{"version":"1.0.0","segments":[{"speaker":"Victor Lagos","startTime":3.24,"endTime":5.01,"body":"Welcome to the"},{"speaker":"Victor Lagos","startTime":3.24,"endTime":5.01,"body":"debt to financial freedom"},{"speaker":"Victor Lagos","startTime":5.01,"endTime":8.07,"body":"podcast. I'm your host, Victor"},{"speaker":"Victor Lagos","startTime":5.01,"endTime":8.07,"body":"lager, and the founder of"},{"speaker":"Victor Lagos","startTime":8.07,"endTime":11.46,"body":"loggers financial. I've been in"},{"speaker":"Victor Lagos","startTime":8.07,"endTime":11.46,"body":"the finance and lending industry"},{"speaker":"Victor Lagos","startTime":11.46,"endTime":14.34,"body":"for 16 years, and I've"},{"speaker":"Victor Lagos","startTime":11.46,"endTime":14.34,"body":"personally made financial"},{"speaker":"Victor Lagos","startTime":14.34,"endTime":18.27,"body":"mistakes and learn from them. I"},{"speaker":"Victor Lagos","startTime":14.34,"endTime":18.27,"body":"started this podcast to share"},{"speaker":"Victor Lagos","startTime":18.27,"endTime":21.69,"body":"stories and lessons on my own"},{"speaker":"Victor Lagos","startTime":18.27,"endTime":21.69,"body":"journey, and to share insights"},{"speaker":"Victor Lagos","startTime":21.75,"endTime":24.81,"body":"that may help others on their"},{"speaker":"Victor Lagos","startTime":21.75,"endTime":24.81,"body":"journey. And I interviewed"},{"speaker":"Victor Lagos","startTime":24.81,"endTime":28.08,"body":"people that I've connected with"},{"speaker":"Victor Lagos","startTime":24.81,"endTime":28.08,"body":"that share the same values and"},{"speaker":"Victor Lagos","startTime":28.08,"endTime":31.95,"body":"mission to help others create"},{"speaker":"Victor Lagos","startTime":28.08,"endTime":31.95,"body":"financial freedom. My goal this"},{"speaker":"Victor Lagos","startTime":31.95,"endTime":36.9,"body":"podcast is to share raw, honest,"},{"speaker":"Victor Lagos","startTime":31.95,"endTime":36.9,"body":"transparent and helpful stories"},{"speaker":"Victor Lagos","startTime":36.9,"endTime":40.11,"body":"that you can relate to, and"},{"speaker":"Victor Lagos","startTime":36.9,"endTime":40.11,"body":"inspires you to take control of"},{"speaker":"Victor Lagos","startTime":40.11,"endTime":43.59,"body":"your finances, and only have"},{"speaker":"Victor Lagos","startTime":40.11,"endTime":43.59,"body":"debt that brings you closer to"},{"speaker":"Victor Lagos","startTime":43.59,"endTime":48.96,"body":"financial freedom. Everything on"},{"speaker":"Victor Lagos","startTime":43.59,"endTime":48.96,"body":"this podcast is general in"},{"speaker":"Victor Lagos","startTime":48.96,"endTime":52.41,"body":"nature. And for education"},{"speaker":"Victor Lagos","startTime":48.96,"endTime":52.41,"body":"purposes only. None of your"},{"speaker":"Victor Lagos","startTime":52.41,"endTime":55.92,"body":"personal objectives, financial"},{"speaker":"Victor Lagos","startTime":52.41,"endTime":55.92,"body":"situation or needs has been"},{"speaker":"Victor Lagos","startTime":55.92,"endTime":59.16,"body":"taken into consideration, I"},{"speaker":"Victor Lagos","startTime":55.92,"endTime":59.16,"body":"highly recommend you seek"},{"speaker":"Victor Lagos","startTime":59.19,"endTime":63.51,"body":"personal financial, legal"},{"speaker":"Victor Lagos","startTime":59.19,"endTime":63.51,"body":"taxation and credit advice"},{"speaker":"Victor Lagos","startTime":63.57,"endTime":66.93,"body":"before you take any action on"},{"speaker":"Victor Lagos","startTime":63.57,"endTime":66.93,"body":"what has been heard on this"},{"speaker":"Victor Lagos","startTime":66.93,"endTime":73.62,"body":"podcast. Welcome to Episode One"},{"speaker":"Victor Lagos","startTime":66.93,"endTime":73.62,"body":"of the debt to financial freedom"},{"speaker":"Victor Lagos","startTime":73.62,"endTime":78.12,"body":"podcast. I'm your host, Victor"},{"speaker":"Victor Lagos","startTime":73.62,"endTime":78.12,"body":"loggers. In today's episode, I"},{"speaker":"Victor Lagos","startTime":78.12,"endTime":81.27,"body":"really just want to share my"},{"speaker":"Victor Lagos","startTime":78.12,"endTime":81.27,"body":"story, why I started this"},{"speaker":"Victor Lagos","startTime":81.27,"endTime":85.2,"body":"podcast, what brought me to"},{"speaker":"Victor Lagos","startTime":81.27,"endTime":85.2,"body":"where I am now in my own"},{"speaker":"Victor Lagos","startTime":85.2,"endTime":89.67,"body":"financial journey, and how I can"},{"speaker":"Victor Lagos","startTime":85.2,"endTime":89.67,"body":"really help people to learn more"},{"speaker":"Victor Lagos","startTime":89.7,"endTime":93.57,"body":"about managing their money. So"},{"speaker":"Victor Lagos","startTime":89.7,"endTime":93.57,"body":"that can create financial"},{"speaker":"Victor Lagos","startTime":93.57,"endTime":97.23,"body":"freedom, coming from debt and"},{"speaker":"Victor Lagos","startTime":93.57,"endTime":97.23,"body":"using debt to really help them"},{"speaker":"Victor Lagos","startTime":97.47,"endTime":100.5,"body":"financially and not so they"},{"speaker":"Victor Lagos","startTime":97.47,"endTime":100.5,"body":"don't get stuck, basically, my"},{"speaker":"Victor Lagos","startTime":100.5,"endTime":103.26,"body":"story. So look, this is this is"},{"speaker":"Victor Lagos","startTime":100.5,"endTime":103.26,"body":"an interesting one, because my"},{"speaker":"Victor Lagos","startTime":103.26,"endTime":107.22,"body":"story is a long one. But I want"},{"speaker":"Victor Lagos","startTime":103.26,"endTime":107.22,"body":"to try to make sense of it for"},{"speaker":"Victor Lagos","startTime":107.22,"endTime":110.34,"body":"you guys. So that way you get"},{"speaker":"Victor Lagos","startTime":107.22,"endTime":110.34,"body":"where I'm coming from. And you"},{"speaker":"Victor Lagos","startTime":110.34,"endTime":114.12,"body":"can see that if there's"},{"speaker":"Victor Lagos","startTime":110.34,"endTime":114.12,"body":"something that you relate to, it"},{"speaker":"Victor Lagos","startTime":114.12,"endTime":118.23,"body":"might help you on your journey."},{"speaker":"Victor Lagos","startTime":114.12,"endTime":118.23,"body":"So some of this I haven't shared"},{"speaker":"Victor Lagos","startTime":118.23,"endTime":123.06,"body":"publicly. So it's it's a little"},{"speaker":"Victor Lagos","startTime":118.23,"endTime":123.06,"body":"bit a little bit difficult. But"},{"speaker":"Victor Lagos","startTime":123.15,"endTime":126.45,"body":"I think it's important that"},{"speaker":"Victor Lagos","startTime":123.15,"endTime":126.45,"body":"people who hear the truth and"},{"speaker":"Victor Lagos","startTime":126.45,"endTime":131.19,"body":"transparencies, I'm going to"},{"speaker":"Victor Lagos","startTime":126.45,"endTime":131.19,"body":"share that. So first and"},{"speaker":"Victor Lagos","startTime":131.19,"endTime":136.53,"body":"foremost, we're not taught"},{"speaker":"Victor Lagos","startTime":131.19,"endTime":136.53,"body":"taught at school, how to manage"},{"speaker":"Victor Lagos","startTime":136.53,"endTime":141.27,"body":"money. Financial literacy is not"},{"speaker":"Victor Lagos","startTime":136.53,"endTime":141.27,"body":"a part of our curriculum. And"},{"speaker":"Victor Lagos","startTime":141.96,"endTime":146.22,"body":"there's many reasons why that"},{"speaker":"Victor Lagos","startTime":141.96,"endTime":146.22,"body":"is. For me, personally, I wasn't"},{"speaker":"Victor Lagos","startTime":146.22,"endTime":150.36,"body":"good with money. And my mom"},{"speaker":"Victor Lagos","startTime":146.22,"endTime":150.36,"body":"wasn't good with money, she was"},{"speaker":"Victor Lagos","startTime":150.42,"endTime":153.96,"body":"into debt, my dad was probably"},{"speaker":"Victor Lagos","startTime":150.42,"endTime":153.96,"body":"pretty good. He was a business"},{"speaker":"Victor Lagos","startTime":153.96,"endTime":158.7,"body":"owner, and he was able to save"},{"speaker":"Victor Lagos","startTime":153.96,"endTime":158.7,"body":"money. So he was a saver, and my"},{"speaker":"Victor Lagos","startTime":158.7,"endTime":165.0,"body":"mom was a spender. And she would"},{"speaker":"Victor Lagos","startTime":158.7,"endTime":165.0,"body":"spend on credit cuts. And to"},{"speaker":"Victor Lagos","startTime":165.0,"endTime":169.02,"body":"give you a bit of cultural"},{"speaker":"Victor Lagos","startTime":165.0,"endTime":169.02,"body":"context, I'm half Filipina, and"},{"speaker":"Victor Lagos","startTime":169.02,"endTime":173.4,"body":"I'm half Chilean or Chilean,"},{"speaker":"Victor Lagos","startTime":169.02,"endTime":173.4,"body":"South American. So my mom's"},{"speaker":"Victor Lagos","startTime":173.4,"endTime":178.17,"body":"side, the Filipina side, a lot"},{"speaker":"Victor Lagos","startTime":173.4,"endTime":178.17,"body":"of them, you know, God bless"},{"speaker":"Victor Lagos","startTime":178.17,"endTime":183.06,"body":"them. They care about the"},{"speaker":"Victor Lagos","startTime":178.17,"endTime":183.06,"body":"family, they want to help. But"},{"speaker":"Victor Lagos","startTime":183.06,"endTime":186.9,"body":"what happens is they end up"},{"speaker":"Victor Lagos","startTime":183.06,"endTime":186.9,"body":"using credit to help their"},{"speaker":"Victor Lagos","startTime":186.9,"endTime":192.81,"body":"family with the intent to pay"},{"speaker":"Victor Lagos","startTime":186.9,"endTime":192.81,"body":"back later. Same as my mom. But"},{"speaker":"Victor Lagos","startTime":192.81,"endTime":196.02,"body":"the problem is with credit card"},{"speaker":"Victor Lagos","startTime":192.81,"endTime":196.02,"body":"debt is that it can quickly"},{"speaker":"Victor Lagos","startTime":196.05,"endTime":201.18,"body":"spiral out of control. And that"},{"speaker":"Victor Lagos","startTime":196.05,"endTime":201.18,"body":"happened in credit habits over"},{"speaker":"Victor Lagos","startTime":201.18,"endTime":205.83,"body":"the years. At one point that I'm"},{"speaker":"Victor Lagos","startTime":201.18,"endTime":205.83,"body":"aware of, she was in about"},{"speaker":"Victor Lagos","startTime":205.83,"endTime":210.36,"body":"$120,000 worth of credit card"},{"speaker":"Victor Lagos","startTime":205.83,"endTime":210.36,"body":"debt. And that's that's a hard"},{"speaker":"Victor Lagos","startTime":210.36,"endTime":214.74,"body":"thing for for anyone to get into"},{"speaker":"Victor Lagos","startTime":210.36,"endTime":214.74,"body":"that position. And along the"},{"speaker":"Victor Lagos","startTime":214.74,"endTime":218.7,"body":"way, she made some other"},{"speaker":"Victor Lagos","startTime":214.74,"endTime":218.7,"body":"financial mistakes along with my"},{"speaker":"Victor Lagos","startTime":218.73,"endTime":225.0,"body":"my dad, which then meant that"},{"speaker":"Victor Lagos","startTime":218.73,"endTime":225.0,"body":"long story short, they're now in"},{"speaker":"Victor Lagos","startTime":225.0,"endTime":228.96,"body":"their 70s. They're renting, and"},{"speaker":"Victor Lagos","startTime":225.0,"endTime":228.96,"body":"they're on the pension and they"},{"speaker":"Victor Lagos","startTime":228.96,"endTime":233.52,"body":"have no money to their name."},{"speaker":"Victor Lagos","startTime":228.96,"endTime":233.52,"body":"Another key reason for that is I"},{"speaker":"Victor Lagos","startTime":233.52,"endTime":238.11,"body":"didn't have good help. So they"},{"speaker":"Victor Lagos","startTime":233.52,"endTime":238.11,"body":"didn't have actual advice from"},{"speaker":"Victor Lagos","startTime":238.11,"endTime":241.29,"body":"people that genuinely cared"},{"speaker":"Victor Lagos","startTime":238.11,"endTime":241.29,"body":"about helping them create that"},{"speaker":"Victor Lagos","startTime":241.29,"endTime":247.74,"body":"financial freedom. And people"},{"speaker":"Victor Lagos","startTime":241.29,"endTime":247.74,"body":"that I guess follow through and"},{"speaker":"Victor Lagos","startTime":247.74,"endTime":251.28,"body":"what they said, and I really"},{"speaker":"Victor Lagos","startTime":247.74,"endTime":251.28,"body":"want to help you guys out there"},{"speaker":"Victor Lagos","startTime":251.28,"endTime":254.49,"body":"that want to create that"},{"speaker":"Victor Lagos","startTime":251.28,"endTime":254.49,"body":"freedom. You want it to buy"},{"speaker":"Victor Lagos","startTime":254.49,"endTime":259.11,"body":"property potentially. And you"},{"speaker":"Victor Lagos","startTime":254.49,"endTime":259.11,"body":"just want to know real advice"},{"speaker":"Victor Lagos","startTime":259.2,"endTime":262.47,"body":"and you want real stories,"},{"speaker":"Victor Lagos","startTime":259.2,"endTime":262.47,"body":"things that are actually going"},{"speaker":"Victor Lagos","startTime":262.47,"endTime":266.7,"body":"to help you to get there. So I"},{"speaker":"Victor Lagos","startTime":262.47,"endTime":266.7,"body":"can share what I've learned,"},{"speaker":"Victor Lagos","startTime":266.85,"endTime":271.23,"body":"because as I mentioned when I"},{"speaker":"Victor Lagos","startTime":266.85,"endTime":271.23,"body":"was 18 So when I was younger, I"},{"speaker":"Victor Lagos","startTime":271.23,"endTime":274.5,"body":"got into debt when I was 18. I"},{"speaker":"Victor Lagos","startTime":271.23,"endTime":274.5,"body":"took out a personal loan"},{"speaker":"Victor Lagos","startTime":274.5,"endTime":279.39,"body":"straightaway, the bank gave me a"},{"speaker":"Victor Lagos","startTime":274.5,"endTime":279.39,"body":"$12,000 loan to buy a car and to"},{"speaker":"Victor Lagos","startTime":279.39,"endTime":282.24,"body":"take a holiday. Within a few"},{"speaker":"Victor Lagos","startTime":279.39,"endTime":282.24,"body":"months they refinance that it"},{"speaker":"Victor Lagos","startTime":282.24,"endTime":287.07,"body":"got up to 18 It was very easy to"},{"speaker":"Victor Lagos","startTime":282.24,"endTime":287.07,"body":"get personal debt and too easy."},{"speaker":"Victor Lagos","startTime":287.37,"endTime":292.35,"body":"And many people are in that same"},{"speaker":"Victor Lagos","startTime":287.37,"endTime":292.35,"body":"position. I took control of that"},{"speaker":"Victor Lagos","startTime":292.38,"endTime":296.55,"body":"when I as I started to work in"},{"speaker":"Victor Lagos","startTime":292.38,"endTime":296.55,"body":"finance when I was 19. And I"},{"speaker":"Victor Lagos","startTime":296.55,"endTime":301.62,"body":"started to pay that debt back."},{"speaker":"Victor Lagos","startTime":296.55,"endTime":301.62,"body":"But I Old habits die hard. The"},{"speaker":"Victor Lagos","startTime":301.62,"endTime":305.7,"body":"debt didn't get paid back that"},{"speaker":"Victor Lagos","startTime":301.62,"endTime":305.7,"body":"quickly, sorry, got paid back."},{"speaker":"Victor Lagos","startTime":305.73,"endTime":310.47,"body":"And then I accumulated it again."},{"speaker":"Victor Lagos","startTime":305.73,"endTime":310.47,"body":"So I was 18. And I had all this"},{"speaker":"Victor Lagos","startTime":310.47,"endTime":314.07,"body":"debt. And as I progressed"},{"speaker":"Victor Lagos","startTime":310.47,"endTime":314.07,"body":"through the financial career,"},{"speaker":"Victor Lagos","startTime":314.1,"endTime":318.93,"body":"took out more money, took out"},{"speaker":"Victor Lagos","startTime":314.1,"endTime":318.93,"body":"more debt, had a car loan, I"},{"speaker":"Victor Lagos","startTime":318.93,"endTime":323.07,"body":"eventually bought property. But"},{"speaker":"Victor Lagos","startTime":318.93,"endTime":323.07,"body":"that property I bought it was my"},{"speaker":"Victor Lagos","startTime":323.07,"endTime":326.79,"body":"parents helped me buy that. And"},{"speaker":"Victor Lagos","startTime":323.07,"endTime":326.79,"body":"they had to sell their home to"},{"speaker":"Victor Lagos","startTime":326.79,"endTime":329.58,"body":"help me buy that. And the reason"},{"speaker":"Victor Lagos","startTime":326.79,"endTime":329.58,"body":"they they had to sell the home"},{"speaker":"Victor Lagos","startTime":329.58,"endTime":334.26,"body":"is because they ended up"},{"speaker":"Victor Lagos","startTime":329.58,"endTime":334.26,"body":"investing in a property that"},{"speaker":"Victor Lagos","startTime":334.26,"endTime":338.22,"body":"they were sold. The dream of"},{"speaker":"Victor Lagos","startTime":334.26,"endTime":338.22,"body":"financial freedom. And that"},{"speaker":"Victor Lagos","startTime":338.22,"endTime":343.92,"body":"dream was, you know, retiring"},{"speaker":"Victor Lagos","startTime":338.22,"endTime":343.92,"body":"early. It was, you know, looking"},{"speaker":"Victor Lagos","startTime":343.92,"endTime":348.42,"body":"after your family. It was, you"},{"speaker":"Victor Lagos","startTime":343.92,"endTime":348.42,"body":"know, passive income, but it was"},{"speaker":"Victor Lagos","startTime":348.42,"endTime":352.02,"body":"an off the plan property. And"},{"speaker":"Victor Lagos","startTime":348.42,"endTime":352.02,"body":"when you buy off the plan,"},{"speaker":"Victor Lagos","startTime":352.02,"endTime":355.53,"body":"there's a lot of risks involved."},{"speaker":"Victor Lagos","startTime":352.02,"endTime":355.53,"body":"And they didn't know what those"},{"speaker":"Victor Lagos","startTime":355.53,"endTime":358.32,"body":"risks were. I didn't either I"},{"speaker":"Victor Lagos","startTime":355.53,"endTime":358.32,"body":"was still younger, I was working"},{"speaker":"Victor Lagos","startTime":358.32,"endTime":362.25,"body":"at the bank at the time. But in"},{"speaker":"Victor Lagos","startTime":358.32,"endTime":362.25,"body":"hindsight, I know what happened."},{"speaker":"Victor Lagos","startTime":363.36,"endTime":366.99,"body":"Because the loan wasn't"},{"speaker":"Victor Lagos","startTime":363.36,"endTime":366.99,"body":"structured correctly, it was a"},{"speaker":"Victor Lagos","startTime":366.99,"endTime":372.84,"body":"property that was overinflated."},{"speaker":"Victor Lagos","startTime":366.99,"endTime":372.84,"body":"So there was, the person that"},{"speaker":"Victor Lagos","startTime":372.84,"endTime":376.02,"body":"they were sold the property by"},{"speaker":"Victor Lagos","startTime":372.84,"endTime":376.02,"body":"actually took advantage of them,"},{"speaker":"Victor Lagos","startTime":376.29,"endTime":379.5,"body":"told them that it was the right"},{"speaker":"Victor Lagos","startTime":376.29,"endTime":379.5,"body":"investment, but it was actually"},{"speaker":"Victor Lagos","startTime":379.5,"endTime":383.64,"body":"overpriced. So that meant that"},{"speaker":"Victor Lagos","startTime":379.5,"endTime":383.64,"body":"firstly, it wasn't going up in"},{"speaker":"Victor Lagos","startTime":383.64,"endTime":386.01,"body":"value, it was actually"},{"speaker":"Victor Lagos","startTime":383.64,"endTime":386.01,"body":"overpriced. And over time, it"},{"speaker":"Victor Lagos","startTime":386.01,"endTime":388.89,"body":"actually went backwards. And"},{"speaker":"Victor Lagos","startTime":386.01,"endTime":388.89,"body":"because it went backwards, they"},{"speaker":"Victor Lagos","startTime":388.89,"endTime":392.61,"body":"ended up having to sell the"},{"speaker":"Victor Lagos","startTime":388.89,"endTime":392.61,"body":"house less than what they bought"},{"speaker":"Victor Lagos","startTime":392.61,"endTime":395.88,"body":"it for, and less than what was"},{"speaker":"Victor Lagos","startTime":392.61,"endTime":395.88,"body":"going on the mortgage. So they"},{"speaker":"Victor Lagos","startTime":395.88,"endTime":402.54,"body":"still owed $20,000 After they"},{"speaker":"Victor Lagos","startTime":395.88,"endTime":402.54,"body":"sell the property. And they were"},{"speaker":"Victor Lagos","startTime":402.54,"endTime":407.19,"body":"both defaulted. So they weren't"},{"speaker":"Victor Lagos","startTime":402.54,"endTime":407.19,"body":"able to ever borrow again. And"},{"speaker":"Victor Lagos","startTime":407.19,"endTime":412.17,"body":"to add to that they contributed"},{"speaker":"Victor Lagos","startTime":407.19,"endTime":412.17,"body":"$100,000 deposit from their home"},{"speaker":"Victor Lagos","startTime":412.32,"endTime":417.72,"body":"to buy it in the first place. So"},{"speaker":"Victor Lagos","startTime":412.32,"endTime":417.72,"body":"as I said to you before, the now"},{"speaker":"Victor Lagos","startTime":417.72,"endTime":422.07,"body":"retired, they've got no money to"},{"speaker":"Victor Lagos","startTime":417.72,"endTime":422.07,"body":"their name. I'm on a mission"},{"speaker":"Victor Lagos","startTime":422.07,"endTime":426.21,"body":"now. I'm on a mission to teach"},{"speaker":"Victor Lagos","startTime":422.07,"endTime":426.21,"body":"this what what to do and what"},{"speaker":"Victor Lagos","startTime":426.21,"endTime":430.68,"body":"not to do. So people don't end"},{"speaker":"Victor Lagos","startTime":426.21,"endTime":430.68,"body":"up in that position. It's it's a"},{"speaker":"Victor Lagos","startTime":430.68,"endTime":433.92,"body":"hard thing to say that, I'm very"},{"speaker":"Victor Lagos","startTime":430.68,"endTime":433.92,"body":"fortunate because I've been able"},{"speaker":"Victor Lagos","startTime":433.92,"endTime":438.84,"body":"to learn and get out of that"},{"speaker":"Victor Lagos","startTime":433.92,"endTime":438.84,"body":"structure. In the last 12"},{"speaker":"Victor Lagos","startTime":438.84,"endTime":442.08,"body":"months, my wife and I, we we've"},{"speaker":"Victor Lagos","startTime":438.84,"endTime":442.08,"body":"bought two investment"},{"speaker":"Victor Lagos","startTime":442.08,"endTime":444.96,"body":"properties, both of them have"},{"speaker":"Victor Lagos","startTime":442.08,"endTime":444.96,"body":"done really well. And they're"},{"speaker":"Victor Lagos","startTime":444.96,"endTime":451.17,"body":"doing very well. Before that, I"},{"speaker":"Victor Lagos","startTime":444.96,"endTime":451.17,"body":"was able to save money, and pay"},{"speaker":"Victor Lagos","startTime":451.17,"endTime":456.66,"body":"back that pay for our wedding"},{"speaker":"Victor Lagos","startTime":451.17,"endTime":456.66,"body":"pay for our honeymoon. And it's"},{"speaker":"Victor Lagos","startTime":456.66,"endTime":459.21,"body":"led us to where we are right now"},{"speaker":"Victor Lagos","startTime":456.66,"endTime":459.21,"body":"I've got my business and that's"},{"speaker":"Victor Lagos","startTime":459.21,"endTime":463.08,"body":"growing. So there's a few"},{"speaker":"Victor Lagos","startTime":459.21,"endTime":463.08,"body":"fundamental pieces to that, that"},{"speaker":"Victor Lagos","startTime":463.08,"endTime":467.04,"body":"I want to share. And I'll go"},{"speaker":"Victor Lagos","startTime":463.08,"endTime":467.04,"body":"into detail in future episodes."},{"speaker":"Victor Lagos","startTime":467.07,"endTime":471.51,"body":"But it really just starts with,"},{"speaker":"Victor Lagos","startTime":467.07,"endTime":471.51,"body":"you know, clarity, looking at"},{"speaker":"Victor Lagos","startTime":471.69,"endTime":475.08,"body":"how do you spend your money? How"},{"speaker":"Victor Lagos","startTime":471.69,"endTime":475.08,"body":"do you manage that money. And"},{"speaker":"Victor Lagos","startTime":475.08,"endTime":478.02,"body":"there's a really, really cool"},{"speaker":"Victor Lagos","startTime":475.08,"endTime":478.02,"body":"cool saying I like and that is,"},{"speaker":"Victor Lagos","startTime":479.25,"endTime":483.87,"body":"there's two ways to create a"},{"speaker":"Victor Lagos","startTime":479.25,"endTime":483.87,"body":"small fortune, one of them is to"},{"speaker":"Victor Lagos","startTime":483.87,"endTime":487.53,"body":"spend less than you earn and"},{"speaker":"Victor Lagos","startTime":483.87,"endTime":487.53,"body":"invest the difference. And the"},{"speaker":"Victor Lagos","startTime":487.53,"endTime":491.37,"body":"second one is to provide"},{"speaker":"Victor Lagos","startTime":487.53,"endTime":491.37,"body":"something of value that other"},{"speaker":"Victor Lagos","startTime":491.37,"endTime":494.37,"body":"people are willing to pay for."},{"speaker":"Victor Lagos","startTime":491.37,"endTime":494.37,"body":"So if you can do a bit of both,"},{"speaker":"Victor Lagos","startTime":494.4,"endTime":497.61,"body":"that's when you can create a"},{"speaker":"Victor Lagos","startTime":494.4,"endTime":497.61,"body":"greater fortune. And then if you"},{"speaker":"Victor Lagos","startTime":497.61,"endTime":501.54,"body":"just break that down a little"},{"speaker":"Victor Lagos","startTime":497.61,"endTime":501.54,"body":"bit further and say, spend less"},{"speaker":"Victor Lagos","startTime":501.54,"endTime":505.74,"body":"than you earn and invest the"},{"speaker":"Victor Lagos","startTime":501.54,"endTime":505.74,"body":"difference. So many people spend"},{"speaker":"Victor Lagos","startTime":505.74,"endTime":508.71,"body":"more than what they earn,"},{"speaker":"Victor Lagos","startTime":505.74,"endTime":508.71,"body":"because they've got access to"},{"speaker":"Victor Lagos","startTime":508.71,"endTime":513.54,"body":"credit cards, they've got access"},{"speaker":"Victor Lagos","startTime":508.71,"endTime":513.54,"body":"to overdrafts, they've got Buy"},{"speaker":"Victor Lagos","startTime":513.54,"endTime":518.07,"body":"now pay later options. So you"},{"speaker":"Victor Lagos","startTime":513.54,"endTime":518.07,"body":"really just have to get to the"},{"speaker":"Victor Lagos","startTime":518.07,"endTime":521.01,"body":"point where you know exactly"},{"speaker":"Victor Lagos","startTime":518.07,"endTime":521.01,"body":"what you spend, so that you can"},{"speaker":"Victor Lagos","startTime":521.46,"endTime":525.0,"body":"invest the difference. And then"},{"speaker":"Victor Lagos","startTime":521.46,"endTime":525.0,"body":"you use the power of leverage."},{"speaker":"Victor Lagos","startTime":525.45,"endTime":529.32,"body":"And leverage is something that"},{"speaker":"Victor Lagos","startTime":525.45,"endTime":529.32,"body":"you can use to buy property. And"},{"speaker":"Victor Lagos","startTime":529.32,"endTime":530.49,"body":"if you're buying property"},{"speaker":"Victor Lagos","startTime":532.2,"endTime":534.87,"body":"well, and you're looking in,"},{"speaker":"Victor Lagos","startTime":532.2,"endTime":534.87,"body":"you're researching, you're"},{"speaker":"Victor Lagos","startTime":534.87,"endTime":537.51,"body":"knowing the location that where"},{"speaker":"Victor Lagos","startTime":534.87,"endTime":537.51,"body":"it's gonna grow, you're looking"},{"speaker":"Victor Lagos","startTime":537.51,"endTime":542.67,"body":"at the numbers, you remove all"},{"speaker":"Victor Lagos","startTime":537.51,"endTime":542.67,"body":"emotions. That's when there's so"},{"speaker":"Victor Lagos","startTime":542.67,"endTime":546.54,"body":"much potential to create that"},{"speaker":"Victor Lagos","startTime":542.67,"endTime":546.54,"body":"financial freedom, you're able"},{"speaker":"Victor Lagos","startTime":546.54,"endTime":551.52,"body":"to then create recurring income."},{"speaker":"Victor Lagos","startTime":546.54,"endTime":551.52,"body":"So if any of you guys have ever"},{"speaker":"Victor Lagos","startTime":551.67,"endTime":555.42,"body":"read the book, Rich Dad, Poor"},{"speaker":"Victor Lagos","startTime":551.67,"endTime":555.42,"body":"Dad, that book was an"},{"speaker":"Victor Lagos","startTime":555.42,"endTime":558.42,"body":"inspiration to me, because it"},{"speaker":"Victor Lagos","startTime":555.42,"endTime":558.42,"body":"really talks about building your"},{"speaker":"Victor Lagos","startTime":558.42,"endTime":561.9,"body":"assets and reducing your"},{"speaker":"Victor Lagos","startTime":558.42,"endTime":561.9,"body":"liabilities. And it's about"},{"speaker":"Victor Lagos","startTime":561.9,"endTime":564.87,"body":"understanding what is an asset."},{"speaker":"Victor Lagos","startTime":561.9,"endTime":564.87,"body":"So many people think that your"},{"speaker":"Victor Lagos","startTime":564.87,"endTime":569.46,"body":"house, your home is an asset, to"},{"speaker":"Victor Lagos","startTime":564.87,"endTime":569.46,"body":"an extent it is. But it's also a"},{"speaker":"Victor Lagos","startTime":569.46,"endTime":572.31,"body":"liability because it's costing"},{"speaker":"Victor Lagos","startTime":569.46,"endTime":572.31,"body":"you money, you're having to put"},{"speaker":"Victor Lagos","startTime":572.31,"endTime":576.12,"body":"money aside every single month"},{"speaker":"Victor Lagos","startTime":572.31,"endTime":576.12,"body":"to pay down that debt to live."},{"speaker":"Victor Lagos","startTime":577.08,"endTime":581.04,"body":"It's not tax deductible, and"},{"speaker":"Victor Lagos","startTime":577.08,"endTime":581.04,"body":"it's not income generating."},{"speaker":"Victor Lagos","startTime":581.34,"endTime":584.85,"body":"Whereas when you invest into"},{"speaker":"Victor Lagos","startTime":581.34,"endTime":584.85,"body":"income generating assets, like"},{"speaker":"Victor Lagos","startTime":584.85,"endTime":588.93,"body":"businesses or property, you're"},{"speaker":"Victor Lagos","startTime":584.85,"endTime":588.93,"body":"getting the tax deductions and"},{"speaker":"Victor Lagos","startTime":588.93,"endTime":591.39,"body":"you're and you're getting the"},{"speaker":"Victor Lagos","startTime":588.93,"endTime":591.39,"body":"capital growth and you're"},{"speaker":"Victor Lagos","startTime":591.39,"endTime":594.63,"body":"getting the recurring income or"},{"speaker":"Victor Lagos","startTime":591.39,"endTime":594.63,"body":"passive income streams. So"},{"speaker":"Victor Lagos","startTime":594.63,"endTime":596.76,"body":"that's what I like about that"},{"speaker":"Victor Lagos","startTime":594.63,"endTime":596.76,"body":"book really talks about"},{"speaker":"Victor Lagos","startTime":596.76,"endTime":599.97,"body":"increasing your assets and"},{"speaker":"Victor Lagos","startTime":596.76,"endTime":599.97,"body":"reducing your liabilities. So"},{"speaker":"Victor Lagos","startTime":600.0,"endTime":603.09,"body":"liabilities is debt. This"},{"speaker":"Victor Lagos","startTime":600.0,"endTime":603.09,"body":"podcast is called debt to"},{"speaker":"Victor Lagos","startTime":603.09,"endTime":607.02,"body":"financial freedom for a reason."},{"speaker":"Victor Lagos","startTime":603.09,"endTime":607.02,"body":"It's about understanding debt"},{"speaker":"Victor Lagos","startTime":607.05,"endTime":610.29,"body":"and how to use that debt to"},{"speaker":"Victor Lagos","startTime":607.05,"endTime":610.29,"body":"create financial freedom and get"},{"speaker":"Victor Lagos","startTime":610.29,"endTime":612.51,"body":"rid of the bad debts and stuff"},{"speaker":"Victor Lagos","startTime":610.29,"endTime":612.51,"body":"that pulling you away from"},{"speaker":"Victor Lagos","startTime":612.51,"endTime":620.34,"body":"financial freedom. So when we"},{"speaker":"Victor Lagos","startTime":612.51,"endTime":620.34,"body":"talk about property, some of you"},{"speaker":"Victor Lagos","startTime":620.34,"endTime":624.42,"body":"might think, I want to I want to"},{"speaker":"Victor Lagos","startTime":620.34,"endTime":624.42,"body":"make money on property. I know"},{"speaker":"Victor Lagos","startTime":624.42,"endTime":628.74,"body":"someone that invested in Sydney,"},{"speaker":"Victor Lagos","startTime":624.42,"endTime":628.74,"body":"and the prices have gone berserk"},{"speaker":"Victor Lagos","startTime":628.74,"endTime":631.86,"body":"in the last few years. And it's"},{"speaker":"Victor Lagos","startTime":628.74,"endTime":631.86,"body":"true, but many of them have just"},{"speaker":"Victor Lagos","startTime":631.86,"endTime":634.83,"body":"flicked it, they were just in"},{"speaker":"Victor Lagos","startTime":631.86,"endTime":634.83,"body":"the market. And it just, it went"},{"speaker":"Victor Lagos","startTime":634.83,"endTime":639.06,"body":"up, because that was a time of"},{"speaker":"Victor Lagos","startTime":634.83,"endTime":639.06,"body":"the current cycle. But if you"},{"speaker":"Victor Lagos","startTime":639.06,"endTime":642.0,"body":"deal with strategy work with the"},{"speaker":"Victor Lagos","startTime":639.06,"endTime":642.0,"body":"right people, and you look at"},{"speaker":"Victor Lagos","startTime":642.0,"endTime":646.23,"body":"other markets, you can get into"},{"speaker":"Victor Lagos","startTime":642.0,"endTime":646.23,"body":"a more affordable position. And"},{"speaker":"Victor Lagos","startTime":646.23,"endTime":648.12,"body":"you could do potentially"},{"speaker":"Victor Lagos","startTime":646.23,"endTime":648.12,"body":"something what's called rent"},{"speaker":"Victor Lagos","startTime":648.12,"endTime":651.75,"body":"vesting, that's what I do, my"},{"speaker":"Victor Lagos","startTime":648.12,"endTime":651.75,"body":"wife and I rent festers. What"},{"speaker":"Victor Lagos","startTime":651.75,"endTime":655.17,"body":"that means is we rent where we"},{"speaker":"Victor Lagos","startTime":651.75,"endTime":655.17,"body":"can afford, sorry, we rent where"},{"speaker":"Victor Lagos","startTime":655.17,"endTime":658.95,"body":"we want to live, and we buy"},{"speaker":"Victor Lagos","startTime":655.17,"endTime":658.95,"body":"where we can afford based on"},{"speaker":"Victor Lagos","startTime":658.95,"endTime":662.55,"body":"strategy. And something that's"},{"speaker":"Victor Lagos","startTime":658.95,"endTime":662.55,"body":"more realistic. So we get to"},{"speaker":"Victor Lagos","startTime":662.55,"endTime":665.7,"body":"live in the eastern suburbs of"},{"speaker":"Victor Lagos","startTime":662.55,"endTime":665.7,"body":"Sydney, while we invest in other"},{"speaker":"Victor Lagos","startTime":665.7,"endTime":669.54,"body":"markets into state, we own two"},{"speaker":"Victor Lagos","startTime":665.7,"endTime":669.54,"body":"properties, one in Tasmania, the"},{"speaker":"Victor Lagos","startTime":669.54,"endTime":672.69,"body":"other one in Adelaide, and both"},{"speaker":"Victor Lagos","startTime":669.54,"endTime":672.69,"body":"of them are positive cash flow."},{"speaker":"Victor Lagos","startTime":673.41,"endTime":675.81,"body":"And I'll explain a little bit"},{"speaker":"Victor Lagos","startTime":673.41,"endTime":675.81,"body":"more in detail of what that"},{"speaker":"Victor Lagos","startTime":675.81,"endTime":681.48,"body":"actually means. So let's"},{"speaker":"Victor Lagos","startTime":675.81,"endTime":681.48,"body":"consider for a moment, if you're"},{"speaker":"Victor Lagos","startTime":681.48,"endTime":686.52,"body":"an investor, and you invest in"},{"speaker":"Victor Lagos","startTime":681.48,"endTime":686.52,"body":"you want to buy a business, but"},{"speaker":"Victor Lagos","startTime":687.15,"endTime":690.84,"body":"let's say you want to buy a"},{"speaker":"Victor Lagos","startTime":687.15,"endTime":690.84,"body":"business, and you raise capital"},{"speaker":"Victor Lagos","startTime":690.93,"endTime":693.84,"body":"to buy that business and"},{"speaker":"Victor Lagos","startTime":690.93,"endTime":693.84,"body":"investor comes down, let's just"},{"speaker":"Victor Lagos","startTime":693.84,"endTime":697.44,"body":"say hypothetically, they they"},{"speaker":"Victor Lagos","startTime":693.84,"endTime":697.44,"body":"pay 80%, and you put 20% down,"},{"speaker":"Victor Lagos","startTime":698.1,"endTime":701.49,"body":"that investor will most likely"},{"speaker":"Victor Lagos","startTime":698.1,"endTime":701.49,"body":"want to get 80% back on their"},{"speaker":"Victor Lagos","startTime":701.49,"endTime":704.58,"body":"investment, right? Oh, they want"},{"speaker":"Victor Lagos","startTime":701.49,"endTime":704.58,"body":"to own 80% of that business,"},{"speaker":"Victor Lagos","startTime":704.79,"endTime":708.51,"body":"because they put down 80%. Right"},{"speaker":"Victor Lagos","startTime":704.79,"endTime":708.51,"body":"makes sense. And you get 20%?"},{"speaker":"Victor Lagos","startTime":709.2,"endTime":713.19,"body":"Well, you got to look at"},{"speaker":"Victor Lagos","startTime":709.2,"endTime":713.19,"body":"property in a similar manner."},{"speaker":"Victor Lagos","startTime":713.19,"endTime":716.7,"body":"Because property is like a"},{"speaker":"Victor Lagos","startTime":713.19,"endTime":716.7,"body":"business. It has income, it has"},{"speaker":"Victor Lagos","startTime":716.7,"endTime":720.66,"body":"expenses, it has assets, and"},{"speaker":"Victor Lagos","startTime":716.7,"endTime":720.66,"body":"liabilities. So the asset being"},{"speaker":"Victor Lagos","startTime":720.66,"endTime":723.87,"body":"the value of the property, the"},{"speaker":"Victor Lagos","startTime":720.66,"endTime":723.87,"body":"liability being the loan, the"},{"speaker":"Victor Lagos","startTime":723.87,"endTime":728.97,"body":"mortgage, and the income being"},{"speaker":"Victor Lagos","startTime":723.87,"endTime":728.97,"body":"the rent, every expense related"},{"speaker":"Victor Lagos","startTime":729.09,"endTime":732.36,"body":"to that property is tax"},{"speaker":"Victor Lagos","startTime":729.09,"endTime":732.36,"body":"deductible. The tax office"},{"speaker":"Victor Lagos","startTime":732.36,"endTime":736.38,"body":"actually says that you can claim"},{"speaker":"Victor Lagos","startTime":732.36,"endTime":736.38,"body":"everything on an investment"},{"speaker":"Victor Lagos","startTime":736.38,"endTime":739.74,"body":"property, like it's a business,"},{"speaker":"Victor Lagos","startTime":736.38,"endTime":739.74,"body":"and you don't even need an ABN."},{"speaker":"Victor Lagos","startTime":740.28,"endTime":743.88,"body":"So I know people that have got"},{"speaker":"Victor Lagos","startTime":740.28,"endTime":743.88,"body":"15 properties, and they don't"},{"speaker":"Victor Lagos","startTime":743.88,"endTime":748.8,"body":"have an ABN. It's all under the"},{"speaker":"Victor Lagos","startTime":743.88,"endTime":748.8,"body":"name, you know. But the point"},{"speaker":"Victor Lagos","startTime":748.8,"endTime":752.64,"body":"is, if you treat it like a"},{"speaker":"Victor Lagos","startTime":748.8,"endTime":752.64,"body":"business, you can grow it"},{"speaker":"Victor Lagos","startTime":752.94,"endTime":758.61,"body":"substantially. And more"},{"speaker":"Victor Lagos","startTime":752.94,"endTime":758.61,"body":"importantly, you use the power"},{"speaker":"Victor Lagos","startTime":758.61,"endTime":762.33,"body":"of leverage, and you use other"},{"speaker":"Victor Lagos","startTime":758.61,"endTime":762.33,"body":"people's money, the saying OPM"},{"speaker":"Victor Lagos","startTime":762.36,"endTime":765.03,"body":"stands for other people's money."},{"speaker":"Victor Lagos","startTime":762.36,"endTime":765.03,"body":"So I'll break that down for you."},{"speaker":"Victor Lagos","startTime":765.51,"endTime":768.93,"body":"So for example, you buy that you"},{"speaker":"Victor Lagos","startTime":765.51,"endTime":768.93,"body":"buy a property, you've got"},{"speaker":"Victor Lagos","startTime":768.93,"endTime":772.62,"body":"$100,000, if you didn't use"},{"speaker":"Victor Lagos","startTime":768.93,"endTime":772.62,"body":"leverage, and you put that in"},{"speaker":"Victor Lagos","startTime":772.62,"endTime":775.71,"body":"the bank, you might get say,"},{"speaker":"Victor Lagos","startTime":772.62,"endTime":775.71,"body":"three and a half percent a year"},{"speaker":"Victor Lagos","startTime":775.92,"endTime":779.01,"body":"at the moment. So at the end of"},{"speaker":"Victor Lagos","startTime":775.92,"endTime":779.01,"body":"12 months, you will make three"},{"speaker":"Victor Lagos","startTime":779.01,"endTime":784.92,"body":"and a half $1,000. If you don't"},{"speaker":"Victor Lagos","startTime":779.01,"endTime":784.92,"body":"take that money out, then you"},{"speaker":"Victor Lagos","startTime":784.92,"endTime":787.71,"body":"can compound that over time. So"},{"speaker":"Victor Lagos","startTime":784.92,"endTime":787.71,"body":"the power of compounding comes"},{"speaker":"Victor Lagos","startTime":787.71,"endTime":791.79,"body":"in. So at the end of year one,"},{"speaker":"Victor Lagos","startTime":787.71,"endTime":791.79,"body":"you've got 103,500. And then you"},{"speaker":"Victor Lagos","startTime":791.79,"endTime":795.27,"body":"start to get a return on that"},{"speaker":"Victor Lagos","startTime":791.79,"endTime":795.27,"body":"the year after, right. But your"},{"speaker":"Victor Lagos","startTime":795.27,"endTime":798.84,"body":"return will only ever be on"},{"speaker":"Victor Lagos","startTime":795.27,"endTime":798.84,"body":"100,000. So what you do is you"},{"speaker":"Victor Lagos","startTime":798.84,"endTime":803.37,"body":"actually go to the bank and say,"},{"speaker":"Victor Lagos","startTime":798.84,"endTime":803.37,"body":"look, here's 100,000, I want to"},{"speaker":"Victor Lagos","startTime":803.37,"endTime":806.76,"body":"buy a property for 500,000. So"},{"speaker":"Victor Lagos","startTime":803.37,"endTime":806.76,"body":"then the bank will then give you"},{"speaker":"Victor Lagos","startTime":806.76,"endTime":811.11,"body":"400,000 to buy the property. The"},{"speaker":"Victor Lagos","startTime":806.76,"endTime":811.11,"body":"bank doesn't say I want to take"},{"speaker":"Victor Lagos","startTime":811.17,"endTime":814.32,"body":"you know, profit of that when"},{"speaker":"Victor Lagos","startTime":811.17,"endTime":814.32,"body":"you sell that property, or I"},{"speaker":"Victor Lagos","startTime":814.32,"endTime":817.08,"body":"want to take some of the income"},{"speaker":"Victor Lagos","startTime":814.32,"endTime":817.08,"body":"you generate. All they care"},{"speaker":"Victor Lagos","startTime":817.08,"endTime":820.47,"body":"about is interest in fees. And"},{"speaker":"Victor Lagos","startTime":817.08,"endTime":820.47,"body":"the interest is tax deductible."},{"speaker":"Victor Lagos","startTime":820.47,"endTime":824.22,"body":"So the face, right, and the"},{"speaker":"Victor Lagos","startTime":820.47,"endTime":824.22,"body":"other thing is, the tax office"},{"speaker":"Victor Lagos","startTime":824.43,"endTime":828.42,"body":"says that you can claim all the"},{"speaker":"Victor Lagos","startTime":824.43,"endTime":828.42,"body":"expenses on this property. So"},{"speaker":"Victor Lagos","startTime":828.42,"endTime":833.46,"body":"now you're getting tax"},{"speaker":"Victor Lagos","startTime":828.42,"endTime":833.46,"body":"deductions, you're getting money"},{"speaker":"Victor Lagos","startTime":833.46,"endTime":836.79,"body":"from the bank to help you buy"},{"speaker":"Victor Lagos","startTime":833.46,"endTime":836.79,"body":"the property. And then you get"},{"speaker":"Victor Lagos","startTime":837.54,"endTime":841.23,"body":"tenants to live in the property"},{"speaker":"Victor Lagos","startTime":837.54,"endTime":841.23,"body":"that they're actually paying for"},{"speaker":"Victor Lagos","startTime":841.23,"endTime":844.89,"body":"the interest on the loan and the"},{"speaker":"Victor Lagos","startTime":841.23,"endTime":844.89,"body":"fees. And if you buy well,"},{"speaker":"Victor Lagos","startTime":844.92,"endTime":847.83,"body":"they'll also cover all the costs"},{"speaker":"Victor Lagos","startTime":844.92,"endTime":847.83,"body":"as well, like your maintenance,"},{"speaker":"Victor Lagos","startTime":847.83,"endTime":850.44,"body":"like council rates, all the"},{"speaker":"Victor Lagos","startTime":847.83,"endTime":850.44,"body":"running costs, earning"},{"speaker":"Victor Lagos","startTime":850.5,"endTime":855.48,"body":"insurances, property management"},{"speaker":"Victor Lagos","startTime":850.5,"endTime":855.48,"body":"fees, you know, water rates. So"},{"speaker":"Victor Lagos","startTime":856.29,"endTime":859.38,"body":"if you just consider for a"},{"speaker":"Victor Lagos","startTime":856.29,"endTime":859.38,"body":"moment you ended up getting, you"},{"speaker":"Victor Lagos","startTime":859.38,"endTime":862.83,"body":"put 100,000 in but now you're"},{"speaker":"Victor Lagos","startTime":859.38,"endTime":862.83,"body":"getting a return on investment"},{"speaker":"Victor Lagos","startTime":862.86,"endTime":868.11,"body":"on 500,000. And you've used the"},{"speaker":"Victor Lagos","startTime":862.86,"endTime":868.11,"body":"bank's money, the tax office and"},{"speaker":"Victor Lagos","startTime":868.41,"endTime":872.55,"body":"the tenants to help you buy"},{"speaker":"Victor Lagos","startTime":868.41,"endTime":872.55,"body":"that. So you know, instead of"},{"speaker":"Victor Lagos","startTime":872.55,"endTime":875.67,"body":"getting three and a half percent"},{"speaker":"Victor Lagos","startTime":872.55,"endTime":875.67,"body":"per year and 100,000 Imagine you"},{"speaker":"Victor Lagos","startTime":875.67,"endTime":880.89,"body":"get three and a half percent on"},{"speaker":"Victor Lagos","startTime":875.67,"endTime":880.89,"body":"on 500,000. So that's the main"},{"speaker":"Victor Lagos","startTime":880.89,"endTime":883.08,"body":"reason that I want to help."},{"speaker":"Victor Lagos","startTime":880.89,"endTime":883.08,"body":"That's the main reason that I've"},{"speaker":"Victor Lagos","startTime":883.08,"endTime":886.77,"body":"started this podcast is to teach"},{"speaker":"Victor Lagos","startTime":883.08,"endTime":886.77,"body":"people the fundamentals and to"},{"speaker":"Victor Lagos","startTime":886.77,"endTime":890.61,"body":"interview people that can"},{"speaker":"Victor Lagos","startTime":886.77,"endTime":890.61,"body":"actually share their insight."},{"speaker":"Victor Lagos","startTime":892.14,"endTime":895.59,"body":"Alright, so in this section, I'm"},{"speaker":"Victor Lagos","startTime":892.14,"endTime":895.59,"body":"going to answer some frequently"},{"speaker":"Victor Lagos","startTime":895.59,"endTime":900.57,"body":"asked questions or FAQs. As I'm"},{"speaker":"Victor Lagos","startTime":895.59,"endTime":900.57,"body":"a mortgage broker Finance broker"},{"speaker":"Victor Lagos","startTime":900.57,"endTime":903.87,"body":"I get asked a lot of questions"},{"speaker":"Victor Lagos","startTime":900.57,"endTime":903.87,"body":"in this current market, so I'm"},{"speaker":"Victor Lagos","startTime":903.87,"endTime":906.84,"body":"just going to answer that."},{"speaker":"Victor Lagos","startTime":903.87,"endTime":906.84,"body":"Answer some of them. So the"},{"speaker":"Victor Lagos","startTime":906.84,"endTime":912.84,"body":"first one, should I refinance my"},{"speaker":"Victor Lagos","startTime":906.84,"endTime":912.84,"body":"home loan? It depends. Is your"},{"speaker":"Victor Lagos","startTime":912.84,"endTime":916.53,"body":"current loan fixed or is"},{"speaker":"Victor Lagos","startTime":912.84,"endTime":916.53,"body":"currently variable. A lot of"},{"speaker":"Victor Lagos","startTime":916.53,"endTime":919.05,"body":"people are currently in a fixed"},{"speaker":"Victor Lagos","startTime":916.53,"endTime":919.05,"body":"rate, because they were able to"},{"speaker":"Victor Lagos","startTime":919.05,"endTime":923.67,"body":"get a couple of years ago,"},{"speaker":"Victor Lagos","startTime":919.05,"endTime":923.67,"body":"sometimes below 2%. If you're"},{"speaker":"Victor Lagos","startTime":923.67,"endTime":926.04,"body":"going to expire in the coming"},{"speaker":"Victor Lagos","startTime":923.67,"endTime":926.04,"body":"months, and there's a lot of"},{"speaker":"Victor Lagos","startTime":926.04,"endTime":930.66,"body":"loans that are, then it's worth"},{"speaker":"Victor Lagos","startTime":926.04,"endTime":930.66,"body":"understanding, what will that"},{"speaker":"Victor Lagos","startTime":930.66,"endTime":934.5,"body":"rate be when it changes over but"},{"speaker":"Victor Lagos","startTime":930.66,"endTime":934.5,"body":"still holding on to it for as"},{"speaker":"Victor Lagos","startTime":934.5,"endTime":938.43,"body":"long as you can, because, at the"},{"speaker":"Victor Lagos","startTime":934.5,"endTime":938.43,"body":"moment, variable rates for owner"},{"speaker":"Victor Lagos","startTime":938.43,"endTime":944.34,"body":"occupiers, 4% and above and for"},{"speaker":"Victor Lagos","startTime":938.43,"endTime":944.34,"body":"investors, the 5% and above, so"},{"speaker":"Victor Lagos","startTime":944.34,"endTime":946.95,"body":"you need to be pretty conscious"},{"speaker":"Victor Lagos","startTime":944.34,"endTime":946.95,"body":"of what you're going to revert"},{"speaker":"Victor Lagos","startTime":946.95,"endTime":950.67,"body":"to, what I would recommend is to"},{"speaker":"Victor Lagos","startTime":946.95,"endTime":950.67,"body":"calculate what your future"},{"speaker":"Victor Lagos","startTime":950.67,"endTime":954.21,"body":"repayments will be based on"},{"speaker":"Victor Lagos","startTime":950.67,"endTime":954.21,"body":"today's rates, and start putting"},{"speaker":"Victor Lagos","startTime":954.21,"endTime":957.51,"body":"money aside to match that, so"},{"speaker":"Victor Lagos","startTime":954.21,"endTime":957.51,"body":"that you're prepared for when"},{"speaker":"Victor Lagos","startTime":957.51,"endTime":960.66,"body":"the when the loan rolls over."},{"speaker":"Victor Lagos","startTime":957.51,"endTime":960.66,"body":"Because fixed rates are even"},{"speaker":"Victor Lagos","startTime":960.66,"endTime":964.56,"body":"higher. They're like 6%,"},{"speaker":"Victor Lagos","startTime":960.66,"endTime":964.56,"body":"potentially, depending on if"},{"speaker":"Victor Lagos","startTime":964.56,"endTime":968.49,"body":"it's investor interest only. So"},{"speaker":"Victor Lagos","startTime":964.56,"endTime":968.49,"body":"if you're already on variable,"},{"speaker":"Victor Lagos","startTime":968.52,"endTime":972.75,"body":"definitely time to time to"},{"speaker":"Victor Lagos","startTime":968.52,"endTime":972.75,"body":"review, just be aware that your"},{"speaker":"Victor Lagos","startTime":972.75,"endTime":975.21,"body":"borrowing capacity could be"},{"speaker":"Victor Lagos","startTime":972.75,"endTime":975.21,"body":"affected. So speak to your"},{"speaker":"Victor Lagos","startTime":975.21,"endTime":978.21,"body":"mortgage broker, get them to run"},{"speaker":"Victor Lagos","startTime":975.21,"endTime":978.21,"body":"the numbers and see what your"},{"speaker":"Victor Lagos","startTime":978.21,"endTime":981.72,"body":"borrowing capacity is, and just"},{"speaker":"Victor Lagos","startTime":978.21,"endTime":981.72,"body":"see what interest rates are on"},{"speaker":"Victor Lagos","startTime":981.72,"endTime":984.18,"body":"offer. There's also some"},{"speaker":"Victor Lagos","startTime":981.72,"endTime":984.18,"body":"Cashback Offers. So at the"},{"speaker":"Victor Lagos","startTime":984.18,"endTime":986.85,"body":"moment, a few banks are trying"},{"speaker":"Victor Lagos","startTime":984.18,"endTime":986.85,"body":"to win business. And they're"},{"speaker":"Victor Lagos","startTime":986.85,"endTime":990.87,"body":"giving back in two grand three"},{"speaker":"Victor Lagos","startTime":986.85,"endTime":990.87,"body":"grand four gram has a cash"},{"speaker":"Victor Lagos","startTime":990.87,"endTime":994.02,"body":"rebate, and said that's to"},{"speaker":"Victor Lagos","startTime":990.87,"endTime":994.02,"body":"incentivize you to refinance. So"},{"speaker":"Victor Lagos","startTime":994.32,"endTime":997.59,"body":"it could be worthwhile to do it."},{"speaker":"Victor Lagos","startTime":994.32,"endTime":997.59,"body":"Now. The other thing you can do"},{"speaker":"Victor Lagos","startTime":997.59,"endTime":1001.07,"body":"is potentially stay with the"},{"speaker":"Victor Lagos","startTime":997.59,"endTime":1001.07,"body":"bank that you're with, if"},{"speaker":"Victor Lagos","startTime":1001.07,"endTime":1004.61,"body":"they're aware that you're"},{"speaker":"Victor Lagos","startTime":1001.07,"endTime":1004.61,"body":"considering leaving, they might"},{"speaker":"Victor Lagos","startTime":1004.61,"endTime":1006.95,"body":"offer you something more"},{"speaker":"Victor Lagos","startTime":1004.61,"endTime":1006.95,"body":"competitive nine times out of"},{"speaker":"Victor Lagos","startTime":1006.95,"endTime":1010.91,"body":"10, they're probably not going"},{"speaker":"Victor Lagos","startTime":1006.95,"endTime":1010.91,"body":"to match what a new bank will."},{"speaker":"Victor Lagos","startTime":1011.6,"endTime":1017.0,"body":"Because many of you may not know"},{"speaker":"Victor Lagos","startTime":1011.6,"endTime":1017.0,"body":"this, but banks have a back book"},{"speaker":"Victor Lagos","startTime":1017.15,"endTime":1021.08,"body":"and a front book when it comes"},{"speaker":"Victor Lagos","startTime":1017.15,"endTime":1021.08,"body":"to the pricing. So some people"},{"speaker":"Victor Lagos","startTime":1021.08,"endTime":1024.26,"body":"call it a loyalty tax. And that"},{"speaker":"Victor Lagos","startTime":1021.08,"endTime":1024.26,"body":"means the longer that you're"},{"speaker":"Victor Lagos","startTime":1024.26,"endTime":1026.87,"body":"with the bank, the higher"},{"speaker":"Victor Lagos","startTime":1024.26,"endTime":1026.87,"body":"interest rate, even if you've"},{"speaker":"Victor Lagos","startTime":1026.87,"endTime":1029.78,"body":"made all your payments on time,"},{"speaker":"Victor Lagos","startTime":1026.87,"endTime":1029.78,"body":"and then a new customer will get"},{"speaker":"Victor Lagos","startTime":1029.78,"endTime":1032.72,"body":"actually a better interest rate"},{"speaker":"Victor Lagos","startTime":1029.78,"endTime":1032.72,"body":"a more competitive one. And you"},{"speaker":"Victor Lagos","startTime":1032.72,"endTime":1035.72,"body":"think why would they do that?"},{"speaker":"Victor Lagos","startTime":1032.72,"endTime":1035.72,"body":"I've been loyal to them. It's"},{"speaker":"Victor Lagos","startTime":1035.75,"endTime":1039.86,"body":"they repriced their back book,"},{"speaker":"Victor Lagos","startTime":1035.75,"endTime":1039.86,"body":"and then they try to, you know,"},{"speaker":"Victor Lagos","startTime":1040.04,"endTime":1042.35,"body":"get better rates or new"},{"speaker":"Victor Lagos","startTime":1040.04,"endTime":1042.35,"body":"customers on their front book,"},{"speaker":"Victor Lagos","startTime":1042.59,"endTime":1044.3,"body":"because they are aware that"},{"speaker":"Victor Lagos","startTime":1042.59,"endTime":1044.3,"body":"people are going to live and"},{"speaker":"Victor Lagos","startTime":1044.3,"endTime":1046.58,"body":"then they just bring on new"},{"speaker":"Victor Lagos","startTime":1044.3,"endTime":1046.58,"body":"customers. So it's a structure"},{"speaker":"Victor Lagos","startTime":1046.58,"endTime":1050.18,"body":"that exists in Australia, it's a"},{"speaker":"Victor Lagos","startTime":1046.58,"endTime":1050.18,"body":"rare thing. But keep that in"},{"speaker":"Victor Lagos","startTime":1050.18,"endTime":1052.37,"body":"mind that you probably are gonna"},{"speaker":"Victor Lagos","startTime":1050.18,"endTime":1052.37,"body":"get something better if you did"},{"speaker":"Victor Lagos","startTime":1052.37,"endTime":1058.58,"body":"refinance. Next question. What's"},{"speaker":"Victor Lagos","startTime":1052.37,"endTime":1058.58,"body":"my view on increasing interest"},{"speaker":"Victor Lagos","startTime":1058.58,"endTime":1065.12,"body":"rates? So at the moment, we're"},{"speaker":"Victor Lagos","startTime":1058.58,"endTime":1065.12,"body":"in, obviously, a strange time"},{"speaker":"Victor Lagos","startTime":1065.12,"endTime":1068.75,"body":"we've we've come out of, you"},{"speaker":"Victor Lagos","startTime":1065.12,"endTime":1068.75,"body":"know, we've come out of COVID,"},{"speaker":"Victor Lagos","startTime":1068.78,"endTime":1071.21,"body":"we've come out of a lot of"},{"speaker":"Victor Lagos","startTime":1068.78,"endTime":1071.21,"body":"stimulus, there's a lot of"},{"speaker":"Victor Lagos","startTime":1071.21,"endTime":1072.8,"body":"inflation that's happening in"},{"speaker":"Victor Lagos","startTime":1071.21,"endTime":1072.8,"body":"the market."},{"speaker":"Victor Lagos","startTime":1074.12,"endTime":1077.84,"body":"You know, realistically, it's"},{"speaker":"Victor Lagos","startTime":1074.12,"endTime":1077.84,"body":"probably is going to increase in"},{"speaker":"Victor Lagos","startTime":1077.84,"endTime":1081.86,"body":"the next few months and into"},{"speaker":"Victor Lagos","startTime":1077.84,"endTime":1081.86,"body":"next year. But I don't believe"},{"speaker":"Victor Lagos","startTime":1081.86,"endTime":1086.57,"body":"it's going to continue. Because"},{"speaker":"Victor Lagos","startTime":1081.86,"endTime":1086.57,"body":"the way the economy runs is"},{"speaker":"Victor Lagos","startTime":1086.6,"endTime":1090.29,"body":"people spending money, right?"},{"speaker":"Victor Lagos","startTime":1086.6,"endTime":1090.29,"body":"They, you know, one man's"},{"speaker":"Victor Lagos","startTime":1090.32,"endTime":1094.4,"body":"expenses, another man's income,"},{"speaker":"Victor Lagos","startTime":1090.32,"endTime":1094.4,"body":"if the, if the interest rates"},{"speaker":"Victor Lagos","startTime":1094.4,"endTime":1098.57,"body":"rise so much that people have to"},{"speaker":"Victor Lagos","startTime":1094.4,"endTime":1098.57,"body":"for sell everything, because"},{"speaker":"Victor Lagos","startTime":1098.57,"endTime":1102.38,"body":"their income isn't increasing,"},{"speaker":"Victor Lagos","startTime":1098.57,"endTime":1102.38,"body":"to be able to afford the loans,"},{"speaker":"Victor Lagos","startTime":1102.41,"endTime":1105.05,"body":"then they're going to stop"},{"speaker":"Victor Lagos","startTime":1102.41,"endTime":1105.05,"body":"spending everything. So it's"},{"speaker":"Victor Lagos","startTime":1105.05,"endTime":1108.89,"body":"going to actually impact the"},{"speaker":"Victor Lagos","startTime":1105.05,"endTime":1108.89,"body":"economy worse. So I do believe"},{"speaker":"Victor Lagos","startTime":1108.89,"endTime":1112.19,"body":"that we will get to a point"},{"speaker":"Victor Lagos","startTime":1108.89,"endTime":1112.19,"body":"where they will, they will slow"},{"speaker":"Victor Lagos","startTime":1112.19,"endTime":1116.45,"body":"it down and potentially even"},{"speaker":"Victor Lagos","startTime":1112.19,"endTime":1116.45,"body":"reduce rates. Of course, I can't"},{"speaker":"Victor Lagos","startTime":1116.45,"endTime":1119.48,"body":"predict that I can't see into a"},{"speaker":"Victor Lagos","startTime":1116.45,"endTime":1119.48,"body":"crystal ball. But you know, if"},{"speaker":"Victor Lagos","startTime":1119.48,"endTime":1123.59,"body":"you just go off, you know, if"},{"speaker":"Victor Lagos","startTime":1119.48,"endTime":1123.59,"body":"you think about cycles, and if"},{"speaker":"Victor Lagos","startTime":1123.59,"endTime":1126.38,"body":"you look at the past and the"},{"speaker":"Victor Lagos","startTime":1123.59,"endTime":1126.38,"body":"way, rates have gone up and"},{"speaker":"Victor Lagos","startTime":1126.38,"endTime":1129.38,"body":"down, you know, rates aren't as"},{"speaker":"Victor Lagos","startTime":1126.38,"endTime":1129.38,"body":"high as they've been in the past"},{"speaker":"Victor Lagos","startTime":1129.38,"endTime":1132.65,"body":"right now. And when they were at"},{"speaker":"Victor Lagos","startTime":1129.38,"endTime":1132.65,"body":"record lows two or three years"},{"speaker":"Victor Lagos","startTime":1132.65,"endTime":1137.45,"body":"ago, that was a very, you know,"},{"speaker":"Victor Lagos","startTime":1132.65,"endTime":1137.45,"body":"not, it wasn't a sustainable"},{"speaker":"Victor Lagos","startTime":1137.45,"endTime":1140.93,"body":"amount to stay at sort of 2%"},{"speaker":"Victor Lagos","startTime":1137.45,"endTime":1140.93,"body":"interest rate. So right now, I"},{"speaker":"Victor Lagos","startTime":1140.93,"endTime":1146.03,"body":"think, you know, five 6% is"},{"speaker":"Victor Lagos","startTime":1140.93,"endTime":1146.03,"body":"probably a decent amount to kind"},{"speaker":"Victor Lagos","startTime":1146.03,"endTime":1149.36,"body":"of accept as a reality. But"},{"speaker":"Victor Lagos","startTime":1146.03,"endTime":1149.36,"body":"we'll see how things go in the"},{"speaker":"Victor Lagos","startTime":1149.36,"endTime":1155.36,"body":"next year. Now, the question I"},{"speaker":"Victor Lagos","startTime":1149.36,"endTime":1155.36,"body":"get is, How can I get my home"},{"speaker":"Victor Lagos","startTime":1155.36,"endTime":1159.14,"body":"loan approved faster? So that's,"},{"speaker":"Victor Lagos","startTime":1155.36,"endTime":1159.14,"body":"that's an interesting question,"},{"speaker":"Victor Lagos","startTime":1159.14,"endTime":1162.41,"body":"because it all depends on your"},{"speaker":"Victor Lagos","startTime":1159.14,"endTime":1162.41,"body":"circumstances, and the"},{"speaker":"Victor Lagos","startTime":1162.41,"endTime":1166.97,"body":"paperwork. So if you're self"},{"speaker":"Victor Lagos","startTime":1162.41,"endTime":1166.97,"body":"employed, you're going to need"},{"speaker":"Victor Lagos","startTime":1166.97,"endTime":1169.28,"body":"at least two years of tax"},{"speaker":"Victor Lagos","startTime":1166.97,"endTime":1169.28,"body":"returns and financial"},{"speaker":"Victor Lagos","startTime":1169.28,"endTime":1172.25,"body":"statements, right. If your ABN"},{"speaker":"Victor Lagos","startTime":1169.28,"endTime":1172.25,"body":"has only been registered for a"},{"speaker":"Victor Lagos","startTime":1172.25,"endTime":1175.04,"body":"year, it's going to be a little"},{"speaker":"Victor Lagos","startTime":1172.25,"endTime":1175.04,"body":"bit difficult to get a loan,"},{"speaker":"Victor Lagos","startTime":1175.07,"endTime":1178.64,"body":"especially from a big bank. So"},{"speaker":"Victor Lagos","startTime":1175.07,"endTime":1178.64,"body":"it's important to get all your"},{"speaker":"Victor Lagos","startTime":1178.64,"endTime":1183.2,"body":"ducks in order, get all your"},{"speaker":"Victor Lagos","startTime":1178.64,"endTime":1183.2,"body":"paperwork, upfront. banks and"},{"speaker":"Victor Lagos","startTime":1183.2,"endTime":1187.13,"body":"lenders will approve your loans."},{"speaker":"Victor Lagos","startTime":1183.2,"endTime":1187.13,"body":"If you provide everything"},{"speaker":"Victor Lagos","startTime":1187.13,"endTime":1191.18,"body":"upfront, if you miss things,"},{"speaker":"Victor Lagos","startTime":1187.13,"endTime":1191.18,"body":"it's gonna delay things. So"},{"speaker":"Victor Lagos","startTime":1191.6,"endTime":1193.67,"body":"that's what I would recommend."},{"speaker":"Victor Lagos","startTime":1191.6,"endTime":1193.67,"body":"First and foremost, have all"},{"speaker":"Victor Lagos","startTime":1193.67,"endTime":1196.97,"body":"your paperwork, line it all up,"},{"speaker":"Victor Lagos","startTime":1193.67,"endTime":1196.97,"body":"send it to your broker and let"},{"speaker":"Victor Lagos","startTime":1196.97,"endTime":1201.05,"body":"your broker run the numbers and"},{"speaker":"Victor Lagos","startTime":1196.97,"endTime":1201.05,"body":"find the best solution for you."},{"speaker":"Victor Lagos","startTime":1201.95,"endTime":1205.58,"body":"There also are banks that are"},{"speaker":"Victor Lagos","startTime":1201.95,"endTime":1205.58,"body":"much faster, that will approve"},{"speaker":"Victor Lagos","startTime":1205.58,"endTime":1208.25,"body":"your loan in a day. And there"},{"speaker":"Victor Lagos","startTime":1205.58,"endTime":1208.25,"body":"are some that might take a few"},{"speaker":"Victor Lagos","startTime":1208.25,"endTime":1211.46,"body":"more days. So you got to weigh"},{"speaker":"Victor Lagos","startTime":1208.25,"endTime":1211.46,"body":"up like, you know, what is the"},{"speaker":"Victor Lagos","startTime":1211.46,"endTime":1215.21,"body":"reason you want the loan"},{"speaker":"Victor Lagos","startTime":1211.46,"endTime":1215.21,"body":"approved faster? Yeah, if it's"},{"speaker":"Victor Lagos","startTime":1215.21,"endTime":1218.36,"body":"to buy a property, then you need"},{"speaker":"Victor Lagos","startTime":1215.21,"endTime":1218.36,"body":"to exchange quickly on a"},{"speaker":"Victor Lagos","startTime":1218.36,"endTime":1221.12,"body":"contract, it would make sense go"},{"speaker":"Victor Lagos","startTime":1218.36,"endTime":1221.12,"body":"to a bank that's going to prove"},{"speaker":"Victor Lagos","startTime":1221.12,"endTime":1224.87,"body":"it faster just to refinance."},{"speaker":"Victor Lagos","startTime":1221.12,"endTime":1224.87,"body":"Realistically, you can't"},{"speaker":"Victor Lagos","startTime":1224.87,"endTime":1228.98,"body":"refinance, unless it's like two"},{"speaker":"Victor Lagos","startTime":1224.87,"endTime":1228.98,"body":"weeks, or three weeks, sometimes"},{"speaker":"Victor Lagos","startTime":1228.98,"endTime":1232.79,"body":"before the current bank will"},{"speaker":"Victor Lagos","startTime":1228.98,"endTime":1232.79,"body":"actually discharge or actually"},{"speaker":"Victor Lagos","startTime":1232.79,"endTime":1237.11,"body":"let you live. So that gives you"},{"speaker":"Victor Lagos","startTime":1232.79,"endTime":1237.11,"body":"time anyway, so I do recommend"},{"speaker":"Victor Lagos","startTime":1237.11,"endTime":1240.38,"body":"to not just consider the time"},{"speaker":"Victor Lagos","startTime":1237.11,"endTime":1240.38,"body":"it's going to take, but also"},{"speaker":"Victor Lagos","startTime":1240.38,"endTime":1243.62,"body":"what, what cost, like how much"},{"speaker":"Victor Lagos","startTime":1240.38,"endTime":1243.62,"body":"is it going to save you in terms"},{"speaker":"Victor Lagos","startTime":1243.62,"endTime":1248.06,"body":"of the interest rate and the"},{"speaker":"Victor Lagos","startTime":1243.62,"endTime":1248.06,"body":"cashback? Now the question is"},{"speaker":"Victor Lagos","startTime":1248.09,"endTime":1253.22,"body":"variable versus fixed. So"},{"speaker":"Victor Lagos","startTime":1248.09,"endTime":1253.22,"body":"that's, that question comes down"},{"speaker":"Victor Lagos","startTime":1253.22,"endTime":1259.52,"body":"to flexibility and cost. So at"},{"speaker":"Victor Lagos","startTime":1253.22,"endTime":1259.52,"body":"the moment, variable rates are"},{"speaker":"Victor Lagos","startTime":1259.52,"endTime":1263.96,"body":"cheaper than then fixed rates."},{"speaker":"Victor Lagos","startTime":1259.52,"endTime":1263.96,"body":"So it's going to be, but they"},{"speaker":"Victor Lagos","startTime":1263.96,"endTime":1266.51,"body":"are increasing. So it might,"},{"speaker":"Victor Lagos","startTime":1263.96,"endTime":1266.51,"body":"what might happen is that the"},{"speaker":"Victor Lagos","startTime":1266.51,"endTime":1269.72,"body":"variable rate will overtake the"},{"speaker":"Victor Lagos","startTime":1266.51,"endTime":1269.72,"body":"fixed, but that's today's fixed."},{"speaker":"Victor Lagos","startTime":1269.99,"endTime":1274.94,"body":"So if you fix the loan, today,"},{"speaker":"Victor Lagos","startTime":1269.99,"endTime":1274.94,"body":"you're going to be paying higher"},{"speaker":"Victor Lagos","startTime":1274.94,"endTime":1279.59,"body":"than variable. But maybe in 234"},{"speaker":"Victor Lagos","startTime":1274.94,"endTime":1279.59,"body":"months, that variable weight"},{"speaker":"Victor Lagos","startTime":1279.59,"endTime":1282.8,"body":"will overtake the fixed. And if"},{"speaker":"Victor Lagos","startTime":1279.59,"endTime":1282.8,"body":"it does, that's when you're"},{"speaker":"Victor Lagos","startTime":1282.8,"endTime":1284.93,"body":"going to be in a better"},{"speaker":"Victor Lagos","startTime":1282.8,"endTime":1284.93,"body":"position. So you're taking a bit"},{"speaker":"Victor Lagos","startTime":1284.93,"endTime":1288.95,"body":"of a risk upfront to say I want"},{"speaker":"Victor Lagos","startTime":1284.93,"endTime":1288.95,"body":"to pay more, and betting that"},{"speaker":"Victor Lagos","startTime":1289.01,"endTime":1292.97,"body":"the variable rate will overtake"},{"speaker":"Victor Lagos","startTime":1289.01,"endTime":1292.97,"body":"it. So it is, it is something"},{"speaker":"Victor Lagos","startTime":1292.97,"endTime":1297.05,"body":"that, you know, if you're going"},{"speaker":"Victor Lagos","startTime":1292.97,"endTime":1297.05,"body":"to do that, I would say maybe"},{"speaker":"Victor Lagos","startTime":1297.05,"endTime":1299.45,"body":"have a bit of bit of both, some"},{"speaker":"Victor Lagos","startTime":1297.05,"endTime":1299.45,"body":"people will fix some of the"},{"speaker":"Victor Lagos","startTime":1299.45,"endTime":1302.93,"body":"loan, and then have another"},{"speaker":"Victor Lagos","startTime":1299.45,"endTime":1302.93,"body":"portion variable. The other part"},{"speaker":"Victor Lagos","startTime":1302.93,"endTime":1306.56,"body":"I mentioned, which is"},{"speaker":"Victor Lagos","startTime":1302.93,"endTime":1306.56,"body":"flexibility. Well, flexibility"},{"speaker":"Victor Lagos","startTime":1306.56,"endTime":1309.59,"body":"means that, you know, if you've"},{"speaker":"Victor Lagos","startTime":1306.56,"endTime":1309.59,"body":"got a variable loan, you can"},{"speaker":"Victor Lagos","startTime":1309.59,"endTime":1312.98,"body":"make extra payments, as much as"},{"speaker":"Victor Lagos","startTime":1309.59,"endTime":1312.98,"body":"you want, you can put in, you"},{"speaker":"Victor Lagos","startTime":1312.98,"endTime":1316.73,"body":"know, $10,000, a lump sum if you"},{"speaker":"Victor Lagos","startTime":1312.98,"endTime":1316.73,"body":"sold a car, or if you had a"},{"speaker":"Victor Lagos","startTime":1316.73,"endTime":1320.63,"body":"bonus, and there's no limitation"},{"speaker":"Victor Lagos","startTime":1316.73,"endTime":1320.63,"body":"of how much you can pay back. A"},{"speaker":"Victor Lagos","startTime":1320.63,"endTime":1324.2,"body":"fixed loan has a limit of about"},{"speaker":"Victor Lagos","startTime":1320.63,"endTime":1324.2,"body":"10,000 per year. So if you pay"},{"speaker":"Victor Lagos","startTime":1324.2,"endTime":1327.26,"body":"more than that the bank can"},{"speaker":"Victor Lagos","startTime":1324.2,"endTime":1327.26,"body":"charge you break cost, and they"},{"speaker":"Victor Lagos","startTime":1327.26,"endTime":1332.69,"body":"can also you lose your fixed"},{"speaker":"Victor Lagos","startTime":1327.26,"endTime":1332.69,"body":"rate. So that's why I mentioned"},{"speaker":"Victor Lagos","startTime":1332.69,"endTime":1335.0,"body":"earlier, it's probably good to"},{"speaker":"Victor Lagos","startTime":1332.69,"endTime":1335.0,"body":"have a combination of both some"},{"speaker":"Victor Lagos","startTime":1335.0,"endTime":1338.36,"body":"fixed some variable, so you can"},{"speaker":"Victor Lagos","startTime":1335.0,"endTime":1338.36,"body":"get some flexibility. And you"},{"speaker":"Victor Lagos","startTime":1338.36,"endTime":1342.17,"body":"also can give yourself that"},{"speaker":"Victor Lagos","startTime":1338.36,"endTime":1342.17,"body":"certainty for that for that"},{"speaker":"Victor Lagos","startTime":1342.17,"endTime":1348.35,"body":"fixed rate. Couple more go"},{"speaker":"Victor Lagos","startTime":1342.17,"endTime":1348.35,"body":"through, is now a good time to"},{"speaker":"Victor Lagos","startTime":1348.35,"endTime":1352.25,"body":"buy. I think it's always a good"},{"speaker":"Victor Lagos","startTime":1348.35,"endTime":1352.25,"body":"time to buy personally, it's"},{"speaker":"Victor Lagos","startTime":1352.25,"endTime":1355.37,"body":"just about understanding the"},{"speaker":"Victor Lagos","startTime":1352.25,"endTime":1355.37,"body":"different markets whereby where"},{"speaker":"Victor Lagos","startTime":1355.37,"endTime":1358.82,"body":"you can get an affordable price,"},{"speaker":"Victor Lagos","startTime":1355.37,"endTime":1358.82,"body":"I use the buyer's agent for my"},{"speaker":"Victor Lagos","startTime":1358.82,"endTime":1361.85,"body":"last property, I really"},{"speaker":"Victor Lagos","startTime":1358.82,"endTime":1361.85,"body":"recommend using a buyer's agent,"},{"speaker":"Victor Lagos","startTime":1361.94,"endTime":1364.91,"body":"because not all buyer's agents"},{"speaker":"Victor Lagos","startTime":1361.94,"endTime":1364.91,"body":"are the same, you need to work"},{"speaker":"Victor Lagos","startTime":1364.91,"endTime":1368.06,"body":"with ones that that are genuine"},{"speaker":"Victor Lagos","startTime":1364.91,"endTime":1368.06,"body":"that care that are good at what"},{"speaker":"Victor Lagos","startTime":1368.06,"endTime":1370.79,"body":"they do that deliver that you"},{"speaker":"Victor Lagos","startTime":1368.06,"endTime":1370.79,"body":"can get testimonials from."},{"speaker":"Victor Lagos","startTime":1371.45,"endTime":1374.96,"body":"Because they will then look for"},{"speaker":"Victor Lagos","startTime":1371.45,"endTime":1374.96,"body":"property that's in a market that"},{"speaker":"Victor Lagos","startTime":1374.96,"endTime":1377.72,"body":"you can afford based on your"},{"speaker":"Victor Lagos","startTime":1374.96,"endTime":1377.72,"body":"borrowing capacity, and where"},{"speaker":"Victor Lagos","startTime":1377.72,"endTime":1380.93,"body":"it's going to get you that"},{"speaker":"Victor Lagos","startTime":1377.72,"endTime":1380.93,"body":"rental return. And the capital"},{"speaker":"Victor Lagos","startTime":1380.93,"endTime":1384.38,"body":"growth in the short term as well"},{"speaker":"Victor Lagos","startTime":1380.93,"endTime":1384.38,"body":"as the long term. Because"},{"speaker":"Victor Lagos","startTime":1384.38,"endTime":1387.26,"body":"property is typically a long"},{"speaker":"Victor Lagos","startTime":1384.38,"endTime":1387.26,"body":"play. Unless you're a bit more"},{"speaker":"Victor Lagos","startTime":1387.26,"endTime":1390.29,"body":"sophisticated, you got access to"},{"speaker":"Victor Lagos","startTime":1387.26,"endTime":1390.29,"body":"more capital, that's when you do"},{"speaker":"Victor Lagos","startTime":1390.29,"endTime":1393.62,"body":"more say developments or"},{"speaker":"Victor Lagos","startTime":1390.29,"endTime":1393.62,"body":"renovations and flip property,"},{"speaker":"Victor Lagos","startTime":1393.62,"endTime":1398.12,"body":"etc. But usually you'd want to"},{"speaker":"Victor Lagos","startTime":1393.62,"endTime":1398.12,"body":"buy and hold. So yes, rates are"},{"speaker":"Victor Lagos","startTime":1398.15,"endTime":1400.82,"body":"expensive at the moment, and"},{"speaker":"Victor Lagos","startTime":1398.15,"endTime":1400.82,"body":"borrowing capacity is being"},{"speaker":"Victor Lagos","startTime":1400.82,"endTime":1405.11,"body":"squeezed. But there are markets"},{"speaker":"Victor Lagos","startTime":1400.82,"endTime":1405.11,"body":"where you can buy positive cash"},{"speaker":"Victor Lagos","startTime":1405.11,"endTime":1407.93,"body":"flow property. And many of you"},{"speaker":"Victor Lagos","startTime":1405.11,"endTime":1407.93,"body":"might be aware that there is a"},{"speaker":"Victor Lagos","startTime":1407.93,"endTime":1411.32,"body":"rental shortage. So rental"},{"speaker":"Victor Lagos","startTime":1407.93,"endTime":1411.32,"body":"returns are much higher right"},{"speaker":"Victor Lagos","startTime":1411.32,"endTime":1414.77,"body":"now. So that means that even"},{"speaker":"Victor Lagos","startTime":1411.32,"endTime":1414.77,"body":"with the high rates, the high"},{"speaker":"Victor Lagos","startTime":1414.77,"endTime":1417.86,"body":"rental return means that you can"},{"speaker":"Victor Lagos","startTime":1414.77,"endTime":1417.86,"body":"afford to cover the mortgage"},{"speaker":"Victor Lagos","startTime":1417.86,"endTime":1421.88,"body":"payment with that rent. So"},{"speaker":"Victor Lagos","startTime":1417.86,"endTime":1421.88,"body":"definitely good time to buy"},{"speaker":"Victor Lagos","startTime":1422.0,"endTime":1427.4,"body":"just, it's about knowing where"},{"speaker":"Victor Lagos","startTime":1422.0,"endTime":1427.4,"body":"to buy. Should I use my equity"},{"speaker":"Victor Lagos","startTime":1427.4,"endTime":1430.97,"body":"to buy another property? That's"},{"speaker":"Victor Lagos","startTime":1427.4,"endTime":1430.97,"body":"an that's a good question."},{"speaker":"Victor Lagos","startTime":1430.97,"endTime":1434.75,"body":"Because that's exactly what I"},{"speaker":"Victor Lagos","startTime":1430.97,"endTime":1434.75,"body":"did. My wife and I, we bought a"},{"speaker":"Victor Lagos","startTime":1434.75,"endTime":1439.88,"body":"property in Tasmania, and it"},{"speaker":"Victor Lagos","startTime":1434.75,"endTime":1439.88,"body":"went up close to 100,000 in a"},{"speaker":"Victor Lagos","startTime":1439.88,"endTime":1443.78,"body":"year. And we extracted the"},{"speaker":"Victor Lagos","startTime":1439.88,"endTime":1443.78,"body":"equity and we use that equity as"},{"speaker":"Victor Lagos","startTime":1443.78,"endTime":1447.44,"body":"a deposit to buy another"},{"speaker":"Victor Lagos","startTime":1443.78,"endTime":1447.44,"body":"property. So what I like about"},{"speaker":"Victor Lagos","startTime":1447.44,"endTime":1450.26,"body":"property is that if you buy"},{"speaker":"Victor Lagos","startTime":1447.44,"endTime":1450.26,"body":"Well, you don't have to keep"},{"speaker":"Victor Lagos","startTime":1450.26,"endTime":1453.74,"body":"saving up a deposit, you can"},{"speaker":"Victor Lagos","startTime":1450.26,"endTime":1453.74,"body":"just get the equity out and then"},{"speaker":"Victor Lagos","startTime":1453.89,"endTime":1458.39,"body":"buy another property. So there's"},{"speaker":"Victor Lagos","startTime":1453.89,"endTime":1458.39,"body":"there's only two ways of getting"},{"speaker":"Victor Lagos","startTime":1458.39,"endTime":1461.42,"body":"equity out of your property. One"},{"speaker":"Victor Lagos","startTime":1458.39,"endTime":1461.42,"body":"of them is to borrow it, which I"},{"speaker":"Victor Lagos","startTime":1461.42,"endTime":1464.45,"body":"just mentioned. And the other"},{"speaker":"Victor Lagos","startTime":1461.42,"endTime":1464.45,"body":"one is to sell. The problem with"},{"speaker":"Victor Lagos","startTime":1464.45,"endTime":1468.5,"body":"selling is you've got costs that"},{"speaker":"Victor Lagos","startTime":1464.45,"endTime":1468.5,"body":"you have to cover. So there's"},{"speaker":"Victor Lagos","startTime":1468.5,"endTime":1472.85,"body":"obviously selling agent fees,"},{"speaker":"Victor Lagos","startTime":1468.5,"endTime":1472.85,"body":"and there's capital gains tax,"},{"speaker":"Victor Lagos","startTime":1472.88,"endTime":1476.99,"body":"if it's an investment. And most"},{"speaker":"Victor Lagos","startTime":1472.88,"endTime":1476.99,"body":"importantly, once you sell"},{"speaker":"Victor Lagos","startTime":1476.99,"endTime":1480.77,"body":"you're out of the market. So you"},{"speaker":"Victor Lagos","startTime":1476.99,"endTime":1480.77,"body":"know if you if you sell to tap"},{"speaker":"Victor Lagos","startTime":1480.77,"endTime":1485.33,"body":"in that cash, it's likely you"},{"speaker":"Victor Lagos","startTime":1480.77,"endTime":1485.33,"body":"get out. It's likely once you're"},{"speaker":"Victor Lagos","startTime":1485.33,"endTime":1488.48,"body":"out you're you can you can get"},{"speaker":"Victor Lagos","startTime":1485.33,"endTime":1488.48,"body":"back into that market. So I"},{"speaker":"Victor Lagos","startTime":1488.48,"endTime":1491.57,"body":"think it's important to think"},{"speaker":"Victor Lagos","startTime":1488.48,"endTime":1491.57,"body":"about that if it's a strong area"},{"speaker":"Victor Lagos","startTime":1491.57,"endTime":1494.24,"body":"that's going to have good long"},{"speaker":"Victor Lagos","startTime":1491.57,"endTime":1494.24,"body":"term growth. It would probably"},{"speaker":"Victor Lagos","startTime":1494.24,"endTime":1497.0,"body":"make more sense to extract the"},{"speaker":"Victor Lagos","startTime":1494.24,"endTime":1497.0,"body":"equity by borrowing it rather"},{"speaker":"Victor Lagos","startTime":1497.0,"endTime":1503.06,"body":"than selling. The other thing to"},{"speaker":"Victor Lagos","startTime":1497.0,"endTime":1503.06,"body":"consider it is how much equity"},{"speaker":"Victor Lagos","startTime":1503.06,"endTime":1507.68,"body":"Do you have? Right? If you're"},{"speaker":"Victor Lagos","startTime":1503.06,"endTime":1507.68,"body":"with one bank, they will order"},{"speaker":"Victor Lagos","startTime":1507.74,"endTime":1510.38,"body":"they'll provide a valuation. And"},{"speaker":"Victor Lagos","startTime":1507.74,"endTime":1510.38,"body":"that will tell you what the"},{"speaker":"Victor Lagos","startTime":1510.38,"endTime":1513.02,"body":"property is worth and what you"},{"speaker":"Victor Lagos","startTime":1510.38,"endTime":1513.02,"body":"can borrow in terms of equity."},{"speaker":"Victor Lagos","startTime":1513.77,"endTime":1516.65,"body":"But another bank may have"},{"speaker":"Victor Lagos","startTime":1513.77,"endTime":1516.65,"body":"another valuation, that's even"},{"speaker":"Victor Lagos","startTime":1516.65,"endTime":1519.86,"body":"higher. So it's always good to"},{"speaker":"Victor Lagos","startTime":1516.65,"endTime":1519.86,"body":"talk to your broker to order a"},{"speaker":"Victor Lagos","startTime":1519.86,"endTime":1524.12,"body":"few, I usually order about"},{"speaker":"Victor Lagos","startTime":1519.86,"endTime":1524.12,"body":"three, sometimes four, and try"},{"speaker":"Victor Lagos","startTime":1524.12,"endTime":1529.55,"body":"to get the most possible because"},{"speaker":"Victor Lagos","startTime":1524.12,"endTime":1529.55,"body":"it's subjective, the value of"},{"speaker":"Victor Lagos","startTime":1529.55,"endTime":1533.15,"body":"May one value a minor area"},{"speaker":"Victor Lagos","startTime":1529.55,"endTime":1533.15,"body":"better than another and think"},{"speaker":"Victor Lagos","startTime":1533.15,"endTime":1535.37,"body":"the property is worth more, and"},{"speaker":"Victor Lagos","startTime":1533.15,"endTime":1535.37,"body":"that can give you access to more"},{"speaker":"Victor Lagos","startTime":1535.37,"endTime":1540.47,"body":"equity. But you do have to think"},{"speaker":"Victor Lagos","startTime":1535.37,"endTime":1540.47,"body":"that if you, if you did borrow"},{"speaker":"Victor Lagos","startTime":1540.47,"endTime":1543.8,"body":"the equity, it's going to"},{"speaker":"Victor Lagos","startTime":1540.47,"endTime":1543.8,"body":"increase your loan. Because"},{"speaker":"Victor Lagos","startTime":1543.8,"endTime":1546.5,"body":"you're essentially you can"},{"speaker":"Victor Lagos","startTime":1543.8,"endTime":1546.5,"body":"potentially borrow 100%, right?"},{"speaker":"Victor Lagos","startTime":1546.53,"endTime":1550.25,"body":"So say you bought the property"},{"speaker":"Victor Lagos","startTime":1546.53,"endTime":1550.25,"body":"for 500,000, you borrow 80% of"},{"speaker":"Victor Lagos","startTime":1550.25,"endTime":1554.18,"body":"that, you know, which is"},{"speaker":"Victor Lagos","startTime":1550.25,"endTime":1554.18,"body":"400,000. And then you had equity"},{"speaker":"Victor Lagos","startTime":1554.18,"endTime":1557.24,"body":"of 100 Another property, and you"},{"speaker":"Victor Lagos","startTime":1554.18,"endTime":1557.24,"body":"borrow that so now you borrow"},{"speaker":"Victor Lagos","startTime":1557.24,"endTime":1561.8,"body":"the full 500,000. So no money"},{"speaker":"Victor Lagos","startTime":1557.24,"endTime":1561.8,"body":"down, but your debt is 500,000."},{"speaker":"Victor Lagos","startTime":1561.86,"endTime":1564.62,"body":"So you need to consider like is"},{"speaker":"Victor Lagos","startTime":1561.86,"endTime":1564.62,"body":"the rent actually going to be"},{"speaker":"Victor Lagos","startTime":1564.62,"endTime":1569.33,"body":"able to cover that? And will it"},{"speaker":"Victor Lagos","startTime":1564.62,"endTime":1569.33,"body":"cover it as the rates go up. So"},{"speaker":"Victor Lagos","startTime":1569.33,"endTime":1572.21,"body":"it's always important to have"},{"speaker":"Victor Lagos","startTime":1569.33,"endTime":1572.21,"body":"buffers in place. So cash put"},{"speaker":"Victor Lagos","startTime":1572.21,"endTime":1576.53,"body":"aside to cover off any of those"},{"speaker":"Victor Lagos","startTime":1572.21,"endTime":1576.53,"body":"shortfalls that you have. So"},{"speaker":"Victor Lagos","startTime":1577.4,"endTime":1580.1,"body":"talk to your mortgage broker,"},{"speaker":"Victor Lagos","startTime":1577.4,"endTime":1580.1,"body":"and they can run the numbers for"},{"speaker":"Victor Lagos","startTime":1580.1,"endTime":1582.71,"body":"you and talk to a good buyer's"},{"speaker":"Victor Lagos","startTime":1580.1,"endTime":1582.71,"body":"agent that can help you buy a"},{"speaker":"Victor Lagos","startTime":1582.71,"endTime":1588.62,"body":"will. So you don't end up you"},{"speaker":"Victor Lagos","startTime":1582.71,"endTime":1588.62,"body":"know, like my parents. Thanks"},{"speaker":"Victor Lagos","startTime":1588.62,"endTime":1591.11,"body":"for listening to today's"},{"speaker":"Victor Lagos","startTime":1588.62,"endTime":1591.11,"body":"episode. If you want to learn"},{"speaker":"Victor Lagos","startTime":1591.11,"endTime":1595.25,"body":"more insights about property"},{"speaker":"Victor Lagos","startTime":1591.11,"endTime":1595.25,"body":"investing, and using that to"},{"speaker":"Victor Lagos","startTime":1595.25,"endTime":1598.52,"body":"help you create financial"},{"speaker":"Victor Lagos","startTime":1595.25,"endTime":1598.52,"body":"freedom, subscribe to this"},{"speaker":"Victor Lagos","startTime":1598.52,"endTime":1602.6,"body":"channel and follow us on our"},{"speaker":"Victor Lagos","startTime":1598.52,"endTime":1602.6,"body":"socials. Tune into our next"},{"speaker":"Victor Lagos","startTime":1602.6,"endTime":1603.89,"body":"episode. Season."}]}