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She Bought Her First Home With a 2% Deposit on an $86k Salary · She's On The Money

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  Speaker 1: My name's Snatasha Bamblet. I'm a proud First Nations woman
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  Speaker 1: and I'm here to acknowledge country. Te Glenn Young Ganya Niana,
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  Speaker 1: Kaka yah Ya bin ah Waka Nian our gay In Nimbini,
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  Speaker 1: yak um Jar, dominyamiga Umaga, Ihowaka, Nile, Waman damon Immalan,
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  Speaker 1: Bimba bang gadabomba in and now in Waka ghana on
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  Speaker 1: yak rum Jar Watanadaa. Hello, beautiful friends, we gather on
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  Speaker 1: the lands of the Aboriginal people. We thank acknowledge and
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  Speaker 1: respect the Abiginal people's land that we're gathering on today.
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  Speaker 1: Take pleasure in all the land and respect all that
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  Speaker 1: you see. She's on the Money podcast acknowledges culture, country,
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  Speaker 1: community and connections, bringing you the tools, knowledge and resources
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  Speaker 1: for you to thrive.
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  Speaker 2: She's on the Money.
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  Speaker 3: She's on the Money. Hello, and welcome to She's on
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  Speaker 3: the Money, the podcast that let you be permy about
• 0:54
  Speaker 3: other people's money stories for educational purposes, of course. Welcome
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  Speaker 3: back to another one of our money diaries, brought to
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  Speaker 3: you by our friends at sky Wealth, where we get
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  Speaker 3: to talk with one of our incredible She's on the
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  Speaker 3: Money community members all about their journey. Let's jump straight
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  Speaker 3: into it, because this week I got a message and
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  Speaker 3: it sounded exactly like this. Hi, she's on the money.
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  Speaker 3: This time last year, I was in a not so
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  Speaker 3: nice sharehouse situation, to put it politely. On top of that,
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  Speaker 3: I felt like I was always going to be renting,
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  Speaker 3: as home ownership had always seemed so far out of reach.
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  Speaker 3: So I moved back home from my mental health thinking
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  Speaker 3: I had failed as a freshly thirty year old, and
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  Speaker 3: started to save. After eight months, saving twenty thousand dollars
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  Speaker 3: and making their help to byascheme my entire personality, I
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  Speaker 3: picked up the keys to my new apartment. The cherry
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  Speaker 3: on top is that my monthly repayments are cheaper than
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  Speaker 3: what my rent would have been. I would love to
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  Speaker 3: share my story on this wild ride I've been on money. Doris,
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  Speaker 3: Welcome to the show.
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  Speaker 2: Hello, Thank you for having me. I'm very excited.
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  Speaker 3: I am super excited because I just feel like the
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  Speaker 3: narrative around millennials owning property at the moment is just
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  Speaker 3: so negative and there's not a lot of positive stories.
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  Speaker 3: But this is a very positive and very exciting one.
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  Speaker 2: Yeah, it's definitely. I would say a controversial one for
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  Speaker 2: some people because I think if you don't know much
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  Speaker 2: about something, it's a little scary. But after a lot
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  Speaker 2: of research, is the best solution for me.
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  Speaker 3: And I feel like it's really hard as well at
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  Speaker 3: the moment, because we all have these dreams of like,
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  Speaker 3: and I'm assuming that you're growing up, You're like, by thirty,
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  Speaker 3: I'm going to have two point five kids, and I'm
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  Speaker 3: probably going to own a whole house on a really
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  Speaker 3: big property, and like, we have all of these I
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  Speaker 3: guess stereotypical ideas of what we could achieve and what
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  Speaker 3: is possible, but that's unfortunately not the reality. I don't
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  Speaker 3: know if it's unfortunate or just not the reality. But
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  Speaker 3: let's learn more about you before I start talking, even
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  Speaker 3: more before we dive in. My friend, if I asked
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  Speaker 3: you to give your money habits a grade from A
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  Speaker 3: through to F, what grade would you give them?
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  Speaker 2: I'm going to give myself a C or a C plus.
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  Speaker 2: I think I'm just above average. I think I'm doing
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  Speaker 2: pretty well, but I could be better, just like above average.
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  Speaker 3: I think I really want to have a little argument
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  Speaker 3: with you later, not now, I'll learn more first, but like,
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  Speaker 3: be for real, I need to quote you on this
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  Speaker 3: after eight months and saving twenty thousand dollars. Yeah, sorry,
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  Speaker 3: that's a C or C plus money behavior, like be
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  Speaker 3: so for real?
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  Speaker 2: Well, I was in the very fortunate position where I
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  Speaker 2: could live at home rent free one hundred percent.
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  Speaker 3: But do you know how many people in this community
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  Speaker 3: leave home rent free have debt?
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  Speaker 2: That's true. I've been canceled out some debt, which is great.
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  Speaker 2: I got rid of my credit card. Look at you go.
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  Speaker 2: I love this.
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  Speaker 3: All right, let's dive in my favorite question ever, and
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  Speaker 3: I think it's everybody else's as well. Let's go back.
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  Speaker 3: Can you tell me a little bit more about your
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  Speaker 3: money story.
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  Speaker 2: I think I'd say I've been relatively good about money
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  Speaker 2: in my adult life, Like when I moved out of
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  Speaker 2: home for the first time, I always like prioritized rent
• 4:01
  Speaker 2: and bills, making sure that you know, I could survive
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  Speaker 2: on my own pretty much and meet those kind of
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  Speaker 2: deadlines without sort of any financial stress, And so I'd
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  Speaker 2: always make money for that.
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  Speaker 3: What prompted you to move out of home?
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  Speaker 2: It just felt the right time, Like I had finished UNI,
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  Speaker 2: I got my first big full time job. I was
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  Speaker 2: like move out.
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  Speaker 3: Yep, fair, very fair. I'm always pervy because like I
• 4:25
  Speaker 3: moved out of home when I was like eighteen, and
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  Speaker 3: I had to basically because I needed to for study.
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  Speaker 3: Like my parents would have kept me forever, I'm pretty sure.
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  Speaker 3: Don't ask them. I don't want to know the actual
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  Speaker 3: answer to that, but they would have kept me. But
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  Speaker 3: I just had to, And that, you know, is a
• 4:41
  Speaker 3: very big part of my money story. But I'm like,
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  Speaker 3: why do you leave then? Yeah, like if we didn't
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  Speaker 3: have to pay rent when we moved back home.
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  Speaker 2: I moved out of home when I was twenty six.
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  Speaker 2: So I did UNI for quite a long time. I
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  Speaker 2: did a diploma and then I went into a degree,
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  Speaker 2: So I was studying for about six years, with like
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  Speaker 2: a gap year in between as well. So definitely a
• 5:01
  Speaker 2: late bloomer.
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  Speaker 3: And why late bloomer? What does that mean to you?
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  Speaker 2: Oh? I think it's kind of like you finish a
• 5:07
  Speaker 2: degree within like a few years, and then like you
• 5:09
  Speaker 2: move out of home at like or like when you
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  Speaker 2: said eighteen or twenty three or twenty two when you finish.
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  Speaker 2: So I think I felt like I was kind of
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  Speaker 2: a couple of years behind that. But no, I was
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  Speaker 2: glad that I was in a position where I could
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  Speaker 2: move out by myself, because there was definitely something I
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  Speaker 2: wanted to do as I liked my own space. I
• 5:27
  Speaker 2: like to design things how I like them, without other
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  Speaker 2: people's furniture. Oh totally, yeah, and yeah, minimize that kind
• 5:35
  Speaker 2: of people's expectations.
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  Speaker 3: Oh totally. You don't have a curfew, but you feel
• 5:39
  Speaker 3: like you've got a curfew.
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  Speaker 2: Yeah. But like if I had dishes on my kitchen sink,
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  Speaker 2: there were mine and mine alone to clean that.
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  Speaker 3: It's just your space. You don't have to worry about
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  Speaker 3: anybody else living in them exactly, all right, So tell
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  Speaker 3: me a bit more. I want to know about this
• 5:52
  Speaker 3: housemate situation. And I know you said, oh, was there
• 5:55
  Speaker 3: not so nice housing situation? To put it politely, Can
• 5:58
  Speaker 3: we like get the not polite version, because that it's
• 6:00
  Speaker 3: way more fun.
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  Speaker 2: I think it was about to backtrack like a little bit.
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  Speaker 2: It was about mid twenty twenty four I decided I
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  Speaker 2: want to save more and move into a sharehouse. I
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  Speaker 2: knew a couple of people there. I wouldn't describe them
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  Speaker 2: as friends. I knew one of them. We were kind
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  Speaker 2: of like more acquaintances than friends, So I thought it
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  Speaker 2: would kind of be an easy relationship there. I think
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  Speaker 2: I'll still remain a little diplomatic about it and say that, Like,
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  Speaker 2: I think I'll just like our personalities.
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  Speaker 3: We're smart women. We can read between the lines, and
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  Speaker 3: you tell me what you want and I'll hear what
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  Speaker 3: I want. Yeah, yeah, I'll say there was a conflict
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  Speaker 3: and personality trait.
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  Speaker 2: I like that.
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  Speaker 3: Is this like the time that I lived in a
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  Speaker 3: sharehouse and my vegan housemate throughout all of my met
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  Speaker 3: oh gosh, from the freezer that my mum had like
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  Speaker 3: pre ziplocked for me because I was at Uni and
• 6:53
  Speaker 3: that stuff was expensive, so you like froze everything. And
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  Speaker 3: I came home one day and she just said she
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  Speaker 3: couldn't mentally deal with having dead animals in her freezer.
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  Speaker 2: Is it like that? Okay, it wasn't that hectic. Definitely
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  Speaker 2: not that hectic.
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  Speaker 3: Did your housemate borrow your underwear?
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  Speaker 2: Because minded we respected each other's stuff. Still, I just
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  Speaker 2: kind of felt like I couldn't be within my own house.
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  Speaker 3: Of course, No, that's worse. You can throw away my
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  Speaker 3: meat and steal my underwear, but don't make me feel
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  Speaker 3: not welcome in my own home.
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  Speaker 2: Honestly exactly. So yeah, I pretty much just breached breaking
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  Speaker 2: point and decided that it's not worth my mental health.
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  Speaker 3: No, absolutely not.
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  Speaker 2: Yes, I didn't really have any money still, Like I
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  Speaker 2: sort of went in there with the idea of saving more,
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  Speaker 2: but I didn't really end up doing that. So my
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  Speaker 2: parents were like, their bedroom is there, you can come back,
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  Speaker 2: which was so lovely of them.
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  Speaker 3: Yeah, that's so good. That's such a privilege to have,
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  Speaker 3: but also just so nice to know that you've got
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  Speaker 3: somewhere to land. Tell me, I'm going to be pervy.
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  Speaker 3: Tell you moved into a share house to save money,
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  Speaker 3: but then you said I didn't really why it happened.
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  Speaker 2: I think the intention was there, but once I moved in,
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  Speaker 2: I was like, oh, look how much more money I
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  Speaker 2: have to Yeah, live, love last.
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  Speaker 3: And yeah, I totally get it.
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  Speaker 2: Yeah, and yeah, I had the intention, but not really
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  Speaker 2: the building blocks to do so at that time. And
• 8:21
  Speaker 2: we also we had quite a nice house as well,
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  Speaker 2: even though like my rent was like four hundred dollars less,
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  Speaker 2: Like we had a cleaner come in every fortnight to
• 8:32
  Speaker 2: do like the bathrooms and the floors, which I had
• 8:34
  Speaker 2: never experienced before. So that was lovely.
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  Speaker 3: Yeah, it's pretty nice.
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  Speaker 2: We had like a bit of like a kitty of
• 8:41
  Speaker 2: like a money pool of like any sort of things
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  Speaker 2: that we needed that were shared. Then we'd just put
• 8:47
  Speaker 2: some money into it each month for a Fortnite. I've
• 8:49
  Speaker 2: forgot how much it was, so yeah, I think it was,
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  Speaker 2: even though I was saving on rent that were kind
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  Speaker 2: of like other creeping expenses in there that I wasn't
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  Speaker 2: quite expecting.
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  Speaker 3: But we're still nice at the time, and it's so
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  Speaker 3: easy as well to just feel like, oh, yeah, I'll
• 9:05
  Speaker 3: do that, like a cleaner every two weeks, split between
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  Speaker 3: my housemates. Like that's not hard, that's good. Yeah, and
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  Speaker 3: then it's one thing after another.
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  Speaker 2: Right.
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  Speaker 3: This is why I'm always so i won't say strict,
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  Speaker 3: but very positive about budgeting and going no, no, no, like,
• 9:19
  Speaker 3: let's just write it all out, let's make sure that
• 9:21
  Speaker 3: we document everything, because it's the plumber with a leaky tap,
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  Speaker 3: Like the second you start to not care that much,
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  Speaker 3: she just filters away, and then all of a sudden,
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  Speaker 3: you've lived in the sharehouse that you were meant to
• 9:32
  Speaker 3: save money, and you're like, where's the money?
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  Speaker 2: Though I'm not doing much saving, but I'm also.
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  Speaker 3: I don't even like living in this sharehouse and I
• 9:44
  Speaker 3: don't have any money. This is a bad deal.
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  Speaker 2: I seem to keep ordering Uber each as well.
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  Speaker 3: Oh that's easy, isn't it my weakness?
• 9:53
  Speaker 2: Yeah? Fair?
• 9:54
  Speaker 3: All right, so you've moved out or you've decided to
• 9:57
  Speaker 3: move back into your parents' bare bedroom. At that point,
• 10:00
  Speaker 3: were you like, look, and I know in your diary
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  Speaker 3: you said I felt like I was failing as a
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  Speaker 3: fresh thirty year old.
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  Speaker 2: Yeah.
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  Speaker 3: Did you then go, you know what, I need to
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  Speaker 3: whip it into shape. I'm going to start budgeting. I'm
• 10:09
  Speaker 3: going to look at my cashlough or were you just like, Okay,
• 10:12
  Speaker 3: I've moved in with mum and dadd and now just
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  Speaker 3: saving is easy? Like what was that process?
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  Speaker 2: I really didn't have a clue at first. It was
• 10:18
  Speaker 2: really like figure out my next move, figure out where
• 10:21
  Speaker 2: I'm going to rent met next, I'll save up for
• 10:23
  Speaker 2: a moving truck. It really only became long term once
• 10:28
  Speaker 2: I decided what that money goal was going to be.
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  Speaker 2: But it was really my sister. She kind of said
• 10:34
  Speaker 2: to me, don't make living with the parents not worthwhile.
• 10:38
  Speaker 2: I like it, let's do something with that money. Though
• 10:41
  Speaker 2: You're not like spending on rent. Let's not like with
• 10:45
  Speaker 2: it that away. So that was like a huge breakup
• 10:48
  Speaker 2: for me that I could actually, well, I had this
• 10:51
  Speaker 2: opportunity to save quite a lot of money whilst I
• 10:55
  Speaker 2: was living there.
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  Speaker 3: Yeah, that is that is very good advice. So what
• 10:58
  Speaker 3: were your first steps? Was it just put some cash away?
• 11:01
  Speaker 3: Was it make a plan? What did it look like?
• 11:04
  Speaker 3: Especially because you said you knew nothing, you were like,
• 11:06
  Speaker 3: I don't know what I'm doing, Like help, Yeah.
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  Speaker 2: So I think the first thing I did I did
• 11:11
  Speaker 2: pretty much an audit of everything that I paid for.
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  Speaker 2: So seeing as I was no longer paying like internet, electricity,
• 11:20
  Speaker 2: rent or anything like that, I kind of looked at
• 11:22
  Speaker 2: how much I was spending in subscriptions and lifestyle and
• 11:28
  Speaker 2: discretionary things. I think I was there for about a
• 11:32
  Speaker 2: month or so or something, and then my mum sent
• 11:36
  Speaker 2: me this article saying that you can soon afford to
• 11:43
  Speaker 2: purchase your first home with only a two percent deposit.
• 11:45
  Speaker 3: Which is a big money.
• 11:47
  Speaker 2: We be thought that it was kind of like, oh,
• 11:48
  Speaker 2: maybe I'll save for travel, like we'll see kind of
• 11:51
  Speaker 2: like where it goes. So the intention of saving was there,
• 11:55
  Speaker 2: but I didn't really have like a set goal in
• 11:57
  Speaker 2: mind yet until that article came up and I was like,
• 12:02
  Speaker 2: this is what I'm going to do. Just just where
• 12:04
  Speaker 2: my focus is going to be.
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  Speaker 3: That's very cool. So tell me a bit more about
• 12:08
  Speaker 3: your thoughts. I guess just on property, because you said
• 12:11
  Speaker 3: that the article was the thing that made you feel
• 12:13
  Speaker 3: like you could even think about property. Was that something
• 12:17
  Speaker 3: that you were like, one day, I'll own a property
• 12:19
  Speaker 3: or were you just like Nope, it's completely out of reach,
• 12:21
  Speaker 3: that's not for me, or like, at what point did
• 12:24
  Speaker 3: you ever consider it or was it only a goal
• 12:27
  Speaker 3: because you read this article.
• 12:28
  Speaker 2: I always liked the idea of owning. My sister bought
• 12:31
  Speaker 2: her place, a couple of friends bought their place, my parents'
• 12:36
  Speaker 2: own had the family home, and then they sold it
• 12:39
  Speaker 2: for a downsize. But I think it just always seems
• 12:45
  Speaker 2: so out of reach financially, Like I think I'm very
• 12:49
  Speaker 2: privileged on the income that I am on and that
• 12:52
  Speaker 2: I can't afford to live alone as a single person.
• 12:55
  Speaker 2: But given the economy, I was like, it's going to
• 12:59
  Speaker 2: be near possible for me to even build up a
• 13:04
  Speaker 2: deposit within a certain amount of time, or even service
• 13:08
  Speaker 2: a mortgage. Really, so I really had my head in
• 13:12
  Speaker 2: the sand about it being like, that's just not a
• 13:14
  Speaker 2: thing that's going to happen, so I may as well
• 13:16
  Speaker 2: not think about it.
• 13:17
  Speaker 3: Yeah, because it feels overwhelming until it became sort of
• 13:20
  Speaker 3: something that I could do, yeah, which I think is
• 13:23
  Speaker 3: really cool because there are so many options on the table.
• 13:25
  Speaker 3: And I guess that's why I'm asking because so many
• 13:28
  Speaker 3: times And this goes back to what I was saying
• 13:30
  Speaker 3: before about you know, we have these stereotypical ideas of
• 13:33
  Speaker 3: what a property is going to look like once we're thirty.
• 13:37
  Speaker 3: I feel like, in my head thirty year olds when
• 13:39
  Speaker 3: I was like twelve, those people were proper adults. They
• 13:43
  Speaker 3: had their stuff together. Yeah, they carried briefcases, you know,
• 13:46
  Speaker 3: like very official adults stuff. And now I'm in my
• 13:50
  Speaker 3: thirties and I could not feel more underqualified if I tried.
• 13:54
  Speaker 2: And I like them.
• 13:55
  Speaker 3: What do you mean people let me leave a hospital
• 13:58
  Speaker 3: with actual children meant to look up? There was no
• 14:01
  Speaker 3: like signature I needed, there's no vetting criteria. You mean
• 14:05
  Speaker 3: you trust me because I'm an adult, Okay, But when
• 14:08
  Speaker 3: it comes to property, I think that there is this
• 14:10
  Speaker 3: now outdated idea that the only way you can get
• 14:14
  Speaker 3: into property is that you have to have your twenty
• 14:16
  Speaker 3: percent deposit and also buying a property in Melbourne or
• 14:19
  Speaker 3: in Sydney, it's going to cost you at least a
• 14:21
  Speaker 3: million dollars and I think that that just makes you
• 14:23
  Speaker 3: go absolutely not, that's not on the table for me.
• 14:25
  Speaker 3: So we don't even look into what our options are.
• 14:28
  Speaker 3: But it's twenty twenty six and unfortunately the options on
• 14:31
  Speaker 3: the table do look different. You're not going to be
• 14:34
  Speaker 3: able to buy the family home, but you know what
• 14:35
  Speaker 3: you can do. You can buy apartments, you can buy
• 14:38
  Speaker 3: smaller rural properties, you can buy properties that are a
• 14:42
  Speaker 3: stepping stone towards that family home. And Florrie you're saying
• 14:46
  Speaker 3: it's not that hard because you did it.
• 14:48
  Speaker 2: I really feel like if I can do it, anyone
• 14:50
  Speaker 2: can do it. That's just it.
• 14:52
  Speaker 3: Like, I'm just a girl. How hard could it be?
• 14:54
  Speaker 2: Yeah? I mean as a single person as well, I
• 14:58
  Speaker 2: always thought like you needed like a partner or a
• 15:03
  Speaker 2: double income to be able to buy property. M hm.
• 15:08
  Speaker 2: So I'm really quite sort of proud of myself that
• 15:10
  Speaker 2: I was able to achieve it.
• 15:12
  Speaker 3: I'm proud of you, and I'm glad that you're proud
• 15:14
  Speaker 3: of yourself. Not just going oh yeah, like the amount
• 15:18
  Speaker 3: of people that I talked to that are in your situation,
• 15:20
  Speaker 3: they go, yeah, but I did use this scheme, or
• 15:23
  Speaker 3: they go yeah, but yeah it's only an apartment. Like no,
• 15:26
  Speaker 3: that's sick. You're on the property ladder, Like that is
• 15:29
  Speaker 3: so cool? And sorry, what a money when you're paying
• 15:31
  Speaker 3: less in mortgage repayments than you were in rent? Genius.
• 15:35
  Speaker 2: Yeah, so I was looking at rent. I bought in Hawthorne,
• 15:39
  Speaker 2: and I looked at rent recently and you really conquer
• 15:43
  Speaker 2: a decent or spacious one bedroom apartment for under five
• 15:48
  Speaker 2: hundred dollars a week.
• 15:49
  Speaker 3: Oh no, you can't. Not in Hawthorne.
• 15:51
  Speaker 2: No.
• 15:52
  Speaker 3: Hawthorne for those of us playing along at home is
• 15:54
  Speaker 3: a suburb that I would say is inner city in Melbourne,
• 15:58
  Speaker 3: and it is beautiful, really nice, quite a leafy suburb,
• 16:02
  Speaker 3: like lots of properties that I have clients buying. Actually
• 16:05
  Speaker 3: because my just for the record, guys, I like it
• 16:07
  Speaker 3: because my offices are in Hawthorney's But lots of those
• 16:11
  Speaker 3: older Art Deco style apartment complexes with like six to
• 16:14
  Speaker 3: eight apartments in the building. What kind of apartment did
• 16:17
  Speaker 3: you buy?
• 16:18
  Speaker 2: Sixty seventies red brick yes, about twenty of them.
• 16:22
  Speaker 3: Yeah, good and good body corp fees, Great bodycrep fees.
• 16:26
  Speaker 3: Is there a lift in the building, no lyft Yeah,
• 16:28
  Speaker 3: money means.
• 16:29
  Speaker 2: Very kind of set on. No lift. I don't want
• 16:32
  Speaker 2: to be paying for those, right.
• 16:34
  Speaker 3: And once you start looking into the property space, you
• 16:36
  Speaker 3: often look at apartments You're like, wow, that's so shiny.
• 16:38
  Speaker 3: There's a pool, there's a lift, and all I can
• 16:41
  Speaker 3: see is dollar signs because I'm like, cool body corporate maintenance.
• 16:45
  Speaker 3: You technically own that lift and have to pay for it. No,
• 16:47
  Speaker 3: thank you. I don't want to own a lift.
• 16:49
  Speaker 2: That realization hit hard because like when you're looking out
• 16:53
  Speaker 2: like a new builds or something like that, they have
• 16:55
  Speaker 2: like the rooftop garden and yeah, like you were saying,
• 16:59
  Speaker 2: the pool and all of those other things that you
• 17:02
  Speaker 2: need to services like shared property, it's like two thousand dollars.
• 17:08
  Speaker 3: Thank you, but no thank you. And also the older buildings,
• 17:12
  Speaker 3: so you said you've got one of the red brick ones,
• 17:14
  Speaker 3: which are fantastic. The rooms in those properties are bigger,
• 17:19
  Speaker 3: like the walls are actually insulated because they are made
• 17:23
  Speaker 3: of brick, which is obviously great for sound but also
• 17:25
  Speaker 3: for heating and cooling, Like I could go on and
• 17:27
  Speaker 3: on about how much I love old apartments as opposed
• 17:31
  Speaker 3: to new build, like, you will not catch me purchasing
• 17:33
  Speaker 3: a new build. Not to say people shouldn't do it,
• 17:36
  Speaker 3: but I just have a very special place in my
• 17:39
  Speaker 3: heart for those like older style. You know, ideally six
• 17:42
  Speaker 3: to eight in the apartment block if I were looking,
• 17:44
  Speaker 3: But twenty I think is pretty good too. I'm assuming
• 17:47
  Speaker 3: it's just like a bigger complex. But no lift money win,
• 17:50
  Speaker 3: ground floor money win. Oh you've got a ground floor one.
• 17:54
  Speaker 2: Oh she's lucked. All right.
• 17:56
  Speaker 3: I'm gonna ask more about this in a hot second,
• 17:59
  Speaker 3: but I need to know. You mentioned you've got a
• 18:01
  Speaker 3: diploma and a degree. What do you do for work
• 18:04
  Speaker 3: and how much do you earn?
• 18:05
  Speaker 2: My diploma and degree is an interior architecture, and for
• 18:09
  Speaker 2: work I work as a retail designer. Very cool. My
• 18:13
  Speaker 2: title is officially interior designer. But then people get confused
• 18:17
  Speaker 2: thinking I'm doing residential and really I'm stuck into the
• 18:21
  Speaker 2: retail fit out space and it's a lot more construction focused.
• 18:26
  Speaker 3: I would say, what can you give me an example
• 18:28
  Speaker 3: of what that would look like? So you like kind
• 18:30
  Speaker 3: of fitting out shops and designing, like how shops are
• 18:32
  Speaker 3: laid out, but you're saying it's more industrial. What does
• 18:34
  Speaker 3: that look like?
• 18:36
  Speaker 2: One of my clients, they're predominantly in Westfields. Yeah, so
• 18:41
  Speaker 2: they'll leasing will come in and say, we have a site,
• 18:44
  Speaker 2: can you please design it and fit it out for us?
• 18:47
  Speaker 2: And so that's when I jump in and do a
• 18:50
  Speaker 2: concept for them of like a space layout with walls
• 18:54
  Speaker 2: and fixtures that they have and all of that. It
• 18:59
  Speaker 2: can be for news or refurbishments, expansions.
• 19:02
  Speaker 3: Hey, that's cool.
• 19:03
  Speaker 2: Yeah, and so yeah, I design that for them and
• 19:06
  Speaker 2: then that gets approved and then I do the construction
• 19:09
  Speaker 2: drawings which are lighting and electrical and that is very
• 19:14
  Speaker 2: cool get into the full process of it.
• 19:17
  Speaker 3: I feel like you're the first like interior designer that
• 19:20
  Speaker 3: we've had on the show, which is very cool. There
• 19:22
  Speaker 3: aren't many careers I haven't had. Tell me, what do
• 19:25
  Speaker 3: you get paid for this role?
• 19:27
  Speaker 2: I recently got a pay rise which is very exciting
• 19:31
  Speaker 2: or it was just in time for money mortgage.
• 19:34
  Speaker 3: Ah, congrats.
• 19:35
  Speaker 2: So it is eighty six and a half k including
• 19:38
  Speaker 2: super very cool.
• 19:39
  Speaker 3: And is that something that you're like, this is the
• 19:41
  Speaker 3: career that I'm going to have for the rest of
• 19:43
  Speaker 3: my life, or like what does your career trajectory look like?
• 19:46
  Speaker 3: Like what do you want to do next?
• 19:47
  Speaker 2: I really like the retail space because it works really
• 19:50
  Speaker 2: quickly compare to like residential design and more of that
• 19:54
  Speaker 2: sort of complexity of other interior design like hospitality about
• 19:59
  Speaker 2: where you're designing restaurants or something. I really quite like this,
• 20:02
  Speaker 2: but honestly, like, I don't know where I'll be in
• 20:07
  Speaker 2: five years. Maybe I'll be more in like a design
• 20:11
  Speaker 2: studio doing hospitality like I just said, or maybe I'll
• 20:15
  Speaker 2: still be in the job that I'm doing now, which
• 20:18
  Speaker 2: I'm enjoying. I love that my managers are actually based
• 20:22
  Speaker 2: in Byron Bay, so I work it at home.
• 20:25
  Speaker 3: Fus very cool. So when you were purchasing the house
• 20:28
  Speaker 3: that you purchased, was a very good work from home
• 20:31
  Speaker 3: space like a priority or you one of my friends
• 20:34
  Speaker 3: who just goes, I'm very happy to work from the
• 20:36
  Speaker 3: dining table.
• 20:37
  Speaker 2: I definitely considered it, being like it has to be
• 20:40
  Speaker 2: a certain size where I feel comfortable being in it
• 20:42
  Speaker 2: the entire day and I'm not going to lose my mind.
• 20:46
  Speaker 2: So yeah, it was definitely consideration. I'm still working at
• 20:49
  Speaker 2: my dining table, but it's big enough to feel like
• 20:51
  Speaker 2: there's separation within the home, so I can kind of
• 20:55
  Speaker 2: still switch up afterwards.
• 20:57
  Speaker 3: Yeah, and I feel like you're a designer, so you
• 20:58
  Speaker 3: would know how to lay it out very well. I
• 21:00
  Speaker 3: also have another question, which is not related to finance
• 21:03
  Speaker 3: at all. Were you really good at the sims growing up?
• 21:05
  Speaker 3: Because I just feel like that would be hand in hand.
• 21:08
  Speaker 2: I loved the sims growing Yeah, I couldn't tell you
• 21:12
  Speaker 2: if that's where that whole thing started, but I cared
• 21:16
  Speaker 2: more about making the houses than I did creating a
• 21:19
  Speaker 2: sim me too, and then I was kind of done
• 21:22
  Speaker 2: with it after I made that house.
• 21:24
  Speaker 3: Yep, no, me too, But I'm terrible at it. So
• 21:27
  Speaker 3: I used to like look up all the houses on
• 21:29
  Speaker 3: forums and then copy other people's stuff because I genuinely
• 21:33
  Speaker 3: had no creative bone in my body to be able
• 21:36
  Speaker 3: to do that. But I could do the maths and
• 21:38
  Speaker 3: work out like what roof pitch you needed, that's fine,
• 21:41
  Speaker 3: how big the rooms were, could count, but could not
• 21:44
  Speaker 3: design them. But it was so fun. And I used
• 21:46
  Speaker 3: to be so envious of the people that would be like, oh,
• 21:49
  Speaker 3: look at this house I made. I'd be like, how
• 21:50
  Speaker 3: did you come up with that in your brain of
• 21:53
  Speaker 3: the super creative. Yeah, so you were one of the
• 21:56
  Speaker 3: girlies that designed the houses on the Sims not removed
• 21:59
  Speaker 3: the poor stairs. I like it both, Oh both, you know?
• 22:03
  Speaker 3: I mean we can all identify as that person.
• 22:06
  Speaker 2: Bring the grim Reaper to see what happened. I's bunting
• 22:09
  Speaker 2: on fire.
• 22:10
  Speaker 3: I don't know what that says about us, but I
• 22:12
  Speaker 3: don't want to find out.
• 22:14
  Speaker 2: We're just curious people.
• 22:15
  Speaker 3: So you've bought your first home, which is super super exciting.
• 22:18
  Speaker 3: What now, after you've moved in? Is your big money goal?
• 22:21
  Speaker 3: What are you currently working towards.
• 22:23
  Speaker 2: I've been seen as I've pretty much spent all of
• 22:26
  Speaker 2: my money on mister property. It's rebuilding that savings again
• 22:32
  Speaker 2: and emergency fund. I don't have any specific goals in
• 22:38
  Speaker 2: mind at the moment, but it's much kind of like
• 22:40
  Speaker 2: that safety net.
• 22:41
  Speaker 3: Now I have a mortgage, Yeah, so fair And have
• 22:44
  Speaker 3: you worked out what that looks like? Have you gone, oh,
• 22:47
  Speaker 3: that's three thousand dollars or is that you know, ten
• 22:49
  Speaker 3: thousand dollars? Or you just go, oh, I don't know,
• 22:51
  Speaker 3: I just need some savings. V Do you know what
• 22:53
  Speaker 3: that looks like?
• 22:54
  Speaker 2: Don't know? What it looks like at the moment. I
• 22:56
  Speaker 2: have some money in my offset account that was from
• 23:00
  Speaker 2: the buffer that my conveyances didn't use on settlement day
• 23:04
  Speaker 2: money win. That's pretty much my starting point, which I'm
• 23:08
  Speaker 2: happy with. Like that's not leaving that account anytime soon,
• 23:11
  Speaker 2: so yeah, very good starting point to have.
• 23:14
  Speaker 3: I think, all right, I'm going to set you up
• 23:15
  Speaker 3: with my money masterclass so you can work that out
• 23:17
  Speaker 3: and it will basically like take you through all of
• 23:19
  Speaker 3: your expenses and you'll be able to say what you're
• 23:21
  Speaker 3: spending each month to work out what kind of emergency
• 23:23
  Speaker 3: fund you want to set up. I'm going to do
• 23:25
  Speaker 3: that after because, like, girl, I can't have you living
• 23:28
  Speaker 3: in your new house not knowing what you want in
• 23:29
  Speaker 3: your emergency fund.
• 23:30
  Speaker 2: That is a no no.
• 23:32
  Speaker 3: But I also have a heap of questions for you.
• 23:35
  Speaker 3: So let's go to a really quick break and on
• 23:37
  Speaker 3: the flip side, I want to know more about this purchase.
• 23:39
  Speaker 3: I want to know about what you spent on the property,
• 23:42
  Speaker 3: what it's cost you, how long it took to find
• 23:44
  Speaker 3: I've just got a million questions, So guys, don't go anywhere,
• 23:51
  Speaker 3: all right, money dirist. We are back and I feel like,
• 23:53
  Speaker 3: you are honestly so inspiring. This is such a great
• 23:57
  Speaker 3: money diary. You are single, You've just purchased your first
• 23:59
  Speaker 3: apart department on your own. You're not some millionaire, like
• 24:03
  Speaker 3: your income is eighty six ish thousand dollars, which I
• 24:06
  Speaker 3: think a lot of people in our community are on.
• 24:09
  Speaker 3: And you were saying before money Dhrist you were like, well,
• 24:11
  Speaker 3: if I can do it, anyone can do it. Why
• 24:14
  Speaker 3: do you think that? Why do you think that if
• 24:16
  Speaker 3: you can do it, other people can do it? Because
• 24:18
  Speaker 3: you only need a two percent deposit, It's a scheme
• 24:20
  Speaker 3: that I'm you one hundred percent. I know that it's
• 24:23
  Speaker 3: very limited, but I think for the place that I got,
• 24:27
  Speaker 3: I only needed probably nine K for a deposit. Isn't
• 24:30
  Speaker 3: that crazy?
• 24:30
  Speaker 2: Yeah, it's crazy.
• 24:31
  Speaker 3: So tell me about that process. So your mum sent
• 24:35
  Speaker 3: you an article and it was about the two percent
• 24:37
  Speaker 3: deposit scheme which is called the help to Buy scheme
• 24:40
  Speaker 3: here in Australia, and it is open to all first
• 24:43
  Speaker 3: home buyers up to certain financial caps. So you can't
• 24:46
  Speaker 3: go buy like a two million dollar property on this
• 24:48
  Speaker 3: help to buy scheme, which is absolutely fine because it's
• 24:51
  Speaker 3: helping the people that need it. So you found a
• 24:54
  Speaker 3: good mortgage broker and then.
• 24:55
  Speaker 2: What I actually found him on TikTok.
• 24:58
  Speaker 3: You found him on TikTok book.
• 25:00
  Speaker 2: A gamble because he was the only mortgage broker talking
• 25:04
  Speaker 2: about the help to Buy scheme, and it was the
• 25:07
  Speaker 2: best gamble I had ever made, because he knew the
• 25:11
  Speaker 2: ins and outs of every other scheme. He was very
• 25:14
  Speaker 2: sort of scheme specific. There wasn't much information at the time.
• 25:19
  Speaker 2: This would have been maybe May to June of last year,
• 25:23
  Speaker 2: so barely anybody knew about it. Even real estate agents
• 25:27
  Speaker 2: didn't even know what I was talking about when I
• 25:29
  Speaker 2: mentioned it. And he just helped me out from the
• 25:33
  Speaker 2: get go, saying this is what we know so far.
• 25:37
  Speaker 2: He was great with any kind of communication, very cool
• 25:41
  Speaker 2: and like he would phone me up being like, we
• 25:43
  Speaker 2: have new information, here's what you need to know. But yeah,
• 25:47
  Speaker 2: he sorted everything out for me. We were really unclear
• 25:51
  Speaker 2: on dates. The government weren't giving us any kind of
• 25:55
  Speaker 2: information on dates. I was bringing up pals in Australia
• 25:58
  Speaker 2: every week, being like, anu information of when this is
• 26:02
  Speaker 2: going to be released and their and every single time
• 26:05
  Speaker 2: was end of twenty twenty five, end of the year.
• 26:09
  Speaker 2: Then there was a little hiccup where they kind of
• 26:11
  Speaker 2: announced that it would be March of this year instead.
• 26:16
  Speaker 2: But then randomly I got a call from my broker
• 26:19
  Speaker 2: one day in December and he's like, it's opening next week.
• 26:22
  Speaker 3: How good's that?
• 26:23
  Speaker 2: And like we were all ready to go. I didn't
• 26:27
  Speaker 2: have pre approval yet because he couldn't get pre approval
• 26:30
  Speaker 2: without the approval of the scheme. He had to reply
• 26:33
  Speaker 2: for them at the same time. Yeah, absolutely, so, yeah,
• 26:35
  Speaker 2: it was crazy. But in preparation from about like I
• 26:39
  Speaker 2: was making spreadsheets of different scenarios of what I could
• 26:43
  Speaker 2: do with my borrowing capacity. He was looking up what
• 26:46
  Speaker 2: banks were most likely to be with the scheme. I
• 26:51
  Speaker 2: went to a first home buyer night held by Emily Wallace,
• 26:56
  Speaker 2: who's a buyer's advocate. I couldn't afford it buys because
• 27:00
  Speaker 2: they're fifteen to twenty grand or something like that. This
• 27:05
  Speaker 2: info night cost me probably fifty dollars and it was
• 27:09
  Speaker 2: one of the best resources I got from this whole journey.
• 27:12
  Speaker 2: That gave me my conveyancer, sort of like word of
• 27:16
  Speaker 2: mouth from her of who to go with, which is
• 27:18
  Speaker 2: really good. And yeah, just a lot of podcasts, so
• 27:23
  Speaker 2: many podcasts on property and money, how to save money
• 27:29
  Speaker 2: better faster? Yeah, very good, more efficiently.
• 27:33
  Speaker 4: I love that.
• 27:34
  Speaker 3: And what did you learn through that process? Have you
• 27:37
  Speaker 3: changed like your whole banking system or you just like
• 27:39
  Speaker 3: this is more about mindset or what are you getting
• 27:42
  Speaker 3: out of the content that you were consuming?
• 27:44
  Speaker 2: It was really a lot about mindset. I really wanted
• 27:47
  Speaker 2: to know as much as I could about the market
• 27:50
  Speaker 2: as well and what I was kind of getting into.
• 27:53
  Speaker 2: And I think for the money bit, Like I went
• 27:56
  Speaker 2: into a high interest savings account, which was great because
• 27:59
  Speaker 2: more money I put in it, the more interest I
• 28:01
  Speaker 2: got out of it.
• 28:02
  Speaker 3: Yeah, money that your money makes makes money, and that
• 28:04
  Speaker 3: is a good deal exactly.
• 28:06
  Speaker 2: I'm a person who really loves organization and planning, and
• 28:11
  Speaker 2: if I really have my mind set on something, then
• 28:14
  Speaker 2: like I want to know every single little bit about it. Like,
• 28:18
  Speaker 2: my financial literacy was at an almost zero this time
• 28:22
  Speaker 2: last year compared to what it is now.
• 28:24
  Speaker 3: I love that, but also I wish you had more sooner.
• 28:27
  Speaker 3: But we find financial literacy at the time that we
• 28:29
  Speaker 3: need it, I think, So talk to me. If you're
• 28:33
  Speaker 3: into financial literacy, do you have investments, If so, what
• 28:36
  Speaker 3: are they? If not, what's the plan?
• 28:37
  Speaker 2: I do have Stuper Actually that is one of my investments.
• 28:41
  Speaker 2: I downloaded Chersias last year. We're saving with the intention
• 28:46
  Speaker 2: to dabble in it, but I got a little overwhelmed,
• 28:49
  Speaker 2: so we didn't.
• 28:50
  Speaker 3: That was okay, That is okay, And I feel like,
• 28:53
  Speaker 3: let's just focus on one big money gold at a time.
• 28:55
  Speaker 3: Let's do property first.
• 28:56
  Speaker 2: Okay Exactly, I'm like, let's just focus on actually saving
• 29:00
  Speaker 2: for a place now, and then we can do shares.
• 29:04
  Speaker 3: Like ye, and so is the plan to get back
• 29:06
  Speaker 3: into shares or is it? I feel like right now
• 29:09
  Speaker 3: your priorities are probably emergency fund, some more savings, and
• 29:13
  Speaker 3: then we can probably talk about it.
• 29:14
  Speaker 2: Definitely, So it's definitely emergency fund at the moment, and
• 29:19
  Speaker 2: then you're building up some savings. So like if a
• 29:22
  Speaker 2: big bill comes from body corporate or something, then I'm
• 29:26
  Speaker 2: not scared of it. But then like I've also been
• 29:30
  Speaker 2: looking into like Vanguard and maybe going into like getting
• 29:34
  Speaker 2: some shares out of that or very Fair.
• 29:38
  Speaker 3: So now I want to ask about debt. So I'm
• 29:41
  Speaker 3: going to rewind and not ask about your house. First,
• 29:43
  Speaker 3: you said you had a credit card, and like when
• 29:45
  Speaker 3: you moved back in with your parents, who got out
• 29:47
  Speaker 3: of a little bit of debt. What did that look like?
• 29:49
  Speaker 2: I got a credit card, which, looking back, I'm not
• 29:54
  Speaker 2: sure was the right credit card. It was like one
• 29:57
  Speaker 2: of the Commonwealth ones where there wasn't interest. It was
• 30:00
  Speaker 2: just like a monthly fee that you paid instead of interest.
• 30:05
  Speaker 2: But that had a three thousand dollar cap on it,
• 30:08
  Speaker 2: which I was happy with. I think the three thousand
• 30:11
  Speaker 2: dollars was a good cap to have for me because
• 30:13
  Speaker 2: it meant that it was easy enough to get out
• 30:17
  Speaker 2: of it if I needed to.
• 30:18
  Speaker 3: Compare to a life Yeah, it's not astronomy twenty thousand dollars,
• 30:22
  Speaker 3: which is a little hard. Oh yeah, one hundred percent.
• 30:25
  Speaker 3: But did that still make you feel stressed?
• 30:27
  Speaker 2: Like?
• 30:28
  Speaker 3: Were you using that whole three thousand dollars and paying
• 30:31
  Speaker 3: it off monthly or were you, you know, carrying over
• 30:33
  Speaker 3: some debt. If so, what was it for.
• 30:36
  Speaker 2: I didn't max it out monthly, but I still kind
• 30:41
  Speaker 2: of did minimum repayments where I could, so it was
• 30:46
  Speaker 2: always kind of lingering. And then you're paying like the
• 30:49
  Speaker 2: twenty five dollars for not paying off the full amount
• 30:53
  Speaker 2: at the end of the month and that so it
• 30:56
  Speaker 2: was just kind of sitting there for quite a while.
• 31:00
  Speaker 2: And I wasn't really using it too much because it
• 31:06
  Speaker 2: already had that kind of almost maxed out debt on it.
• 31:10
  Speaker 2: But when I moved in with the parents, I was like,
• 31:12
  Speaker 2: it reduces my borrowing capacity if I have a credit card.
• 31:16
  Speaker 2: So I was like, I'm going to pay this off
• 31:19
  Speaker 2: first before.
• 31:19
  Speaker 3: Anything absolutely, and then started absolutely. Now tell me about
• 31:23
  Speaker 3: the property purchase. You paid off your credit card, you
• 31:26
  Speaker 3: started saving. You told me before that you probably only
• 31:29
  Speaker 3: needed a nine thousand dollars deposit for this property because
• 31:32
  Speaker 3: you used the two percent help to buy scheme. Tell
• 31:35
  Speaker 3: me what did the property end up costing you?
• 31:38
  Speaker 2: So the full property is four hundred and fifty thousand,
• 31:44
  Speaker 2: I only really needed a nine K deposit with the
• 31:48
  Speaker 2: two percent scheme, but I actually ended up giving a
• 31:52
  Speaker 2: fifteen K deposit to be more competitive and flexible with
• 31:55
  Speaker 2: the vendor. My mortgage broker as well, seeing as the
• 32:01
  Speaker 2: scheme was quite new, we also got a deposit bond
• 32:04
  Speaker 2: to make the vendor feel more comfortable with that kind
• 32:07
  Speaker 2: of size of a deposit. And so my boring capacity
• 32:13
  Speaker 2: was three p forty deposit fifteen grand and with the
• 32:18
  Speaker 2: full mortgage being four fifty the government gave me ninety
• 32:22
  Speaker 2: five thousand, so it was about twenty two to twenty
• 32:25
  Speaker 2: one percent instead.
• 32:26
  Speaker 3: Of the full thirty Yeah, which is insane. So tell
• 32:29
  Speaker 3: me more about this ninety five thousand. How does that
• 32:31
  Speaker 3: work for you?
• 32:34
  Speaker 2: It works for me, and that I have a mortgage
• 32:39
  Speaker 2: that's one hundred thousand dollars less than what I would
• 32:45
  Speaker 2: be paying in monthly repayment.
• 32:48
  Speaker 3: Yeah, but like, what are the catches? I feel like
• 32:51
  Speaker 3: lots of people are going to go, hey, that's fantastic,
• 32:55
  Speaker 3: the government gave you ninety five k. Like, I'll do
• 32:57
  Speaker 3: a lot for the government to give me ninety five K.
• 33:00
  Speaker 3: I don't just give it a twe you forever. Yeah,
• 33:02
  Speaker 3: there's like a little something in something. Tell me about that.
• 33:05
  Speaker 2: With the ninety five k, you can buy out the
• 33:08
  Speaker 2: government eventually if you want to in five percent increments
• 33:12
  Speaker 2: I think, which is definitely my goal to do to
• 33:16
  Speaker 2: own the property fully one day. But it just means
• 33:19
  Speaker 2: that if you don't pay them, they're thirty percent back.
• 33:24
  Speaker 2: It means that when you sell, they also get a
• 33:26
  Speaker 2: thirty percent profit with it as well.
• 33:29
  Speaker 3: Yes, so they're kind of like a co owner of
• 33:32
  Speaker 3: your property exactly. And so people playing along at home
• 33:36
  Speaker 3: you can have the government co own up to forty
• 33:39
  Speaker 3: percent of your property. I don't believe you've got that though.
• 33:42
  Speaker 3: What's your percentage?
• 33:43
  Speaker 2: My percentage is thirty percent, But if it's a new bill,
• 33:47
  Speaker 2: you can get up to forty percent. Yeah.
• 33:49
  Speaker 3: Yeah, So at the end of the day, there is
• 33:51
  Speaker 3: like a little bit of a catch, but you can
• 33:53
  Speaker 3: pay them off over time, and a lot of people
• 33:56
  Speaker 3: that we talk to are planning to pay them off
• 33:58
  Speaker 3: right before that they sell, because it's just pay off
• 34:01
  Speaker 3: the amount, then sell it and you keep your own profit.
• 34:04
  Speaker 3: But if your property has increased in value and then
• 34:06
  Speaker 3: you sell it and you haven't paid the government back,
• 34:08
  Speaker 3: you have to give them their profit as well. So
• 34:11
  Speaker 3: I feel like it's a kind of good deal because
• 34:13
  Speaker 3: if you can't afford to pay them back, well, no worries.
• 34:15
  Speaker 3: They can have some of the profit as a thank
• 34:18
  Speaker 3: you so much for joining and helping me get to here. Otherwise,
• 34:22
  Speaker 3: no worries. But also if you don't make a profit,
• 34:24
  Speaker 3: you don't have to pay them any of the profit.
• 34:27
  Speaker 2: Right Yeah. My perfect scenario is the market dropping and
• 34:32
  Speaker 2: that's when I pay them back.
• 34:35
  Speaker 3: That would be great. I feel like that's genius, like
• 34:37
  Speaker 3: bold move and like so many people are saying that
• 34:39
  Speaker 3: the market's going to drop fingers crushed. I mean, I
• 34:44
  Speaker 3: don't know many homeowners who can't wait for my property
• 34:47
  Speaker 3: to decrease in value because it's going to.
• 34:49
  Speaker 2: Be a lead to back the government.
• 34:51
  Speaker 3: Hey, we don't need to add that part. We can
• 34:53
  Speaker 3: just be a little bit a lulu about it. So
• 34:57
  Speaker 3: what is your property worth now? Because you bought this
• 34:59
  Speaker 3: last year for four hundred and fifty thousand dollars, is
• 35:01
  Speaker 3: it still worth that you haven't done evaluation or what
• 35:04
  Speaker 3: are we looking at?
• 35:04
  Speaker 2: I bought it just before Christmas, so it's still very fresh.
• 35:09
  Speaker 2: I put in a split system, so maybe it's like
• 35:13
  Speaker 2: a grand more than what originally love.
• 35:16
  Speaker 3: But now, tell me about the process of finding an
• 35:19
  Speaker 3: apartment because the area you purchased in, so we know
• 35:23
  Speaker 3: that you've purchased in inner city Melbourne. It's very competitive.
• 35:26
  Speaker 3: Finding not only an apartment in Hawthorne is hard, but
• 35:30
  Speaker 3: finding one that would fit the criteria of any scheme
• 35:34
  Speaker 3: is even more competitive because there are lots of people
• 35:37
  Speaker 3: who want that exact apartment. How did you do it
• 35:40
  Speaker 3: and how long did it take?
• 35:41
  Speaker 2: Pure luck? No, So I started looking in June when
• 35:47
  Speaker 2: just for research purposes because I knew that I still
• 35:50
  Speaker 2: had to build my savings, but I wanted to see
• 35:52
  Speaker 2: what I could get for any kind of amount of money.
• 35:56
  Speaker 2: I went to auctions as well to see how people
• 35:58
  Speaker 2: did that. But in doing that, it really kind of
• 36:02
  Speaker 2: developed a criteria of what I really wanted with in
• 36:04
  Speaker 2: a space. And then from that everything laid right into
• 36:10
  Speaker 2: place for me at the perfect time, because I think
• 36:13
  Speaker 2: it was.
• 36:14
  Speaker 3: You can say lucky, because I feel like, we know
• 36:16
  Speaker 3: what you mean.
• 36:16
  Speaker 2: The government announced that the scheme was going to open
• 36:19
  Speaker 2: up in a week, and then I found the perfect
• 36:25
  Speaker 2: off market property again on TikTok, and it was just
• 36:33
  Speaker 2: the perfect place. I was initially eyeing this like forty
• 36:37
  Speaker 2: square meter place in Hawthorne which was like a newer build,
• 36:40
  Speaker 2: so higher Body corporates in that as well, and then
• 36:45
  Speaker 2: I actually put in an offer on another place and
• 36:51
  Speaker 2: showed my cards too quickly, so I lost it. I
• 36:54
  Speaker 2: got really nervous when they were like, we have another bidder,
• 36:56
  Speaker 2: and I was like take all my money.
• 36:58
  Speaker 3: You're like, aha, I'm glad you lost out because it
• 37:02
  Speaker 3: came to this one.
• 37:03
  Speaker 2: Yes, exactly, and it really is the perfect place. So yeah,
• 37:07
  Speaker 2: I did like a couple of inspections. There was a
• 37:11
  Speaker 2: bit of back and forth with negotiating with the vendor.
• 37:15
  Speaker 2: There was somebody else who was also eyeing the property
• 37:19
  Speaker 2: as well, but I just ended up being the winner
• 37:25
  Speaker 2: of this time.
• 37:26
  Speaker 3: I love that. I also love that you used the
• 37:28
  Speaker 3: term luck after telling us how long it took you
• 37:30
  Speaker 3: to research the scheme, work out what that looks like,
• 37:33
  Speaker 3: working with your broker, saving really hard. You had been
• 37:36
  Speaker 3: looking for a property since June and then obviously brought
• 37:40
  Speaker 3: in December, and then you're like, oh, but it was
• 37:42
  Speaker 3: just luck, Like I didn't do all of this work.
• 37:44
  Speaker 3: It's crazy how lucky we get.
• 37:46
  Speaker 2: When we were it was a lot of planning and
• 37:48
  Speaker 2: then it just kind of fell into playing. Nope, I
• 37:51
  Speaker 2: do know what.
• 37:52
  Speaker 3: I totally get it, and I called myself really lucky
• 37:54
  Speaker 3: all the time. But I feel like that undermines the
• 37:57
  Speaker 3: fact that you put in a lot of time and
• 37:59
  Speaker 3: energy and effort, and you know what that means. You
• 38:01
  Speaker 3: were prepared to seize the opportunity. But if you hadn't
• 38:04
  Speaker 3: done any of that preparation, that opportunity would have just
• 38:07
  Speaker 3: gone straight by because you wouldn't have been able to
• 38:09
  Speaker 3: seize it.
• 38:09
  Speaker 2: Yeah, definitely.
• 38:11
  Speaker 3: Yeah, So it's almost like it wasn't luck.
• 38:13
  Speaker 2: It was very strategic planning exactly.
• 38:16
  Speaker 3: She's got strategy or I want to know.
• 38:19
  Speaker 2: Next.
• 38:19
  Speaker 3: One of the things I talk about all the time
• 38:21
  Speaker 3: that is really important to me is insurance. How are
• 38:24
  Speaker 3: you protecting your wealth? How are you protecting your home?
• 38:27
  Speaker 3: Your income? Have you got personal insurances? If not?
• 38:29
  Speaker 2: Why not? So in my superfund, I have a little
• 38:34
  Speaker 2: bit of personal insurance which is actually in review at
• 38:39
  Speaker 2: the moment because I just adjusted my numbers to be
• 38:42
  Speaker 2: able to protect myself better and my income. Good girl,
• 38:45
  Speaker 2: And so that will be income protection and TBD and
• 38:49
  Speaker 2: I forgot what the other one is, but yeah, so
• 38:51
  Speaker 2: that's currently in review with the insurance company. So fingers
• 38:56
  Speaker 2: crushed that comes through. So look at you go.
• 39:00
  Speaker 3: The amount of people I talked to, they're like, oh no.
• 39:02
  Speaker 2: I'm too much of a paranoid person to let that fine.
• 39:05
  Speaker 2: I love that, all right, too anxious.
• 39:07
  Speaker 3: You did tell us earlier that you think you're only
• 39:09
  Speaker 3: a C or a C plus, And I've just heard
• 39:11
  Speaker 3: so many good money habits. What do you think your
• 39:13
  Speaker 3: best money habit is?
• 39:15
  Speaker 2: I touched on it a little bit with the offset account,
• 39:18
  Speaker 2: but I create kind of rules for myself. So like
• 39:23
  Speaker 2: when I was saving my high interest savings account was
• 39:27
  Speaker 2: labeled do not touch good girl in caps luck but
• 39:30
  Speaker 2: it worked.
• 39:31
  Speaker 3: Didn't actually work. Did you try and go in there
• 39:33
  Speaker 3: and then you saw and you went, damn it past me?
• 39:36
  Speaker 3: Really foiled that plan?
• 39:37
  Speaker 2: What you're like, can a lot of touch us? And
• 39:39
  Speaker 2: I changed the name of that before pre approval so
• 39:42
  Speaker 2: the bank wouldn't laugh at me. But yeah, I just
• 39:44
  Speaker 2: said sort of rules for myself of like I'm never
• 39:48
  Speaker 2: allowed under a certain amount, and like my bank account,
• 39:51
  Speaker 2: just so I don't feel like financial stress. Yeah, just
• 39:54
  Speaker 2: like mini rules like that. I think is my best
• 39:57
  Speaker 2: money habit.
• 39:57
  Speaker 3: So you make rules that only you follow, the only
• 40:00
  Speaker 3: you know and it works. Yes, I like it, BECASO
• 40:03
  Speaker 3: tell me what is your worst money habit?
• 40:06
  Speaker 2: So I think I haven't done this for a very
• 40:09
  Speaker 2: long time because I have been living at home and
• 40:11
  Speaker 2: have had the fortune of my mum's cooking.
• 40:14
  Speaker 3: That's the best type of cooking.
• 40:15
  Speaker 2: My worst money habit would be why uber eats?
• 40:17
  Speaker 3: What are we ordering? Why is it such a bad habit?
• 40:20
  Speaker 2: I'm a girl of convenience, yes, fair, I don't cook
• 40:23
  Speaker 2: a whole lot that's about to change because I can't
• 40:26
  Speaker 2: afford that lifestyle anymore. Yeah. Absolutely, But previously I would
• 40:30
  Speaker 2: definitely say tuber eats, and I wantn't be surprised if
• 40:34
  Speaker 2: that creeps back in a tiny bit.
• 40:36
  Speaker 3: I feel like you need to budget for it still though, because,
• 40:39
  Speaker 3: like as you said before, you're single, you live alone.
• 40:42
  Speaker 3: I'm not gonna lie back when I was single, even
• 40:44
  Speaker 3: though I lived in a sharehouse situation, I wasn't cooking
• 40:48
  Speaker 3: for anybody else. The motivation required to cook a meal
• 40:51
  Speaker 3: and go to the supermarket and buy all of the
• 40:53
  Speaker 3: stuff required, and I just knew I wasn't walking out
• 40:56
  Speaker 3: of that supermarket having spent less than thirty dollars in
• 40:59
  Speaker 3: my brain just be like, oh, I probably should just
• 41:01
  Speaker 3: get takeaway, Like I can justify it for you, so
• 41:04
  Speaker 3: call me.
• 41:05
  Speaker 2: And then it's like, you also have a meal for
• 41:08
  Speaker 2: five people. Gee, you've got leftovers for the rest of
• 41:11
  Speaker 2: the week as well, so you have to eat it
• 41:12
  Speaker 2: every single day exactly.
• 41:15
  Speaker 3: You're like, that's not what I want. I can only
• 41:17
  Speaker 3: have so much curry, exactly.
• 41:19
  Speaker 2: I make a really good curry, but I only want
• 41:21
  Speaker 2: it at least twice a week.
• 41:22
  Speaker 3: Yeah, exactly, And there's only so much freezer space to
• 41:25
  Speaker 3: save all of the portions before I forget what's in
• 41:28
  Speaker 3: my freezer.
• 41:28
  Speaker 2: Yeah, and sometimes restaurants just do it better than home cooking.
• 41:32
  Speaker 2: They really do. I get it.
• 41:33
  Speaker 1: I do.
• 41:34
  Speaker 3: But at the same time, we need to be good
• 41:36
  Speaker 3: at this stuff if that's what we want to achieve.
• 41:39
  Speaker 3: All right, money Diarist, we have gone through you being
• 41:42
  Speaker 3: an absolute weapon at being able to save, and you've
• 41:45
  Speaker 3: gotten your financial literacy but kicked over the last twelve months,
• 41:48
  Speaker 3: you've gotten rid of your credit card, you've paid it off,
• 41:51
  Speaker 3: like you're rebuilding your savings. Like I really think that
• 41:56
  Speaker 3: you have a very positive money story, and I'm so
• 41:58
  Speaker 3: excited for our community to to learn from it. But
• 42:01
  Speaker 3: what I want to know is do you really think
• 42:03
  Speaker 3: that after learning all of this about yourself, or even
• 42:05
  Speaker 3: just having a chat about it, would you go, oh, yeah,
• 42:08
  Speaker 3: that person's a C or a C plus.
• 42:11
  Speaker 2: Maybe maybe like a subtle bee. Still yeah, I still
• 42:16
  Speaker 2: feel like there's room for growth.
• 42:18
  Speaker 3: You're allowed to let there be growth. But I feel
• 42:20
  Speaker 3: like if you heard this money story back before you
• 42:24
  Speaker 3: had done it yourself, you would have been like that
• 42:26
  Speaker 3: girls so smart, Like look at all the stuff she's done,
• 42:29
  Speaker 3: she got it together, she's killing it. I think you
• 42:32
  Speaker 3: would have given yourself a bit more credit.
• 42:34
  Speaker 2: Yeah, yeah, maybe for the last year. I'll give myself
• 42:36
  Speaker 2: an A. I'll give that version of myself.
• 42:38
  Speaker 3: And A and we'll continue it. We'll average it out
• 42:41
  Speaker 3: over the next five years, and then it can absolutely
• 42:44
  Speaker 3: be super easy.
• 42:45
  Speaker 2: We'll buy out the full property.
• 42:47
  Speaker 3: Yeah, and we're going to have a decline in the
• 42:48
  Speaker 3: property market.
• 42:49
  Speaker 2: I like it. Yeah, pulled it. I love it.
• 42:52
  Speaker 3: Money does. This has been an absolute pleasure getting to
• 42:55
  Speaker 3: know you and having a chat about the scheme that
• 42:57
  Speaker 3: you used and what you're getting up to, because I
• 42:59
  Speaker 3: just think we don't talk about what accessible home ownership
• 43:02
  Speaker 3: looks like enough, and stories like this absolutely make it
• 43:06
  Speaker 3: so much more motivating for people our age to go. Actually, sorry,
• 43:10
  Speaker 3: she's single and killed it. I can absolutely do that.
• 43:14
  Speaker 3: So I hope it inspires even just one person to go.
• 43:17
  Speaker 3: Maybe that's for me. So thank you so much for
• 43:20
  Speaker 3: joining us. It's been an absolute pleasure, and also a
• 43:23
  Speaker 3: very huge thank you to skuy Wealth for making this
• 43:25
  Speaker 3: episode possible. I'll chuck a whole heap of information about them,
• 43:28
  Speaker 3: how to get in contact, what they do, how they
• 43:30
  Speaker 3: do it. In the show notes for you to check out.
• 43:38
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