: Chan, also since since you're talking about budgeting, right?
33:39
SPEAKER_01: I I'd I'd also like to bring this point up.
33:41
SPEAKER_01: Now, you know, everyone says, so you can buy a property with as little as 25,000, you can buy a first home with 25 to 30,000.
33:49
SPEAKER_01: Yes, true, you can buy a first home with as little as$25,000 to$30,000, provided you get the first home owner's uh grant of$10,000, where you buy a property that's eligible to get that.
34:00
SPEAKER_01: But what are the there are other costs involved that a lot of people don't highlight, right?
34:04
SPEAKER_01: Like your bank fees, your legal fees, right?
34:09
SPEAKER_01: So what how how how do we assist them?
34:13
SPEAKER_00: Yeah, so basically it's it's very simple.
34:15
SPEAKER_00: Like when you come to us for a home loan, obviously knows this, so I'll tell the audience, you know.
34:21
SPEAKER_01: Ladies want to see their face.
34:22
SPEAKER_01: We make sure we consider single at the moment, ladies and gentlemen, you know.
34:26
SPEAKER_01: Ladies, no, ladies, not gentlemen, ladies.
34:29
SPEAKER_01: Imagine the gentleman was like, Oh, hey chur, how are you?
34:33
SPEAKER_00: If they went to your school, I'd be worried, to be honest.
34:36
SPEAKER_00: But uh saying things to our school, just saying moving on, uh yeah, the expenses that you need at uh settlement.
34:47
SPEAKER_00: Uh, we always make sure that we take into account your 5% deposit, any, if at all, stamp duty payable, and obviously, like you said, the bank fees, legal fees, you know, rates fees, all of that that's payable at settlement.
35:01
SPEAKER_00: We've taken that into consideration when we give you your options, right?
35:05
SPEAKER_00: We make sure that you're not surprised at settlement, which is what happens to a lot of people, but you know after the dollar, pretty much, that you need to have this much at your time of settlement on on top of your deposit, because sometimes, like now, this happens in officer, right?
35:20
SPEAKER_01: In uh uh some some officer central that that estate there's a gas connection levy, right?
35:27
SPEAKER_01: Now we had a client, uh actually she was our first client that I sold a property to.
35:34
SPEAKER_01: She and I was unaware of this as well at the time.
35:38
SPEAKER_01: Yeah, I mean no.
35:39
SPEAKER_00: Ladies man, number one, yeah, currently, that's what you're saying.
35:44
SPEAKER_01: So she Jenny's gonna disturb this episode as well.
35:48
SPEAKER_01: So yeah, uh the builder didn't tell us, we didn't know, and the estate didn't know either because the government introduced a new levy, a gas connection levy, right?
36:01
SPEAKER_01: Because her because they uh wanted all all properties to be uh electric, like seven you to get that elect uh seven star electricity rating.
36:10
SPEAKER_01: Now her property had gas stoves, right?
36:14
SPEAKER_01: So when when it was time for her to move in and uh the gas was connected, the builder sent an email to her, didn't even CC us, and said, Oh, you need to pay this thousand seven hundred and fifty dollars, if I'm not mistaken.
36:31
SPEAKER_01: And she was pissed, like she called us and what happened because she also did like a lot of upgrades to the house.
36:37
SPEAKER_01: Again, uh, she had the borrowing, she had the savings, that's her house.
36:41
SPEAKER_01: She she did it.
36:42
SPEAKER_01: And then she calls, Oh, you said you guys didn't tell me that I had to pay more.
36:46
SPEAKER_01: I thought this was all I had to pay.
36:47
SPEAKER_01: I was like, whoa, whoa, whoa, okay, let me let me check on this.
36:50
SPEAKER_01: Call the builder, and then yeah, builder was like, Hey, sorry, mate, we didn't know.
36:54
SPEAKER_01: Last month the government introduced a new levy, gas connection levy.
36:58
SPEAKER_01: So what do you what do you do?
37:01
SPEAKER_01: She had to pay.
37:02
SPEAKER_01: Luckily, she had savings, a savings buffer, right?
37:05
SPEAKER_01: Uh, which is actually pretty good because uh she had budgeted for a scenario just like this.
37:11
SPEAKER_00: Yeah, she had she wanted to make some additional upgrades later on as well.
37:14
SPEAKER_00: So yeah, I think the main thing there is you need to, you know, you need to have some buffer.
37:19
SPEAKER_00: And like obviously when you're moving houses, you're gonna have a cost there, right?
37:23
SPEAKER_00: It's gonna be, you know, if you're going with a mover or you're buying new furniture, those are all gonna be costs apart from your deposit.
37:30
SPEAKER_00: So, you know, if you need to again ask your parents for a hand in that, it's it's an investment, obviously, and it's something that um is worth it at the end of the day.
37:40
SPEAKER_00: You know, it's a property, you're gonna eventually get that money back.
37:44
SPEAKER_00: There are so many schemes that the government is offering, but you know, we focus on the 5% deposit scheme because you have full control of that.
37:51
SPEAKER_00: You know, the bank has the you know remaining 15%, and you're eventually going to be gonna be fine.
37:57
SPEAKER_00: So, yeah, it's important to have that budget.
38:00
SPEAKER_01: And and please please keep in mind that these uh costs cannot be added to your home loan either, right?
38:07
SPEAKER_01: Once the bank has approved your home loan for a certain amount, that's all you're gonna get.
38:11
SPEAKER_01: You're not gonna be able to add, oh, I have this cost, can I add that?
38:15
SPEAKER_01: I want to get this upgrade, can I add that to the loan?
38:17
SPEAKER_01: Uh no, baby girl, you cannot.
38:19
SPEAKER_00: It's gonna come out of your pocket, or else you get it done the proper way, get on the contract, the variation, and you know, we can try to sort something out for you.
38:28
SPEAKER_00: But yeah, always the bank is gonna lend you know 95-50%, whatever it is, of the property value, and that's on paper.
38:36
SPEAKER_00: They value it uh themselves as well.
38:38
SPEAKER_00: But you need to always have that buff, and you know, the bank is gonna lend you the money if you can afford it, but it's up to you to make up your budget, your savings, and you know, during that transition period from you know renting to owning your property, there's going to be uh uh obviously a cost there, and uh you know you need to be ready to adapt to that and have a just so that you know you don't have to struggle during that time.
39:04
SPEAKER_01: And also speaking of budgeting, uh now we know a lot of people don't like actually sitting down and doing the numbers, going through expenses, and some people are just bad at budgeting, right?
39:13
SPEAKER_01: And you shouldn't be ashamed to admit it.
39:16
SPEAKER_01: Some people don't like reading books because they don't like reading books, some people don't like matcha because they think it tastes like grass, I was gonna say ass grass.
39:23
SPEAKER_01: Grass, right?
39:25
SPEAKER_01: So for people like that, we actually have a financial planner in-house.
39:28
SPEAKER_01: His name is Josh, right?
39:30
SPEAKER_01: Pretty cool guy.
39:32
SPEAKER_01: You can speak to Josh and he'll actually help you pay down your mortgage sooner.
39:37
SPEAKER_01: And he'll show you where you're your spending unnecessarily.
39:41
SPEAKER_01: He'll tell you, hey, stop spending here.
39:43
SPEAKER_01: Yeah, let's take that money and then we can put it into other investments.
39:46
SPEAKER_01: He can also help you sort out your superannuation, life insurance.
39:51
SPEAKER_01: Life insurance, right?
39:53
SPEAKER_01: So just help you prepare for a rainy day and also pay off your debts sooner than later.
39:58
SPEAKER_01: Or if you're an investor, he'll help you buy your second and third investment property sooner and faster than you can do it on your own.
40:07
SPEAKER_01: Uh, yeah.
40:08
SPEAKER_01: So I just wanted to add on that and give a shout out to our boy Josh.
40:12
SPEAKER_00: Yeah, who already worked with, he's been here for a while.
40:14
SPEAKER_00: He has experience outside of tomorrow.
40:16
SPEAKER_01: 17 years of experience, yeah.
40:18
SPEAKER_01: So, you know, almost uh he's from the States.
40:22
SPEAKER_01: Uh so for him, food in Australia, you'll you'll never be able to uh recommend any food here that he will say tastes better than back in the States.
40:32
SPEAKER_01: Burgers, yeah, taste better at home.
40:34
SPEAKER_01: Pizza, nah, tastes better at home.
40:37
SPEAKER_01: Rice and curry tastes better in Sri Lanka.
40:41
SPEAKER_00: He loves the vibe.
40:42
SPEAKER_00: And uh look, he's helped a lot of clients as well.
40:44
SPEAKER_00: I think it's really interesting for you to have that free consultation and kind of understand, you know, it's not a one thing fits all.
40:51
SPEAKER_00: It's like he will give you your own, you know, strategy for your goals.
40:56
SPEAKER_00: So definitely, you know, arrange a call with uh with Josh, who's a great guy and has so much information that uh you'd be surprised, honestly.
41:04
SPEAKER_00: And even if it's saving your first deposit, he'll be there to make you or help you save it in like in no time, basically.