September 11, 2025 • 38 mins
Should you hold off on buying until the property market cools… or is waiting the real mistake? We’ve all heard the classic “just wait two years, prices will drop” advice, but what if that never actually happens and you’ve in a worse position? This week we’re unpacking the market peak panic and what it actually means for you if you’re trying to buy right now. Then, we dive into a community DM about a partner with $40k of debt and zero urgency to pay it down. Is that just a personal choice, or a financial dealbreaker waiting to happen? But it’s not just big dilemmas on the table, we’ve also got clever money wins you’ll want to steal, broke tips that actually work, and a few confessions that prove none of us have it all together.
Ready for more laughs, lessons, and unhinged money chats? Check out our oh-so-bingeable Friday Drinks playlist. Listen here.
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Acknowledgement of Country By Nartarsha Bamblett aka Queen Acknowledgements.
The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 451289.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
My name's Sasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country t Glenn Young Ganya,
Niana Kaka yah y and Binahaka Nian our gay In
Mbini yakarum Jar Dominyamiga Umagahawaka Woman Damon Imlan Bumba ban
Gadabomba in and now in wakah Ghana on yak rum
Jar water Nadaa. Hello, beautiful friends, we gather on the
(00:24):
lands of the Aboriginal people. We thank, acknowledge and respect
the Abiginal people's land that we're gathering on today. Take
pleasure in all the land and respect all that you see.
She's on the Money podcast acknowledges culture, country, community and connections,
bringing you the tools, knowledge and resources for you to thrive.
Speaker 2 (00:45):
She's on the Money. She's on the Money.
Speaker 3 (01:08):
Hello and welcome to She's on the Money, the podcast
that makes personal finance fun, especially on Fridays. It's our
favorite day of the week because we get our team
together and we celebrate you the incredible. She's on the
Money community Ms. Jess Gri She's here checking our pronunciation
to make sure everything's right, but also we'll be sharing
her favorite money wins and tips and tricks, and Miss
Besayed has a number of good broke tips for us.
(01:31):
This week, we're going to also be helping to answer
a money dilemma, which this week is asking, how do
you know if you're buying a property in the market
peak and something you slid into our dms? About what
do you do if your partner is in forty thousand
dollars worth of debt and they're just not in a
hurry to pay it off. Interesting? But before we get there,
(01:52):
how are your weeks?
Speaker 4 (01:54):
He's been lovely.
Speaker 5 (01:54):
I have nothing exciting to report it all. I'm afraid,
just gorgeous.
Speaker 4 (01:58):
Live and love and love.
Speaker 6 (02:01):
No news is good news.
Speaker 4 (02:02):
Yeah, how about you?
Speaker 7 (02:04):
My week's been really good technically because we're recording a
few days earlier this week. Cheeky, cheeky, when you hear this,
I am in Thailand. I will be in Thailand or
maybe just coming back.
Speaker 3 (02:13):
Actually, so you'll be in Thailand.
Speaker 4 (02:16):
You'll be in Thailand.
Speaker 3 (02:17):
You'll be enjoying in Thailand. So if everybody could just
shut their eyes for a second, if you're not driving, Yes,
and imagine Beck on a beach with a coconut.
Speaker 6 (02:25):
Yes, we've got to come out feel like that.
Speaker 3 (02:28):
I've got a man.
Speaker 5 (02:30):
If we're fantasizing, there's no vage fantasizing that Beck quits vaping.
I also accept her as she is, Like I just
like her the way she is, so that's fine.
Speaker 3 (02:39):
But also we shouldn't be romanticizing that. That's not any
that's really bad. That's it's so funny.
Speaker 7 (02:45):
I've watched a full like emotional roles, you just fantasizing
about my.
Speaker 5 (02:53):
For you.
Speaker 3 (02:53):
But also I feel like in Thailand, like this is
not good, but like I feel like you're gonna have
a limited access to of apes. Yeah, you're fine in Thailand,
but you've been trying to stop.
Speaker 4 (03:03):
I have good faith in your self control, thank you
so much.
Speaker 3 (03:08):
I have no faith in I don't have any faith
in my own self control. So I wish I could
help you back there. Like as much as we are
complete polar opposites when it comes to our ADHD same same.
Speaker 6 (03:20):
Yeah, yeah, completely agree.
Speaker 7 (03:21):
I did like one of those personality tests and self
like what's the word self regulation? So regulation and like
impulse control was my lowest and so I'm like, I
don't have any faith you were like, I.
Speaker 3 (03:31):
Have no surprises on thisa.
Speaker 6 (03:33):
No surprises, but I.
Speaker 3 (03:36):
So tricks on how they quit vaping. Yeah, let me
know right into our DMS, because I feel like this
is nice an uncommon experience.
Speaker 7 (03:42):
No, I don't think so, I think, yeah, let me
know how you did it, very very grateful and maybe
I'll use one or two of those tips.
Speaker 6 (03:48):
But yes, So currently right out in Thailand and living
it up. So great week. I gotta tell you.
Speaker 4 (03:54):
Great week. You guys.
Speaker 3 (03:56):
I love that for you. I mean I just got
back from Bali, and so I'm a little bit salty
that you're technically in Thailand right now, because there's nothing
like just escaping the winter for a bit. Oh yeah,
But like you escape, you feel amazing. It's so warm.
And then you catch your flight and like, I don't
know if you're like me, No, I know you're like me.
(04:17):
We pick the inconvenient flight times, not because they're inconvenient,
but because they're much cheaper.
Speaker 4 (04:22):
Oh yeah.
Speaker 3 (04:22):
And so you fly back into Melbourne one am and
you're like, I have to get back to my car.
I have to put a baby into the car. It's
bloody cold, it's freezing. He's upset and this is not
the Bali vibes that I had prior. Oh yeah, I
feel like I'm on my post holiday blues. I get it,
and you're just rubbing it in my face. That's nice,
(04:45):
but also what a privilege we get to holiday? How good?
Speaker 6 (04:48):
Yeah, that's so true.
Speaker 4 (04:49):
Good pray we look at it.
Speaker 3 (04:50):
So would you guys like to hear a little five
star review from the week that was Please all right,
sit down because this one is cute. This one is
reread and she says love you guys, absolutely love listening
to you. Every single week. I never miss an episode
and I'm always looking forward to the next one. Since
finding She's on the Money, I've learned so much about
(05:10):
managing my money, particularly investing. I have started reading Victoria's
books and I'm finding them so helpful in my current
money journey. I honestly wish there was more than three
episodes a week. Oh that's so cute. Someone slid into
my DMS like a month ago and was like Victoria, like,
I don't mean to be a pest, but like, you
need to do more episodes a week. I was like,
(05:31):
girliea or where we do? Like no podcast does three
like that's a lot. And she's like, yeah, I actually
binge listened to them all on a Friday and then
have only one day where like I can listen to
your podcast, So you're just going to need to step
it up. And I was like, girl, the only recommendation
I have is putting us in slow mo.
Speaker 6 (05:50):
We can do more, I mean, just can do more.
Speaker 4 (05:52):
Okay, yeah, you.
Speaker 3 (05:52):
Guys do that. And also I want nothing to do
with the planning process because that actually takes a really
long time. I'm pretty sure our producer Emma is scowling
at you right now. She also wants to kill you.
We are trying our best.
Speaker 5 (06:04):
Yeah, if I was put in charge of it would
not be finance. It would just be something.
Speaker 3 (06:08):
It's just like the Jess and Beck wrap up of
the week, and it's just yacking about literally favorite tiktoks
of the week.
Speaker 6 (06:17):
Imagine, Oh my god.
Speaker 3 (06:18):
I love it. Someone and someone said we need to
give Beck her own podcast in my DMS and I
was like, that is really sweet, but no, we do not.
Like Becky is amazing, But can you imagine if Beck
wasn't in a controlled environment, like and she just had
her own Beck show, it would be great. People would
love it, but you would not be able to predict
what was about to happen, what's going to be on
(06:39):
the show.
Speaker 4 (06:39):
Who knows?
Speaker 6 (06:40):
Maybe twelve hours long as well.
Speaker 3 (06:42):
Yeah, like the episodes would go for six years. My
husband actually said he started a twenty hour podcast the
other day, and I was like, I would.
Speaker 4 (06:51):
Never like an episode was twenty hour yep.
Speaker 3 (06:53):
And I was like, oh, that was actually crazy science
and I was like, yes, okay, cool. I mean, you
can't trust this man's podcast recommendations. He listens to cricket podcasts,
He listens to science podcasts and history podcasts, which find
slaking like pop off, but like I get in his
car sometimes and like it automatically starts playing, and I'm like,
(07:14):
this is so blend. What are you doing?
Speaker 6 (07:17):
It's really good, Like some people just have their brain.
Speaker 4 (07:23):
My husband straight. I don't want to.
Speaker 3 (07:26):
Say about it, but I just feel really bad for
my son because he gets in the car with his
dad and has to listen to this drivel.
Speaker 4 (07:32):
He's going to be so smart mostify.
Speaker 5 (07:37):
I don't know what the verb osmosis is, but he's
going to soak it all up.
Speaker 3 (07:40):
He's going to soak it all up alright, Well, I
am praying for that because the big brains aren't coming
from my side of the family, Miss jessic Rici. When
it comes to money, wins and confessions, what are you
bringing all right?
Speaker 5 (07:51):
First of this week, I've got one from Julia, who
said her parents were helping her do a huge yard
clean up on the weekend, including cutting back a big
tree that was starting to overhang, and her eber mentioned
that their council offers four free green waist drop offs
at the dump every year. Hey, that's a good deal,
I want to remind every and you also get free recycled.
Speaker 4 (08:08):
Well maybe it's not every council. My council.
Speaker 3 (08:10):
My coucle does it as well.
Speaker 5 (08:11):
Free recycling drop off, so if your recycling being's getting full,
you can take it to your generally local for free.
So always worth checking account's website exactly as Julia did. Next,
I've got a money in from Christy, who said she
had got a money in from last week. She had
been wanting to hit her daughter a mini Yoho player
for her birthday, so she's been tracking both marketplace and
the website for a deal mini Yodo player for anyone
(08:33):
playing at home.
Speaker 4 (08:34):
What's the other version of the Kyoto?
Speaker 6 (08:36):
And then.
Speaker 4 (08:39):
I really want to get one Friday.
Speaker 3 (08:40):
It's like basically an audio book player. The cool put
cards in. It looks like a little bit like an
old school cassette player. You put the card in and
it plays like music or talking books or educational content
or it is the Tony Box, which is what my
son has. And I picked it, not sponsored, by the way,
I just purchased it for him. I picked it because
it's like a box and it's like soft, so easy,
(09:02):
and he's like one and a half. And it has
characters that magnet to the top of it and the
character's magnet and then it's got like songs and books
and stuff on it.
Speaker 4 (09:10):
Cool.
Speaker 6 (09:11):
Oh one of those I just got.
Speaker 4 (09:12):
It look really fun.
Speaker 3 (09:13):
I want to get so yeah. The tactile nature of
it was like, oh, that's probably better for someone younger,
but the Yoto looks very cool as well.
Speaker 5 (09:21):
Well. Christy managed to find someone a marketplace. You had
a ten percent discount, and then the website had up
to twenty percent off, so she's caored herself thirty percent
off in total.
Speaker 3 (09:28):
That's such a good deal.
Speaker 5 (09:29):
Really well done, and I feel like When they first came,
those things weren't going on sale. But now they've been
in Australia for a little bit, they are starting to discount.
I feel like me and you've been wanting to get one,
keep an eye out.
Speaker 3 (09:37):
Yeah, and also marketplace is great for that's great, like
they just grow out of it and mums put it
up there for much cheaper. And to be honest, they're
pretty well made, so I put her is shoes pretty sturdy. Next,
I got money in from Natasha, who said she bought
four or five liter bottles of engine oil on sale
last week. That's exactly what I always go looking for.
Speaker 5 (09:57):
She said they were half priced and much cheaper than
I had been in ages. That means that she can
service her and her husband's car for approximately fifty one
dollars across the next yard.
Speaker 3 (10:06):
Excuse me, that.
Speaker 6 (10:07):
Is such a slay.
Speaker 3 (10:08):
What do you mean you are servicing your husband's car?
Speaker 4 (10:11):
I can't. That's what we love to see. But it's
really cool.
Speaker 3 (10:14):
Well it's thought cheap apparently that's very beck coded.
Speaker 6 (10:18):
Oh yeah, I love it.
Speaker 5 (10:20):
Next, I've got a money loss from Gemma, which I
giggled aut just because I could really relate said money loss.
I really need to stop shopping at TKX because I
never leave empty.
Speaker 3 (10:27):
That's jam.
Speaker 5 (10:28):
I love tex That's where if anyone wants to know
where to get good Halloween DECORX for it.
Speaker 4 (10:33):
Yeah, because they're American.
Speaker 3 (10:35):
Remember the time we went to America and then you
brought home a whole suitcase full of plastic pumpkins.
Speaker 4 (10:39):
I use them every year.
Speaker 3 (10:40):
I'd love to go back into shade just like probably
the one of the funniest moments ever. And then we're
with the rest of the team. Beck, Sorry you weren't there,
because you would have made that really fun. It already
was fun, but you would have taken it to the
next level. Jess was negotiating with the rest of the
team because she brought too many pumpkins. Could get a
plastic pumpkin into their suitcase to smuggle it back to Australia.
Speaker 7 (11:02):
If you had a hole in the top, then you
just put things in there. It's almost like didn't do well.
Speaker 5 (11:07):
I think I got to seven of various sizes in
my already very full suit.
Speaker 6 (11:12):
Jess, I need to.
Speaker 7 (11:13):
Tell you that if you get a witch's head like
thing casing, you can grow your pumpkins into a witch's head.
Speaker 6 (11:21):
That's so fine and I just need to do that.
Speaker 3 (11:24):
Do you grow pumpkins? I have a but it's an option.
Speaker 7 (11:28):
I think I want to get into it this year
is yes, because honestly, because of.
Speaker 6 (11:32):
You's so fun.
Speaker 3 (11:35):
Alright.
Speaker 5 (11:36):
Lastly, this week, I've got a money from Erica, who
said she got her library membership renewed so she could
get some audiobooks from the app Libby instead of paying
for Audible or buying from Apple. She said she's already
listened to Ikey Guy and is now listening to the
Money Diaries book.
Speaker 3 (11:51):
Okay, that means she probably did my best year yet,
of course, which will obviously come back in January next
year again. But Ikey Guy is a very good book
for you to read if you are trying to find
your passion in life and also get paid for it,
which we love that outcome.
Speaker 4 (12:08):
An ekey guy. That was what I was looking at
the part.
Speaker 3 (12:12):
It's a Japanese concept of finding like contentment in life.
So there's like four different components and I'm going to
murder it off the top of my head, but like
what you like doing, what the community and the world needs,
and what you can get paid for, and like what
skills you have, and so like how do you bring
those things together? Because I think sometimes we need a
framework to kind of help us work out what we
(12:33):
want to do with our lives. But then it's also
not that helpful. Honestly, if I'm like, oh, Jess, well
what do you like doing? Well, that's very different than
what do you like doing? But can also get paid for?
Speaker 8 (12:43):
Me?
Speaker 5 (12:46):
That you could?
Speaker 3 (12:47):
I reckon Jess if she got another side hustle would
be one of those women who goes and decorates other
people's Christmas trees.
Speaker 4 (12:54):
That's my dream, I know.
Speaker 3 (12:55):
I thought about starting.
Speaker 5 (12:56):
Actually I don't want to share my business idea because
what if one day I do it? But I had
a Christmas themesue raiding business idea?
Speaker 3 (13:02):
Can you just do that for my house?
Speaker 4 (13:04):
Absolutely?
Speaker 3 (13:06):
When I was pregnant with Harvey, to help me set
up my Christmas tree and it never has looked better.
Speaker 6 (13:11):
So yeah, I will pay you to do mine.
Speaker 4 (13:13):
This here, you don't have to pay me. I do
have a freak.
Speaker 6 (13:15):
Oh business labor.
Speaker 3 (13:20):
I love you will definitely take advantage if they're able
to miss be show me what have you got when
it comes to broke tips.
Speaker 7 (13:26):
Okay, so this first one comes from Stepha Best and
Less Friends Club, Best.
Speaker 6 (13:32):
And Less, Oh my god.
Speaker 3 (13:34):
Friends Club is Q.
Speaker 4 (13:35):
They do great kids and babies clothes.
Speaker 3 (13:37):
I am aware. I am to day care in bloody
Country Road. It's not happening you are wearing Best unless
you are wearing k Mart. I don't even know how.
But the other day he came home with paint on
his back.
Speaker 6 (13:50):
Oh FLEXI booking, but you know.
Speaker 3 (13:53):
Where You're just like, I don't know how that happens,
but I'm glad that that was on a kmart jumper.
Speaker 6 (13:58):
Best and Less God, I need to go back in there.
Speaker 7 (14:00):
I'm also like, I always tie them to my head
with Lows, but I know the separate But they do actually.
Speaker 3 (14:04):
Have good trading. You've never been into Low's.
Speaker 6 (14:06):
Low's is great. I love Lows.
Speaker 3 (14:08):
What are you buying Lows? I feel like all they
sell is Hawaiian shirts because whenever I walk past the store,
they've just got Hawaiian shirts in the front. So I'm like, this,
this is not my that's the dream.
Speaker 5 (14:21):
Track.
Speaker 6 (14:21):
They just do work clothes and Hawaiian T shirts.
Speaker 4 (14:24):
And party shirts.
Speaker 6 (14:26):
So strange. Yeah, I think you go in there fools
like you.
Speaker 7 (14:30):
Good basics. Yeah, you're trading clothes and stuff like that.
Best and Less Friends Club. Make sure you log into
your account and you can add yours plus your partners
and five more birthdays. Each birthday month you get a
fifty percent off voucher sent out.
Speaker 6 (14:43):
That's seven months of coupons.
Speaker 4 (14:45):
Because you do.
Speaker 7 (14:46):
Yourself, your partner and five other birthdays. Can you do
yourself and six other people?
Speaker 6 (14:51):
My cat, my other.
Speaker 3 (14:52):
Cat, exactly exactly, cat that I don't have yet. Sure,
his birthday is on the nineteenth of August, your original
du eight.
Speaker 6 (15:00):
It was two weeks late, so I get the fourteenth
and the thirtieth.
Speaker 3 (15:04):
Those tiktoks of people being like, I'm going out to
celebrate today, Can I get myself a sweet treat and
a gift, and then they go because I wasn't born today,
but I could have been, and if I was, it
would have been my birthday.
Speaker 6 (15:15):
Really respect every day could have been our birthdays. They
could be birthday could be.
Speaker 3 (15:20):
It wasn't, but it could have been, and we should
celebrate that.
Speaker 7 (15:22):
Absolutely, I agree. So I think that's really great and
exactly it's just it's perfect. Kids in baby clothes and
school basics, or stocking up on little hair.
Speaker 6 (15:30):
Trinkets for birthday presents. Ah, they's so cute.
Speaker 7 (15:33):
The next one comes from Mikayla, who says, find a
company that sells laundry liquid to hotels, et cetera in
twenty kilo lots.
Speaker 3 (15:40):
Oh that's huge.
Speaker 7 (15:41):
They pay seventy dollars for twenty kilos of concentrate water
down and lasts over two years.
Speaker 6 (15:45):
That's three people five horses worth of laundry. Wow, what
kind of laundry the horses use?
Speaker 3 (15:55):
Horses?
Speaker 5 (15:57):
Like? I think?
Speaker 3 (15:58):
Can they have little legg warms because they do aerobics?
Speaker 5 (16:01):
Oh?
Speaker 6 (16:02):
That's so.
Speaker 3 (16:03):
It's very clear that I do not drive past like
you go down the morning to Peninsul. Do not drive
past all the horses in their little coats.
Speaker 6 (16:11):
They do get little coats on. Yeah, I don't know
you wash those. I would just chuck them in the garden.
Speaker 3 (16:15):
And I just feel like, I don't know when it's
rude to not point out animals as you're driving. And
I have to be like, oh, look, Steve cows and
he's like cool horses, horses, high horses, and Steve's like
I have married a child that's a cute. Not to
those horses look so fancy their jackets.
Speaker 4 (16:35):
Today and even more fun on their babies.
Speaker 3 (16:37):
Your mummy made you look so nice today.
Speaker 6 (16:39):
That is so cute.
Speaker 3 (16:41):
I am so lame.
Speaker 7 (16:43):
Something that's cute is made so much cute that when
someone talks to it in such like a little like
oh yeah, it's like your dog voice.
Speaker 6 (16:50):
It's so cute.
Speaker 3 (16:51):
You can't have your normal voice when talking to an
I don't think they understand. They don't understand before.
Speaker 7 (16:58):
Yeah, and then my tip, my friend sent me a
link the other day and she said, oh my god,
you should sign up for Andy Lee's one.
Speaker 6 (17:04):
Hundred and you get one hundred dollars. And I haven't
got one hundred dollars yet. I saw someone who did it.
Speaker 3 (17:09):
Did you do it? I'm sorry Sandy Lee starting a
Ponzi scheme?
Speaker 6 (17:13):
Yeah, I think so. But no, I don't know if
you guys have seen. It's like it's on very late
at night. I mean maybe it's not, but everything feels
late to me.
Speaker 7 (17:19):
But he does this show where he asks one hundred
people like you can't you kind of joined via zoom
is the vibe and then you're like a few guests
and they ask a question like how many of you
pick your nose?
Speaker 4 (17:32):
You know what I mean?
Speaker 6 (17:33):
Something like that for example, and you just have to
join zoom.
Speaker 7 (17:35):
You're on the show, but like you're very you can't
even you're not even noticeable, you know what I mean,
because you're among a hundred other faces or ninety nine
other faces, I should say. And then yeah, so I
signed up, Yeah, we all signed up, and we haven't
got one hundred dollars yet, but I think you're you
gonna be on the show. I haven't heard back, but
so I think, yeah, I think you do need to
actually make it onto the show.
Speaker 3 (17:54):
I would assume that, Yeah, I would assume if you
go on the show you get paid one hundred dollars,
because that makes sense. Otherwise it's a three hundred dollars.
And then I'm like, Andy Lee, we got a chatter
you're running a Konzi scheme. If so, how do I
get in?
Speaker 7 (18:04):
But I just think it's such a because the chances
of being picked, you're just like you're just a random
face on a random screen.
Speaker 6 (18:09):
Of course you're gonna be picked.
Speaker 4 (18:10):
But that now that.
Speaker 3 (18:11):
Broke people money went to expand on that you can
like sign up for TV shows to be in the audience.
I remember one time I was this is so first world,
but I was overseas so I couldn't go. But Gabby
and I, who used to work here, we signed up
because we were like, we want to go and be
in the audience of Thank God you're here, it's so good.
And we signed up and then they said the tickets
(18:33):
weren't transferable, but I wasn't in the country, and Gabby's like, oh, well,
it's you've got a ticket, and I've got a ticket.
And then her friend pretended to be Victoria, so if
anyone ran into Victoria, I thank god you're here, it
wasn't me.
Speaker 6 (18:48):
That would be so fun to watch.
Speaker 3 (18:49):
Yeah, I was really envious because that's one of the
shows I've watched since I was teeny tiny, and I
just feel like that would be a fun show to
be in the audience off where some other shows might
be like a little bit boring, but that could be
a fun date night. Sign up for all these shows, and.
Speaker 4 (19:03):
The Taskmaster, I reckon would be.
Speaker 6 (19:07):
But you're not there for the task. You're just there
for them watching their task, and then.
Speaker 4 (19:10):
They do the live task the live task Yes, true,
I love that would be cool.
Speaker 3 (19:15):
Can we run She's on the money task Master?
Speaker 5 (19:17):
Oh?
Speaker 4 (19:18):
That would be fun, so fun.
Speaker 3 (19:20):
I feel like that would be a good YouTube series.
Speaker 4 (19:22):
It would be a good YouTube series. You would both
suck because.
Speaker 3 (19:26):
Because because the adhd of at all, all.
Speaker 5 (19:29):
The information you need is in the task You can't
even the amount of times that whoever was hosting would
have to say that to you too.
Speaker 3 (19:36):
Hold on so true, Jess. You were able to get
out of escape rooms, aren't you?
Speaker 4 (19:41):
I love an escape room?
Speaker 3 (19:43):
Have you ever successfully escaped an escape room?
Speaker 1 (19:46):
No?
Speaker 3 (19:46):
Yeah, neither.
Speaker 4 (19:48):
Everything feels like I'm going but she's on.
Speaker 3 (19:50):
The money, She's on the money task Master would be
very fun.
Speaker 6 (19:55):
Well, we'll work shop, we'll come back to them.
Speaker 3 (19:57):
How do we marry? She's on the money task Master?
But like somehow with money and budgeting and maths tips easy? Well,
producer was used to work in TV. Hey, emma, emma
help some more work anyway? All right, that sounds really good.
Speaker 6 (20:14):
That's it from my end. I love that I have
to go to a break.
Speaker 3 (20:18):
We have to talk about task Master a little bit more,
and after the break we're going to help answer a
money dilemma, which this week is all about asking, how
do you know if you're buying a property at the
market peak and something that you slid into our dms
about what do you do if your partner's forty grand
in debt but doesn't seem to be in any type
of hurry to pay it off? Don't go anywhere?
Speaker 4 (20:40):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 8 (20:46):
Hi.
Speaker 9 (20:46):
There, have you got a money dilemma you just can't solve?
The Sheese on the Money Team is here to help.
Every week we tackle your dilemmas, both big and small,
to answer your most burning money.
Speaker 3 (20:56):
Career and life questions.
Speaker 9 (20:58):
To get involved, simply head to our and leave us
a short voice recording and you might just find yourself
on the show. Now, let's take a listen to this
week's money dilemma.
Speaker 8 (21:10):
Hi, She's on the Money Team. I'm trying really hard
to break into the Brisbane property market, but wow, prices,
especially hey units have gone through the roof. I recently
read on domain that prices are now at levels that
would have been laughable a few years ago, which is
so true. I'm currently priced out of everything except for
the cheapest suburbs. But here's the catch. Those suburbs are
(21:32):
now being flagged as potentially overvalued too. How do I
figure out if I'm buying at the peak of the market.
I get that Brisbane's growth is likely to continue with
the Olympics coming, but I'm terrified of making a bigger
money mistake, but also scared of being completely pushed out
of the property game.
Speaker 3 (21:51):
Does not make sense, all right, I have a lot
of thoughts and feelings. Beck, how do you know if
you're buying in the market peak?
Speaker 7 (21:57):
I'm the perfect person to ask, because Hi, she's a
property kind of kind of sewer. Honestly, I would not
have a single clue.
Speaker 6 (22:08):
I don't know. I don't know anything about property. I
don't I am they do, and.
Speaker 3 (22:11):
Good you get it getting rentals.
Speaker 6 (22:13):
I'm really good to getting rentals, But that's I don't know.
Speaker 9 (22:15):
I don't.
Speaker 3 (22:16):
I fear that.
Speaker 6 (22:16):
That's probably not going to be helpful.
Speaker 7 (22:19):
But also I do know that, like there are some
rentals where like people are just kind of like they're
sticking to the market whatever the average is in the area,
but they're not fixing up the house. So I don't
like I'm just gonna go for whatever. I'd never looking
for the best property, and like, am I paying too much?
Speaker 6 (22:36):
I just I know I'm paying too much? And what
can I do about it? Nothing?
Speaker 7 (22:38):
So I'm probably the best person asked, But I guess
I would just think about what, like lifestyle wise, which
is not this is not financial advice at all obviously,
but like lifestyle wise, do I want to be living
out further?
Speaker 4 (22:50):
Are you in.
Speaker 6 (22:51):
A mad rush right now?
Speaker 7 (22:52):
I know what you mean by like, if you wait,
you're gonna be like completely pushed out of the game altogether. God,
I don't know what I would do, but I probably
would prioritize lifestyle and I would be like, well, if
I can't afford to buy or live where I want to,
where it's close to my community, close to my friends,
I'm going to rent forever.
Speaker 6 (23:09):
And that's me.
Speaker 4 (23:10):
That's not fair.
Speaker 3 (23:11):
That's call miss jessci. What are we looking at?
Speaker 4 (23:14):
There? So a few things you can look at.
Speaker 5 (23:15):
You can look at auction clearance rates is normally a
pretty good indicator if your clearance rates are decently high.
Speaker 4 (23:20):
What do I mean?
Speaker 2 (23:21):
So?
Speaker 5 (23:21):
Clearance rate is how what percentage of houses sell at auction?
Speaker 3 (23:24):
Just because of house goes for auction doesn't mean it
gets brought. Yes, So every week, like real estate dot
com dot UU and domain dot com dot U published
data and say, of one hundred percent of the auctions
that went ahead, fifty seven percent of those properties sold.
And the higher that percentage, the more market appetite there
is to purchase.
Speaker 6 (23:44):
I see.
Speaker 4 (23:45):
So auction clearance rates are good indicator.
Speaker 5 (23:47):
If not a lot of houses are selling, it's probably
a good indication that either people can't afford them, they're
priced out, expectations are too high, and so you might
see like a little bit of a backslide. I will
say that like historically, as much as we talk about
the peak of the market, prices haven't really dropped, so
to speak, Like they've kind of just increased at a
slower pace at least in the last like maybe five
(24:10):
to ten years. Even during COVID, there was like a
prediction that there would be a huge troth and like, yes,
like things absolutely did dip out during COVID, although I
think that's really an extenuating circumstance, but there is predictions
that there would be a secondary drop in the years
following that just didn't happen. So I don't know that
like looking at the peak of the market, so to speak,
(24:31):
is the most helpful. Think it's kind of like investing right,
like you can try and time it, but like if
you actually knew how to time it, it'd be so
rich correct. So I would more so be looking at
like I think the sooner the better. Just based purely
on my personal experience, I think that if I had
bought three years ago for something that I just could afford,
(24:53):
I think I arguably would be in a stronger financial position.
Speaker 4 (24:56):
And so I think.
Speaker 5 (24:57):
Rather than trying to go, Okay, well, what's the best
time in the market for me to make this purchase?
Speaker 4 (25:03):
Can I afford it? Is it somewhere I want to
buy it?
Speaker 5 (25:05):
So I would actually be looking at the data of
the suburbs that you're saying you can afford to buy in.
Is that a good purchase for you and your goals?
More so than going is it a good time for
me to purpose?
Speaker 4 (25:16):
I agree? But you don't think if.
Speaker 3 (25:18):
Anyone's qualified to speak on this, as you BiDi find
my names Victoria Divine, and I own a mortgage broking business,
so I talk to people about this literally every single day.
And my answer is we do not care. And I
mean that in the nicest possible way. If you are
buying your home and you're a long term investor, we
(25:39):
aren't looking for the peak or the troughs. We're not
looking for it to come off. You're going to hear
stories about people who bought in, like the dips in
the market during COVID, You're going to hear all of
this right, and that is going to distract you. All
I want to know is have you spoken to your broker?
Can you service this loan? Are you comfortable with that?
Desperation adds this additional layer of complexity which might make
(26:02):
you make decisions that aren't in line with your long
term values. And you might be like, oh my god,
but we need to get in right now, and then
three years down the track you're like, we really just
like shotgun purchase that house because we were desperate, as
opposed to actually looking at our financial circumstances. The best
time to buy an investment, the best time to buy
a property is the time that it makes financial sense
(26:25):
to you.
Speaker 4 (26:25):
It's the time that you sit down and you.
Speaker 3 (26:27):
Have your deposit comfortably, You've got your buffer comfortably. You
are happy to take on that loan, You are happy
with how much those mortgage repayments are going to be.
It's not about timing the market or waiting for an
interest rate drop, because you know what, you're not the
only person thinking that. And I think I've had to
dispel over the last couple of months a lot of
conversation with clients where they go, we're just going to
wait for the next rate cut, and I go, that's fantastic.
(26:50):
Do you really think that you are the only first
home buyer that is waiting for the rate to drop?
And do you know what happens when the rate drops,
and that's why you're wanting to wait, is the rate drop.
And the last rate drop as of recording was a
point two five percent basis drop. So that means that
the interest rate in Australia, or the cash rate in
Australia went to three point six zero percent. That means
(27:13):
off the last rate cut that we had, if you
had a million dollar mortgage, you're probably saving about one
hundred dollars a month, and off a five hundred thousand
dollars mortgage, it's probably cutting fifty bucks off a month.
So that is a good amount of money, like not
something to sneeze at. But on the flip side, if
you haven't purchased yet, you actually have an increased amount
of borrowing power because the bank goes, oh, with that
(27:35):
same deposit, you can actually borrow more money because the
money to borrow is cheaper, and you go, that's a
money win. But when money is cheaper, and let's pretend Jess,
you're in the market to purchase, you currently have a
budget of five hundred thousand dollars, which is a very
normal first home buyer's budget, right, And you say to
me the I'm going to wait for the next rate
cut or I'm going to wait for the market to
(27:55):
come off. Every other first home buyer that is in
the mund market that is saying that is your competition, right,
And so say you wait for the rate cut, and
then your broker calls you and goes, great, Jess, like,
you know, we had your pre approval at five hundred thousand,
but now it's actually five hundred and twenty thousand dollars
because of the rate cut.
Speaker 4 (28:13):
Money win.
Speaker 3 (28:14):
You're now going shopping and have twenty thousand dollars extra
to spend at every single auction you go to, I
promise you will cap that out if you are desperate.
So will every other first home buyers. So instead of
that house going for twenty thousand dollars less, we all
have a little bit of free extra money to push
that auction up a little bit more. So you will
often see with rate cuts increases in property value, but
(28:38):
that's just because there's more cash floating around for the
economy to spend, not because oh there's more demand for them.
You cannot predict this stuff, so like kind of put
some blinkers on when you're buying property and I know
that I go do your research, keep your eyes open
when it comes to your budget and the market.
Speaker 4 (28:54):
You can't time it.
Speaker 3 (28:55):
Yes, if you are an investor purchase, that's probably where
a little bit more consideration. Like if Jess came to
me and said, got five hundred thousand dollars. I want
to buy an apartment and I want to or a house,
or I want to buy something and the plan is
to purchase it with a short term horizon, and I
would like to have it on just interest only, and
I'm hoping that in five years I can sell that
(29:17):
property because I would have gained some equity in it,
and like, that's how I'm planning on making money. That's
when we start to care a lot more about what
the market's doing and you know what it looked like
over the last ten years. But if you're purchasing your
family home, yeah, it's important to be across it. We
don't want to be ripped off. We don't want to
be overpaying, like that's not our journey. But we are
also not trying to time the market, because if you're
(29:39):
trying to time the market with everybody else, I can
promise you that you're not putting yourself in the best
possible position, and also not to throw misstrescotta eachy under
a bus. But I can almost guarantee that she wishes
she put just like pulled the trigger and bought it
a time without putting blinkers on, like or had a
few more blinkers on at the start of her journey,
because it would have been financially benefit. But you also
(30:01):
just don't know what you don't know, kinds.
Speaker 4 (30:03):
It's twenty twenty. Absolutely should we get into this SEXUCDM?
Speaker 3 (30:06):
Absolutely? So this week we got a DM and it said, hey,
she's on the money. My partner currently has around forty
thousand dollars worth of debt accumulated and it's in the
process of consolidating it and also isn't currently adding any
additional debt. Although they are coming up with a plan
to console the date, they have no desire to actually
pay it off quickly or be out of debt at
any point. They believe it's just part of life. I
(30:29):
feel quite the opposite. I've never had debt and I
am quite good at saving. I'm nervous about when the
time comes where we might join finances. They've mentioned that
they always keep their debt separate to me. However, I'm
not sure it works that seamlessly. Would love some advice
and thoughts from the community. What would you do?
Speaker 6 (30:48):
Yeah, I'm not too sure how debt works when like.
Speaker 3 (30:52):
Has become your debt Like okay, unless your name's on it,
it doesn't become yours. But like, if my husband had
debt and I didn't have debt, and we have shared
financial goals, that's now a burden on me totally. I
want to help pay off because I'm like, well, I
can't buy house, or I can't do anything, or I
can't go on a holiday until that's gone. So totally
it comes a burden of yours in the relationship rather
(31:13):
than a burden of yours long term.
Speaker 6 (31:14):
Absolutely, so like yeah, in like an indirect way, definitely.
Speaker 7 (31:17):
Still, I guess if the loan repayment amount is not
a giant chunk of like, if it's not like really
really impacting your day to day, I can kind of
understand that feeling of like, oh, like I'm not super
worried if it was like HEX. I know it's different,
but like Hex, I'm never thinking about Hex, and I
know this is very very different to HEX, but I'm
(31:38):
thinking if it's like a drop in the ocean. On
the one hand, you'd be like, oh, if it's a
drop in the ocean, then like quickly paid off, so
you need to have to think about it. But on
the other hand, it's a drop in the ocean, I'm
not in a rush. I'm just paying that slowly. I
don't want it to like impact three four months for example,
of like paying this thing off heaps and just like
kind of living tight and on a budget for that
(31:58):
time while you paid off. I guess like if you
have a chat and crazy communication is key here but.
Speaker 3 (32:06):
Wow, I'm glad that has come up. It never comes up, and.
Speaker 7 (32:10):
If you have a chat about it and you kind
of realize that like the likelihood of it impacting you
either directly or indirectly, Like yeah, let's say you want
to go on a holiday or you want to buy
a house together or something, and it's like like if
you look at it and you're like, can you see
how this debt will impact that directly? And maybe that's
just all it takes, like just like the actual like
showing someone how while it doesn't seem like anything, while
(32:34):
it just kind of seems like it's happening in the background,
how it could impact your day to day life. I
guess because I have someone in debt that I can
understand two different sides with it, So I think you're
just communication.
Speaker 4 (32:45):
It's just a yeah, I folutely agree.
Speaker 5 (32:47):
I think like it it sounds like you just need
to have a conversation. I think pointing out to them,
as you said, like how that will impact your future
goals because it's not about the fact that they have debt,
Like people can accumulate deb for a whole host of reasons,
and you know it's up to us to do with
that as we will, but pointing out the fact that, well,
if we wanted to buy a house together, or if
we wanted to have children, or if we wanted to
(33:08):
do your take on any kind of significant financial undertaking,
you already carrying debt inhibits your ability to contribute to
that might inhibit our ability to borrow money for a
big goal like purchasing a house, all those sorts of things.
I think it's really important to be on the same
page because I think if you have one person who
is very like I don't care about the debt, I'm
(33:29):
happy to let it hang out there forever, and one
person who's very driven and very like I want to
buy house, I want to go on a holiday, I
want to do this that the other, I think there
is potential for them to be conflict there down the track.
So I do think it's important that you address it
and both of you hear each other out. As you said,
people are entitled to have different opinions and perspectives, and
there's no right or wrong. But I think that when
(33:51):
it can start to impact the things that you're trying
to build together, that's when it has the potential to
become a problem. So I think, yeah, you're absolutely right.
It's just about having a conversation, you explaining how you
feel out the impacts them, explaining why it might not
be a.
Speaker 4 (34:04):
Priority to them, planning out what.
Speaker 5 (34:06):
You want to do and how you know that might
overlay or underlay underneath you know, the things that already exist,
and kind of go from there. But I think it
is important to address sooner than later, because if you
leave it, I think it has the potential to be
a bigger deal, where right now you're in a position
where it doesn't need to be.
Speaker 3 (34:25):
Yeah, And it's rough because that's just telling me you're
not on the same page. Yeah, and you clearly want
to be on the same page. So it's not about
how they accumulated the debt. It's about prioritizing that and
your future financial goals. And I think that just even
talking to them about like you're aware of like how
detrimental this debt is.
Speaker 4 (34:42):
It's not just.
Speaker 3 (34:43):
Like you've got debt, great, but it's also like the
exact opposite of compound interest, Like the longer you have it,
the more you're paying off. Yes, you're in forty thousand
dollars worth of debt, But how much is that going
to cost you? Probably fifty two to sixty thousand dollars
to pay it off, Like people don't look at how
financially impactful that is. And like your situation back at
(35:04):
the moment, and I know you've been through a lot
of debt. With a payment plan on something like fines
is a bit different to a debt that's carrying a
lot of interest, So like I can see why you
might go, it's sixty bucks a month and you know what,
it just takes along, Whereas if there was a significant
interest charge payable on that, I'd be like, well, actually, yeah,
it feels like that in the moment, but ultimately it's
putting you behind and that you know, thousand dollars you own,
(35:27):
it's actually two and a half thousand dollars, and like
that is not cool because I'm pretty sure you would
want fifteen hundred bucks in your back pocket. So I
think it's about contextualizing it and going, do you actually
know what this means for us? Like and not being
able to do things, And I just think it's it's
really hard, but it's all about getting on the same page. Now,
we did ask the community. We asked a couple of questions. First,
(35:49):
we said, how do you feel about this sort of debt?
And ninety two percent said I'm exactly the same as her.
An eight percent said I actually agree with her partner.
We then asked, how would you feel if your partner
had forty thousand dollars in personal debt and wasn't in
a rush to pay it off. Fifty seven percent said
I'd be stressing about our money future, Twenty three percent
said I'd need a payoff plan from my partner. Eleven
(36:10):
percent said this is actually a deal breaker for me.
A nine percent said it's their money, it's their choice,
which is all fair and good and reasonable. We then said, well,
what's your two cents we want to know? First person said,
you need to explain. Hey, this person's on my page.
First person said, you need to explain the money saved
in interest by paying it off faster and using that
money for a fun goal. Another person said I was
(36:32):
in the same situation and I actually gave my partner
an ultimatum, you let me help you sort this out
or I'm gone. We are going on ten years strong.
Speaker 4 (36:41):
Wow.
Speaker 3 (36:42):
Next person said, you can't control how other people choose
to live, but I would not be marrying them. Next
person said, if your money values can't align now, it'll
only get exasperated later in life with weddings and kids
and your bigger family goals. Another person said, don't combine finances.
You need to be managed things separately until they aren't
in any debt. Another person said the reality is that
(37:04):
if they are paying off debt, that's money that's not
going into the relationship and making it better. And the
last person said, you can't really keep debt that separate
if you're planning on getting married or plan to apply
for a home loan together in the future, which is true.
Speaker 4 (37:17):
I think yeah.
Speaker 3 (37:19):
I just think it is impactful for your future. Whether
you care about it or not is a different story.
But being on the same page as your partner is
really important.
Speaker 5 (37:27):
True.
Speaker 4 (37:27):
I couldn't agree more. Oh wow, communication, that's so crazy.
Speaker 3 (37:31):
Place to leave it, guys, I hope you have had
a really beautiful week. We'll see you brighten early on
Monday morning for a money diary, but until then, have
a beautiful weekend.
Speaker 4 (37:39):
By guys.
Speaker 3 (37:40):
Bye.
Speaker 9 (37:46):
The advice shared on She's on the Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
Speaker 3 (38:00):
If you do choose to buy a financial.
Speaker 9 (38:01):
Product, read the PDS TMD and obtain appropriate financial.
Speaker 3 (38:05):
Advice tailored towards your needs.
Speaker 9 (38:07):
Victoria Divine and She's on the Money are authorized representatives
of money sherper P T y lt D A b
N three two one six four nine two seven seven
zero eight AFS L four five one two eight nine
My name's Sasha Bamblet. I'm a proud First Nations woman
and I'm here to acknowledge country t Glenn Young Ganya,
Niana Kaka yah y and Binahaka Nian our gay In
Mbini yakarum Jar Dominyamiga Umagahawaka Woman Damon Imlan Bumba ban
Gadabomba in and now in wakah Ghana on yak rum
Jar water Nadaa. Hello, beautiful friends, we gather on the
(00:24):
lands of the Aboriginal people. We thank, acknowledge and respect
the Abiginal people's land that we're gathering on today. Take
pleasure in all the land and respect all that you see.
She's on the Money podcast acknowledges culture, country, community and connections,
bringing you the tools, knowledge and resources for you to thrive.
Speaker 2 (00:45):
She's on the Money. She's on the Money.
Speaker 3 (01:08):
Hello and welcome to She's on the Money, the podcast
that makes personal finance fun, especially on Fridays. It's our
favorite day of the week because we get our team
together and we celebrate you the incredible. She's on the
Money community Ms. Jess Gri She's here checking our pronunciation
to make sure everything's right, but also we'll be sharing
her favorite money wins and tips and tricks, and Miss
Besayed has a number of good broke tips for us.
(01:31):
This week, we're going to also be helping to answer
a money dilemma, which this week is asking, how do
you know if you're buying a property in the market
peak and something you slid into our dms? About what
do you do if your partner is in forty thousand
dollars worth of debt and they're just not in a
hurry to pay it off. Interesting? But before we get there,
(01:52):
how are your weeks?
Speaker 4 (01:54):
He's been lovely.
Speaker 5 (01:54):
I have nothing exciting to report it all. I'm afraid,
just gorgeous.
Speaker 4 (01:58):
Live and love and love.
Speaker 6 (02:01):
No news is good news.
Speaker 4 (02:02):
Yeah, how about you?
Speaker 7 (02:04):
My week's been really good technically because we're recording a
few days earlier this week. Cheeky, cheeky, when you hear this,
I am in Thailand. I will be in Thailand or
maybe just coming back.
Speaker 3 (02:13):
Actually, so you'll be in Thailand.
Speaker 4 (02:16):
You'll be in Thailand.
Speaker 3 (02:17):
You'll be enjoying in Thailand. So if everybody could just
shut their eyes for a second, if you're not driving, Yes,
and imagine Beck on a beach with a coconut.
Speaker 6 (02:25):
Yes, we've got to come out feel like that.
Speaker 3 (02:28):
I've got a man.
Speaker 5 (02:30):
If we're fantasizing, there's no vage fantasizing that Beck quits vaping.
I also accept her as she is, Like I just
like her the way she is, so that's fine.
Speaker 3 (02:39):
But also we shouldn't be romanticizing that. That's not any
that's really bad. That's it's so funny.
Speaker 7 (02:45):
I've watched a full like emotional roles, you just fantasizing
about my.
Speaker 5 (02:53):
For you.
Speaker 3 (02:53):
But also I feel like in Thailand, like this is
not good, but like I feel like you're gonna have
a limited access to of apes. Yeah, you're fine in Thailand,
but you've been trying to stop.
Speaker 4 (03:03):
I have good faith in your self control, thank you
so much.
Speaker 3 (03:08):
I have no faith in I don't have any faith
in my own self control. So I wish I could
help you back there. Like as much as we are
complete polar opposites when it comes to our ADHD same same.
Speaker 6 (03:20):
Yeah, yeah, completely agree.
Speaker 7 (03:21):
I did like one of those personality tests and self
like what's the word self regulation? So regulation and like
impulse control was my lowest and so I'm like, I
don't have any faith you were like, I.
Speaker 3 (03:31):
Have no surprises on thisa.
Speaker 6 (03:33):
No surprises, but I.
Speaker 3 (03:36):
So tricks on how they quit vaping. Yeah, let me
know right into our DMS, because I feel like this
is nice an uncommon experience.
Speaker 7 (03:42):
No, I don't think so, I think, yeah, let me
know how you did it, very very grateful and maybe
I'll use one or two of those tips.
Speaker 6 (03:48):
But yes, So currently right out in Thailand and living
it up. So great week. I gotta tell you.
Speaker 4 (03:54):
Great week. You guys.
Speaker 3 (03:56):
I love that for you. I mean I just got
back from Bali, and so I'm a little bit salty
that you're technically in Thailand right now, because there's nothing
like just escaping the winter for a bit. Oh yeah,
But like you escape, you feel amazing. It's so warm.
And then you catch your flight and like, I don't
know if you're like me, No, I know you're like me.
(04:17):
We pick the inconvenient flight times, not because they're inconvenient,
but because they're much cheaper.
Speaker 4 (04:22):
Oh yeah.
Speaker 3 (04:22):
And so you fly back into Melbourne one am and
you're like, I have to get back to my car.
I have to put a baby into the car. It's
bloody cold, it's freezing. He's upset and this is not
the Bali vibes that I had prior. Oh yeah, I
feel like I'm on my post holiday blues. I get it,
and you're just rubbing it in my face. That's nice,
(04:45):
but also what a privilege we get to holiday? How good?
Speaker 6 (04:48):
Yeah, that's so true.
Speaker 4 (04:49):
Good pray we look at it.
Speaker 3 (04:50):
So would you guys like to hear a little five
star review from the week that was Please all right,
sit down because this one is cute. This one is
reread and she says love you guys, absolutely love listening
to you. Every single week. I never miss an episode
and I'm always looking forward to the next one. Since
finding She's on the Money, I've learned so much about
(05:10):
managing my money, particularly investing. I have started reading Victoria's
books and I'm finding them so helpful in my current
money journey. I honestly wish there was more than three
episodes a week. Oh that's so cute. Someone slid into
my DMS like a month ago and was like Victoria, like,
I don't mean to be a pest, but like, you
need to do more episodes a week. I was like,
(05:31):
girliea or where we do? Like no podcast does three
like that's a lot. And she's like, yeah, I actually
binge listened to them all on a Friday and then
have only one day where like I can listen to
your podcast, So you're just going to need to step
it up. And I was like, girl, the only recommendation
I have is putting us in slow mo.
Speaker 6 (05:50):
We can do more, I mean, just can do more.
Speaker 4 (05:52):
Okay, yeah, you.
Speaker 3 (05:52):
Guys do that. And also I want nothing to do
with the planning process because that actually takes a really
long time. I'm pretty sure our producer Emma is scowling
at you right now. She also wants to kill you.
We are trying our best.
Speaker 5 (06:04):
Yeah, if I was put in charge of it would
not be finance. It would just be something.
Speaker 3 (06:08):
It's just like the Jess and Beck wrap up of
the week, and it's just yacking about literally favorite tiktoks
of the week.
Speaker 6 (06:17):
Imagine, Oh my god.
Speaker 3 (06:18):
I love it. Someone and someone said we need to
give Beck her own podcast in my DMS and I
was like, that is really sweet, but no, we do not.
Like Becky is amazing, But can you imagine if Beck
wasn't in a controlled environment, like and she just had
her own Beck show, it would be great. People would
love it, but you would not be able to predict
what was about to happen, what's going to be on
(06:39):
the show.
Speaker 4 (06:39):
Who knows?
Speaker 6 (06:40):
Maybe twelve hours long as well.
Speaker 3 (06:42):
Yeah, like the episodes would go for six years. My
husband actually said he started a twenty hour podcast the
other day, and I was like, I would.
Speaker 4 (06:51):
Never like an episode was twenty hour yep.
Speaker 3 (06:53):
And I was like, oh, that was actually crazy science
and I was like, yes, okay, cool. I mean, you
can't trust this man's podcast recommendations. He listens to cricket podcasts,
He listens to science podcasts and history podcasts, which find
slaking like pop off, but like I get in his
car sometimes and like it automatically starts playing, and I'm like,
(07:14):
this is so blend. What are you doing?
Speaker 6 (07:17):
It's really good, Like some people just have their brain.
Speaker 4 (07:23):
My husband straight. I don't want to.
Speaker 3 (07:26):
Say about it, but I just feel really bad for
my son because he gets in the car with his
dad and has to listen to this drivel.
Speaker 4 (07:32):
He's going to be so smart mostify.
Speaker 5 (07:37):
I don't know what the verb osmosis is, but he's
going to soak it all up.
Speaker 3 (07:40):
He's going to soak it all up alright, Well, I
am praying for that because the big brains aren't coming
from my side of the family, Miss jessic Rici. When
it comes to money, wins and confessions, what are you
bringing all right?
Speaker 5 (07:51):
First of this week, I've got one from Julia, who
said her parents were helping her do a huge yard
clean up on the weekend, including cutting back a big
tree that was starting to overhang, and her eber mentioned
that their council offers four free green waist drop offs
at the dump every year. Hey, that's a good deal,
I want to remind every and you also get free recycled.
Speaker 4 (08:08):
Well maybe it's not every council. My council.
Speaker 3 (08:10):
My coucle does it as well.
Speaker 5 (08:11):
Free recycling drop off, so if your recycling being's getting full,
you can take it to your generally local for free.
So always worth checking account's website exactly as Julia did. Next,
I've got a money in from Christy, who said she
had got a money in from last week. She had
been wanting to hit her daughter a mini Yoho player
for her birthday, so she's been tracking both marketplace and
the website for a deal mini Yodo player for anyone
(08:33):
playing at home.
Speaker 4 (08:34):
What's the other version of the Kyoto?
Speaker 6 (08:36):
And then.
Speaker 4 (08:39):
I really want to get one Friday.
Speaker 3 (08:40):
It's like basically an audio book player. The cool put
cards in. It looks like a little bit like an
old school cassette player. You put the card in and
it plays like music or talking books or educational content
or it is the Tony Box, which is what my
son has. And I picked it, not sponsored, by the way,
I just purchased it for him. I picked it because
it's like a box and it's like soft, so easy,
(09:02):
and he's like one and a half. And it has
characters that magnet to the top of it and the
character's magnet and then it's got like songs and books
and stuff on it.
Speaker 4 (09:10):
Cool.
Speaker 6 (09:11):
Oh one of those I just got.
Speaker 4 (09:12):
It look really fun.
Speaker 3 (09:13):
I want to get so yeah. The tactile nature of
it was like, oh, that's probably better for someone younger,
but the Yoto looks very cool as well.
Speaker 5 (09:21):
Well. Christy managed to find someone a marketplace. You had
a ten percent discount, and then the website had up
to twenty percent off, so she's caored herself thirty percent
off in total.
Speaker 3 (09:28):
That's such a good deal.
Speaker 5 (09:29):
Really well done, and I feel like When they first came,
those things weren't going on sale. But now they've been
in Australia for a little bit, they are starting to discount.
I feel like me and you've been wanting to get one,
keep an eye out.
Speaker 3 (09:37):
Yeah, and also marketplace is great for that's great, like
they just grow out of it and mums put it
up there for much cheaper. And to be honest, they're
pretty well made, so I put her is shoes pretty sturdy. Next,
I got money in from Natasha, who said she bought
four or five liter bottles of engine oil on sale
last week. That's exactly what I always go looking for.
Speaker 5 (09:57):
She said they were half priced and much cheaper than
I had been in ages. That means that she can
service her and her husband's car for approximately fifty one
dollars across the next yard.
Speaker 3 (10:06):
Excuse me, that.
Speaker 6 (10:07):
Is such a slay.
Speaker 3 (10:08):
What do you mean you are servicing your husband's car?
Speaker 4 (10:11):
I can't. That's what we love to see. But it's
really cool.
Speaker 3 (10:14):
Well it's thought cheap apparently that's very beck coded.
Speaker 6 (10:18):
Oh yeah, I love it.
Speaker 5 (10:20):
Next, I've got a money loss from Gemma, which I
giggled aut just because I could really relate said money loss.
I really need to stop shopping at TKX because I
never leave empty.
Speaker 3 (10:27):
That's jam.
Speaker 5 (10:28):
I love tex That's where if anyone wants to know
where to get good Halloween DECORX for it.
Speaker 4 (10:33):
Yeah, because they're American.
Speaker 3 (10:35):
Remember the time we went to America and then you
brought home a whole suitcase full of plastic pumpkins.
Speaker 4 (10:39):
I use them every year.
Speaker 3 (10:40):
I'd love to go back into shade just like probably
the one of the funniest moments ever. And then we're
with the rest of the team. Beck, Sorry you weren't there,
because you would have made that really fun. It already
was fun, but you would have taken it to the
next level. Jess was negotiating with the rest of the
team because she brought too many pumpkins. Could get a
plastic pumpkin into their suitcase to smuggle it back to Australia.
Speaker 7 (11:02):
If you had a hole in the top, then you
just put things in there. It's almost like didn't do well.
Speaker 5 (11:07):
I think I got to seven of various sizes in
my already very full suit.
Speaker 6 (11:12):
Jess, I need to.
Speaker 7 (11:13):
Tell you that if you get a witch's head like
thing casing, you can grow your pumpkins into a witch's head.
Speaker 6 (11:21):
That's so fine and I just need to do that.
Speaker 3 (11:24):
Do you grow pumpkins? I have a but it's an option.
Speaker 7 (11:28):
I think I want to get into it this year
is yes, because honestly, because of.
Speaker 6 (11:32):
You's so fun.
Speaker 3 (11:35):
Alright.
Speaker 5 (11:36):
Lastly, this week, I've got a money from Erica, who
said she got her library membership renewed so she could
get some audiobooks from the app Libby instead of paying
for Audible or buying from Apple. She said she's already
listened to Ikey Guy and is now listening to the
Money Diaries book.
Speaker 3 (11:51):
Okay, that means she probably did my best year yet,
of course, which will obviously come back in January next
year again. But Ikey Guy is a very good book
for you to read if you are trying to find
your passion in life and also get paid for it,
which we love that outcome.
Speaker 4 (12:08):
An ekey guy. That was what I was looking at
the part.
Speaker 3 (12:12):
It's a Japanese concept of finding like contentment in life.
So there's like four different components and I'm going to
murder it off the top of my head, but like
what you like doing, what the community and the world needs,
and what you can get paid for, and like what
skills you have, and so like how do you bring
those things together? Because I think sometimes we need a
framework to kind of help us work out what we
(12:33):
want to do with our lives. But then it's also
not that helpful. Honestly, if I'm like, oh, Jess, well
what do you like doing? Well, that's very different than
what do you like doing? But can also get paid for?
Speaker 8 (12:43):
Me?
Speaker 5 (12:46):
That you could?
Speaker 3 (12:47):
I reckon Jess if she got another side hustle would
be one of those women who goes and decorates other
people's Christmas trees.
Speaker 4 (12:54):
That's my dream, I know.
Speaker 3 (12:55):
I thought about starting.
Speaker 5 (12:56):
Actually I don't want to share my business idea because
what if one day I do it? But I had
a Christmas themesue raiding business idea?
Speaker 3 (13:02):
Can you just do that for my house?
Speaker 4 (13:04):
Absolutely?
Speaker 3 (13:06):
When I was pregnant with Harvey, to help me set
up my Christmas tree and it never has looked better.
Speaker 6 (13:11):
So yeah, I will pay you to do mine.
Speaker 4 (13:13):
This here, you don't have to pay me. I do
have a freak.
Speaker 6 (13:15):
Oh business labor.
Speaker 3 (13:20):
I love you will definitely take advantage if they're able
to miss be show me what have you got when
it comes to broke tips.
Speaker 7 (13:26):
Okay, so this first one comes from Stepha Best and
Less Friends Club, Best.
Speaker 6 (13:32):
And Less, Oh my god.
Speaker 3 (13:34):
Friends Club is Q.
Speaker 4 (13:35):
They do great kids and babies clothes.
Speaker 3 (13:37):
I am aware. I am to day care in bloody
Country Road. It's not happening you are wearing Best unless
you are wearing k Mart. I don't even know how.
But the other day he came home with paint on
his back.
Speaker 6 (13:50):
Oh FLEXI booking, but you know.
Speaker 3 (13:53):
Where You're just like, I don't know how that happens,
but I'm glad that that was on a kmart jumper.
Speaker 6 (13:58):
Best and Less God, I need to go back in there.
Speaker 7 (14:00):
I'm also like, I always tie them to my head
with Lows, but I know the separate But they do actually.
Speaker 3 (14:04):
Have good trading. You've never been into Low's.
Speaker 6 (14:06):
Low's is great. I love Lows.
Speaker 3 (14:08):
What are you buying Lows? I feel like all they
sell is Hawaiian shirts because whenever I walk past the store,
they've just got Hawaiian shirts in the front. So I'm like, this,
this is not my that's the dream.
Speaker 5 (14:21):
Track.
Speaker 6 (14:21):
They just do work clothes and Hawaiian T shirts.
Speaker 4 (14:24):
And party shirts.
Speaker 6 (14:26):
So strange. Yeah, I think you go in there fools
like you.
Speaker 7 (14:30):
Good basics. Yeah, you're trading clothes and stuff like that.
Best and Less Friends Club. Make sure you log into
your account and you can add yours plus your partners
and five more birthdays. Each birthday month you get a
fifty percent off voucher sent out.
Speaker 6 (14:43):
That's seven months of coupons.
Speaker 4 (14:45):
Because you do.
Speaker 7 (14:46):
Yourself, your partner and five other birthdays. Can you do
yourself and six other people?
Speaker 6 (14:51):
My cat, my other.
Speaker 3 (14:52):
Cat, exactly exactly, cat that I don't have yet. Sure,
his birthday is on the nineteenth of August, your original
du eight.
Speaker 6 (15:00):
It was two weeks late, so I get the fourteenth
and the thirtieth.
Speaker 3 (15:04):
Those tiktoks of people being like, I'm going out to
celebrate today, Can I get myself a sweet treat and
a gift, and then they go because I wasn't born today,
but I could have been, and if I was, it
would have been my birthday.
Speaker 6 (15:15):
Really respect every day could have been our birthdays. They
could be birthday could be.
Speaker 3 (15:20):
It wasn't, but it could have been, and we should
celebrate that.
Speaker 7 (15:22):
Absolutely, I agree. So I think that's really great and
exactly it's just it's perfect. Kids in baby clothes and
school basics, or stocking up on little hair.
Speaker 6 (15:30):
Trinkets for birthday presents. Ah, they's so cute.
Speaker 7 (15:33):
The next one comes from Mikayla, who says, find a
company that sells laundry liquid to hotels, et cetera in
twenty kilo lots.
Speaker 3 (15:40):
Oh that's huge.
Speaker 7 (15:41):
They pay seventy dollars for twenty kilos of concentrate water
down and lasts over two years.
Speaker 6 (15:45):
That's three people five horses worth of laundry. Wow, what
kind of laundry the horses use?
Speaker 3 (15:55):
Horses?
Speaker 5 (15:57):
Like? I think?
Speaker 3 (15:58):
Can they have little legg warms because they do aerobics?
Speaker 5 (16:01):
Oh?
Speaker 6 (16:02):
That's so.
Speaker 3 (16:03):
It's very clear that I do not drive past like
you go down the morning to Peninsul. Do not drive
past all the horses in their little coats.
Speaker 6 (16:11):
They do get little coats on. Yeah, I don't know
you wash those. I would just chuck them in the garden.
Speaker 3 (16:15):
And I just feel like, I don't know when it's
rude to not point out animals as you're driving. And
I have to be like, oh, look, Steve cows and
he's like cool horses, horses, high horses, and Steve's like
I have married a child that's a cute. Not to
those horses look so fancy their jackets.
Speaker 4 (16:35):
Today and even more fun on their babies.
Speaker 3 (16:37):
Your mummy made you look so nice today.
Speaker 6 (16:39):
That is so cute.
Speaker 3 (16:41):
I am so lame.
Speaker 7 (16:43):
Something that's cute is made so much cute that when
someone talks to it in such like a little like
oh yeah, it's like your dog voice.
Speaker 6 (16:50):
It's so cute.
Speaker 3 (16:51):
You can't have your normal voice when talking to an
I don't think they understand. They don't understand before.
Speaker 7 (16:58):
Yeah, and then my tip, my friend sent me a
link the other day and she said, oh my god,
you should sign up for Andy Lee's one.
Speaker 6 (17:04):
Hundred and you get one hundred dollars. And I haven't
got one hundred dollars yet. I saw someone who did it.
Speaker 3 (17:09):
Did you do it? I'm sorry Sandy Lee starting a
Ponzi scheme?
Speaker 6 (17:13):
Yeah, I think so. But no, I don't know if
you guys have seen. It's like it's on very late
at night. I mean maybe it's not, but everything feels
late to me.
Speaker 7 (17:19):
But he does this show where he asks one hundred
people like you can't you kind of joined via zoom
is the vibe and then you're like a few guests
and they ask a question like how many of you
pick your nose?
Speaker 4 (17:32):
You know what I mean?
Speaker 6 (17:33):
Something like that for example, and you just have to
join zoom.
Speaker 7 (17:35):
You're on the show, but like you're very you can't
even you're not even noticeable, you know what I mean,
because you're among a hundred other faces or ninety nine
other faces, I should say. And then yeah, so I
signed up, Yeah, we all signed up, and we haven't
got one hundred dollars yet, but I think you're you
gonna be on the show. I haven't heard back, but
so I think, yeah, I think you do need to
actually make it onto the show.
Speaker 3 (17:54):
I would assume that, Yeah, I would assume if you
go on the show you get paid one hundred dollars,
because that makes sense. Otherwise it's a three hundred dollars.
And then I'm like, Andy Lee, we got a chatter
you're running a Konzi scheme. If so, how do I
get in?
Speaker 7 (18:04):
But I just think it's such a because the chances
of being picked, you're just like you're just a random
face on a random screen.
Speaker 6 (18:09):
Of course you're gonna be picked.
Speaker 4 (18:10):
But that now that.
Speaker 3 (18:11):
Broke people money went to expand on that you can
like sign up for TV shows to be in the audience.
I remember one time I was this is so first world,
but I was overseas so I couldn't go. But Gabby
and I, who used to work here, we signed up
because we were like, we want to go and be
in the audience of Thank God you're here, it's so good.
And we signed up and then they said the tickets
(18:33):
weren't transferable, but I wasn't in the country, and Gabby's like, oh, well,
it's you've got a ticket, and I've got a ticket.
And then her friend pretended to be Victoria, so if
anyone ran into Victoria, I thank god you're here, it
wasn't me.
Speaker 6 (18:48):
That would be so fun to watch.
Speaker 3 (18:49):
Yeah, I was really envious because that's one of the
shows I've watched since I was teeny tiny, and I
just feel like that would be a fun show to
be in the audience off where some other shows might
be like a little bit boring, but that could be
a fun date night. Sign up for all these shows, and.
Speaker 4 (19:03):
The Taskmaster, I reckon would be.
Speaker 6 (19:07):
But you're not there for the task. You're just there
for them watching their task, and then.
Speaker 4 (19:10):
They do the live task the live task Yes, true,
I love that would be cool.
Speaker 3 (19:15):
Can we run She's on the money task Master?
Speaker 5 (19:17):
Oh?
Speaker 4 (19:18):
That would be fun, so fun.
Speaker 3 (19:20):
I feel like that would be a good YouTube series.
Speaker 4 (19:22):
It would be a good YouTube series. You would both
suck because.
Speaker 3 (19:26):
Because because the adhd of at all, all.
Speaker 5 (19:29):
The information you need is in the task You can't
even the amount of times that whoever was hosting would
have to say that to you too.
Speaker 3 (19:36):
Hold on so true, Jess. You were able to get
out of escape rooms, aren't you?
Speaker 4 (19:41):
I love an escape room?
Speaker 3 (19:43):
Have you ever successfully escaped an escape room?
Speaker 1 (19:46):
No?
Speaker 3 (19:46):
Yeah, neither.
Speaker 4 (19:48):
Everything feels like I'm going but she's on.
Speaker 3 (19:50):
The money, She's on the money task Master would be
very fun.
Speaker 6 (19:55):
Well, we'll work shop, we'll come back to them.
Speaker 3 (19:57):
How do we marry? She's on the money task Master?
But like somehow with money and budgeting and maths tips easy? Well,
producer was used to work in TV. Hey, emma, emma
help some more work anyway? All right, that sounds really good.
Speaker 6 (20:14):
That's it from my end. I love that I have
to go to a break.
Speaker 3 (20:18):
We have to talk about task Master a little bit more,
and after the break we're going to help answer a
money dilemma, which this week is all about asking, how
do you know if you're buying a property at the
market peak and something that you slid into our dms
about what do you do if your partner's forty grand
in debt but doesn't seem to be in any type
of hurry to pay it off? Don't go anywhere?
Speaker 4 (20:40):
Welcome back, everybody. Let's take a listen to this week's
money dilemma.
Speaker 8 (20:46):
Hi.
Speaker 9 (20:46):
There, have you got a money dilemma you just can't solve?
The Sheese on the Money Team is here to help.
Every week we tackle your dilemmas, both big and small,
to answer your most burning money.
Speaker 3 (20:56):
Career and life questions.
Speaker 9 (20:58):
To get involved, simply head to our and leave us
a short voice recording and you might just find yourself
on the show. Now, let's take a listen to this
week's money dilemma.
Speaker 8 (21:10):
Hi, She's on the Money Team. I'm trying really hard
to break into the Brisbane property market, but wow, prices,
especially hey units have gone through the roof. I recently
read on domain that prices are now at levels that
would have been laughable a few years ago, which is
so true. I'm currently priced out of everything except for
the cheapest suburbs. But here's the catch. Those suburbs are
(21:32):
now being flagged as potentially overvalued too. How do I
figure out if I'm buying at the peak of the market.
I get that Brisbane's growth is likely to continue with
the Olympics coming, but I'm terrified of making a bigger
money mistake, but also scared of being completely pushed out
of the property game.
Speaker 3 (21:51):
Does not make sense, all right, I have a lot
of thoughts and feelings. Beck, how do you know if
you're buying in the market peak?
Speaker 7 (21:57):
I'm the perfect person to ask, because Hi, she's a
property kind of kind of sewer. Honestly, I would not
have a single clue.
Speaker 6 (22:08):
I don't know. I don't know anything about property. I
don't I am they do, and.
Speaker 3 (22:11):
Good you get it getting rentals.
Speaker 6 (22:13):
I'm really good to getting rentals, But that's I don't know.
Speaker 9 (22:15):
I don't.
Speaker 3 (22:16):
I fear that.
Speaker 6 (22:16):
That's probably not going to be helpful.
Speaker 7 (22:19):
But also I do know that, like there are some
rentals where like people are just kind of like they're
sticking to the market whatever the average is in the area,
but they're not fixing up the house. So I don't
like I'm just gonna go for whatever. I'd never looking
for the best property, and like, am I paying too much?
Speaker 6 (22:36):
I just I know I'm paying too much? And what
can I do about it? Nothing?
Speaker 7 (22:38):
So I'm probably the best person asked, But I guess
I would just think about what, like lifestyle wise, which
is not this is not financial advice at all obviously,
but like lifestyle wise, do I want to be living
out further?
Speaker 4 (22:50):
Are you in.
Speaker 6 (22:51):
A mad rush right now?
Speaker 7 (22:52):
I know what you mean by like, if you wait,
you're gonna be like completely pushed out of the game altogether. God,
I don't know what I would do, but I probably
would prioritize lifestyle and I would be like, well, if
I can't afford to buy or live where I want to,
where it's close to my community, close to my friends,
I'm going to rent forever.
Speaker 6 (23:09):
And that's me.
Speaker 4 (23:10):
That's not fair.
Speaker 3 (23:11):
That's call miss jessci. What are we looking at?
Speaker 4 (23:14):
There? So a few things you can look at.
Speaker 5 (23:15):
You can look at auction clearance rates is normally a
pretty good indicator if your clearance rates are decently high.
Speaker 4 (23:20):
What do I mean?
Speaker 2 (23:21):
So?
Speaker 5 (23:21):
Clearance rate is how what percentage of houses sell at auction?
Speaker 3 (23:24):
Just because of house goes for auction doesn't mean it
gets brought. Yes, So every week, like real estate dot
com dot UU and domain dot com dot U published
data and say, of one hundred percent of the auctions
that went ahead, fifty seven percent of those properties sold.
And the higher that percentage, the more market appetite there
is to purchase.
Speaker 6 (23:44):
I see.
Speaker 4 (23:45):
So auction clearance rates are good indicator.
Speaker 5 (23:47):
If not a lot of houses are selling, it's probably
a good indication that either people can't afford them, they're
priced out, expectations are too high, and so you might
see like a little bit of a backslide. I will
say that like historically, as much as we talk about
the peak of the market, prices haven't really dropped, so
to speak, Like they've kind of just increased at a
slower pace at least in the last like maybe five
(24:10):
to ten years. Even during COVID, there was like a
prediction that there would be a huge troth and like, yes,
like things absolutely did dip out during COVID, although I
think that's really an extenuating circumstance, but there is predictions
that there would be a secondary drop in the years
following that just didn't happen. So I don't know that
like looking at the peak of the market, so to speak,
(24:31):
is the most helpful. Think it's kind of like investing right,
like you can try and time it, but like if
you actually knew how to time it, it'd be so
rich correct. So I would more so be looking at
like I think the sooner the better. Just based purely
on my personal experience, I think that if I had
bought three years ago for something that I just could afford,
(24:53):
I think I arguably would be in a stronger financial position.
Speaker 4 (24:56):
And so I think.
Speaker 5 (24:57):
Rather than trying to go, Okay, well, what's the best
time in the market for me to make this purchase?
Speaker 4 (25:03):
Can I afford it? Is it somewhere I want to
buy it?
Speaker 5 (25:05):
So I would actually be looking at the data of
the suburbs that you're saying you can afford to buy in.
Is that a good purchase for you and your goals?
More so than going is it a good time for
me to purpose?
Speaker 4 (25:16):
I agree? But you don't think if.
Speaker 3 (25:18):
Anyone's qualified to speak on this, as you BiDi find
my names Victoria Divine, and I own a mortgage broking business,
so I talk to people about this literally every single day.
And my answer is we do not care. And I
mean that in the nicest possible way. If you are
buying your home and you're a long term investor, we
(25:39):
aren't looking for the peak or the troughs. We're not
looking for it to come off. You're going to hear
stories about people who bought in, like the dips in
the market during COVID, You're going to hear all of
this right, and that is going to distract you. All
I want to know is have you spoken to your broker?
Can you service this loan? Are you comfortable with that?
Desperation adds this additional layer of complexity which might make
(26:02):
you make decisions that aren't in line with your long
term values. And you might be like, oh my god,
but we need to get in right now, and then
three years down the track you're like, we really just
like shotgun purchase that house because we were desperate, as
opposed to actually looking at our financial circumstances. The best
time to buy an investment, the best time to buy
a property is the time that it makes financial sense
(26:25):
to you.
Speaker 4 (26:25):
It's the time that you sit down and you.
Speaker 3 (26:27):
Have your deposit comfortably, You've got your buffer comfortably. You
are happy to take on that loan, You are happy
with how much those mortgage repayments are going to be.
It's not about timing the market or waiting for an
interest rate drop, because you know what, you're not the
only person thinking that. And I think I've had to
dispel over the last couple of months a lot of
conversation with clients where they go, we're just going to
wait for the next rate cut, and I go, that's fantastic.
(26:50):
Do you really think that you are the only first
home buyer that is waiting for the rate to drop?
And do you know what happens when the rate drops,
and that's why you're wanting to wait, is the rate drop.
And the last rate drop as of recording was a
point two five percent basis drop. So that means that
the interest rate in Australia, or the cash rate in
Australia went to three point six zero percent. That means
(27:13):
off the last rate cut that we had, if you
had a million dollar mortgage, you're probably saving about one
hundred dollars a month, and off a five hundred thousand
dollars mortgage, it's probably cutting fifty bucks off a month.
So that is a good amount of money, like not
something to sneeze at. But on the flip side, if
you haven't purchased yet, you actually have an increased amount
of borrowing power because the bank goes, oh, with that
(27:35):
same deposit, you can actually borrow more money because the
money to borrow is cheaper, and you go, that's a
money win. But when money is cheaper, and let's pretend Jess,
you're in the market to purchase, you currently have a
budget of five hundred thousand dollars, which is a very
normal first home buyer's budget, right, And you say to
me the I'm going to wait for the next rate
cut or I'm going to wait for the market to
(27:55):
come off. Every other first home buyer that is in
the mund market that is saying that is your competition, right,
And so say you wait for the rate cut, and
then your broker calls you and goes, great, Jess, like,
you know, we had your pre approval at five hundred thousand,
but now it's actually five hundred and twenty thousand dollars
because of the rate cut.
Speaker 4 (28:13):
Money win.
Speaker 3 (28:14):
You're now going shopping and have twenty thousand dollars extra
to spend at every single auction you go to, I
promise you will cap that out if you are desperate.
So will every other first home buyers. So instead of
that house going for twenty thousand dollars less, we all
have a little bit of free extra money to push
that auction up a little bit more. So you will
often see with rate cuts increases in property value, but
(28:38):
that's just because there's more cash floating around for the
economy to spend, not because oh there's more demand for them.
You cannot predict this stuff, so like kind of put
some blinkers on when you're buying property and I know
that I go do your research, keep your eyes open
when it comes to your budget and the market.
Speaker 4 (28:54):
You can't time it.
Speaker 3 (28:55):
Yes, if you are an investor purchase, that's probably where
a little bit more consideration. Like if Jess came to
me and said, got five hundred thousand dollars. I want
to buy an apartment and I want to or a house,
or I want to buy something and the plan is
to purchase it with a short term horizon, and I
would like to have it on just interest only, and
I'm hoping that in five years I can sell that
(29:17):
property because I would have gained some equity in it,
and like, that's how I'm planning on making money. That's
when we start to care a lot more about what
the market's doing and you know what it looked like
over the last ten years. But if you're purchasing your
family home, yeah, it's important to be across it. We
don't want to be ripped off. We don't want to
be overpaying, like that's not our journey. But we are
also not trying to time the market, because if you're
(29:39):
trying to time the market with everybody else, I can
promise you that you're not putting yourself in the best
possible position, and also not to throw misstrescotta eachy under
a bus. But I can almost guarantee that she wishes
she put just like pulled the trigger and bought it
a time without putting blinkers on, like or had a
few more blinkers on at the start of her journey,
because it would have been financially benefit. But you also
(30:01):
just don't know what you don't know, kinds.
Speaker 4 (30:03):
It's twenty twenty. Absolutely should we get into this SEXUCDM?
Speaker 3 (30:06):
Absolutely? So this week we got a DM and it said, hey,
she's on the money. My partner currently has around forty
thousand dollars worth of debt accumulated and it's in the
process of consolidating it and also isn't currently adding any
additional debt. Although they are coming up with a plan
to console the date, they have no desire to actually
pay it off quickly or be out of debt at
any point. They believe it's just part of life. I
(30:29):
feel quite the opposite. I've never had debt and I
am quite good at saving. I'm nervous about when the
time comes where we might join finances. They've mentioned that
they always keep their debt separate to me. However, I'm
not sure it works that seamlessly. Would love some advice
and thoughts from the community. What would you do?
Speaker 6 (30:48):
Yeah, I'm not too sure how debt works when like.
Speaker 3 (30:52):
Has become your debt Like okay, unless your name's on it,
it doesn't become yours. But like, if my husband had
debt and I didn't have debt, and we have shared
financial goals, that's now a burden on me totally. I
want to help pay off because I'm like, well, I
can't buy house, or I can't do anything, or I
can't go on a holiday until that's gone. So totally
it comes a burden of yours in the relationship rather
(31:13):
than a burden of yours long term.
Speaker 6 (31:14):
Absolutely, so like yeah, in like an indirect way, definitely.
Speaker 7 (31:17):
Still, I guess if the loan repayment amount is not
a giant chunk of like, if it's not like really
really impacting your day to day, I can kind of
understand that feeling of like, oh, like I'm not super
worried if it was like HEX. I know it's different,
but like Hex, I'm never thinking about Hex, and I
know this is very very different to HEX, but I'm
(31:38):
thinking if it's like a drop in the ocean. On
the one hand, you'd be like, oh, if it's a
drop in the ocean, then like quickly paid off, so
you need to have to think about it. But on
the other hand, it's a drop in the ocean, I'm
not in a rush. I'm just paying that slowly. I
don't want it to like impact three four months for example,
of like paying this thing off heaps and just like
kind of living tight and on a budget for that
(31:58):
time while you paid off. I guess like if you
have a chat and crazy communication is key here but.
Speaker 3 (32:06):
Wow, I'm glad that has come up. It never comes up, and.
Speaker 7 (32:10):
If you have a chat about it and you kind
of realize that like the likelihood of it impacting you
either directly or indirectly, Like yeah, let's say you want
to go on a holiday or you want to buy
a house together or something, and it's like like if
you look at it and you're like, can you see
how this debt will impact that directly? And maybe that's
just all it takes, like just like the actual like
showing someone how while it doesn't seem like anything, while
(32:34):
it just kind of seems like it's happening in the background,
how it could impact your day to day life. I
guess because I have someone in debt that I can
understand two different sides with it, So I think you're
just communication.
Speaker 4 (32:45):
It's just a yeah, I folutely agree.
Speaker 5 (32:47):
I think like it it sounds like you just need
to have a conversation. I think pointing out to them,
as you said, like how that will impact your future
goals because it's not about the fact that they have debt,
Like people can accumulate deb for a whole host of reasons,
and you know it's up to us to do with
that as we will, but pointing out the fact that, well,
if we wanted to buy a house together, or if
we wanted to have children, or if we wanted to
(33:08):
do your take on any kind of significant financial undertaking,
you already carrying debt inhibits your ability to contribute to
that might inhibit our ability to borrow money for a
big goal like purchasing a house, all those sorts of things.
I think it's really important to be on the same
page because I think if you have one person who
is very like I don't care about the debt, I'm
(33:29):
happy to let it hang out there forever, and one
person who's very driven and very like I want to
buy house, I want to go on a holiday, I
want to do this that the other, I think there
is potential for them to be conflict there down the track.
So I do think it's important that you address it
and both of you hear each other out. As you said,
people are entitled to have different opinions and perspectives, and
there's no right or wrong. But I think that when
(33:51):
it can start to impact the things that you're trying
to build together, that's when it has the potential to
become a problem. So I think, yeah, you're absolutely right.
It's just about having a conversation, you explaining how you
feel out the impacts them, explaining why it might not
be a.
Speaker 4 (34:04):
Priority to them, planning out what.
Speaker 5 (34:06):
You want to do and how you know that might
overlay or underlay underneath you know, the things that already exist,
and kind of go from there. But I think it
is important to address sooner than later, because if you
leave it, I think it has the potential to be
a bigger deal, where right now you're in a position
where it doesn't need to be.
Speaker 3 (34:25):
Yeah, And it's rough because that's just telling me you're
not on the same page. Yeah, and you clearly want
to be on the same page. So it's not about
how they accumulated the debt. It's about prioritizing that and
your future financial goals. And I think that just even
talking to them about like you're aware of like how
detrimental this debt is.
Speaker 4 (34:42):
It's not just.
Speaker 3 (34:43):
Like you've got debt, great, but it's also like the
exact opposite of compound interest, Like the longer you have it,
the more you're paying off. Yes, you're in forty thousand
dollars worth of debt, But how much is that going
to cost you? Probably fifty two to sixty thousand dollars
to pay it off, Like people don't look at how
financially impactful that is. And like your situation back at
(35:04):
the moment, and I know you've been through a lot
of debt. With a payment plan on something like fines
is a bit different to a debt that's carrying a
lot of interest, So like I can see why you
might go, it's sixty bucks a month and you know what,
it just takes along, Whereas if there was a significant
interest charge payable on that, I'd be like, well, actually, yeah,
it feels like that in the moment, but ultimately it's
putting you behind and that you know, thousand dollars you own,
(35:27):
it's actually two and a half thousand dollars, and like
that is not cool because I'm pretty sure you would
want fifteen hundred bucks in your back pocket. So I
think it's about contextualizing it and going, do you actually
know what this means for us? Like and not being
able to do things, And I just think it's it's
really hard, but it's all about getting on the same page. Now,
we did ask the community. We asked a couple of questions. First,
(35:49):
we said, how do you feel about this sort of debt?
And ninety two percent said I'm exactly the same as her.
An eight percent said I actually agree with her partner.
We then asked, how would you feel if your partner
had forty thousand dollars in personal debt and wasn't in
a rush to pay it off. Fifty seven percent said
I'd be stressing about our money future, Twenty three percent
said I'd need a payoff plan from my partner. Eleven
(36:10):
percent said this is actually a deal breaker for me.
A nine percent said it's their money, it's their choice,
which is all fair and good and reasonable. We then said, well,
what's your two cents we want to know? First person said,
you need to explain. Hey, this person's on my page.
First person said, you need to explain the money saved
in interest by paying it off faster and using that
money for a fun goal. Another person said I was
(36:32):
in the same situation and I actually gave my partner
an ultimatum, you let me help you sort this out
or I'm gone. We are going on ten years strong.
Speaker 4 (36:41):
Wow.
Speaker 3 (36:42):
Next person said, you can't control how other people choose
to live, but I would not be marrying them. Next
person said, if your money values can't align now, it'll
only get exasperated later in life with weddings and kids
and your bigger family goals. Another person said, don't combine finances.
You need to be managed things separately until they aren't
in any debt. Another person said the reality is that
(37:04):
if they are paying off debt, that's money that's not
going into the relationship and making it better. And the
last person said, you can't really keep debt that separate
if you're planning on getting married or plan to apply
for a home loan together in the future, which is true.
Speaker 4 (37:17):
I think yeah.
Speaker 3 (37:19):
I just think it is impactful for your future. Whether
you care about it or not is a different story.
But being on the same page as your partner is
really important.
Speaker 5 (37:27):
True.
Speaker 4 (37:27):
I couldn't agree more. Oh wow, communication, that's so crazy.
Speaker 3 (37:31):
Place to leave it, guys, I hope you have had
a really beautiful week. We'll see you brighten early on
Monday morning for a money diary, but until then, have
a beautiful weekend.
Speaker 4 (37:39):
By guys.
Speaker 3 (37:40):
Bye.
Speaker 9 (37:46):
The advice shared on She's on the Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
Speaker 3 (38:00):
If you do choose to buy a financial.
Speaker 9 (38:01):
Product, read the PDS TMD and obtain appropriate financial.
Speaker 3 (38:05):
Advice tailored towards your needs.
Speaker 9 (38:07):
Victoria Divine and She's on the Money are authorized representatives
of money sherper P T y lt D A b
N three two one six four nine two seven seven
zero eight AFS L four five one two eight nine
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