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Should You Sell Shares for a House Deposit? (+ Buying Property With Family) · She's On The Money

0:00
Speaker 1: My name is Tatasha Bamblet.
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Speaker 2: I'm a proud First Nations woman and I'm here to
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Speaker 2: acknowledge country. Te Glenn Young Ganya Niana, Kaka Yahi and
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Speaker 2: beIN ah Waka Nian our gay In Mbini, yakarum jar Dominyagumika,
0:13
Speaker 2: Umaga Ithawaknedle woman dam and immlan Wima ban gadabomba in
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Speaker 2: and now in Waka Ghana on yakarum jar water Nadaa. Hello,
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Speaker 2: beautiful friends, we gather on the lands of the Abiagin people.
0:26
Speaker 2: We thank acknowledge and respect the abergein people's land that
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Speaker 2: we're gathering on today. Take pleasure in all the land
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Speaker 2: and respect all that you see. She's on the Money
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Speaker 2: podcast acknowledges culture, country, community and connections, bringing you the tools,
0:42
Speaker 2: knowledge and resources for you to thrive.
0:44
Speaker 3: She's on the Money.
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Speaker 4: She's on the Money.
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Speaker 1: Hello and welcome to She's on the Money, the podcast
0:53
Speaker 1: that makes personal finance fun, especially on Fridays. Friday is
0:57
Speaker 1: our favorite day of the week because it's when we
0:59
Speaker 1: get the team together and celebrate you ow incredible. She's
1:02
Speaker 1: on the Money community today, Miss Jess Grichi will be
1:05
Speaker 1: sharing some of our favorite community Money Wins. Miss bechsayed,
1:09
Speaker 1: will be sharing your broke tips of the week, and
1:10
Speaker 1: we'll be helping to answer money dilemma that asks the
1:13
Speaker 1: question should you sell your shares to use them for
1:16
Speaker 1: your house deposit? And a DM that you slid into
1:19
Speaker 1: our inbox with. That's all about an offer to buy
1:22
Speaker 1: an investment property with a family member when you haven't
1:25
Speaker 1: bought your own home yet, which I think all sounds
1:28
Speaker 1: very interesting. But we always like to start our show
1:32
Speaker 1: with a five star review. Boosts our ego, reminds me
1:34
Speaker 1: vice while you're here, but also, you're just so nice now, Jess,
1:39
Speaker 1: this review isn't just about you this week. Last week's
1:43
Speaker 1: was I'm very sorry. I'll power through. But we've got one.
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Speaker 1: We've got one. It's from Evangeline. She said, I finally
1:50
Speaker 1: could afford the dentists. Oh hear me out. This might
1:54
Speaker 1: sound strange, but for at least six years or more,
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Speaker 1: I've convinced myself that I can't afford the which is
2:01
Speaker 1: beyond terrible. I know, but as someone who struggles to save,
2:04
Speaker 1: I've only ever heard stories of people visiting the dentist
2:07
Speaker 1: after years and getting bills of more than five thousand dollars,
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Speaker 1: and for someone who's always had less than one thousand
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Speaker 1: dollars in her account, I convinced myself I just couldn't
2:15
Speaker 1: afford it. At the start of this year, I started
2:18
Speaker 1: listening to Shees on the Money, I signed up to
2:20
Speaker 1: the budgeting course, and I have made such big tracks.
2:23
Speaker 1: I went to the dentist on Monday, and it ended
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Speaker 1: up costing me nothing. WHOA, it was covered by my
2:29
Speaker 1: private health I have twelve hundred dollars in emergency funds,
2:33
Speaker 1: eighty dollars in a holiday fund, seventy five dollars in shares's,
2:36
Speaker 1: and I've paid down my debts. I know it's only
2:39
Speaker 1: the start, but I'm surprised with how far I've come
2:42
Speaker 1: in less than a month. I can't tell you how
2:44
Speaker 1: much I appreciate your content and for giving me the
2:46
Speaker 1: power and the education to take control of my finances. PS.
2:51
Speaker 1: All your messaging around letting go of the guilt for
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Speaker 1: your past decisions because you didn't have the tools and
2:56
Speaker 1: resources to make the best decision has been a total
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Speaker 1: game changer for the way I approach my finances. That's amazing,
3:03
Speaker 1: ev Angelie, It's incredible.
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Speaker 4: Also, your name is beautiful.
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Speaker 5: That is incredible. The fact that dental care is not
3:09
Speaker 5: part of medicare or it's wild as well. It actually
3:12
Speaker 5: makes me angry, but that's the story for another time.
3:15
Speaker 5: That is incredible. That is really incredible and very very
3:17
Speaker 5: good for you.
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Speaker 1: I'm just excited, Like stories like this they come out
3:21
Speaker 1: of the community and I'm like, this is why we
3:23
Speaker 1: do what we do. Like, I'm so excited for every
3:26
Speaker 1: other financial goal, but for people to be able to go.
3:29
Speaker 1: I'm not scared of the things I need, like you
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Speaker 1: need to see the dentist, like the fact you avoided
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Speaker 1: it because of money. Oh, I'm just so excited that
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Speaker 1: that's not your reality anymore.
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Speaker 4: That's amazing.
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Speaker 1: All right, now it's time for Question of the Week.
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Speaker 1: It's that part of Friday drinks where you get to
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Speaker 1: ask us one question that you are dying to know.
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Speaker 1: It could literally be anything, And this week's question comes
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Speaker 1: from Carly, and she wants to know if you could
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Speaker 1: have dinner with one person dead or alive, who wouldn't
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Speaker 1: be and why?
4:00
Speaker 5: Oh this is so hard I'm thinking for like because
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Speaker 5: I might feel shy or awkward and like nobody, Well, like, yeah,
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Speaker 5: this is really silly, like realistically, because I know it
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Speaker 5: warn't happen. But if it had to happen and someone
4:18
Speaker 5: was like, oh, he's a complete stranger. You do like
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Speaker 5: this person. You may be a fan of this person,
4:22
Speaker 5: but it's just you, you guys together having dinner and
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Speaker 5: already a dinner situation where you're seeing across the table
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Speaker 5: from someone. I don't like it. No matter who I'm with,
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Speaker 5: I would just pick my girlfriend. But if it was
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Speaker 5: if I had, I would and because it was like
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Speaker 5: just which feels so awkward.
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Speaker 4: There's a hard one.
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Speaker 5: I think Amy Taylor from Amalon the Sniffers Wash that
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Speaker 5: is rogue. I love her. She's so like us, you know,
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Speaker 5: She's so like just chill down to Earth. I don't
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Speaker 5: imagine she'd be like I think I wouldn't have to
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Speaker 5: worry about like spillage or like not putting the fork
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Speaker 5: on the right side of my plate when I'm finished eating,
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Speaker 5: Like I would have to worry about these little things
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Speaker 5: like she wouldn't care. So I think it'd be any Taylor.
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Speaker 4: This question just really sends me for six because I
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Speaker 4: spiral was like I only get one per and then
5:08
Speaker 4: I start going, God, who's the person I want to
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Speaker 4: be the most, who is the person who I could
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Speaker 4: learn the most from. And then I just like really
5:14
Speaker 4: like I'm doggie paddling around in my brain basically, like
5:17
Speaker 4: there's so many people I would love to meet. Like
5:20
Speaker 4: I would love to meet Dolly Parton. Oh, she does
5:23
Speaker 4: a lot of charitable stuff. She's funded incredible campaigns that
5:28
Speaker 4: bring books and education to children. I would love to
5:31
Speaker 4: be like a lot of historical women. I think it's
5:33
Speaker 4: very interesting to think about like a Queen Elizabeth or
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Speaker 4: like which I know is so random and it's not
5:38
Speaker 4: because I'm a royalist or anything, but it's just it
5:41
Speaker 4: would be so interesting, or even like a woman from
5:43
Speaker 4: my ancestry, do you know what I mean back five
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Speaker 4: hundred years to just see what has changed, or like,
5:50
Speaker 4: you know, there are so many women that have played
5:52
Speaker 4: really pivotal roles in things throughout the years, you know,
5:55
Speaker 4: like Rosa Parks or I can't remember her name, but
5:58
Speaker 4: the woman who wrote thed for Vanessa, Yes, Sanasa, I
6:02
Speaker 4: was like, what is the rocket company? But there are
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Speaker 4: so many women that have just done amazing, amazing, amazing things.
6:08
Speaker 4: Or Michell Obama.
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Speaker 5: I would love.
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Speaker 4: Yeah, I would want to be a woman, and I
6:14
Speaker 4: just have a long, long list. Honestly have a long
6:16
Speaker 4: I can't just pick one. Taylor Swift, I'd love to
6:18
Speaker 4: make Taylor Swift. Is that like me? That's bit a vapid,
6:21
Speaker 4: but like, god, I love that woman.
6:23
Speaker 5: Yeah, that's a vapid.
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Speaker 4: I can't pick one. I just can't. I'm not good
6:27
Speaker 4: with favorites. I really struggle to pick your cute, favorite color,
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Speaker 4: favorite food, Like I can never do it.
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Speaker 5: But anyway, that's an incredible answer.
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Speaker 4: It's incredible, wild Card, I can't wait.
6:39
Speaker 1: I feel like you guys are going to be like
6:41
Speaker 1: expecting something from me.
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Speaker 5: Oh, I think I know who Warren Buffet.
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Speaker 1: Oh, oh my god, yeah, like that that's what I
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Speaker 1: think you expect Warren Buffett or like Oprah or something. Yeah,
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Speaker 1: wild Card, I want you to have dinner with sixty
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Speaker 1: year old b Oh.
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Speaker 5: That's a great that's a gorgeous answer.
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Speaker 1: I want to have dinner with her and be like
7:02
Speaker 1: what do you think your regrets are?
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Speaker 4: What?
7:04
Speaker 1: Like how cool would that be to be like what
7:06
Speaker 1: do you wish you did more of? Or like what
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Speaker 1: are you proud of?
7:08
Speaker 4: Or whatever?
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Speaker 1: Like how cool would that be?
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Speaker 3: Amazing?
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Speaker 1: Again, maybe that's vapid because I would make my own
7:13
Speaker 1: life better for But I just think that, yeah, I
7:16
Speaker 1: was thinking about it, and maybe I got the privilege
7:18
Speaker 1: of thinking about it longer than you guys, because you
7:20
Speaker 1: were like struggling with it, Beck and.
7:22
Speaker 3: So did you.
7:22
Speaker 1: Just I was thinking, like what do I want? And
7:24
Speaker 1: I was like, oh, you know Michelle Obama and then
7:27
Speaker 1: you said it. I was like, yeah, like taylorus with
7:29
Speaker 1: me a year, like all of those people would be
7:31
Speaker 1: really cool. But I want something that would be impactful.
7:34
Speaker 1: And I mean you already said it's not possible, so
7:37
Speaker 1: amaze will be the old version of me, Like yeah,
7:41
Speaker 1: like is botox worth it until I'm sixty? You know?
7:44
Speaker 5: Yeah?
7:45
Speaker 1: Not actually? But just you know, what was your best
7:47
Speaker 1: spending habit? Like, or what do you regret? Or like
7:50
Speaker 1: how did life pan out? Do I want to know that?
7:52
Speaker 1: I don't know.
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Speaker 4: That's like that question that if you knew how you
7:55
Speaker 4: were going to die, would you want to know if
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Speaker 4: someone said, hey, this envelope has like the date and
8:00
Speaker 4: time and circumstances of your death, do you want to
8:02
Speaker 4: read it?
8:03
Speaker 2: No?
8:03
Speaker 4: Would you read it?
8:04
Speaker 5: I think I would want to know you? Oh no,
8:10
Speaker 5: don't get it started.
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Speaker 4: You've already had one existential crisis this week.
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Speaker 1: I can't. I'm really sorry, Jess. We're going to move
8:15
Speaker 1: off that because I can't have just having another existential
8:18
Speaker 1: question taking leave and I just can't thought that right now.
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Speaker 1: But if you guys have a question that you want
8:23
Speaker 1: us to answer, please leave it in the comments. We
8:25
Speaker 1: would love to get to it now. Talking about getting
8:28
Speaker 1: to it is just community, money, wins and confessions.
8:31
Speaker 4: What have you got all righty? Firstly this week, I've
8:33
Speaker 4: got one from Ruby, who said after six months of
8:36
Speaker 4: her house being on the market and her being screwed
8:38
Speaker 4: around by the real estate agent, she finally switched agents
8:42
Speaker 4: and her home sold within five hours. Stop her, Now,
8:46
Speaker 4: isn't that crazy? Five hours?
8:48
Speaker 1: That's insane?
8:48
Speaker 4: Congratulations through me. That must feel so good. I probably
8:52
Speaker 4: thought it was fake, genuinely like am I being punked? Next,
8:55
Speaker 4: I've got money in from Casey, who said she found
8:57
Speaker 4: shampoo and conditioner and the clearance shelvet tea came God,
9:00
Speaker 4: I love a little T came out. Then I've got
9:03
Speaker 4: one from Jackie who said Hoyt sent her a ten
9:06
Speaker 4: dollar movie ticket because they hadn't seen her in a while.
9:08
Speaker 4: And she got to use that to go on a
9:10
Speaker 4: solo date by herself.
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Speaker 5: Beautiful.
9:12
Speaker 1: We need to do more of that stuff. Yeah, as women,
9:16
Speaker 1: she screw it all.
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Speaker 4: Have time for yourself and even better if it's on
9:19
Speaker 4: the house. Next, I've got a money win from Jasmine,
9:22
Speaker 4: who said small one this week, but I got two
9:24
Speaker 4: house keys cut at buttings and they were unsure if
9:27
Speaker 4: they would work, so they only charged me a dollar each,
9:29
Speaker 4: and then they worked. And then the last one I've
9:34
Speaker 4: got is from Iris, who said she bit the bullet
9:37
Speaker 4: after weeks of thinking about it, and she cut her
9:39
Speaker 4: own layers into her hair. She said it came out
9:42
Speaker 4: so risky, I came out so nice. It was so easy.
9:45
Speaker 4: She shared a link to the YouTube tutory when.
9:47
Speaker 1: She followed, Oh that's much smart. I would have just
9:49
Speaker 1: gone rogue in the front of the mirror. Yea historial.
9:52
Speaker 1: Oh you are.
9:54
Speaker 4: Fine, wavy hair. It was way easier than a blunt
9:56
Speaker 4: cut trim. And she says she's gonna do it every
9:58
Speaker 4: three months or so.
9:59
Speaker 1: You cut your own hair, I do.
10:01
Speaker 5: I've never ever been to a hairdresser.
10:02
Speaker 1: Yeah, but do you follow a YouTube tutorial or how
10:05
Speaker 1: are we doing it? So safety scissors, kitchen scissors.
10:08
Speaker 5: I do use any scissors that I can find. Yes,
10:11
Speaker 5: and then I'll like kind of just because it's like
10:13
Speaker 5: a bit of a mullet. But even before I had
10:14
Speaker 5: a bit of a mullet, I did just kind of
10:16
Speaker 5: like wing it. It's not good, but it's not so
10:20
Speaker 5: bad either, you know.
10:22
Speaker 4: I don't think I've never looked your hair. Oh it's
10:24
Speaker 4: a bad haircut.
10:24
Speaker 5: Oh my god, thank you so much.
10:25
Speaker 1: Neither. When you said you'd never been to a hairdresser,
10:28
Speaker 1: I was like, Oh, I didn't realize you did that yourself.
10:30
Speaker 1: That's so nice. I didn't.
10:32
Speaker 3: I guess I thought about it.
10:33
Speaker 5: Maybe you do get some hairkish when you're doing it
10:37
Speaker 5: yourself for thirty three years.
10:40
Speaker 1: I'm impressed with you. Thank you so much, Thank you well,
10:44
Speaker 1: thank you for that. Jess misspecsed what broke tips of
10:47
Speaker 1: the community got for us this week.
10:49
Speaker 5: The first one comes from Emma, who says, if you
10:51
Speaker 5: need to pick me up, a Maca's soft serve cone
10:53
Speaker 5: with a flake is the best happiness and money can
10:56
Speaker 5: buy for under two dollars, which is I know, a
10:58
Speaker 5: broke tip in this day and age, but it's used
11:02
Speaker 5: to be fifty Yeah.
11:06
Speaker 1: I saw a TikTok the other day. How many times
11:08
Speaker 1: do I say that?
11:09
Speaker 5: On this podcast?
11:10
Speaker 2: I saw a.
11:10
Speaker 4: TikTok I need a tea talk segment, Like every week
11:13
Speaker 4: we just the TikTok of the week.
11:15
Speaker 1: Yeah, but I saw a TikTok and the lady's hook
11:18
Speaker 1: at the very start of the TikTok was like, follow me,
11:21
Speaker 1: because I'll show you how I feed my family for
11:23
Speaker 1: under two hundred dollars a week. And I was like, wait, what, yeah,
11:27
Speaker 1: what do you mean? Like that's not a flex to
11:29
Speaker 1: like it obviously is a flex to feed your family
11:31
Speaker 1: for under two hundred bucks a week, But I remember
11:33
Speaker 1: like one hundred dollars being the like feeder family of
11:36
Speaker 1: four for under one hundred.
11:37
Speaker 3: Bucks a week?
11:38
Speaker 4: Yeah, what.
11:40
Speaker 1: Hundred dollars a week? Is the flex getting ahead of itself?
11:44
Speaker 5: I know, it's really scary out there. This next one
11:48
Speaker 5: comes from Hannah who says, did you know you can
11:51
Speaker 5: order a cone and a cup and add Eminem's on
11:54
Speaker 5: top and it's only one dollar seventy five. It's a
11:56
Speaker 5: mini mcflurry, which is incredible idea.
11:59
Speaker 1: And they don't even mix mcfluory's anymore.
12:01
Speaker 5: No, they don't.
12:02
Speaker 1: I'm not gonna lie. Can someone explain to me the
12:05
Speaker 1: difference between a mcfluury and a Sunday?
12:08
Speaker 5: I think they're in the same cup, now are they?
12:11
Speaker 1: I think?
12:12
Speaker 3: So?
12:12
Speaker 1: What's the difference?
12:13
Speaker 4: Is it just like the topping, but a McClary is mixed,
12:15
Speaker 4: but you're saying they're not anymore.
12:16
Speaker 1: No, they don't mix them. They just put toppings on
12:18
Speaker 1: the top and there's nothing underneath. It's a cup of
12:20
Speaker 1: soft serve with the topping. Is that not what a
12:23
Speaker 1: Sunday and McDonald's I mean, at least.
12:25
Speaker 4: For the Sunday they have good grace. Put the sauce
12:26
Speaker 4: on the bottom as well.
12:29
Speaker 1: If you get a lunch. This is true Rice true.
12:33
Speaker 4: On the toll, I asked for a pump on the
12:34
Speaker 4: bottom as well.
12:35
Speaker 1: Yeah, because you're a smart woman.
12:36
Speaker 4: Double up on that strawberry Sunday.
12:40
Speaker 1: That's a throwback to twenty one podcast. In jest, she
12:44
Speaker 1: prefers a strawberry Sunday.
12:46
Speaker 5: That is crazy, That is insane.
12:47
Speaker 4: And I took it to Instagram so convinced that everyone
12:50
Speaker 4: would agree with me.
12:53
Speaker 1: She got humbled and was like, that's sacrilegious.
12:57
Speaker 5: Yeah, it is quite eye opening.
13:01
Speaker 1: Insane. That was one of my pregnancy cravings, Like I
13:05
Speaker 1: was a ferrel for a strawberrymixed on Sunday's very validating.
13:10
Speaker 1: I was like, do you want a Sunday And she'd
13:12
Speaker 1: be like.
13:12
Speaker 4: Why, But who am I to say?
13:14
Speaker 2: No?
13:14
Speaker 5: Hey, well that's it. But the Hungry Jack storm it's huge.
13:19
Speaker 5: It's huge, just like a mcflury, and they do mix it.
13:21
Speaker 5: It's flake. You can get flake in there. Maybe we
13:23
Speaker 5: should have stick as a flake flaked flake.
13:25
Speaker 1: Oh that's even better.
13:27
Speaker 5: You add some oreo, you add some hot fudge sauce.
13:30
Speaker 5: Oh my god, it is the best. It is way
13:32
Speaker 5: better than any mcflurry could ever be. So we're gonna need.
13:35
Speaker 1: To test that out because I'm not gonna lie. Sorry,
13:37
Speaker 1: Hungry Jacks. The burgers are better. But I've never heard
13:39
Speaker 1: of about your Sunday Sunday.
13:41
Speaker 5: Yeah, I know, and they're so humble about it. I'm like,
13:43
Speaker 5: tell everyone, it's so good. It's so good.
13:45
Speaker 3: Do you know what?
13:46
Speaker 1: The Hungry Jack's marketing team are like listening to this
13:49
Speaker 1: right now, and they're like, we do. We tell everybody
13:52
Speaker 1: not hitting your ears.
13:53
Speaker 5: If I could just get one free storm, that'd be nice.
13:56
Speaker 5: What else you got. The next one comes from Sierra,
13:58
Speaker 5: who says, instead of paying sixteen dollars a month for
14:01
Speaker 5: Spotify Premium, I canceled my subscription and bought a Spotify
14:04
Speaker 5: twelve month premium gift card on Amazon for one hundred
14:07
Speaker 5: and forty dollars. That's a fifty two dollars difference.
14:10
Speaker 1: Hah, very clear, but that is really really smart.
14:13
Speaker 5: But yeah, it's one of those things where it's like,
14:15
Speaker 5: if you have enough money to pay for a big
14:17
Speaker 5: chunk of time, then you will get discounted, which is
14:20
Speaker 5: very very nice but also a privilege and also a
14:23
Speaker 5: bit of a privilege, and then you don't have to
14:24
Speaker 5: think about it for the year as well, which is great.
14:26
Speaker 5: And then my Brike tip for this week. Some of
14:28
Speaker 5: you may know, I'm not too sure, but I quit
14:31
Speaker 5: my job randomly because I'm not very good at regulating
14:35
Speaker 5: my emotions and now I'm stuck jovelers and poor. But
14:38
Speaker 5: I called my utility company, my gas and electricity, both
14:43
Speaker 5: in the same and my housemate, who was also my
14:46
Speaker 5: friend who live with, got a utility relief grant and
14:49
Speaker 5: she said, you can apply for this, and I said,
14:51
Speaker 5: I'm not on send link. I don't have a healthcare
14:53
Speaker 5: card and a concession card, Like, are you sure I
14:55
Speaker 5: can do this?
14:55
Speaker 1: And she's like, yeah.
14:56
Speaker 5: All you have to do is wait for a bill
14:57
Speaker 5: to be overdue, and you call the company and you
15:00
Speaker 5: apply and they help you apply for it. You just
15:02
Speaker 5: have to send either like your bank statements or a
15:06
Speaker 5: letter from your employer saying that you're not working or
15:09
Speaker 5: you're not working as much, whatever it looks like, and
15:11
Speaker 5: then they apply and then you get I think it's
15:14
Speaker 5: like six hundred dollars in credit for utility now, and
15:16
Speaker 5: they keep applying for it until you run out of
15:19
Speaker 5: your oh nice money, and so I'm like, that's incredible.
15:22
Speaker 5: So I did it. I applied. I haven't heard back yet,
15:24
Speaker 5: but it was just yesterday.
15:25
Speaker 1: That's a very cool scheme.
15:26
Speaker 5: It's one thing that you can just take off your
15:28
Speaker 5: list of things you've got to pay for because energy
15:31
Speaker 5: costs a high crazy so all utility is currently covered.
15:36
Speaker 5: Isn't that crazy? I love that, son Agan.
15:39
Speaker 1: That is a genuinely good broke tit.
15:42
Speaker 4: Thank you so much.
15:43
Speaker 1: All right, well let's go to a break because I
15:46
Speaker 1: am very excited to get into the community money dilemma,
15:48
Speaker 1: which is all about selling shares for a house deposit.
15:51
Speaker 1: And then the DM of this week is about investing
15:54
Speaker 1: in a property with someone else before you've actually purchased
15:56
Speaker 1: your own property. So guys, don't go anywhere.
16:02
Speaker 4: Welcome back, everybody. Let's take a listen to this week's
16:05
Speaker 4: money dilemma.
16:08
Speaker 1: Hi. There, have you got a money dilemma you just
16:10
Speaker 1: can't solve? The She's on the Money team is here
16:13
Speaker 1: to help. Every week, we tackle your dilemmas, both big
16:16
Speaker 1: and small, to answer your most burning money, career and
16:19
Speaker 1: life questions. To get involved, simply head to our website
16:22
Speaker 1: and leave us a short voice recording and you might
16:24
Speaker 1: just find yourself on the show. Now, let's take a
16:27
Speaker 1: listen to this week's money dilemma.
16:31
Speaker 3: Hi, She's on the Money. My money dilemma is I
16:34
Speaker 3: currently have ten thousand dollars in chairs. I decided to
16:38
Speaker 3: invest my savings one to two years ago when I
16:40
Speaker 3: was single, thinking I could regularly contribute and want to
16:43
Speaker 3: grow for about five years and then hopefully use it
16:45
Speaker 3: towards a house deposit. Since then, I've found a solid
16:50
Speaker 3: partner who I want to home with eventually, and I
16:52
Speaker 3: also just came into an inheritance of twenty five thousand
16:55
Speaker 3: dollars from my family member that past. Suddenly the prospects
16:59
Speaker 3: of a house to posit with my partner looks possible
17:01
Speaker 3: for as early as next year. But I've also since
17:04
Speaker 3: learned the effect of time on my shares from your podcast,
17:08
Speaker 3: and now I'm inclined to use my shares towards early
17:12
Speaker 3: retirement or another long term future investment plan. For context,
17:16
Speaker 3: I'm twenty three years old, so time is definitely on
17:19
Speaker 3: my side. My partner and I will have enough for
17:21
Speaker 3: our deposit come next year. However, if we contribute my
17:24
Speaker 3: shares as well, it could take a bit of pressure
17:26
Speaker 3: off the monthly repayments, as I'll still be a student
17:29
Speaker 3: for the verse six to twelve months of the home line.
17:32
Speaker 3: Should I take this money out mid next year when
17:34
Speaker 3: we are looking to borrow, or should I keep it
17:36
Speaker 3: in there as a set and forget long term investment plan?
17:39
Speaker 1: Ooh, I feel like that's a good one. Yeah, I'm
17:43
Speaker 1: gonna reserve my comment.
17:45
Speaker 5: Sure. Well, I just want to say I'm so sorry
17:47
Speaker 5: to hear about the passing of your family member, but
17:50
Speaker 5: and I know this is not all we're asking, and
17:52
Speaker 5: if I was in your position, I would completely disregard
17:56
Speaker 5: everything I'm about to say because I would almost be like,
17:58
Speaker 5: f you for even saying this. But if I could
18:00
Speaker 5: start my life over and I was going to buy
18:04
Speaker 5: a house with someone that I could see a future
18:06
Speaker 5: with at twenty three, I would probably not do that
18:10
Speaker 5: simply because you don't fair, you don't know what your
18:13
Speaker 5: lufs can look like. I would be like, there's no rush, Like,
18:15
Speaker 5: don't rush into that right now. Maybe don't do that
18:17
Speaker 5: step as far as like taking out shares. Even you're
18:21
Speaker 5: saying like there's a lot of time in your hands,
18:23
Speaker 5: I'm like, I would not be doing anything right now,
18:25
Speaker 5: would be like still saving. I'd be just like kind
18:28
Speaker 5: of going about my business. I would not be buying
18:30
Speaker 5: a property with my partner at such a young age.
18:33
Speaker 5: I would just be doing me. I'd be thinking about me.
18:35
Speaker 5: I'll be wanting to get my own property. I would
18:38
Speaker 5: not even be touching anything right now. Because it all
18:40
Speaker 5: sounds like there's so much time on your hands, you're
18:42
Speaker 5: not in a rush, don't worry fair mister.
18:46
Speaker 4: Yeah, I think it's kind of a catch training to you,
18:49
Speaker 4: because there's an argument to be made for getting into
18:50
Speaker 4: the market early. Just inder the better, et cetera, et cetera,
18:54
Speaker 4: prices likely to continue increasing, you know, time in the market,
18:58
Speaker 4: all those sorts of things. However, but I very much
19:00
Speaker 4: echo your sentiment. Did they say how long they've been
19:03
Speaker 4: with their partner?
19:03
Speaker 1: I don't know who might have missed it, but I
19:06
Speaker 1: don't think they mentioned it.
19:07
Speaker 4: Yeah, so it's very hard. But like, even if you
19:09
Speaker 4: had been with your partner for let's say five years
19:12
Speaker 4: or something, that would have meant that you've been together
19:14
Speaker 4: since what like eighteen? Am I doing that? Maths right?
19:17
Speaker 4: And so it's I don't want to belittle a relationship
19:20
Speaker 4: that just because you're young, because I think people can
19:23
Speaker 4: experience incredible love at all ages. But I also think
19:26
Speaker 4: you are still developing and growing as a person.
19:29
Speaker 1: Just a baby.
19:30
Speaker 4: You are just a baby by love, and so I
19:32
Speaker 4: just think there's no rush. You said you're a student
19:34
Speaker 4: still as well, and so I wouldn't be looking to
19:38
Speaker 4: undertake a mortgage while I was studying. Generally speaking, you know,
19:42
Speaker 4: it's especially if you're in your later years. I think
19:45
Speaker 4: depending what you're studying, you might have placement or whatever.
19:49
Speaker 4: It sounds just like you've got a lot going on,
19:51
Speaker 4: and if you're not in a rush. I think exactly
19:54
Speaker 4: as you were saying, like, having that money sitting in shares,
19:56
Speaker 4: it's compounding, and historically speaking, share market has compounded at
20:02
Speaker 4: a greater rate than the property markets increase in value.
20:04
Speaker 4: Is that right? Yes, thank you. I'm looking over that
20:07
Speaker 4: a mom to be like, is that correct? So it
20:09
Speaker 4: might very well be that the math is mathing in
20:12
Speaker 4: the sense of it's also better economically to leave your
20:15
Speaker 4: money invested in shares. I just think it sounds like
20:17
Speaker 4: you're at like a very busy point in your life
20:20
Speaker 4: and maybe you don't need to be making that big
20:22
Speaker 4: decision right now it a broader scale, like can you
20:25
Speaker 4: sell investments to Herga's house, Absolutely you can, Like there
20:28
Speaker 4: are lots of people who do that. It's going to
20:30
Speaker 4: depend on, you know, are your shares in the green
20:33
Speaker 4: or the red? Like that's a big factor. You know,
20:35
Speaker 4: how much capital gains are you going to have to pay?
20:38
Speaker 4: Like all those sorts of things factoring as well. And
20:40
Speaker 4: I feel like I'm dancing a little bit around in circles.
20:43
Speaker 4: But I think if I was you, what I'm saying
20:45
Speaker 4: is I probably would not be making this decision right now.
20:49
Speaker 4: Even with the hindsight of like, do I kind of
20:52
Speaker 4: wish I bought a property when I was that age? Yes,
20:55
Speaker 4: But had I bought a property at that age, I
20:57
Speaker 4: would have been kind of screwed because we had COVID
20:59
Speaker 4: and all those sorts of things. And I guess not
21:01
Speaker 4: to be all doom and gloom, but it does feel
21:03
Speaker 4: a bit like we're coming towards another time of significant
21:07
Speaker 4: economic uncertainty with everything that's happening in the world, and me,
21:11
Speaker 4: as we all know, being very risk adverse, you are you,
21:14
Speaker 4: I just tend to operate with an abundance of caution,
21:16
Speaker 4: so I would just I would think very deeply about it.
21:18
Speaker 4: But I think continue saving, save for your deposit, and
21:21
Speaker 4: then once you get there, maybe that timing will feel right.
21:23
Speaker 5: Yes, you talkin's words. I mean, I don't assume, but
21:29
Speaker 5: maybe if you're with a male partner, amab assigned male
21:32
Speaker 5: at birth. I'm just saying these situations sometimes I aren't
21:36
Speaker 5: as that's new. Never sorry, that's very queer, that's true.
21:42
Speaker 5: I can teach you all the all the terms.
21:44
Speaker 4: All the terms, absolutely all of them.
21:47
Speaker 1: I don't know when I'm going to use them, but
21:48
Speaker 1: that's new.
21:49
Speaker 5: No, I just think be very, very careful, because someone
21:51
Speaker 5: might be really really sweet the start, of course, because
21:53
Speaker 5: they're trying to get a little bit.
21:54
Speaker 1: It's just she's like, I try and really regret being
21:58
Speaker 1: in a relationship with them. Man, disgusting.
22:01
Speaker 5: I want to try not to, but I'm like, think
22:03
Speaker 5: of how mean someone can be after if things aren't
22:05
Speaker 5: good and then you want to own something with them.
22:07
Speaker 5: Just think about that. Just try and be slower, Just
22:10
Speaker 5: be slowed, slow down of it.
22:12
Speaker 1: I'll put on my hat and not have an opinion
22:14
Speaker 1: about your relationship. You're gonna get married and your life
22:18
Speaker 1: is a fairy tale and they're the one. As a
22:21
Speaker 1: mortgage broking, girly, go talk to a mortgage broker, like,
22:24
Speaker 1: go get the numbers, Like, I don't know what your
22:27
Speaker 1: situation looks like, what does your borrowing capacity even look like?
22:30
Speaker 1: As somebody who is still studying with a partner who
22:33
Speaker 1: owns an income, Like are you actually able to service
22:36
Speaker 1: a mortgage? Like or is it just a good idea?
22:38
Speaker 1: Just because you have a deposit doesn't mean you can
22:41
Speaker 1: service the mortgage that you might want. Talk to a
22:44
Speaker 1: good mortgage broker who can look into a number of
22:46
Speaker 1: schemes and grants, you might find yourself in a position
22:49
Speaker 1: where you only need a five percent deposit. There's also
22:52
Speaker 1: the two percent deposit scheme that's going around at the
22:55
Speaker 1: moment and getting a really good rap that might be
22:58
Speaker 1: up your alley if you're purchasing under a certain amount,
23:01
Speaker 1: so you might not even need to sell your shares
23:03
Speaker 1: to get into the property market. You might be able
23:05
Speaker 1: to just sit them there. When you don't sell your
23:07
Speaker 1: shares to purchase property, the bank still sees it as
23:11
Speaker 1: an asset, so it's not something that you know is detrimental.
23:15
Speaker 1: They go, oh, great, she's got ten grand in shares,
23:16
Speaker 1: like great asset worth ten grand, So that's not a
23:20
Speaker 1: bad idea. But I'd be literally talking to a mortgage
23:23
Speaker 1: broker who might take you through all the options, and
23:24
Speaker 1: then you go, oh, we don't want a mortgage yet,
23:26
Speaker 1: or you might be spoken through all the options and
23:29
Speaker 1: it makes perfect sense for you guys to purchase, and
23:32
Speaker 1: you know you've worked out all of the you know,
23:34
Speaker 1: drama of all what happens if this relationship doesn't work out.
23:37
Speaker 1: We're fine with that because lots of people in our
23:39
Speaker 1: community do that and then purchase with a partner, breakup
23:42
Speaker 1: and they're both amicable and they're like, oh, we're just
23:44
Speaker 1: going to keep the property and lease it out because
23:46
Speaker 1: it hasn't gotten any extra value and we want to
23:49
Speaker 1: sell it once there's value there. So have all those
23:51
Speaker 1: hard conversations as well. But I wouldn't be not talking
23:55
Speaker 1: to a broking professional, and I wouldn't be making a
23:58
Speaker 1: decision with my partner about like, oh, Jess, will you
24:00
Speaker 1: sell your shares for a property when you don't even
24:02
Speaker 1: know your serviceability yet, because like what if you do
24:05
Speaker 1: sell your shares and then you talk to a broker
24:07
Speaker 1: and they're like, why'd you do that? Like that that's
24:10
Speaker 1: a great You can't get a mortgage at this point
24:12
Speaker 1: because it's getting fickle and with the cash rate increasing,
24:16
Speaker 1: banks are tightening up as well on who they're lending to,
24:19
Speaker 1: but also how much they're lending. So that's just quite
24:22
Speaker 1: a pickle to be in. So get somebody, get them
24:25
Speaker 1: on your team, and they might even go, oh, well,
24:27
Speaker 1: if you were going to be studying for the next
24:28
Speaker 1: six to twelve months, let's line everything up for you
24:31
Speaker 1: to purchase in six to twelve months so that you
24:33
Speaker 1: can get it with a full time income, and that
24:35
Speaker 1: will increase your serviceability and get something you actually want. True,
24:38
Speaker 1: so it really depends. Yeah, just get a professional on
24:41
Speaker 1: your team. It's free, it's free.
24:43
Speaker 4: We recommend Zella.
24:44
Speaker 1: Oh, one hundred percent. We recommend Zella. Anyway, would you
24:48
Speaker 1: guys like the community DM?
24:50
Speaker 5: Yes?
24:50
Speaker 1: Please? That's Campbell trying to join in the podcast recording.
24:55
Speaker 1: Campbell's friend said, Hi, she's on the money. My boyfriend
24:58
Speaker 1: and I are planning to buy our first home together
25:00
Speaker 1: in the next few years. Recently, he mentioned his brother
25:03
Speaker 1: wants him to go in on an investment property with
25:06
Speaker 1: him and his fiance. The idea is that in one
25:08
Speaker 1: or two years, the brother would buy him out so
25:11
Speaker 1: that we can buy our place. I'm stressed that timeframe
25:14
Speaker 1: feels short to build meaningful equity, and I'm worried it
25:17
Speaker 1: could impact our eligibility for a first home buyers grant.
25:21
Speaker 1: I'm also concerned that if his brother can't buy him out,
25:24
Speaker 1: my partner would be stuck servicing two loans or unable
25:27
Speaker 1: to say for our goals. They already own a home,
25:29
Speaker 1: so they'd end up with two properties while we're still
25:32
Speaker 1: trying to enter the market. How do I raise my concerns,
25:35
Speaker 1: especially if I'm not comfortable taking on a loan with
25:38
Speaker 1: him because of serviceability risk.
25:40
Speaker 5: Don't do it already, I'm singing, there's no real just
25:44
Speaker 5: don't do it. How do you raise this? I think
25:46
Speaker 5: read this exact DM to your partner for starters, because
25:51
Speaker 5: I think you meant you said it all very very well,
25:53
Speaker 5: like you needn't say anymore. And if your partner is like, well,
25:56
Speaker 5: I'm still going to do it, then that's insane. But yeah,
25:59
Speaker 5: it would ruin office home buyers chances right, it would
26:03
Speaker 5: be in here if they're buying together.
26:07
Speaker 1: It depends on the bank and how that works. See, yeah,
26:10
Speaker 1: it minds if she's in on it, because she also
26:12
Speaker 1: said something that makes me think that they're all in it.
26:16
Speaker 4: Together because each individual qualifies typically right, So like, theoretically,
26:20
Speaker 4: if a couple are buying a house together, you both
26:22
Speaker 4: get your first home owner grant, assuming you each individually
26:25
Speaker 4: satisfy all of the requirements done. So, if he bought
26:29
Speaker 4: with his brother, use it with his brother, So then
26:31
Speaker 4: when the couple purchased, she would potentially qualify, but her
26:36
Speaker 4: partner would not because he'd already used it.
26:39
Speaker 3: Yeah.
26:39
Speaker 5: Well, I just feel like I'm just like don't do
26:41
Speaker 5: it. It's too risky. It sounds too risky. I don't I
26:43
Speaker 5: can't think of a single benefit other than like maybe
26:47
Speaker 5: being a few extra thousand in two years time, maybe potentially,
26:52
Speaker 5: like other than that.
26:53
Speaker 1: I mean, maybe I'm missing something, But I don't think
26:55
Speaker 1: you're missing anything. I think it's a big catch twenty two. Yeah, So,
26:59
Speaker 1: like if it doesn't increase in value and his brother
27:02
Speaker 1: has saved up enough to buy him out, great, no worries.
27:05
Speaker 1: But what if that property does increase inequity, which is
27:07
Speaker 1: what you want, and then his brother can't afford to
27:09
Speaker 1: buy him out or doesn't want to buy him out
27:11
Speaker 1: at the amount that the property is worth, and then
27:13
Speaker 1: you have to sell the whole thing, which in one
27:16
Speaker 1: to two years. I think is a terrible idea because
27:18
Speaker 1: we should never be buying property with the view to
27:20
Speaker 1: sell it in one to two years. Like that's a
27:22
Speaker 1: long term asset, Like you're paying stamps and stuff on property,
27:26
Speaker 1: Like that's crazy to me. I would actually sit down
27:28
Speaker 1: with your partner and entertain the idea. So I'd sit
27:31
Speaker 1: down and be like, oh, hey, let's pretend it's Jess
27:33
Speaker 1: and I Hey Jess, Like that sounds like, such a
27:35
Speaker 1: good idea that you've brought to the table, that's actually
27:37
Speaker 1: like map it out, like what that would look like
27:38
Speaker 1: financially for us, and what it looks like to buy
27:40
Speaker 1: our own property in one to two years. And I
27:42
Speaker 1: can almost guarantee that without you saying, oh, it's a
27:45
Speaker 1: bad idea, that mapping out process is going to come
27:48
Speaker 1: to the conclusion that maybe it's not a great idea
27:51
Speaker 1: for you guys to achieve your goals. But hey, I
27:53
Speaker 1: don't know the opportunity. It might end up being a
27:56
Speaker 1: fantastic opportunity, but like sound it out to to a
28:00
Speaker 1: mortgage broker about what's possible and whether that's a good
28:03
Speaker 1: idea or not financially. Work out what your eligibility criteria
28:08
Speaker 1: is on first home owner grants, Like, I don't know
28:10
Speaker 1: what your future looks like, but if you're buying an
28:13
Speaker 1: expensive property, you might not actually get access to any
28:16
Speaker 1: of your first home owner grants anyway. So what do
28:19
Speaker 1: you qualify for, what don't you qualify for? Et cetera.
28:22
Speaker 1: Just what would you do as somebody who refused to
28:24
Speaker 1: buy their first home with a partner.
28:26
Speaker 4: I'm just not understanding the buying out of it. All, Like,
28:29
Speaker 4: I don't understand. Is it because the brother wants to
28:33
Speaker 4: get into the market and your partner has said, oh,
28:35
Speaker 4: like I'll find you the cash, I'll pay half, and
28:38
Speaker 4: then you buy me out in two years, in which
28:40
Speaker 4: case I just think there are better ways to go
28:42
Speaker 4: around that, like maybe you could look at a garantall situation.
28:47
Speaker 4: I just the buying out I'm not sure on Like,
28:51
Speaker 4: it's just totally a bit sussed, not sus like, I'm
28:54
Speaker 4: not saying he's trying to do anything dodgy, but I
28:57
Speaker 4: just am not understanding it. Honestly, they don't look in
28:59
Speaker 4: such a period of time, exactly as you said, to
29:01
Speaker 4: sure what the market is going to do. The only
29:05
Speaker 4: way that makes sense in my head is the brother
29:06
Speaker 4: wants to get into the market now he wants to
29:08
Speaker 4: buy this investment property and he needs assorted to a capital.
29:11
Speaker 1: Why is they need doing it but then.
29:12
Speaker 4: Buy something smaller because you already own a home, so like,
29:15
Speaker 4: why are you're not leveraging your existing home or just waiting.
29:18
Speaker 4: It just doesn't make sense to me, Like I'm not
29:20
Speaker 4: understanding the upside of it, and I just think it's
29:22
Speaker 4: very risky, exactly as you said that he might not
29:25
Speaker 4: be able to afford to buy you out or whatever.
29:27
Speaker 4: Your partner's then stuck in this investment that he maybe
29:31
Speaker 4: did or didn't want. I don't know. I just wouldn't
29:34
Speaker 4: do it personally. I can't really explain that much more.
29:37
Speaker 4: I think exactly you said, do the numbers and see,
29:40
Speaker 4: but I can't. I wouldn't do it fair.
29:43
Speaker 1: Before we asked the community that exact question, what would
29:46
Speaker 1: you do if you were our community member? Forty two
29:49
Speaker 1: percent said, revisit the idea after we purchase our own home.
29:53
Speaker 1: Thirty six percent said hard no from me, twenty percent
29:56
Speaker 1: said only with a strict legal agreement, and two percent
29:59
Speaker 1: of you said I would support my boyfriend's decision.
30:02
Speaker 4: Oh, you're a better person than I am.
30:04
Speaker 1: Two percent would you ever enter into an agreement like this?
30:08
Speaker 1: Fifty percent of you said no, it's too risky, thirty
30:11
Speaker 1: two percent said depends on our sibling relationship, and eighteen
30:14
Speaker 1: percent said yeah if the numbers stuck up. We then
30:17
Speaker 1: said what's your two cents? And it was similar to
30:21
Speaker 1: our conversations. Right first person said the boyfriend should consider
30:25
Speaker 1: the impact to the girlfriend and the first home grants
30:28
Speaker 1: they'll lose. Next person said, if they already have a
30:31
Speaker 1: property and this is an investment, it screams they haven't
30:34
Speaker 1: got their shit in order to do it on their own.
30:37
Speaker 1: Next person said, this sounds like it's one hundred percent
30:39
Speaker 1: a great idea for his brother and one hundred percent
30:42
Speaker 1: a shitty deal for your partner. Hard No, the next
30:45
Speaker 1: person said, I did exactly this. Oh t tell us
30:49
Speaker 1: more disaster. Steer clear for your mental health, finances and
30:52
Speaker 1: your family. Do not do it. Oh my god, there
30:55
Speaker 1: you go.
30:55
Speaker 4: Out of the mouth of.
30:57
Speaker 1: The next person said, so many different legal mechanisms to
31:01
Speaker 1: achieve the same result, but better outcome. And next and
31:04
Speaker 1: last person said, I'm a lawyer. The slight chance of
31:07
Speaker 1: any issue is not worth it. Plus, family law separation
31:11
Speaker 1: issues don't put you in the best position we go anyway.
31:15
Speaker 1: That's a good place to leave it with a lawyer's comment,
31:17
Speaker 1: look at us going to the horse's mouth.
31:20
Speaker 4: Yeah. Literally, pressure stuff like.
31:22
Speaker 1: That scares me because I'm always like, they always start
31:26
Speaker 1: with the best of intentions, but these situations usually favor
31:30
Speaker 1: one person over the other. And when it's like, oh,
31:33
Speaker 1: I'm going to get my brother to do this with
31:35
Speaker 1: me because I can't afford it. It's you using your
31:39
Speaker 1: brother to get to where you want to be and
31:41
Speaker 1: you're not. Your brother's not in the best possible position.
31:43
Speaker 1: He's just a vehicle to help you get there.
31:44
Speaker 4: Yeah, potential for things to go wrong high, it's you high.
31:48
Speaker 1: So you know from me?
31:49
Speaker 4: Amen?
31:50
Speaker 3: Amen.
31:50
Speaker 1: Well, Cammie's finally decided to go to sleep. So that
31:53
Speaker 1: is a wrap for the show. We will see you
31:55
Speaker 1: guys bright and early on Monday morning for a money
31:58
Speaker 1: darry till then have the best weekend by guys.
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