Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Amy Bennett (00:02):
Welcome to Beyond the Signboard, where you get the
opportunity to learn all thereis to know about your real
estate journey fromprofessionals who are passionate
about property.
I'm Amy Bennett, your host, andI look forward to providing you
with education, inspiration anda behind-the-scenes look at the
world of real estate.
Well, today is a very excitingday for me to have Mr Shaun
(00:36):
Jones from Mason Finance Grouphere recording an episode of.
Beyond the Signboard.
Hello, how exciting, Shaun.
Thank you for having me,absolutely my pleasure.
I said I feel a bit ofexpectation because you are the
master of the podcast.
Shaun Jones (00:48):
We started about two years ago at Mason Finance
Group and I had this idea to go.
Everyone leads a busy liferight, and you spend quite a bit
of time in your car.
Amy Bennett (00:57):
Yes.
Shaun Jones (00:57):
And what a good way to get a 10-15 minute segment
and learn about mortgages.
So I was like let's do somepodcasting.
Amy Bennett (01:04):
It's been amazing, it's evolved.
Shaun Jones (01:05):
Oh, it's so good.
You know we get people comingup to you're like you do
interest rates with mates andlike yeah, but we're all about
the education piece.
Absolutely, and I always saylook if somebody's asked a
question you know five times orten times, and it's the right
information.
You can go Googling for daysand try and find the answers
(01:25):
yourself.
Amy Bennett (01:26):
Whereas if you can hear, it directly from you.
Shaun Jones (01:28):
know a broker or real estate agent what you're
doing?
Amy Bennett (01:31):
Yeah, and I think it's about dispelling.
I mean, the whole premise ofthe podcast series is to really
go beyond the signboard, todispel any myths to you know,
remove any mystery in what we doand really just educate our
listeners.
So I am very grateful, as Isaid, you kindly lend your
equipment, but you also gave mesome amazing hints and tips and
(01:52):
started my intro and outro.
Shaun Jones (01:53):
So forever grateful , most welcome.
Amy Bennett (01:57):
Amazing.
So today we are going to get toknow a little bit more about
you, about your business, andone of the key hot topics we're
going to discuss is bridgingfinance.
Shaun Jones (02:08):
Very hot topic at the moment.
Amy Bennett (02:10):
It is, and you know , I think you know be remiss of
me, not to mention your successin that field.
You know you've obviously it'sbecome, you know, kind of a
passion project of yours.
You've definitely become aspecialist, not just in your
office but at a national level,which is amazing.
Shaun Jones (02:28):
So you've recently won yeah, so one of the lenders
that we deal with, bridget.
They're relatively new, so theyspecialise in bridging finance.
So they came onto our panelprobably about a year and a half
ago, and so we got tounderstand the product and how
valuable it is, and once westarted letting clients know
(02:50):
that we've got another option,people started jumping on board.
Amy Bennett (02:54):
Absolutely.
Shaun Jones (02:56):
And yeah, it was probably January last year that
sort of the application startedcoming through.
So yeah, last year forAustralia Wide I was the number
one broker for Lodgements, whichis awesome.
And number one in Queenslandfor Settlements.
Amy Bennett (03:11):
Incredible.
That's amazing.
And look, it certainly takes aspecial person with it.
I know that you kind of getthem all handed on to you in the
team.
Shaun Jones (03:19):
As soon as you say bridging finance, you sort of
like quiver and shiver.
Amy Bennett (03:23):
Yeah, I know, and I'm hoping that we haven't lost
anyone.
Shaun Jones (03:26):
No, no, Well we call it relocation.
I like it Just to fluff it up abit.
Amy Bennett (03:31):
I like it, and we will delve a little bit into
deeper because, yes, certainlypeople have had horror stories
or exorbitant fees andeverything like that.
So you are a mortgage broker atMason Finance Group, but let's
find out how you got there.
So take us back in your careerjourney.
Shaun Jones (03:48):
All right, so originally from New Zealand, if
you can tell Out of town.
So came here probably aboutfive and a half, nearly six
years ago, so been here for alittle while, came over here
with a wifey, so she's SouthAfrican.
So back in New Zealand I wasdoing things a little
differently.
I was a locomotive engineer.
(04:09):
Yes, so, driving the train,which is every little boy's
dream.
But yeah, when I came over,just sort of.
You know, shift work is hard.
Amy Bennett (04:16):
Yes.
Shaun Jones (04:17):
Getting up at 3 o'clock in the morning and
sometimes finishing at 3 o'clockin the morning is a bit tough
and not the nicest weather,right?
No, that's right.
So you know my dream.
My goal is always to helppeople, and one way to do that,
for me personally, is to helppeople buy you know, the next
property first, home investmentproperties build their asset
portfolio.
Amazing it's like finances forme, so it started as a teller
(04:41):
believe it or not in Westpac.
Amy Bennett (04:43):
I started on reception.
It all lends you to who you are.
Shaun Jones (04:47):
Yep and thank goodness that I did it gave me
the background and understandingof what banks do here in
Australia.
You know different lendingprocedures.
And then, yeah, I went on tosort of a mobile lender role
with Bank of Queensland, Didthat for a couple of years and
then, thank you to yourself, youintroduced me to Colin Mason
(05:10):
and then I've been with Colinand the team for about two and a
half years.
Amy Bennett (05:15):
Yeah, gosh, that's gone quick, hasn't it?
It has gone so quick, yeah.
And look, you know, as a dearfriend, you know, I'm so proud
of the growth that you've had.
Shaun Jones (05:22):
Thank you.
Amy Bennett (05:23):
But also to be in a supportive environment in which
you know you're reallyencouraged, and I can see that
you've got a huge team behindyou, so you get to sort of be at
the pointy end of reallyhelping people which you know,
as you said, that's your heartand soul work.
Shaun Jones (05:35):
Yeah, and it's the same as Colin as well he's
probably said this, he nearlysays it every day is that
clients come first,communication come first, and
that is everyone in our team.
Yeah, absolutely, and that'swhy the team works so well.
Amy Bennett (05:47):
Yeah, so tell us about your role and the business
.
Shaun Jones (05:50):
So Mortgage Broker has become more popular.
So we've got about 45 lenderson our panel.
Amy Bennett (05:59):
Yeah, chat through that for those listeners that
aren't familiar with what abroker does and the access
you've got.
Shaun Jones (06:04):
Yep.
So as a broker, I getaccredited with each of the
different banks, so that allowsme to write a loan application
with them Now.
Before that, every bank'spolicy is different.
Amy Bennett (06:18):
Yes.
Shaun Jones (06:18):
So the traditional way is you'd go and see your
bank manager and be like hey,I've been banking with you for
20 years, what can you do withme?
How much can you give me?
And they'd be like oh, probablyyou know, 200,000.
What why?
Oh, because you're casuallyemployed or you do commission.
Amy Bennett (06:35):
So quite restricted , quite restricted.
Shaun Jones (06:38):
And that's been the sort of shift over the past
sort of five to 10 years is thatpeople need those options.
Yes, sort of five to 10 yearsis that people need those
options, but they need to go toone place to have that option.
Amy Bennett (06:46):
And not all, obviously, banks provide the
same option.
Shaun Jones (06:49):
That's correct.
Each policy is different.
So if I've got 45 lenders, onmy panel.
I've got hundreds of nearlythousands of policies that can
suit someone's need rather thanjust going to the bank directly.
So, as a broker, that is my jobto fit you at the right lender,
based on your deposit, based onyour income, based on your
(07:10):
circumstance, based on could bebridging, like not every bank
does bridging.
Not every bank will do a 5%deposit.
So you need options and that'swhy you see your brokers, so
that we can present thoseoptions to you.
We're governed by all the sameregulations and things, so we
always act in the best interest.
So we've always got your heartat the end of the day.
Amy Bennett (07:32):
And it almost feels .
I think it almost feels morefair to have so many choices,
rather than you've only got oneproduct to sell.
Shaun Jones (07:39):
Correct yeah, and that's what I love about client
meetings is we use a softwarecalled Quickly.
Amy Bennett (07:45):
Yes.
Shaun Jones (07:46):
And you can literally see in front of you
and it comes up in green whichlenders we can go to.
Amy Bennett (07:50):
Yeah, isn't that great.
Shaun Jones (07:51):
And their eyes bright up and be like, oh my
gosh, I get to choose whichlender.
So you know, it's up to them.
I'll explain.
You know the products andfeatures and offsets and annual
fees.
But at the end of the day theyhave to be comfortable with
where they want to go.
Amy Bennett (08:10):
And it's just such an awesome feeling.
And isn't it amazing, I guess,the progression that we've had
with technology and all of thesetools you know, to be able to
do these calculations so quicklyand to give people answers
because you know we're living ina society where time is so
precious and obviously you knowwhen somebody and I'm speaking
from a residential salesperspective, but when somebody
is wanting to, you know put inan offer, they need to know.
You know straight away, don'tthey?
(08:30):
You know what their borrowingcapacity is.
Shaun Jones (08:33):
Yeah, and it's down to the timeframes as well with
lenders.
You know some lenders mightturn around an application in 24
or 48 hours.
Some might be 28 days.
Amy Bennett (08:45):
Yeah, I.
It's funny you say that wewould almost have like a
temperature check every week inour sales meeting on you know
when we would catch up with yourteam is how many days are we
saying for finance?
So I know we're going to reallyfocus in and hone in on things
like relocation loans.
But let's chat aboutpre-approval, because that
brings me to a really great, Iguess, conversation whereby you
know, having that transparencybecause there is a process in
(09:07):
place isn't there a new meetingand really tailoring that
package for your clients?
Shaun Jones (09:12):
Pre-approvals.
We have always been bigadvocates for them.
Time and time again, we say youneed to understand what you can
borrow, because that filterswhat you can purchase for, which
helps real estate agents.
It helps everyone Absolutely.
It almost cements a budget in asense Correct.
Now you've got your traditionalonline banks that will go plug
(09:35):
in your income and give you aconditional approval.
The difference is what we do iswe actually send all your
documents to the assessor andget them to fully assess your
application.
So the only sort of outstandingis you go find a property.
Amy Bennett (09:47):
What is the property?
Is there a charge associatedwith that?
Shaun Jones (09:50):
No, so we don't charge a fee.
Amy Bennett (09:52):
Yes.
Shaun Jones (09:52):
And that's because you know, for first home buyers
or next home buyers, you'veworked so hard to get that
deposit.
We don't want to if apre-approval doesn't go ahead
for whatever reason, you know,we don't want to take that money
away from you.
Amy Bennett (10:07):
Yeah, no, that's correct.
We'll get the bank to pass Well, and that is essentially how
you're paid right, correct,absolutely so.
With regards to thepre-approval, what timeframe do
they last?
Shaun Jones (10:18):
So usually it's about 90 days that that
pre-approval will last, forTakes a couple of weeks to put
together.
Yes, but yeah, 90 days.
Amy Bennett (10:27):
Excellent.
So somebody that's in thatposition where they're starting
to dip their toe in the market,starting to peruse realestatecom
and domain, they really need tohave a look at what they're.
Shaun Jones (10:36):
Absolutely.
Amy Bennett (10:36):
And you know it would be really interesting to
get your take, because one thingthat I you know come across all
the time is people's, I guess,lack of knowledge around
transfer duties.
So they kind of don't factor insolicitor fees, building and
pest inspections anything likethat as well.
So you kind of give them moreof an overview of all fees.
Shaun Jones (10:54):
Yeah 100%, and that's so that we don't get
caught out at settlement.
So we always do a fundingcalculator in our meetings to go
based on a purchase let's say$700, and you're a first home
buyer.
You've got no stamp duty, soyou've only got maybe a few
transfer fees, solicitor fees,things like that.
If you're purchasing your nexthome you want to make sure that
(11:15):
you're including those stampduty, because the deposit needs
to be 20% or 30% plus thosecosts.
Amy Bennett (11:21):
I like that next home buyer.
I haven't heard oh, that's anew one.
Shaun Jones (11:25):
It's good there's a lot of people upsizing.
Yeah, I love it.
Amy Bennett (11:28):
Well, funnily enough, I guess my area of
expertise is really downsizing.
So, coming out of the familyhome, you know, taking equity
out, you know, more cash back inthe bank and then purchasing a
smaller property, you knowwhether it's just a single
person or a couple, andobviously that's where we work
(11:49):
together so closely, you know,consistently in that space with
utilising relocation funds.
But certainly I love that.
I think that's good.
Next home purchase.
So, yeah, we certainly coveredoff the fees associated with it.
I am a client and have foundthe process so user-friendly.
You know, to I can kind of youknow midnight or whenever I'm
filling in forms online anddigital signing, and it's really
evolved, hasn't it.
Shaun Jones (12:10):
It is and that's the process that we've got at
Mason Finance Group.
So you know, you've got yourbanks, so you've got your
brokers.
That are one-man bands andthey're trying to do everything.
Amy Bennett (12:19):
It's a big job, right.
I tell you what I could not do.
That Wouldn't go back to it.
Shaun Jones (12:24):
No, well, you're trying to manage new clients,
you're trying to sign up peopleYou're trying to work out,
you're trying to talk to us,you're trying to do everything.
Yeah, absolutely so.
At Mates of Clients Group,we've got a team in each section
.
Yes, so that I can see theclient, I can hand it off to the
next person to put everythingtogether.
Amy Bennett (12:42):
Yeah, it's like a medley relay.
Yeah, that's right.
I hope you're at the end of thefinish line.
Yeah, it's amazing All the waythrough to settlements.
Yeah.
Shaun Jones (12:52):
And that's just because I physically wouldn't be
able to manage all of thosestages.
Of course I'd probably maybesee two or three clients a month
.
If I could do that.
Amy Bennett (13:00):
Yeah, it's amazing to be able to I guess you know
from a cohesive businesscomponent, you know mindset to
be able to put that in place.
You know I've certainly donethe same in my business as well.
It's just so important.
We can't be everything toeveryone.
You need sleep, yes veryimportant, and so, with regards
to your industry, I wouldimagine there's lots of myths
(13:23):
and misconceptions.
We've obviously spoke about theyou know how you get paid but
any other myths andmisconceptions that you think
people have?
Shaun Jones (13:33):
People are still a little bit conservative about
using brokers.
Amy Bennett (13:37):
Yes.
Shaun Jones (13:39):
And that's just more.
I've had a dollar a monthaccount at CBA since I was two
years old so I can just go backand they know all my information
and things like that.
Amy Bennett (13:46):
So it's a loyalty, but a comfort factor as well.
Yeah, amazing.
Shaun Jones (13:50):
You know you might have a personal banker at that
branch that looks aftereverything it just comes back to
.
Is that your best option?
Amy Bennett (13:59):
And would you recommend seeking a second
opinion Is that an option?
Shaun Jones (14:02):
Oh, absolutely.
Amy Bennett (14:03):
Wonderful.
So you have an existingexperience with your bank, you
can get, I guess, an idea ofcosts and everything from them
borrowing capacity and then youcould also speak to a broker.
Shaun Jones (14:12):
The reason why is it comes back to borrowing
capacity, income, things likethat.
So, to give you an idea, yourborrowing capacity on $100,000
might be let's say you earn$100,000, your borrowing
capacity might be $600,000 withone bank, yes, but then it could
be $700,000 with the other bank, and we've got that information
(14:34):
to be oh well, if you want toget a little bit higher, this is
what we can do.
So that's where that secondopinion is really crucial.
Amy Bennett (14:41):
And I guess Bank A is not going to tell you about
Bank B, are they?
Shaun Jones (14:44):
No, yeah, Whereas we actually put it in front of
them and go this is how much youcan borrow with all of these
different banks.
They go, oh really.
Amy Bennett (14:53):
It's a real transparency.
I would imagine that youwouldn't have many people do the
broker back to the bankcomponent.
Shaun Jones (14:57):
No.
Amy Bennett (14:59):
Although it looked interesting.
You know, and who knows whenour listeners will pick up this
podcast.
But you know, the traditionalbricks and mortars banks seem to
be thinning out as well.
Shaun Jones (15:09):
There's been a lot of closures, especially on the
Sunshine Coast, and that isbecause everything,
unfortunately, is moving online.
Amy Bennett (15:16):
Yeah.
Shaun Jones (15:20):
Which I mean.
Look, it's great, isn't it, tobe able to transact and to be
able to when you sign yourmortgage.
Amy Bennett (15:23):
Now you can do it digitally.
Yeah, that's right.
How cool is that.
Shaun Jones (15:25):
I know, yeah, so there's less need for bank staff
, unfortunately.
No, I know yeah, but you knowit still gives us the option to
present options at that bankthat they're with.
Amy Bennett (15:37):
Yes, exactly.
Shaun Jones (15:37):
Because we're accredited.
Amy Bennett (15:39):
That's right, yeah.
Shaun Jones (15:49):
So it's not as if the only option is to physically
present to those banks.
Amy Bennett (15:50):
No, so I've done many loans for people that
that's their main bankingaccount and we'll just go there.
Yeah, that's amazing, that'sconvenient.
Shaun Jones (15:52):
That's wonderful.
So we still have to present theoptions, of course, and I'm
still bound by best interestduty.
Yes, but in their best interest, that's where we need to go.
Amy Bennett (16:05):
Yeah, that's wonderful.
So big team at Mason FinanceGroup and obviously it sounds
like they, all you know, havetheir own, you know particular
position within the business,which is great.
Is there any part of your rolethat you found hard to hand over
?
All of it, yeah, true question.
Shaun Jones (16:21):
Look again, it comes down to me just as a
person.
I love to make sureeverything's yes flowing right
yes so I had to learn very onand it is.
It is a great process.
It works well yes um, but youhave to hand it off and let it
go, yeah, otherwise it will bogyou down yeah, absolutely,
that's good um so yeah, I mean Istill pop my head back in see,
(16:41):
see where the file is hey, I'm arecovering perfectionist.
Amy Bennett (16:44):
I'm with you on that as well.
Shaun Jones (16:45):
But it comes down to the trust Okay, and everyone
in our team can do their job sowell.
Amy Bennett (16:52):
And it's a care, isn't it?
Because when you form, you know, ultimately you are the face of
that connection with the clientas well.
You know that's very muchspeaking my language.
So if not mortgage broking,what would you consider doing?
Shaun Jones (17:04):
That is a great question.
Amy Bennett (17:06):
That means you're doing what you love.
If it is.
Shaun Jones (17:08):
I really do enjoy what I I love doing, what I do.
Amy Bennett (17:12):
That's amazing Perfect.
Shaun Jones (17:14):
I don't, I don't know, win the lotto, Retire.
Amy Bennett (17:18):
Hey, well, we just had a financial investment
strategist on.
Shaun Jones (17:22):
So if you want to know how to retire early, but
yeah, no, I do, I love what I do.
Amy Bennett (17:27):
Amazing.
So, aside from work, I alwayslike to ask people what would be
your dream holiday destination.
Shaun Jones (17:35):
Look, I want to go back to sorry, I want to go to
South Africa.
Amy Bennett (17:39):
Yes, you've not been.
No, not been.
Shaun Jones (17:42):
So I need to go.
Amy Bennett (17:43):
Your beautiful wife's motherland.
Yes, yeah, amazing so.
Shaun Jones (17:46):
I've heard the stories.
I've heard how beautiful it is,so we will go there one day.
Beautiful, but also Europe, Ireckon.
Amy Bennett (17:55):
Yeah, I think it's a must do I love to travel.
You do.
I was going to say, to yourcredit, you do take time with
the family.
It's so important, isn't it?
Because I know it's certainlynot a nine-to-five role what
both you and I do but importantto spend that time with your
beautiful family.
Absolutely which leads me to mynext question which.
I ask every guest which is,what was the best day of your
(18:16):
life?
Shaun Jones (18:17):
Probably best day would be.
Can I choose two?
Yeah, of course First one'swedding.
Amy Bennett (18:20):
Can I choose two?
Yeah, of course.
First one's wedding.
Yes, tell us about your wedding.
Shaun Jones (18:23):
So we got married in Auckland, new Zealand.
Yes, so in a place calledBombay Hills.
Okay so it was actually on anolive grove, so instead of your
winery, we did an oliveplantation so beautiful spot,
beautiful spot.
It was a lovely day, didn'train, which in Auckland is very
rare, but no it was just abeautiful day.
Amy Bennett (18:45):
I hear it's good luck, though, if it rains.
Yes, yes, that's a weddingplanner in me, so Ah, there we
go.
Shaun Jones (18:51):
So yeah, beautiful day, lovely day.
Amy Bennett (18:53):
Amazing how many years married now.
Shaun Jones (18:55):
We got married in 2017, so we are 10 years.
Oh gosh, my mess is so offtoday, oh sorry.
We've been together for 10years.
Amy Bennett (19:05):
Yeah, eight years this year eight-year anniversary
.
Shaun Jones (19:07):
Yes, correct, feels like 10.
Yes, Beautiful.
Amy Bennett (19:11):
So there's another special day.
Shaun Jones (19:13):
Yeah, so little one .
Ledger, yes, yeah, when he wasborn, yeah, amazing.
Amy Bennett (19:18):
Yeah, incredible.
So, as I may have alluded to,I've had the beautiful pleasure
of knowing Shaun and Alinka fora number of years and they
welcome their beautiful baby boyledger into the world.
Shaun Jones (19:27):
Three years ago, last week, you said this
Saturday, oh, this Saturdaycoming in Amazing.
Amy Bennett (19:36):
So, you've been through the twos, terrible twos,
and the threes, yeah threenature.
Shaun Jones (19:40):
He acts like he's three.
Amy Bennett (19:41):
Yeah, amazing.
Shaun Jones (19:42):
But yeah, no, he's a caring soul, beautiful soul.
Amy Bennett (19:45):
He's gorgeous, so I do believe there might be
another best day of your lifecoming up, am I right?
Shaun Jones (19:51):
Yes, At this time of recording I haven't had the
call that-.
Oh, I got goosebumps 38 weekspregnant.
Amy Bennett (19:59):
Yeah, amazing.
So, yeah, we certainly arerecording ahead of schedule, so
can't wait to share the excitingnews.
Shaun Jones (20:04):
I'll probably be listening to this with a newborn
in my head.
Amy Bennett (20:07):
Well, it is very exciting, Shaun.
What is your favorite meal anddrink?
Shaun Jones (20:13):
Look, I'm a sucker for a good pizza.
Amy Bennett (20:15):
Oh, what kind.
Shaun Jones (20:16):
I've always been a meat lovers pizza.
Amy Bennett (20:18):
Barbecue or tomato base.
Shaun Jones (20:21):
I'm going to go the traditional tomato.
Amy Bennett (20:23):
I like it, isn't it funny, I'm just to go.
The traditional tomato, I likeit, isn't it funny, I'm just
like straight in.
So, daniel, my husband lovesbarbecue base.
So I haven't had a tomato baseforever.
Shaun Jones (20:31):
Well, I usually get the tomato base and then the
barbecue swirl, oh I like a bitof both yeah.
So a good handmade proper.
Amy Bennett (20:39):
Italian pizza.
Any recommendations?
Shaun Jones (20:42):
Oh boccarina.
Yeah, it's good, isn't it?
That's so good, that's so nice.
Amy Bennett (20:47):
Actually, Daniel took me there last week.
Yeah, I think.
Shaun Jones (20:49):
I had the chilli one.
Amy Bennett (20:51):
Yeah, nice Boy, that was chilli Diavola.
Yeah, I know the menu.
And to wash it down, Wash itdown.
Shaun Jones (20:58):
Look, I love a good alcoholic ginger beer.
Amy Bennett (21:00):
Yeah me too, yeah me too.
So nice Any particular brand.
Shaun Jones (21:05):
The Yamundi one, I reckon.
Amy Bennett (21:05):
Yeah, that's nice, isn't it?
We're really blessed.
We've got Diablo Yamundi Matzosnow.
Yeah, I like it A little iceand lime.
Shaun Jones (21:12):
Yeah, Sounds good.
Yeah, I love that little bit oflime.
I think that's what makes itfor me.
But yeah, definitely a gingerbeer Sounds like we're off for
today.
I would love you to share afavourite quote or saying
Favourite quote.
Mine has always been you dowhat you say and you say what
you do.
Amy Bennett (21:31):
Oh, I like it All right.
Shaun Jones (21:33):
And that is the integrity side of me.
Amy Bennett (21:35):
Yes, yeah.
Shaun Jones (21:36):
So if you say you're going to do something,
you do it.
And if you do something youknow, you say you're going to do
it.
Amy Bennett (21:42):
Yeah, it's good, you're very true to that.
So, where we would normallywrap up the podcast, we're going
to go back a little bit becausewe haven't spoke about bridging
finance.
Shaun Jones (21:53):
Save the best till last, Amy I thought I had nailed
it.
Amy Bennett (21:56):
So for those that have hung in, we're off.
So this is something that'sreally important to you and I.
We are, you know, workingclosely together, quite often
working on a couple of contractsat the moment together.
It's been an amazing tool, Imust say, in my business,
predominantly because we arelooking at helping people.
(22:17):
Like I said, they're movingfrom their family home where all
their equity is tied up, socash flow generally, not a
mortgage on that or a veryminimal mortgage.
They're moving into eitherfreehold villa communities or a
smaller home.
So this has been absolutely theproduct of our dreams and, not
to steal your thunder, but whatwe've loved about it as agents
(22:40):
is it's essentially been aprocess that allows the buyer to
be in a cash position.
So there's not a subject tosale component and certainly
over the years we've beenthrough periods in the market
where subject to sale was okay,but certainly in a competing
environment it's certainly notthe person's best interest.
So no one better to speak aboutit than you.
(23:00):
So I will hand over.
Shaun Jones (23:02):
Bridgene has come back in the storm and it's like
what you said is that you mightfind your property that you love
and you want to purchase it,but you haven't even thought
about selling.
This is where bridging financecomes in Now.
It's not for everyone, andthat's just purely down on the
fact that you need to have quitea bit of equity to be able to
do it.
So it's all about how muchyou've got equity in your
(23:26):
property as to how much can gotowards your next purchase.
Amy Bennett (23:29):
Has to be a buffer there as well.
Shaun Jones (23:30):
Yes, there is.
So there's a few differentcomponents that make up bridging
finance.
So if your property is worth,say, a million dollars from an
amount that we can use, mostlenders stick to about 15%.
Amy Bennett (23:46):
Yes.
Shaun Jones (23:46):
So all that we can use is basically $850,000.
So we've already got a decreasestraight off the bat.
Amy Bennett (23:52):
Yeah, that's right.
Shaun Jones (23:52):
All right, and then we've got interest.
So interest is usuallycapitalised into the loan.
Amy Bennett (23:57):
Yes.
Shaun Jones (23:58):
And you can either do it over six months or 12
months, just depending how longyou need to sell.
Sure, that takes up anotherportion.
All right, so we've alreadylost a little bit of equity.
Amy Bennett (24:09):
A piece of the pie or the pizza, of the pizza to go
towards the next purchase.
Shaun Jones (24:13):
But we've got lenders that can either do.
If you've got an endtransaction, so an end mortgage,
all you need to do is showservicing on the end mortgage
and away we go.
So nine times out of 10, that'sprobably for your upsizes where
you're going from a milliondollar property to a 1.5 and you
don't have 500,000 of cash butyou can service maybe a $500,000
(24:34):
loan.
We can do that.
We can do it the other way aswell.
So if you've got a $1.5 millionproperty and you're going to a
million dollar purchase andthere's no in-mortgage at the
end of the transaction, we'vegot a few different options that
we can do.
So, as I said earlier in thepodcast, one of the main ones we
(24:55):
use is Bridget and this isprobably more for your older
generation that are retired anddon't have the income to
necessarily service that debt.
They don't need to show anyincome verification to be able
to do the transaction, which isamazing, make a big difference.
So to give you context, I'vedone a loan for an 86-year-old.
Amy Bennett (25:13):
Yeah, that's amazing, isn't it?
That's lovely.
Shaun Jones (25:15):
So she went to a.
No pay slips no pay slips, soher property was worth about
three.
I think, she purchased for 1.5.
Yes, I think she purchased for1.5.
Yes, it's perfect, yeah, ofcourse, but yeah, she went to
auction.
She thought she'd beenpre-approved at a big bank, not
through me.
She'd gone directly to the bankAgain.
Amy Bennett (25:30):
that's why you don't go to a bank.
Good case study.
Shaun Jones (25:33):
Good case study.
Yeah, she thought she'd beenpre-approved.
So, she went to auction bid,won the auction.
Amy Bennett (25:39):
Can't do it for you , so she was stuck with the
unconditional contract.
Shaun Jones (25:45):
So this is where we stepped in and we got it done,
I think within seven days.
Amy Bennett (25:49):
Yeah, amazing.
So it's quick as well.
Shaun Jones (25:58):
It's quick, yep, and it's nothing bridging is
nothing to be scary.
Amy Bennett (26:00):
You don't need to be scared about it.
Yeah, it really is one of thosebig myths, isn't it?
Like you said, you've even gota new name because people kind
of cringe, or it's not for me.
Shaun Jones (26:07):
People think it's expensive, correct.
And yes, there are some fees Iwon't hide around that.
Yeah, absolutely, and the mainone is interest, of course.
If you put it in theperspective of you've got a home
loan for 30 years, you'reprobably paying around $600,000
worth of interest.
Paying around $600,000 worth ofinterest that's how they're
making their money.
Amy Bennett (26:24):
That's right.
Shaun Jones (26:24):
That's exactly right when you do a bridging
loan, it's a short-term loan,correct.
So the banks still need to maketheir money and bridging is
only done over 12 months, andnine times out of 10, you're
going to sell before the 12months is up anyway.
Amy Bennett (26:38):
Yeah, that's always .
What I've reassured clients isthat you've got that as a buffer
, and what I love about it is itmeans that you've got.
You know, probably the scariestcomponent for people is not
having a roof over their head,correct?
So you go subject to sale, geta contract in your house.
It's not necessarily in time.
You've then missed yourpurchase and you've now got
nowhere to live.
Yeah, so, taking that stressout, you know you're doing two
(27:00):
of the largest things.
You know you're buying andselling, and so that's been a
huge, you know, point ofdifference, but also the time to
be out of the home that you'removing out of, to stage it, to
paint it, to renovate it, todownsize furniture.
So that's been reallyadvantageous, I've found, for
people as well.
They've loved that component.
Shaun Jones (27:19):
Yeah, and you know we can do purchases of
leaseholds as well, right, soyou know we can do purchases of
leaseholds as well.
Right.
So you know, if you've got aretired couple that has had
their property for 20 years,it's worth, you know, $2 million
and they want to go to aretirement village, then we do
what's called a single securitybridge.
Amy Bennett (27:35):
Okay.
Shaun Jones (27:35):
We still take a mortgage over their property,
yes, and then we just pay cashfor the leasehold contract.
Amy Bennett (27:40):
Okay, that's great to know.
Shaun Jones (27:42):
Extra bonus.
Yeah, so first lender to dothat, because obviously you
can't take a mortgage over aleasehold.
Yes, nothing to take a mortgageover.
Amy Bennett (27:49):
That's exactly right, yeah.
Shaun Jones (27:50):
You can do vacant land as well.
Amy Bennett (27:51):
Okay, great.
Yeah so I think, the way thatit's evolved, there's so many
different options that we canexplore.
Yeah, and it's obviously fromfeedback or what people need, or
from gaps in the market.
You know feedback or whatpeople need it from gaps in the
market.
You're working some reallysavvy lenders that are really
you know, I know when you cometo our meetings and share things
like and I know that there'sbenefits for health employees
(28:17):
and everything like that.
But I guess there's a lot morecreativity, isn't there, with
lending now.
Shaun Jones (28:19):
Yeah, there is, I think, as more banks.
I mean we've got 45 lenders ona panel.
So, all four of them are tryingto compete for business, so
they have to do somethingdifferently to be able to get
that business.
Amy Bennett (28:31):
Yeah, absolutely.
Shaun Jones (28:31):
And this is how different policies are created
where you can do one year inisolation for self-employed or
you know, pay yourself a wageand we can use that in six
months.
Or casual income.
You know, still six months, buta bank might be coming out with
a three month.
They will win a lot of business.
Amy Bennett (28:49):
Yeah, it's amazing it just depends.
So that says to me, Shaun, thatespecially for consumers or
potential clients for you,really, if they think they've
got a confusing scenario, or thebank won't lend or I'm not in
that position, they really justneed to get in front of a broker
and just really do that initialgame plan, ascertain what they
need to do, to be kind of guestmatch ready.
Shaun Jones (29:10):
Oh, the amount of out of the box scenarios we do
and you have to give the lendercomfort.
At the end of the day, if youcan give them comfort, they'll
give you the money.
Amy Bennett (29:20):
And you do that by providing a lot of information,
I imagine.
So you make sure that the fileis 110% ready.
Shaun Jones (29:26):
Even before that, we've got access to credit
managers.
We've got access to credithotlines where we can tell them
the scenario and they go sure,that makes sense.
Just get us X, y and Z.
Amy Bennett (29:38):
Okay.
Shaun Jones (29:38):
And then, when we lodge the application, they can
see that we've already spoken tosomeone and that just flies
through.
Yeah, amazing so long as youcan explain it, and it makes
sense and there's information toback up what you're trying to
present.
Amy Bennett (29:50):
Yeah, of course.
Shaun Jones (29:52):
Sure.
Storytelling right yeah,storytelling.
Amy Bennett (29:54):
And is there anything I guess not necessarily
myths or misconceptions arethere questions you get asked
all the time in your industrythat you'd like to be able to
help and share?
Shaun Jones (30:07):
that you'd like to be able to help and share.
Amy Bennett (30:09):
Not to this, probably the main question is
when are interest rates going todecrease?
Hopefully soon.
Shaun Jones (30:15):
Yes, always, because you know, if we have a
look at the past, sort of 13, 14months we have been at the top
of borrowing capacity yes,Compared to COVID times.
You know the maximum that youcould borrow from a
serviceability buffer was 5.5%.
That's all that.
They were assessing you whenrates were about 2%.
Now they're sort of assessingyou about 9.5%.
(30:36):
It's huge.
Amy Bennett (30:37):
So that's a question I get asked quite a bit
and that's bringing theborrowing capacity down, yep.
Shaun Jones (30:42):
As soon as the rates come down, that allows
people to borrow a little bitmore.
Amy Bennett (30:46):
Yeah, so if somebody had a pre-approval and
there's an interest ratedecrease or increase, they would
need to have that reassessed.
Oh great, it stays valid.
Yep, stays valid, excellent.
Shaun Jones (30:56):
So if we had an interest rate decrease and we
had applications in flight ifthey found a property, then they
would just automatically getthat decrease.
Amy Bennett (31:03):
Great, excellent, wonderful, all right.
Well, it has been an absolutepleasure, Shaun to have you.
I was excited to get to thepersonal question.
Knowing that you'd speak aboutyour beautiful family, it's been
an absolute pleasure to haveyou.
My sincere thanks, as always,for your help in getting Beyond
the Signboard.
Shaun Jones (31:22):
You're most welcome .
I love podcasting.
Is is a huge passion of mineand it's probably become a huge
passion of yours as well yeah,what?
Amy Bennett (31:31):
it's just so much fun.
It is fun.
And what do you like to listento?
Shaun Jones (31:34):
podcast wise oh, I like a good uh crime story yeah,
they're good yeah that datelineah, I haven't watched it or
listened to it.
Yeah, dateline they've it's alllike in the US.
Yes, but yeah, it's good tolisten to.
I used to listen to.
Amy Bennett (31:48):
Serial have you.
No that was really good.
That was an American series.
Yeah okay, right at the infancyof podcasting.
Shaun Jones (31:56):
Yeah, right Now the Dateline guy, he's got like a
really deep voice.
It just sounds really good.
It tells the story really well.
It's like ASMR yeah.
Amy Bennett (32:05):
Amazing.
All right Shaun well, thank youso much for popping by no doubt
, as I said, once we're allpublished, you'll have a
beautiful new bundle of joy.
Thank you very much Thanks forcoming along.
Thank you for listening to thisepisode of Beyond the Signboard
.
We trust you enjoyed it as muchas we enjoyed making it for you
.
If there are any topics youwant covered in the future, make
(32:25):
sure you reach out and let usknow.
Also, feedback and suggestionsare appreciated almost as much
as likes, shares and downloads.
Welcome to Beyond the Signboard, where you get the
opportunity to learn all thereis to know about your real
estate journey fromprofessionals who are passionate
about property.
I'm Amy Bennett, your host, andI look forward to providing you
with education, inspiration anda behind-the-scenes look at the
world of real estate.
Well, today is a very excitingday for me to have Mr Shaun
(00:36):
Jones from Mason Finance Grouphere recording an episode of.
Beyond the Signboard.
Hello, how exciting, Shaun.
Thank you for having me,absolutely my pleasure.
I said I feel a bit ofexpectation because you are the
master of the podcast.
Shaun Jones (00:48):
We started about two years ago at Mason Finance
Group and I had this idea to go.
Everyone leads a busy liferight, and you spend quite a bit
of time in your car.
Amy Bennett (00:57):
Yes.
Shaun Jones (00:57):
And what a good way to get a 10-15 minute segment
and learn about mortgages.
So I was like let's do somepodcasting.
Amy Bennett (01:04):
It's been amazing, it's evolved.
Shaun Jones (01:05):
Oh, it's so good.
You know we get people comingup to you're like you do
interest rates with mates andlike yeah, but we're all about
the education piece.
Absolutely, and I always saylook if somebody's asked a
question you know five times orten times, and it's the right
information.
You can go Googling for daysand try and find the answers
(01:25):
yourself.
Amy Bennett (01:26):
Whereas if you can hear, it directly from you.
Shaun Jones (01:28):
know a broker or real estate agent what you're
doing?
Amy Bennett (01:31):
Yeah, and I think it's about dispelling.
I mean, the whole premise ofthe podcast series is to really
go beyond the signboard, todispel any myths to you know,
remove any mystery in what we doand really just educate our
listeners.
So I am very grateful, as Isaid, you kindly lend your
equipment, but you also gave mesome amazing hints and tips and
(01:52):
started my intro and outro.
Shaun Jones (01:53):
So forever grateful , most welcome.
Amy Bennett (01:57):
Amazing.
So today we are going to get toknow a little bit more about
you, about your business, andone of the key hot topics we're
going to discuss is bridgingfinance.
Shaun Jones (02:08):
Very hot topic at the moment.
Amy Bennett (02:10):
It is, and you know , I think you know be remiss of
me, not to mention your successin that field.
You know you've obviously it'sbecome, you know, kind of a
passion project of yours.
You've definitely become aspecialist, not just in your
office but at a national level,which is amazing.
Shaun Jones (02:28):
So you've recently won yeah, so one of the lenders
that we deal with, bridget.
They're relatively new, so theyspecialise in bridging finance.
So they came onto our panelprobably about a year and a half
ago, and so we got tounderstand the product and how
valuable it is, and once westarted letting clients know
(02:50):
that we've got another option,people started jumping on board.
Amy Bennett (02:54):
Absolutely.
Shaun Jones (02:56):
And yeah, it was probably January last year that
sort of the application startedcoming through.
So yeah, last year forAustralia Wide I was the number
one broker for Lodgements, whichis awesome.
And number one in Queenslandfor Settlements.
Amy Bennett (03:11):
Incredible.
That's amazing.
And look, it certainly takes aspecial person with it.
I know that you kind of getthem all handed on to you in the
team.
Shaun Jones (03:19):
As soon as you say bridging finance, you sort of
like quiver and shiver.
Amy Bennett (03:23):
Yeah, I know, and I'm hoping that we haven't lost
anyone.
Shaun Jones (03:26):
No, no, Well we call it relocation.
I like it Just to fluff it up abit.
Amy Bennett (03:31):
I like it, and we will delve a little bit into
deeper because, yes, certainlypeople have had horror stories
or exorbitant fees andeverything like that.
So you are a mortgage broker atMason Finance Group, but let's
find out how you got there.
So take us back in your careerjourney.
Shaun Jones (03:48):
All right, so originally from New Zealand, if
you can tell Out of town.
So came here probably aboutfive and a half, nearly six
years ago, so been here for alittle while, came over here
with a wifey, so she's SouthAfrican.
So back in New Zealand I wasdoing things a little
differently.
I was a locomotive engineer.
(04:09):
Yes, so, driving the train,which is every little boy's
dream.
But yeah, when I came over,just sort of.
You know, shift work is hard.
Amy Bennett (04:16):
Yes.
Shaun Jones (04:17):
Getting up at 3 o'clock in the morning and
sometimes finishing at 3 o'clockin the morning is a bit tough
and not the nicest weather,right?
No, that's right.
So you know my dream.
My goal is always to helppeople, and one way to do that,
for me personally, is to helppeople buy you know, the next
property first, home investmentproperties build their asset
portfolio.
Amazing it's like finances forme, so it started as a teller
(04:41):
believe it or not in Westpac.
Amy Bennett (04:43):
I started on reception.
It all lends you to who you are.
Shaun Jones (04:47):
Yep and thank goodness that I did it gave me
the background and understandingof what banks do here in
Australia.
You know different lendingprocedures.
And then, yeah, I went on tosort of a mobile lender role
with Bank of Queensland, Didthat for a couple of years and
then, thank you to yourself, youintroduced me to Colin Mason
(05:10):
and then I've been with Colinand the team for about two and a
half years.
Amy Bennett (05:15):
Yeah, gosh, that's gone quick, hasn't it?
It has gone so quick, yeah.
And look, you know, as a dearfriend, you know, I'm so proud
of the growth that you've had.
Shaun Jones (05:22):
Thank you.
Amy Bennett (05:23):
But also to be in a supportive environment in which
you know you're reallyencouraged, and I can see that
you've got a huge team behindyou, so you get to sort of be at
the pointy end of reallyhelping people which you know,
as you said, that's your heartand soul work.
Shaun Jones (05:35):
Yeah, and it's the same as Colin as well he's
probably said this, he nearlysays it every day is that
clients come first,communication come first, and
that is everyone in our team.
Yeah, absolutely, and that'swhy the team works so well.
Amy Bennett (05:47):
Yeah, so tell us about your role and the business
.
Shaun Jones (05:50):
So Mortgage Broker has become more popular.
So we've got about 45 lenderson our panel.
Amy Bennett (05:59):
Yeah, chat through that for those listeners that
aren't familiar with what abroker does and the access
you've got.
Shaun Jones (06:04):
Yep.
So as a broker, I getaccredited with each of the
different banks, so that allowsme to write a loan application
with them Now.
Before that, every bank'spolicy is different.
Amy Bennett (06:18):
Yes.
Shaun Jones (06:18):
So the traditional way is you'd go and see your
bank manager and be like hey,I've been banking with you for
20 years, what can you do withme?
How much can you give me?
And they'd be like oh, probablyyou know, 200,000.
What why?
Oh, because you're casuallyemployed or you do commission.
Amy Bennett (06:35):
So quite restricted , quite restricted.
Shaun Jones (06:38):
And that's been the sort of shift over the past
sort of five to 10 years is thatpeople need those options.
Yes, sort of five to 10 yearsis that people need those
options, but they need to go toone place to have that option.
Amy Bennett (06:46):
And not all, obviously, banks provide the
same option.
Shaun Jones (06:49):
That's correct.
Each policy is different.
So if I've got 45 lenders, onmy panel.
I've got hundreds of nearlythousands of policies that can
suit someone's need rather thanjust going to the bank directly.
So, as a broker, that is my jobto fit you at the right lender,
based on your deposit, based onyour income, based on your
(07:10):
circumstance, based on could bebridging, like not every bank
does bridging.
Not every bank will do a 5%deposit.
So you need options and that'swhy you see your brokers, so
that we can present thoseoptions to you.
We're governed by all the sameregulations and things, so we
always act in the best interest.
So we've always got your heartat the end of the day.
Amy Bennett (07:32):
And it almost feels .
I think it almost feels morefair to have so many choices,
rather than you've only got oneproduct to sell.
Shaun Jones (07:39):
Correct yeah, and that's what I love about client
meetings is we use a softwarecalled Quickly.
Amy Bennett (07:45):
Yes.
Shaun Jones (07:46):
And you can literally see in front of you
and it comes up in green whichlenders we can go to.
Amy Bennett (07:50):
Yeah, isn't that great.
Shaun Jones (07:51):
And their eyes bright up and be like, oh my
gosh, I get to choose whichlender.
So you know, it's up to them.
I'll explain.
You know the products andfeatures and offsets and annual
fees.
But at the end of the day theyhave to be comfortable with
where they want to go.
Amy Bennett (08:10):
And it's just such an awesome feeling.
And isn't it amazing, I guess,the progression that we've had
with technology and all of thesetools you know, to be able to
do these calculations so quicklyand to give people answers
because you know we're living ina society where time is so
precious and obviously you knowwhen somebody and I'm speaking
from a residential salesperspective, but when somebody
is wanting to, you know put inan offer, they need to know.
You know straight away, don'tthey?
(08:30):
You know what their borrowingcapacity is.
Shaun Jones (08:33):
Yeah, and it's down to the timeframes as well with
lenders.
You know some lenders mightturn around an application in 24
or 48 hours.
Some might be 28 days.
Amy Bennett (08:45):
Yeah, I.
It's funny you say that wewould almost have like a
temperature check every week inour sales meeting on you know
when we would catch up with yourteam is how many days are we
saying for finance?
So I know we're going to reallyfocus in and hone in on things
like relocation loans.
But let's chat aboutpre-approval, because that
brings me to a really great, Iguess, conversation whereby you
know, having that transparencybecause there is a process in
(09:07):
place isn't there a new meetingand really tailoring that
package for your clients?
Shaun Jones (09:12):
Pre-approvals.
We have always been bigadvocates for them.
Time and time again, we say youneed to understand what you can
borrow, because that filterswhat you can purchase for, which
helps real estate agents.
It helps everyone Absolutely.
It almost cements a budget in asense Correct.
Now you've got your traditionalonline banks that will go plug
(09:35):
in your income and give you aconditional approval.
The difference is what we do iswe actually send all your
documents to the assessor andget them to fully assess your
application.
So the only sort of outstandingis you go find a property.
Amy Bennett (09:47):
What is the property?
Is there a charge associatedwith that?
Shaun Jones (09:50):
No, so we don't charge a fee.
Amy Bennett (09:52):
Yes.
Shaun Jones (09:52):
And that's because you know, for first home buyers
or next home buyers, you'veworked so hard to get that
deposit.
We don't want to if apre-approval doesn't go ahead
for whatever reason, you know,we don't want to take that money
away from you.
Amy Bennett (10:07):
Yeah, no, that's correct.
We'll get the bank to pass Well, and that is essentially how
you're paid right, correct,absolutely so.
With regards to thepre-approval, what timeframe do
they last?
Shaun Jones (10:18):
So usually it's about 90 days that that
pre-approval will last, forTakes a couple of weeks to put
together.
Yes, but yeah, 90 days.
Amy Bennett (10:27):
Excellent.
So somebody that's in thatposition where they're starting
to dip their toe in the market,starting to peruse realestatecom
and domain, they really need tohave a look at what they're.
Shaun Jones (10:36):
Absolutely.
Amy Bennett (10:36):
And you know it would be really interesting to
get your take, because one thingthat I you know come across all
the time is people's, I guess,lack of knowledge around
transfer duties.
So they kind of don't factor insolicitor fees, building and
pest inspections anything likethat as well.
So you kind of give them moreof an overview of all fees.
Shaun Jones (10:54):
Yeah 100%, and that's so that we don't get
caught out at settlement.
So we always do a fundingcalculator in our meetings to go
based on a purchase let's say$700, and you're a first home
buyer.
You've got no stamp duty, soyou've only got maybe a few
transfer fees, solicitor fees,things like that.
If you're purchasing your nexthome you want to make sure that
(11:15):
you're including those stampduty, because the deposit needs
to be 20% or 30% plus thosecosts.
Amy Bennett (11:21):
I like that next home buyer.
I haven't heard oh, that's anew one.
Shaun Jones (11:25):
It's good there's a lot of people upsizing.
Yeah, I love it.
Amy Bennett (11:28):
Well, funnily enough, I guess my area of
expertise is really downsizing.
So, coming out of the familyhome, you know, taking equity
out, you know, more cash back inthe bank and then purchasing a
smaller property, you knowwhether it's just a single
person or a couple, andobviously that's where we work
(11:49):
together so closely, you know,consistently in that space with
utilising relocation funds.
But certainly I love that.
I think that's good.
Next home purchase.
So, yeah, we certainly coveredoff the fees associated with it.
I am a client and have foundthe process so user-friendly.
You know, to I can kind of youknow midnight or whenever I'm
filling in forms online anddigital signing, and it's really
evolved, hasn't it.
Shaun Jones (12:10):
It is and that's the process that we've got at
Mason Finance Group.
So you know, you've got yourbanks, so you've got your
brokers.
That are one-man bands andthey're trying to do everything.
Amy Bennett (12:19):
It's a big job, right.
I tell you what I could not do.
That Wouldn't go back to it.
Shaun Jones (12:24):
No, well, you're trying to manage new clients,
you're trying to sign up peopleYou're trying to work out,
you're trying to talk to us,you're trying to do everything.
Yeah, absolutely so.
At Mates of Clients Group,we've got a team in each section
.
Yes, so that I can see theclient, I can hand it off to the
next person to put everythingtogether.
Amy Bennett (12:42):
Yeah, it's like a medley relay.
Yeah, that's right.
I hope you're at the end of thefinish line.
Yeah, it's amazing All the waythrough to settlements.
Yeah.
Shaun Jones (12:52):
And that's just because I physically wouldn't be
able to manage all of thosestages.
Of course I'd probably maybesee two or three clients a month
.
If I could do that.
Amy Bennett (13:00):
Yeah, it's amazing to be able to I guess you know
from a cohesive businesscomponent, you know mindset to
be able to put that in place.
You know I've certainly donethe same in my business as well.
It's just so important.
We can't be everything toeveryone.
You need sleep, yes veryimportant, and so, with regards
to your industry, I wouldimagine there's lots of myths
(13:23):
and misconceptions.
We've obviously spoke about theyou know how you get paid but
any other myths andmisconceptions that you think
people have?
Shaun Jones (13:33):
People are still a little bit conservative about
using brokers.
Amy Bennett (13:37):
Yes.
Shaun Jones (13:39):
And that's just more.
I've had a dollar a monthaccount at CBA since I was two
years old so I can just go backand they know all my information
and things like that.
Amy Bennett (13:46):
So it's a loyalty, but a comfort factor as well.
Yeah, amazing.
Shaun Jones (13:50):
You know you might have a personal banker at that
branch that looks aftereverything it just comes back to
.
Is that your best option?
Amy Bennett (13:59):
And would you recommend seeking a second
opinion Is that an option?
Shaun Jones (14:02):
Oh, absolutely.
Amy Bennett (14:03):
Wonderful.
So you have an existingexperience with your bank, you
can get, I guess, an idea ofcosts and everything from them
borrowing capacity and then youcould also speak to a broker.
Shaun Jones (14:12):
The reason why is it comes back to borrowing
capacity, income, things likethat.
So, to give you an idea, yourborrowing capacity on $100,000
might be let's say you earn$100,000, your borrowing
capacity might be $600,000 withone bank, yes, but then it could
be $700,000 with the other bank, and we've got that information
(14:34):
to be oh well, if you want toget a little bit higher, this is
what we can do.
So that's where that secondopinion is really crucial.
Amy Bennett (14:41):
And I guess Bank A is not going to tell you about
Bank B, are they?
Shaun Jones (14:44):
No, yeah, Whereas we actually put it in front of
them and go this is how much youcan borrow with all of these
different banks.
They go, oh really.
Amy Bennett (14:53):
It's a real transparency.
I would imagine that youwouldn't have many people do the
broker back to the bankcomponent.
Shaun Jones (14:57):
No.
Amy Bennett (14:59):
Although it looked interesting.
You know, and who knows whenour listeners will pick up this
podcast.
But you know, the traditionalbricks and mortars banks seem to
be thinning out as well.
Shaun Jones (15:09):
There's been a lot of closures, especially on the
Sunshine Coast, and that isbecause everything,
unfortunately, is moving online.
Amy Bennett (15:16):
Yeah.
Shaun Jones (15:20):
Which I mean.
Look, it's great, isn't it, tobe able to transact and to be
able to when you sign yourmortgage.
Amy Bennett (15:23):
Now you can do it digitally.
Yeah, that's right.
How cool is that.
Shaun Jones (15:25):
I know, yeah, so there's less need for bank staff
, unfortunately.
No, I know yeah, but you knowit still gives us the option to
present options at that bankthat they're with.
Amy Bennett (15:37):
Yes, exactly.
Shaun Jones (15:37):
Because we're accredited.
Amy Bennett (15:39):
That's right, yeah.
Shaun Jones (15:49):
So it's not as if the only option is to physically
present to those banks.
Amy Bennett (15:50):
No, so I've done many loans for people that
that's their main bankingaccount and we'll just go there.
Yeah, that's amazing, that'sconvenient.
Shaun Jones (15:52):
That's wonderful.
So we still have to present theoptions, of course, and I'm
still bound by best interestduty.
Yes, but in their best interest, that's where we need to go.
Amy Bennett (16:05):
Yeah, that's wonderful.
So big team at Mason FinanceGroup and obviously it sounds
like they, all you know, havetheir own, you know particular
position within the business,which is great.
Is there any part of your rolethat you found hard to hand over
?
All of it, yeah, true question.
Shaun Jones (16:21):
Look again, it comes down to me just as a
person.
I love to make sureeverything's yes flowing right
yes so I had to learn very onand it is.
It is a great process.
It works well yes um, but youhave to hand it off and let it
go, yeah, otherwise it will bogyou down yeah, absolutely,
that's good um so yeah, I mean Istill pop my head back in see,
(16:41):
see where the file is hey, I'm arecovering perfectionist.
Amy Bennett (16:44):
I'm with you on that as well.
Shaun Jones (16:45):
But it comes down to the trust Okay, and everyone
in our team can do their job sowell.
Amy Bennett (16:52):
And it's a care, isn't it?
Because when you form, you know, ultimately you are the face of
that connection with the clientas well.
You know that's very muchspeaking my language.
So if not mortgage broking,what would you consider doing?
Shaun Jones (17:04):
That is a great question.
Amy Bennett (17:06):
That means you're doing what you love.
If it is.
Shaun Jones (17:08):
I really do enjoy what I I love doing, what I do.
Amy Bennett (17:12):
That's amazing Perfect.
Shaun Jones (17:14):
I don't, I don't know, win the lotto, Retire.
Amy Bennett (17:18):
Hey, well, we just had a financial investment
strategist on.
Shaun Jones (17:22):
So if you want to know how to retire early, but
yeah, no, I do, I love what I do.
Amy Bennett (17:27):
Amazing.
So, aside from work, I alwayslike to ask people what would be
your dream holiday destination.
Shaun Jones (17:35):
Look, I want to go back to sorry, I want to go to
South Africa.
Amy Bennett (17:39):
Yes, you've not been.
No, not been.
Shaun Jones (17:42):
So I need to go.
Amy Bennett (17:43):
Your beautiful wife's motherland.
Yes, yeah, amazing so.
Shaun Jones (17:46):
I've heard the stories.
I've heard how beautiful it is,so we will go there one day.
Beautiful, but also Europe, Ireckon.
Amy Bennett (17:55):
Yeah, I think it's a must do I love to travel.
You do.
I was going to say, to yourcredit, you do take time with
the family.
It's so important, isn't it?
Because I know it's certainlynot a nine-to-five role what
both you and I do but importantto spend that time with your
beautiful family.
Absolutely which leads me to mynext question which.
I ask every guest which is,what was the best day of your
(18:16):
life?
Shaun Jones (18:17):
Probably best day would be.
Can I choose two?
Yeah, of course First one'swedding.
Amy Bennett (18:20):
Can I choose two?
Yeah, of course.
First one's wedding.
Yes, tell us about your wedding.
Shaun Jones (18:23):
So we got married in Auckland, new Zealand.
Yes, so in a place calledBombay Hills.
Okay so it was actually on anolive grove, so instead of your
winery, we did an oliveplantation so beautiful spot,
beautiful spot.
It was a lovely day, didn'train, which in Auckland is very
rare, but no it was just abeautiful day.
Amy Bennett (18:45):
I hear it's good luck, though, if it rains.
Yes, yes, that's a weddingplanner in me, so Ah, there we
go.
Shaun Jones (18:51):
So yeah, beautiful day, lovely day.
Amy Bennett (18:53):
Amazing how many years married now.
Shaun Jones (18:55):
We got married in 2017, so we are 10 years.
Oh gosh, my mess is so offtoday, oh sorry.
We've been together for 10years.
Amy Bennett (19:05):
Yeah, eight years this year eight-year anniversary
.
Shaun Jones (19:07):
Yes, correct, feels like 10.
Yes, Beautiful.
Amy Bennett (19:11):
So there's another special day.
Shaun Jones (19:13):
Yeah, so little one .
Ledger, yes, yeah, when he wasborn, yeah, amazing.
Amy Bennett (19:18):
Yeah, incredible.
So, as I may have alluded to,I've had the beautiful pleasure
of knowing Shaun and Alinka fora number of years and they
welcome their beautiful baby boyledger into the world.
Shaun Jones (19:27):
Three years ago, last week, you said this
Saturday, oh, this Saturdaycoming in Amazing.
Amy Bennett (19:36):
So, you've been through the twos, terrible twos,
and the threes, yeah threenature.
Shaun Jones (19:40):
He acts like he's three.
Amy Bennett (19:41):
Yeah, amazing.
Shaun Jones (19:42):
But yeah, no, he's a caring soul, beautiful soul.
Amy Bennett (19:45):
He's gorgeous, so I do believe there might be
another best day of your lifecoming up, am I right?
Shaun Jones (19:51):
Yes, At this time of recording I haven't had the
call that-.
Oh, I got goosebumps 38 weekspregnant.
Amy Bennett (19:59):
Yeah, amazing.
So, yeah, we certainly arerecording ahead of schedule, so
can't wait to share the excitingnews.
Shaun Jones (20:04):
I'll probably be listening to this with a newborn
in my head.
Amy Bennett (20:07):
Well, it is very exciting, Shaun.
What is your favorite meal anddrink?
Shaun Jones (20:13):
Look, I'm a sucker for a good pizza.
Amy Bennett (20:15):
Oh, what kind.
Shaun Jones (20:16):
I've always been a meat lovers pizza.
Amy Bennett (20:18):
Barbecue or tomato base.
Shaun Jones (20:21):
I'm going to go the traditional tomato.
Amy Bennett (20:23):
I like it, isn't it funny, I'm just to go.
The traditional tomato, I likeit, isn't it funny, I'm just
like straight in.
So, daniel, my husband lovesbarbecue base.
So I haven't had a tomato baseforever.
Shaun Jones (20:31):
Well, I usually get the tomato base and then the
barbecue swirl, oh I like a bitof both yeah.
So a good handmade proper.
Amy Bennett (20:39):
Italian pizza.
Any recommendations?
Shaun Jones (20:42):
Oh boccarina.
Yeah, it's good, isn't it?
That's so good, that's so nice.
Amy Bennett (20:47):
Actually, Daniel took me there last week.
Yeah, I think.
Shaun Jones (20:49):
I had the chilli one.
Amy Bennett (20:51):
Yeah, nice Boy, that was chilli Diavola.
Yeah, I know the menu.
And to wash it down, Wash itdown.
Shaun Jones (20:58):
Look, I love a good alcoholic ginger beer.
Amy Bennett (21:00):
Yeah me too, yeah me too.
So nice Any particular brand.
Shaun Jones (21:05):
The Yamundi one, I reckon.
Amy Bennett (21:05):
Yeah, that's nice, isn't it?
We're really blessed.
We've got Diablo Yamundi Matzosnow.
Yeah, I like it A little iceand lime.
Shaun Jones (21:12):
Yeah, Sounds good.
Yeah, I love that little bit oflime.
I think that's what makes itfor me.
But yeah, definitely a gingerbeer Sounds like we're off for
today.
I would love you to share afavourite quote or saying
Favourite quote.
Mine has always been you dowhat you say and you say what
you do.
Amy Bennett (21:31):
Oh, I like it All right.
Shaun Jones (21:33):
And that is the integrity side of me.
Amy Bennett (21:35):
Yes, yeah.
Shaun Jones (21:36):
So if you say you're going to do something,
you do it.
And if you do something youknow, you say you're going to do
it.
Amy Bennett (21:42):
Yeah, it's good, you're very true to that.
So, where we would normallywrap up the podcast, we're going
to go back a little bit becausewe haven't spoke about bridging
finance.
Shaun Jones (21:53):
Save the best till last, Amy I thought I had nailed
it.
Amy Bennett (21:56):
So for those that have hung in, we're off.
So this is something that'sreally important to you and I.
We are, you know, workingclosely together, quite often
working on a couple of contractsat the moment together.
It's been an amazing tool, Imust say, in my business,
predominantly because we arelooking at helping people.
(22:17):
Like I said, they're movingfrom their family home where all
their equity is tied up, socash flow generally, not a
mortgage on that or a veryminimal mortgage.
They're moving into eitherfreehold villa communities or a
smaller home.
So this has been absolutely theproduct of our dreams and, not
to steal your thunder, but whatwe've loved about it as agents
(22:40):
is it's essentially been aprocess that allows the buyer to
be in a cash position.
So there's not a subject tosale component and certainly
over the years we've beenthrough periods in the market
where subject to sale was okay,but certainly in a competing
environment it's certainly notthe person's best interest.
So no one better to speak aboutit than you.
(23:00):
So I will hand over.
Shaun Jones (23:02):
Bridgene has come back in the storm and it's like
what you said is that you mightfind your property that you love
and you want to purchase it,but you haven't even thought
about selling.
This is where bridging financecomes in Now.
It's not for everyone, andthat's just purely down on the
fact that you need to have quitea bit of equity to be able to
do it.
So it's all about how muchyou've got equity in your
(23:26):
property as to how much can gotowards your next purchase.
Amy Bennett (23:29):
Has to be a buffer there as well.
Shaun Jones (23:30):
Yes, there is.
So there's a few differentcomponents that make up bridging
finance.
So if your property is worth,say, a million dollars from an
amount that we can use, mostlenders stick to about 15%.
Amy Bennett (23:46):
Yes.
Shaun Jones (23:46):
So all that we can use is basically $850,000.
So we've already got a decreasestraight off the bat.
Amy Bennett (23:52):
Yeah, that's right.
Shaun Jones (23:52):
All right, and then we've got interest.
So interest is usuallycapitalised into the loan.
Amy Bennett (23:57):
Yes.
Shaun Jones (23:58):
And you can either do it over six months or 12
months, just depending how longyou need to sell.
Sure, that takes up anotherportion.
All right, so we've alreadylost a little bit of equity.
Amy Bennett (24:09):
A piece of the pie or the pizza, of the pizza to go
towards the next purchase.
Shaun Jones (24:13):
But we've got lenders that can either do.
If you've got an endtransaction, so an end mortgage,
all you need to do is showservicing on the end mortgage
and away we go.
So nine times out of 10, that'sprobably for your upsizes where
you're going from a milliondollar property to a 1.5 and you
don't have 500,000 of cash butyou can service maybe a $500,000
(24:34):
loan.
We can do that.
We can do it the other way aswell.
So if you've got a $1.5 millionproperty and you're going to a
million dollar purchase andthere's no in-mortgage at the
end of the transaction, we'vegot a few different options that
we can do.
So, as I said earlier in thepodcast, one of the main ones we
(24:55):
use is Bridget and this isprobably more for your older
generation that are retired anddon't have the income to
necessarily service that debt.
They don't need to show anyincome verification to be able
to do the transaction, which isamazing, make a big difference.
So to give you context, I'vedone a loan for an 86-year-old.
Amy Bennett (25:13):
Yeah, that's amazing, isn't it?
That's lovely.
Shaun Jones (25:15):
So she went to a.
No pay slips no pay slips, soher property was worth about
three.
I think, she purchased for 1.5.
Yes, I think she purchased for1.5.
Yes, it's perfect, yeah, ofcourse, but yeah, she went to
auction.
She thought she'd beenpre-approved at a big bank, not
through me.
She'd gone directly to the bankAgain.
Amy Bennett (25:30):
that's why you don't go to a bank.
Good case study.
Shaun Jones (25:33):
Good case study.
Yeah, she thought she'd beenpre-approved.
So, she went to auction bid,won the auction.
Amy Bennett (25:39):
Can't do it for you , so she was stuck with the
unconditional contract.
Shaun Jones (25:45):
So this is where we stepped in and we got it done,
I think within seven days.
Amy Bennett (25:49):
Yeah, amazing.
So it's quick as well.
Shaun Jones (25:58):
It's quick, yep, and it's nothing bridging is
nothing to be scary.
Amy Bennett (26:00):
You don't need to be scared about it.
Yeah, it really is one of thosebig myths, isn't it?
Like you said, you've even gota new name because people kind
of cringe, or it's not for me.
Shaun Jones (26:07):
People think it's expensive, correct.
And yes, there are some fees Iwon't hide around that.
Yeah, absolutely, and the mainone is interest, of course.
If you put it in theperspective of you've got a home
loan for 30 years, you'reprobably paying around $600,000
worth of interest.
Paying around $600,000 worth ofinterest that's how they're
making their money.
Amy Bennett (26:24):
That's right.
Shaun Jones (26:24):
That's exactly right when you do a bridging
loan, it's a short-term loan,correct.
So the banks still need to maketheir money and bridging is
only done over 12 months, andnine times out of 10, you're
going to sell before the 12months is up anyway.
Amy Bennett (26:38):
Yeah, that's always .
What I've reassured clients isthat you've got that as a buffer
, and what I love about it is itmeans that you've got.
You know, probably the scariestcomponent for people is not
having a roof over their head,correct?
So you go subject to sale, geta contract in your house.
It's not necessarily in time.
You've then missed yourpurchase and you've now got
nowhere to live.
Yeah, so, taking that stressout, you know you're doing two
(27:00):
of the largest things.
You know you're buying andselling, and so that's been a
huge, you know, point ofdifference, but also the time to
be out of the home that you'removing out of, to stage it, to
paint it, to renovate it, todownsize furniture.
So that's been reallyadvantageous, I've found, for
people as well.
They've loved that component.
Shaun Jones (27:19):
Yeah, and you know we can do purchases of
leaseholds as well, right, soyou know we can do purchases of
leaseholds as well.
Right.
So you know, if you've got aretired couple that has had
their property for 20 years,it's worth, you know, $2 million
and they want to go to aretirement village, then we do
what's called a single securitybridge.
Amy Bennett (27:35):
Okay.
Shaun Jones (27:35):
We still take a mortgage over their property,
yes, and then we just pay cashfor the leasehold contract.
Amy Bennett (27:40):
Okay, that's great to know.
Shaun Jones (27:42):
Extra bonus.
Yeah, so first lender to dothat, because obviously you
can't take a mortgage over aleasehold.
Yes, nothing to take a mortgageover.
Amy Bennett (27:49):
That's exactly right, yeah.
Shaun Jones (27:50):
You can do vacant land as well.
Amy Bennett (27:51):
Okay, great.
Yeah so I think, the way thatit's evolved, there's so many
different options that we canexplore.
Yeah, and it's obviously fromfeedback or what people need, or
from gaps in the market.
You know feedback or whatpeople need it from gaps in the
market.
You're working some reallysavvy lenders that are really
you know, I know when you cometo our meetings and share things
like and I know that there'sbenefits for health employees
(28:17):
and everything like that.
But I guess there's a lot morecreativity, isn't there, with
lending now.
Shaun Jones (28:19):
Yeah, there is, I think, as more banks.
I mean we've got 45 lenders ona panel.
So, all four of them are tryingto compete for business, so
they have to do somethingdifferently to be able to get
that business.
Amy Bennett (28:31):
Yeah, absolutely.
Shaun Jones (28:31):
And this is how different policies are created
where you can do one year inisolation for self-employed or
you know, pay yourself a wageand we can use that in six
months.
Or casual income.
You know, still six months, buta bank might be coming out with
a three month.
They will win a lot of business.
Amy Bennett (28:49):
Yeah, it's amazing it just depends.
So that says to me, Shaun, thatespecially for consumers or
potential clients for you,really, if they think they've
got a confusing scenario, or thebank won't lend or I'm not in
that position, they really justneed to get in front of a broker
and just really do that initialgame plan, ascertain what they
need to do, to be kind of guestmatch ready.
Shaun Jones (29:10):
Oh, the amount of out of the box scenarios we do
and you have to give the lendercomfort.
At the end of the day, if youcan give them comfort, they'll
give you the money.
Amy Bennett (29:20):
And you do that by providing a lot of information,
I imagine.
So you make sure that the fileis 110% ready.
Shaun Jones (29:26):
Even before that, we've got access to credit
managers.
We've got access to credithotlines where we can tell them
the scenario and they go sure,that makes sense.
Just get us X, y and Z.
Amy Bennett (29:38):
Okay.
Shaun Jones (29:38):
And then, when we lodge the application, they can
see that we've already spoken tosomeone and that just flies
through.
Yeah, amazing so long as youcan explain it, and it makes
sense and there's information toback up what you're trying to
present.
Amy Bennett (29:50):
Yeah, of course.
Shaun Jones (29:52):
Sure.
Storytelling right yeah,storytelling.
Amy Bennett (29:54):
And is there anything I guess not necessarily
myths or misconceptions arethere questions you get asked
all the time in your industrythat you'd like to be able to
help and share?
Shaun Jones (30:07):
that you'd like to be able to help and share.
Amy Bennett (30:09):
Not to this, probably the main question is
when are interest rates going todecrease?
Hopefully soon.
Shaun Jones (30:15):
Yes, always, because you know, if we have a
look at the past, sort of 13, 14months we have been at the top
of borrowing capacity yes,Compared to COVID times.
You know the maximum that youcould borrow from a
serviceability buffer was 5.5%.
That's all that.
They were assessing you whenrates were about 2%.
Now they're sort of assessingyou about 9.5%.
(30:36):
It's huge.
Amy Bennett (30:37):
So that's a question I get asked quite a bit
and that's bringing theborrowing capacity down, yep.
Shaun Jones (30:42):
As soon as the rates come down, that allows
people to borrow a little bitmore.
Amy Bennett (30:46):
Yeah, so if somebody had a pre-approval and
there's an interest ratedecrease or increase, they would
need to have that reassessed.
Oh great, it stays valid.
Yep, stays valid, excellent.
Shaun Jones (30:56):
So if we had an interest rate decrease and we
had applications in flight ifthey found a property, then they
would just automatically getthat decrease.
Amy Bennett (31:03):
Great, excellent, wonderful, all right.
Well, it has been an absolutepleasure, Shaun to have you.
I was excited to get to thepersonal question.
Knowing that you'd speak aboutyour beautiful family, it's been
an absolute pleasure to haveyou.
My sincere thanks, as always,for your help in getting Beyond
the Signboard.
Shaun Jones (31:22):
You're most welcome .
I love podcasting.
Is is a huge passion of mineand it's probably become a huge
passion of yours as well yeah,what?
Amy Bennett (31:31):
it's just so much fun.
It is fun.
And what do you like to listento?
Shaun Jones (31:34):
podcast wise oh, I like a good uh crime story yeah,
they're good yeah that datelineah, I haven't watched it or
listened to it.
Yeah, dateline they've it's alllike in the US.
Yes, but yeah, it's good tolisten to.
I used to listen to.
Amy Bennett (31:48):
Serial have you.
No that was really good.
That was an American series.
Yeah okay, right at the infancyof podcasting.
Shaun Jones (31:56):
Yeah, right Now the Dateline guy, he's got like a
really deep voice.
It just sounds really good.
It tells the story really well.
It's like ASMR yeah.
Amy Bennett (32:05):
Amazing.
All right Shaun well, thank youso much for popping by no doubt
, as I said, once we're allpublished, you'll have a
beautiful new bundle of joy.
Thank you very much Thanks forcoming along.
Thank you for listening to thisepisode of Beyond the Signboard
.
We trust you enjoyed it as muchas we enjoyed making it for you
.
If there are any topics youwant covered in the future, make
(32:25):
sure you reach out and let usknow.
Also, feedback and suggestionsare appreciated almost as much
as likes, shares and downloads.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Amy Robach & T.J. Holmes present: Aubrey O’Day, Covering the Diddy Trial
Introducing… Aubrey O’Day Diddy’s former protege, television personality, platinum selling music artist, Danity Kane alum Aubrey O’Day joins veteran journalists Amy Robach and TJ Holmes to provide a unique perspective on the trial that has captivated the attention of the nation. Join them throughout the trial as they discuss, debate, and dissect every detail, every aspect of the proceedings. Aubrey will offer her opinions and expertise, as only she is qualified to do given her first-hand knowledge. From her days on Making the Band, as she emerged as the breakout star, the truth of the situation would be the opposite of the glitz and glamour. Listen throughout every minute of the trial, for this exclusive coverage. Amy Robach and TJ Holmes present Aubrey O’Day, Covering the Diddy Trial, an iHeartRadio podcast.
Good Hang with Amy Poehler
Come hang with Amy Poehler. Each week on her podcast, she'll welcome celebrities and fun people to her studio. They'll share stories about their careers, mutual friends, shared enthusiasms, and most importantly, what's been making them laugh. This podcast is not about trying to make you better or giving advice. Amy just wants to have a good time.