{"version":"1.0.0","segments":[{"speaker":"Andrew Bean","startTime":1.17,"endTime":4.17,"body":"All right, we are"},{"speaker":"Andrew Bean","startTime":1.17,"endTime":4.17,"body":"back with the financial freedom"},{"speaker":"Andrew Bean","startTime":4.17,"endTime":8.07,"body":"series. My name is Andrew Bean"},{"speaker":"Andrew Bean","startTime":4.17,"endTime":8.07,"body":"and I'm here with top mortgage"},{"speaker":"Andrew Bean","startTime":8.07,"endTime":11.94,"body":"broker and financial expert"},{"speaker":"Andrew Bean","startTime":8.07,"endTime":11.94,"body":"Victor Lagos. From Lagos"},{"speaker":"Andrew Bean","startTime":11.94,"endTime":13.38,"body":"Financial. How are you mate?"},{"speaker":"Victor Lagos","startTime":13.92,"endTime":15.6,"body":"I'm good, Andrew,"},{"speaker":"Victor Lagos","startTime":13.92,"endTime":15.6,"body":"how are you, mate?"},{"speaker":"Andrew Bean","startTime":15.81,"endTime":18.93,"body":"I'm fantastic,"},{"speaker":"Andrew Bean","startTime":15.81,"endTime":18.93,"body":"buddy, how's everything going in"},{"speaker":"Andrew Bean","startTime":18.93,"endTime":20.31,"body":"the world of finance?"},{"speaker":"Victor Lagos","startTime":20.94,"endTime":23.16,"body":"I must say, it's"},{"speaker":"Victor Lagos","startTime":20.94,"endTime":23.16,"body":"definitely been much better."},{"speaker":"Victor Lagos","startTime":23.16,"endTime":27.12,"body":"Since we haven't had rate rise"},{"speaker":"Victor Lagos","startTime":23.16,"endTime":27.12,"body":"the last few months. Man, it was"},{"speaker":"Victor Lagos","startTime":27.15,"endTime":30.03,"body":"it was tough trying to keep on"},{"speaker":"Victor Lagos","startTime":27.15,"endTime":30.03,"body":"top of all those change of rates"},{"speaker":"Victor Lagos","startTime":30.03,"endTime":34.47,"body":"and policies and lenders. But"},{"speaker":"Victor Lagos","startTime":30.03,"endTime":34.47,"body":"now people I mean, it's also"},{"speaker":"Victor Lagos","startTime":34.47,"endTime":38.22,"body":"spring. So people are out there"},{"speaker":"Victor Lagos","startTime":34.47,"endTime":38.22,"body":"buying property. People want to"},{"speaker":"Victor Lagos","startTime":38.22,"endTime":41.1,"body":"get property, and it's just a"},{"speaker":"Victor Lagos","startTime":38.22,"endTime":41.1,"body":"matter of, you know, can I"},{"speaker":"Victor Lagos","startTime":41.1,"endTime":43.2,"body":"borrow the money? So at the"},{"speaker":"Victor Lagos","startTime":41.1,"endTime":43.2,"body":"moment that cancer?"},{"speaker":"Andrew Bean","startTime":44.04,"endTime":47.46,"body":"Yeah, that's it. I"},{"speaker":"Andrew Bean","startTime":44.04,"endTime":47.46,"body":"don't think we're, you know, out"},{"speaker":"Andrew Bean","startTime":47.46,"endTime":51.27,"body":"of the woods yet with interest"},{"speaker":"Andrew Bean","startTime":47.46,"endTime":51.27,"body":"rate rises, or, you know, even"},{"speaker":"Andrew Bean","startTime":51.27,"endTime":54.66,"body":"interest rate drops. But, yeah,"},{"speaker":"Andrew Bean","startTime":51.27,"endTime":54.66,"body":"definitely more listings. Now."},{"speaker":"Andrew Bean","startTime":54.66,"endTime":56.7,"body":"It's spring. So it's really good"},{"speaker":"Andrew Bean","startTime":54.66,"endTime":56.7,"body":"to see."},{"speaker":"Victor Lagos","startTime":57.57,"endTime":60.09,"body":"Definitely, and"},{"speaker":"Victor Lagos","startTime":57.57,"endTime":60.09,"body":"I'm just even for commercial"},{"speaker":"Victor Lagos","startTime":60.09,"endTime":62.52,"body":"property, I'm finding people"},{"speaker":"Victor Lagos","startTime":60.09,"endTime":62.52,"body":"that I was talking to months"},{"speaker":"Victor Lagos","startTime":62.52,"endTime":66.99,"body":"ago, are actually finding the"},{"speaker":"Victor Lagos","startTime":62.52,"endTime":66.99,"body":"properties, the right prices, so"},{"speaker":"Victor Lagos","startTime":67.02,"endTime":68.55,"body":"gotta love them to guard them."},{"speaker":"Victor Lagos","startTime":67.02,"endTime":68.55,"body":"It's good."},{"speaker":"Andrew Bean","startTime":69.33,"endTime":70.95,"body":"Yeah, well, that's"},{"speaker":"Andrew Bean","startTime":69.33,"endTime":70.95,"body":"right. I mean, like the interest"},{"speaker":"Andrew Bean","startTime":70.95,"endTime":74.13,"body":"rates, where they are now like a"},{"speaker":"Andrew Bean","startTime":70.95,"endTime":74.13,"body":"six, six and a half, even like a"},{"speaker":"Andrew Bean","startTime":74.13,"endTime":79.05,"body":"7% interest rate on a commercial"},{"speaker":"Andrew Bean","startTime":74.13,"endTime":79.05,"body":"property is actually on average,"},{"speaker":"Andrew Bean","startTime":79.08,"endTime":83.76,"body":"like where interest rates would"},{"speaker":"Andrew Bean","startTime":79.08,"endTime":83.76,"body":"be over like the, you know, a"},{"speaker":"Andrew Bean","startTime":83.76,"endTime":87.03,"body":"really long period of time."},{"speaker":"Andrew Bean","startTime":83.76,"endTime":87.03,"body":"That's the like, average around"},{"speaker":"Andrew Bean","startTime":87.03,"endTime":89.94,"body":"where it should be. And it's a"},{"speaker":"Andrew Bean","startTime":87.03,"endTime":89.94,"body":"good place for commercial"},{"speaker":"Andrew Bean","startTime":89.94,"endTime":94.74,"body":"property B, because you get"},{"speaker":"Andrew Bean","startTime":89.94,"endTime":94.74,"body":"good, like, really good"},{"speaker":"Andrew Bean","startTime":95.4,"endTime":100.08,"body":"negotiation tactics with the the"},{"speaker":"Andrew Bean","startTime":95.4,"endTime":100.08,"body":"agent. And you can also work at"},{"speaker":"Andrew Bean","startTime":100.08,"endTime":102.51,"body":"around like five different"},{"speaker":"Andrew Bean","startTime":100.08,"endTime":102.51,"body":"interest rates later down the"},{"speaker":"Andrew Bean","startTime":102.51,"endTime":105.75,"body":"line, like just because you have"},{"speaker":"Andrew Bean","startTime":102.51,"endTime":105.75,"body":"a high interest rate right now."},{"speaker":"Andrew Bean","startTime":106.38,"endTime":108.72,"body":"Doesn't mean that's the interest"},{"speaker":"Andrew Bean","startTime":106.38,"endTime":108.72,"body":"rate you have to have for the"},{"speaker":"Andrew Bean","startTime":108.72,"endTime":112.56,"body":"whole life of that property. You"},{"speaker":"Andrew Bean","startTime":108.72,"endTime":112.56,"body":"know, you can refinance, you can"},{"speaker":"Andrew Bean","startTime":112.56,"endTime":113.49,"body":"do lots of things."},{"speaker":"Victor Lagos","startTime":114.39,"endTime":116.58,"body":"Yeah, yeah,"},{"speaker":"Victor Lagos","startTime":114.39,"endTime":116.58,"body":"definitely. And you're looking"},{"speaker":"Victor Lagos","startTime":116.58,"endTime":120.63,"body":"at cash flow from today. But"},{"speaker":"Victor Lagos","startTime":116.58,"endTime":120.63,"body":"yeah, like you said, it's not"},{"speaker":"Victor Lagos","startTime":120.63,"endTime":123.72,"body":"going to be that forever. So"},{"speaker":"Victor Lagos","startTime":120.63,"endTime":123.72,"body":"when rates drop, cash flow will"},{"speaker":"Victor Lagos","startTime":123.72,"endTime":128.58,"body":"improve, when rents go up, cash"},{"speaker":"Victor Lagos","startTime":123.72,"endTime":128.58,"body":"flow improved. So the numbers"},{"speaker":"Victor Lagos","startTime":128.58,"endTime":130.92,"body":"work today, then, hopefully,"},{"speaker":"Victor Lagos","startTime":128.58,"endTime":130.92,"body":"they'll actually get stronger"},{"speaker":"Victor Lagos","startTime":130.92,"endTime":131.37,"body":"over time."},{"speaker":"Andrew Bean","startTime":131.97,"endTime":134.28,"body":"Yeah, that's right."},{"speaker":"Andrew Bean","startTime":131.97,"endTime":134.28,"body":"And I think people are"},{"speaker":"Andrew Bean","startTime":134.28,"endTime":137.94,"body":"baselining, like interest rates"},{"speaker":"Andrew Bean","startTime":134.28,"endTime":137.94,"body":"today on where they went. So"},{"speaker":"Andrew Bean","startTime":137.94,"endTime":141.06,"body":"like, how low they went, is that"},{"speaker":"Andrew Bean","startTime":137.94,"endTime":141.06,"body":"was like a record low. That was"},{"speaker":"Andrew Bean","startTime":141.06,"endTime":144.84,"body":"very unusual. It, you know, we"},{"speaker":"Andrew Bean","startTime":141.06,"endTime":144.84,"body":"may never get back there, you"},{"speaker":"Andrew Bean","startTime":144.84,"endTime":148.53,"body":"know, in our careers. So like,"},{"speaker":"Andrew Bean","startTime":144.84,"endTime":148.53,"body":"that was actually the unusual"},{"speaker":"Andrew Bean","startTime":148.53,"endTime":151.71,"body":"part, how low interest rates"},{"speaker":"Andrew Bean","startTime":148.53,"endTime":151.71,"body":"when, and this is actually more"},{"speaker":"Andrew Bean","startTime":151.71,"endTime":155.04,"body":"of a normal market, where you"},{"speaker":"Andrew Bean","startTime":151.71,"endTime":155.04,"body":"know, you can get good deals,"},{"speaker":"Andrew Bean","startTime":155.04,"endTime":159.96,"body":"you can, you know, a 6% return,"},{"speaker":"Andrew Bean","startTime":155.04,"endTime":159.96,"body":"or interest on property is"},{"speaker":"Andrew Bean","startTime":159.96,"endTime":163.14,"body":"actually like, not bad. Like,"},{"speaker":"Andrew Bean","startTime":159.96,"endTime":163.14,"body":"it's you shouldn't be afraid of"},{"speaker":"Andrew Bean","startTime":163.14,"endTime":165.45,"body":"it right now. Yep."},{"speaker":"Victor Lagos","startTime":165.93,"endTime":168.6,"body":"Now, great movie"},{"speaker":"Victor Lagos","startTime":165.93,"endTime":168.6,"body":"get used to it, you know, people"},{"speaker":"Victor Lagos","startTime":168.6,"endTime":170.43,"body":"will adapt to this time. Yeah."},{"speaker":"Andrew Bean","startTime":171.96,"endTime":173.85,"body":"Alright, man. So"},{"speaker":"Andrew Bean","startTime":171.96,"endTime":173.85,"body":"today, I wanted to have a chat"},{"speaker":"Andrew Bean","startTime":173.88,"endTime":177.84,"body":"about getting finance approved,"},{"speaker":"Andrew Bean","startTime":173.88,"endTime":177.84,"body":"and where it could not go wrong"},{"speaker":"Andrew Bean","startTime":177.84,"endTime":182.28,"body":"in the process. So in terms of"},{"speaker":"Andrew Bean","startTime":177.84,"endTime":182.28,"body":"like, the most common reasons"},{"speaker":"Andrew Bean","startTime":182.31,"endTime":188.01,"body":"loan applications get rejected,"},{"speaker":"Andrew Bean","startTime":182.31,"endTime":188.01,"body":"how and how, like applicants can"},{"speaker":"Andrew Bean","startTime":188.01,"endTime":191.7,"body":"mitigate these risks of like,"},{"speaker":"Andrew Bean","startTime":188.01,"endTime":191.7,"body":"why applicants get rejected?"},{"speaker":"Victor Lagos","startTime":194.04,"endTime":198.09,"body":"Yeah, look, it"},{"speaker":"Victor Lagos","startTime":194.04,"endTime":198.09,"body":"depends, I guess, on the broker"},{"speaker":"Victor Lagos","startTime":198.15,"endTime":201.69,"body":"and their experience with how"},{"speaker":"Victor Lagos","startTime":198.15,"endTime":201.69,"body":"many deals or how many"},{"speaker":"Victor Lagos","startTime":201.69,"endTime":204.66,"body":"applications have actually"},{"speaker":"Victor Lagos","startTime":201.69,"endTime":204.66,"body":"they've worked on over their"},{"speaker":"Victor Lagos","startTime":204.66,"endTime":209.31,"body":"career, and how much due"},{"speaker":"Victor Lagos","startTime":204.66,"endTime":209.31,"body":"diligence they put in to their"},{"speaker":"Victor Lagos","startTime":209.31,"endTime":213.24,"body":"own assessments before they"},{"speaker":"Victor Lagos","startTime":209.31,"endTime":213.24,"body":"apply on behalf of the customer."},{"speaker":"Victor Lagos","startTime":213.75,"endTime":219.39,"body":"So a lot of the time, if the"},{"speaker":"Victor Lagos","startTime":213.75,"endTime":219.39,"body":"data is all correct, sir,"},{"speaker":"Victor Lagos","startTime":219.39,"endTime":222.21,"body":"meaning, you know, all your"},{"speaker":"Victor Lagos","startTime":219.39,"endTime":222.21,"body":"address history is correct your"},{"speaker":"Victor Lagos","startTime":222.21,"endTime":226.23,"body":"employment history, your"},{"speaker":"Victor Lagos","startTime":222.21,"endTime":226.23,"body":"expenses, you know, close to"},{"speaker":"Victor Lagos","startTime":226.23,"endTime":230.34,"body":"what the banks expect them to"},{"speaker":"Victor Lagos","startTime":226.23,"endTime":230.34,"body":"be, you supply all the documents"},{"speaker":"Victor Lagos","startTime":230.64,"endTime":233.28,"body":"that they asked for, then"},{"speaker":"Victor Lagos","startTime":230.64,"endTime":233.28,"body":"really, it shouldn't get the"},{"speaker":"Victor Lagos","startTime":233.28,"endTime":237.66,"body":"client, it's just a matter of"},{"speaker":"Victor Lagos","startTime":233.28,"endTime":237.66,"body":"going to the right lender for"},{"speaker":"Victor Lagos","startTime":237.66,"endTime":241.65,"body":"your situation. But what I've"},{"speaker":"Victor Lagos","startTime":237.66,"endTime":241.65,"body":"seen probably from my own"},{"speaker":"Victor Lagos","startTime":241.65,"endTime":247.44,"body":"experience, where things don't"},{"speaker":"Victor Lagos","startTime":241.65,"endTime":247.44,"body":"go the way I plan, it's due to"},{"speaker":"Victor Lagos","startTime":247.44,"endTime":250.89,"body":"the complexity of the way they"},{"speaker":"Victor Lagos","startTime":247.44,"endTime":250.89,"body":"do their tax returns. And that's"},{"speaker":"Victor Lagos","startTime":250.89,"endTime":255.24,"body":"if someone's self employed,"},{"speaker":"Victor Lagos","startTime":250.89,"endTime":255.24,"body":"because an accountant will write"},{"speaker":"Victor Lagos","startTime":255.24,"endTime":258.81,"body":"off as much as they can. And"},{"speaker":"Victor Lagos","startTime":255.24,"endTime":258.81,"body":"they will, you know, obviously"},{"speaker":"Victor Lagos","startTime":258.84,"endTime":262.08,"body":"show certain amount of income."},{"speaker":"Victor Lagos","startTime":258.84,"endTime":262.08,"body":"And over the last few years,"},{"speaker":"Victor Lagos","startTime":262.5,"endTime":267.24,"body":"there has been, you know,"},{"speaker":"Victor Lagos","startTime":262.5,"endTime":267.24,"body":"government subsidies and grants"},{"speaker":"Victor Lagos","startTime":267.24,"endTime":269.91,"body":"and things like that to help"},{"speaker":"Victor Lagos","startTime":267.24,"endTime":269.91,"body":"people. And what I've found,"},{"speaker":"Victor Lagos","startTime":270.03,"endTime":275.22,"body":"from my own experience, is that"},{"speaker":"Victor Lagos","startTime":270.03,"endTime":275.22,"body":"some banks will deduct those one"},{"speaker":"Victor Lagos","startTime":275.22,"endTime":279.84,"body":"off income, right, and revenues"},{"speaker":"Victor Lagos","startTime":275.22,"endTime":279.84,"body":"and deduct that from the net"},{"speaker":"Victor Lagos","startTime":279.84,"endTime":283.83,"body":"profit. So it's not a matter of"},{"speaker":"Victor Lagos","startTime":279.84,"endTime":283.83,"body":"getting the client but more just"},{"speaker":"Victor Lagos","startTime":283.86,"endTime":286.86,"body":"not getting approved for the"},{"speaker":"Victor Lagos","startTime":283.86,"endTime":286.86,"body":"amount you apply for, which is"},{"speaker":"Victor Lagos","startTime":286.86,"endTime":289.65,"body":"basically like getting declined,"},{"speaker":"Victor Lagos","startTime":286.86,"endTime":289.65,"body":"right. So if you're buying if"},{"speaker":"Victor Lagos","startTime":289.65,"endTime":293.16,"body":"you need 600 grand, but the bank"},{"speaker":"Victor Lagos","startTime":289.65,"endTime":293.16,"body":"only approves 400 Well, what's"},{"speaker":"Victor Lagos","startTime":293.16,"endTime":295.77,"body":"the point of approving 400?"},{"speaker":"Victor Lagos","startTime":293.16,"endTime":295.77,"body":"Because you needed 600 for that"},{"speaker":"Victor Lagos","startTime":295.77,"endTime":297.27,"body":"particular transaction, right?"},{"speaker":"Andrew Bean","startTime":297.959,"endTime":299.879,"body":"Yeah, well, it"},{"speaker":"Andrew Bean","startTime":297.959,"endTime":299.879,"body":"makes sense. Yeah, it does make"},{"speaker":"Andrew Bean","startTime":299.879,"endTime":303.209,"body":"sense And so like, say like,"},{"speaker":"Andrew Bean","startTime":299.879,"endTime":303.209,"body":"during COVID, when, you know,"},{"speaker":"Andrew Bean","startTime":303.209,"endTime":306.839,"body":"businesses were getting a bit of"},{"speaker":"Andrew Bean","startTime":303.209,"endTime":306.839,"body":"help from the government, and"},{"speaker":"Andrew Bean","startTime":306.959,"endTime":311.129,"body":"they, their revenues were down,"},{"speaker":"Andrew Bean","startTime":306.959,"endTime":311.129,"body":"but like, and so they weren't"},{"speaker":"Andrew Bean","startTime":311.129,"endTime":314.609,"body":"able to work, they weren't able"},{"speaker":"Andrew Bean","startTime":311.129,"endTime":314.609,"body":"to get like the higher revenues"},{"speaker":"Andrew Bean","startTime":314.609,"endTime":317.579,"body":"that they would usually get. So"},{"speaker":"Andrew Bean","startTime":314.609,"endTime":317.579,"body":"the lending is like, and then"},{"speaker":"Andrew Bean","startTime":317.579,"endTime":321.899,"body":"the bank doesn't even, like"},{"speaker":"Andrew Bean","startTime":317.579,"endTime":321.899,"body":"capture what they the government"},{"speaker":"Andrew Bean","startTime":321.899,"endTime":325.379,"body":"was giving out to businesses"},{"speaker":"Andrew Bean","startTime":321.899,"endTime":325.379,"body":"anyway. So that, yeah, that's a"},{"speaker":"Andrew Bean","startTime":325.379,"endTime":327.539,"body":"bit of a like, it's a bit of a"},{"speaker":"Andrew Bean","startTime":325.379,"endTime":327.539,"body":"slap in the face, really,"},{"speaker":"Andrew Bean","startTime":327.539,"endTime":330.239,"body":"because like, we've all we were"},{"speaker":"Andrew Bean","startTime":327.539,"endTime":330.239,"body":"operating properly at a high"},{"speaker":"Andrew Bean","startTime":330.239,"endTime":333.329,"body":"like 100% capacity, we would"},{"speaker":"Andrew Bean","startTime":330.239,"endTime":333.329,"body":"have earned that money anyway."},{"speaker":"Andrew Bean","startTime":333.329,"endTime":335.669,"body":"And we wouldn't be even talking"},{"speaker":"Andrew Bean","startTime":333.329,"endTime":335.669,"body":"right now. But because of the"},{"speaker":"Andrew Bean","startTime":335.669,"endTime":340.559,"body":"situation, you know, wow. It's"},{"speaker":"Andrew Bean","startTime":335.669,"endTime":340.559,"body":"almost like shading on rent."},{"speaker":"Victor Lagos","startTime":341.97,"endTime":344.7,"body":"Yeah, and that's,"},{"speaker":"Victor Lagos","startTime":341.97,"endTime":344.7,"body":"that's why you need to navigate"},{"speaker":"Victor Lagos","startTime":344.7,"endTime":348.81,"body":"it properly, because some banks"},{"speaker":"Victor Lagos","startTime":344.7,"endTime":348.81,"body":"are actually understanding of"},{"speaker":"Victor Lagos","startTime":348.81,"endTime":351.6,"body":"that. So they'll look at, say,"},{"speaker":"Victor Lagos","startTime":348.81,"endTime":351.6,"body":"the previous year and say, Okay,"},{"speaker":"Victor Lagos","startTime":351.6,"endTime":354.27,"body":"well, that previous year, when"},{"speaker":"Victor Lagos","startTime":351.6,"endTime":354.27,"body":"you had no, no grants, there was"},{"speaker":"Victor Lagos","startTime":354.27,"endTime":358.71,"body":"no pandemic, you earned XML, and"},{"speaker":"Victor Lagos","startTime":354.27,"endTime":358.71,"body":"the hereafter, you obviously"},{"speaker":"Victor Lagos","startTime":358.71,"endTime":361.14,"body":"weren't able to work, you know,"},{"speaker":"Victor Lagos","startTime":358.71,"endTime":361.14,"body":"you had to shut shop for a"},{"speaker":"Victor Lagos","startTime":361.14,"endTime":365.67,"body":"period of time. So as long as it"},{"speaker":"Victor Lagos","startTime":361.14,"endTime":365.67,"body":"sort of shows that pattern of"},{"speaker":"Victor Lagos","startTime":365.67,"endTime":369.18,"body":"recovery in the most recent"},{"speaker":"Victor Lagos","startTime":365.67,"endTime":369.18,"body":"financial year, then they'll"},{"speaker":"Victor Lagos","startTime":369.21,"endTime":372.15,"body":"kind of accept it, but others"},{"speaker":"Victor Lagos","startTime":369.21,"endTime":372.15,"body":"are like not blanket rule, no,"},{"speaker":"Victor Lagos","startTime":372.18,"endTime":375.09,"body":"can't look at it, it was one"},{"speaker":"Victor Lagos","startTime":372.18,"endTime":375.09,"body":"off, not going to continue. And"},{"speaker":"Victor Lagos","startTime":375.09,"endTime":378.39,"body":"that brings down the average. So"},{"speaker":"Victor Lagos","startTime":375.09,"endTime":378.39,"body":"that's, that's a challenge. So"},{"speaker":"Victor Lagos","startTime":378.39,"endTime":381.75,"body":"obviously, somebody has to"},{"speaker":"Victor Lagos","startTime":378.39,"endTime":381.75,"body":"navigate. But also just, you"},{"speaker":"Victor Lagos","startTime":381.75,"endTime":385.17,"body":"know, when someone's got"},{"speaker":"Victor Lagos","startTime":381.75,"endTime":385.17,"body":"multiple entities, sometimes it"},{"speaker":"Victor Lagos","startTime":385.17,"endTime":389.04,"body":"can be quite complex to track"},{"speaker":"Victor Lagos","startTime":385.17,"endTime":389.04,"body":"the money to actually, it's easy"},{"speaker":"Victor Lagos","startTime":389.04,"endTime":392.34,"body":"to sometimes double up because"},{"speaker":"Victor Lagos","startTime":389.04,"endTime":392.34,"body":"money gets paid from one company"},{"speaker":"Victor Lagos","startTime":392.34,"endTime":395.49,"body":"to another to another trust. And"},{"speaker":"Victor Lagos","startTime":392.34,"endTime":395.49,"body":"sometimes you think that, you"},{"speaker":"Victor Lagos","startTime":395.49,"endTime":398.49,"body":"know, you've got just 60 grand,"},{"speaker":"Victor Lagos","startTime":395.49,"endTime":398.49,"body":"here's another 60 grand there,"},{"speaker":"Victor Lagos","startTime":398.55,"endTime":402.06,"body":"but really, it was the same 60"},{"speaker":"Victor Lagos","startTime":398.55,"endTime":402.06,"body":"grand, right. So you have to be"},{"speaker":"Victor Lagos","startTime":402.27,"endTime":404.76,"body":"spending time checking it"},{"speaker":"Victor Lagos","startTime":402.27,"endTime":404.76,"body":"properly, to make sure that you"},{"speaker":"Victor Lagos","startTime":404.76,"endTime":410.22,"body":"know, show more income than you"},{"speaker":"Victor Lagos","startTime":404.76,"endTime":410.22,"body":"actually is. And then, but in"},{"speaker":"Victor Lagos","startTime":410.22,"endTime":413.22,"body":"terms of the clients, so what"},{"speaker":"Victor Lagos","startTime":410.22,"endTime":413.22,"body":"I've found, I guess, maybe more"},{"speaker":"Victor Lagos","startTime":413.25,"endTime":417.93,"body":"inexperienced workers or even"},{"speaker":"Victor Lagos","startTime":413.25,"endTime":417.93,"body":"inexperienced customers that"},{"speaker":"Victor Lagos","startTime":417.93,"endTime":423.48,"body":"have got credit issues, so they"},{"speaker":"Victor Lagos","startTime":417.93,"endTime":423.48,"body":"might end up going applying for"},{"speaker":"Victor Lagos","startTime":424.14,"endTime":428.01,"body":"a payday loan. So someone that's"},{"speaker":"Victor Lagos","startTime":424.14,"endTime":428.01,"body":"going to fund, give them capital"},{"speaker":"Victor Lagos","startTime":428.01,"endTime":429.87,"body":"straightaway, and then they'll"},{"speaker":"Victor Lagos","startTime":428.01,"endTime":429.87,"body":"pay it back with the next"},{"speaker":"Victor Lagos","startTime":429.9,"endTime":434.37,"body":"paycheck. That's, that's a red"},{"speaker":"Victor Lagos","startTime":429.9,"endTime":434.37,"body":"flag. So if you've got them on"},{"speaker":"Victor Lagos","startTime":434.37,"endTime":437.13,"body":"your credit file, that could be"},{"speaker":"Victor Lagos","startTime":434.37,"endTime":437.13,"body":"a decline, even though they"},{"speaker":"Victor Lagos","startTime":437.13,"endTime":440.01,"body":"would just for a particular"},{"speaker":"Victor Lagos","startTime":437.13,"endTime":440.01,"body":"window of time that you needed"},{"speaker":"Victor Lagos","startTime":440.01,"endTime":442.38,"body":"it, that could be the client, so"},{"speaker":"Victor Lagos","startTime":440.01,"endTime":442.38,"body":"somebody like that could affect"},{"speaker":"Victor Lagos","startTime":442.38,"endTime":445.08,"body":"you, a default that you've had"},{"speaker":"Victor Lagos","startTime":442.38,"endTime":445.08,"body":"in your credit file from a few"},{"speaker":"Victor Lagos","startTime":445.08,"endTime":448.77,"body":"years ago, that, you know, that"},{"speaker":"Victor Lagos","startTime":445.08,"endTime":448.77,"body":"was also a period of time where"},{"speaker":"Victor Lagos","startTime":448.77,"endTime":452.85,"body":"you weren't able to, you know,"},{"speaker":"Victor Lagos","startTime":448.77,"endTime":452.85,"body":"make your payments, and still on"},{"speaker":"Victor Lagos","startTime":452.85,"endTime":455.4,"body":"the file. So that could also be"},{"speaker":"Victor Lagos","startTime":452.85,"endTime":455.4,"body":"declined. But again, you can"},{"speaker":"Victor Lagos","startTime":455.4,"endTime":459.81,"body":"find this stuff out before you"},{"speaker":"Victor Lagos","startTime":455.4,"endTime":459.81,"body":"even, you know, hit go. And, you"},{"speaker":"Victor Lagos","startTime":459.81,"endTime":463.26,"body":"know, cover that off with your"},{"speaker":"Victor Lagos","startTime":459.81,"endTime":463.26,"body":"comments, you know, get an okay,"},{"speaker":"Victor Lagos","startTime":463.26,"endTime":466.56,"body":"from the bank, I tried to do"},{"speaker":"Victor Lagos","startTime":463.26,"endTime":466.56,"body":"that they called you know, you"},{"speaker":"Victor Lagos","startTime":466.56,"endTime":468.87,"body":"get a credit scenario, you send"},{"speaker":"Victor Lagos","startTime":466.56,"endTime":468.87,"body":"it to the bank and say, Look,"},{"speaker":"Victor Lagos","startTime":468.87,"endTime":472.74,"body":"this is the situation, this is"},{"speaker":"Victor Lagos","startTime":468.87,"endTime":472.74,"body":"the strength, can we actually"},{"speaker":"Victor Lagos","startTime":472.74,"endTime":477.69,"body":"do? Can you approve it based on"},{"speaker":"Victor Lagos","startTime":472.74,"endTime":477.69,"body":"this situation? And then they'll"},{"speaker":"Victor Lagos","startTime":477.69,"endTime":482.13,"body":"say, Yes, subject to full"},{"speaker":"Victor Lagos","startTime":477.69,"endTime":482.13,"body":"assessment. And if we have that,"},{"speaker":"Victor Lagos","startTime":482.28,"endTime":484.35,"body":"then we should be good to apply"},{"speaker":"Victor Lagos","startTime":482.28,"endTime":484.35,"body":"for the loan."},{"speaker":"Andrew Bean","startTime":485.16,"endTime":487.68,"body":"So mate, how do"},{"speaker":"Andrew Bean","startTime":485.16,"endTime":487.68,"body":"different types of loans such as"},{"speaker":"Andrew Bean","startTime":487.68,"endTime":491.67,"body":"like personal business, or"},{"speaker":"Andrew Bean","startTime":487.68,"endTime":491.67,"body":"mortgages differ with the"},{"speaker":"Andrew Bean","startTime":491.67,"endTime":493.02,"body":"approval process,"},{"speaker":"Victor Lagos","startTime":493.919,"endTime":496.049,"body":"probably more than"},{"speaker":"Victor Lagos","startTime":493.919,"endTime":496.049,"body":"anything else, it's the"},{"speaker":"Victor Lagos","startTime":496.049,"endTime":501.449,"body":"timeframe it takes to get"},{"speaker":"Victor Lagos","startTime":496.049,"endTime":501.449,"body":"approved. So the more I guess a"},{"speaker":"Victor Lagos","startTime":501.449,"endTime":504.809,"body":"larger amount you apply for, the"},{"speaker":"Victor Lagos","startTime":501.449,"endTime":504.809,"body":"longer it can take, because"},{"speaker":"Victor Lagos","startTime":504.809,"endTime":510.029,"body":"there's more moving parts, it's"},{"speaker":"Victor Lagos","startTime":504.809,"endTime":510.029,"body":"more risk to the bank. And also,"},{"speaker":"Victor Lagos","startTime":510.029,"endTime":514.289,"body":"there's a larger asset. So if"},{"speaker":"Victor Lagos","startTime":510.029,"endTime":514.289,"body":"you're purchasing a property,"},{"speaker":"Victor Lagos","startTime":514.799,"endTime":519.239,"body":"this, obviously there's going to"},{"speaker":"Victor Lagos","startTime":514.799,"endTime":519.239,"body":"be a mortgage required, there"},{"speaker":"Victor Lagos","startTime":519.239,"endTime":521.129,"body":"might already be a mortgage,"},{"speaker":"Victor Lagos","startTime":519.239,"endTime":521.129,"body":"because somebody owns the"},{"speaker":"Victor Lagos","startTime":521.129,"endTime":524.789,"body":"property. So they have to value"},{"speaker":"Victor Lagos","startTime":521.129,"endTime":524.789,"body":"the property that can take time."},{"speaker":"Victor Lagos","startTime":526.979,"endTime":531.089,"body":"But if it was a car, for"},{"speaker":"Victor Lagos","startTime":526.979,"endTime":531.089,"body":"example, you know, cars, they're"},{"speaker":"Victor Lagos","startTime":531.089,"endTime":534.359,"body":"quite easy to determine if"},{"speaker":"Victor Lagos","startTime":531.089,"endTime":534.359,"body":"they're real or not, you just"},{"speaker":"Victor Lagos","startTime":534.359,"endTime":539.039,"body":"still PPSR search, you know,"},{"speaker":"Victor Lagos","startTime":534.359,"endTime":539.039,"body":"security property search to see"},{"speaker":"Victor Lagos","startTime":539.039,"endTime":543.149,"body":"if it exists, the VIN search,"},{"speaker":"Victor Lagos","startTime":539.039,"endTime":543.149,"body":"and then the money can really,"},{"speaker":"Victor Lagos","startTime":543.209,"endTime":547.199,"body":"you know, exchange hands within"},{"speaker":"Victor Lagos","startTime":543.209,"endTime":547.199,"body":"a couple of days. But property"},{"speaker":"Victor Lagos","startTime":547.199,"endTime":550.589,"body":"as well, there's contracts, and"},{"speaker":"Victor Lagos","startTime":547.199,"endTime":550.589,"body":"those contracts have settlement"},{"speaker":"Victor Lagos","startTime":550.589,"endTime":554.999,"body":"periods, which can take six"},{"speaker":"Victor Lagos","startTime":550.589,"endTime":554.999,"body":"weeks, sometimes even longer."},{"speaker":"Victor Lagos","startTime":555.629,"endTime":559.949,"body":"So, but the approval itself,"},{"speaker":"Victor Lagos","startTime":555.629,"endTime":559.949,"body":"depending how good you are with"},{"speaker":"Victor Lagos","startTime":559.979,"endTime":563.519,"body":"the data, you presented the"},{"speaker":"Victor Lagos","startTime":559.979,"endTime":563.519,"body":"bank, you can get approvals in a"},{"speaker":"Victor Lagos","startTime":563.519,"endTime":567.599,"body":"few days with some banks. And"},{"speaker":"Victor Lagos","startTime":563.519,"endTime":567.599,"body":"some lenders actually can take"},{"speaker":"Victor Lagos","startTime":567.599,"endTime":570.659,"body":"longer, it can take a week or"},{"speaker":"Victor Lagos","startTime":567.599,"endTime":570.659,"body":"two. And it all depends on how"},{"speaker":"Victor Lagos","startTime":570.659,"endTime":573.869,"body":"much volume they have, what"},{"speaker":"Victor Lagos","startTime":570.659,"endTime":573.869,"body":"they, you know, their turnaround"},{"speaker":"Victor Lagos","startTime":573.869,"endTime":578.699,"body":"times to process that. But yeah,"},{"speaker":"Victor Lagos","startTime":573.869,"endTime":578.699,"body":"it all just comes down to I"},{"speaker":"Victor Lagos","startTime":578.699,"endTime":582.539,"body":"think complexity and mountain"},{"speaker":"Victor Lagos","startTime":578.699,"endTime":582.539,"body":"borrowing, the type of asset"},{"speaker":"Victor Lagos","startTime":582.539,"endTime":586.079,"body":"they're buying. And also even"},{"speaker":"Victor Lagos","startTime":582.539,"endTime":586.079,"body":"the type of customer if you're"},{"speaker":"Victor Lagos","startTime":586.079,"endTime":588.689,"body":"self employed, it's going to"},{"speaker":"Victor Lagos","startTime":586.079,"endTime":588.689,"body":"take a bank longer to come up"},{"speaker":"Victor Lagos","startTime":588.689,"endTime":591.599,"body":"with a credit decision versus"},{"speaker":"Victor Lagos","startTime":588.689,"endTime":591.599,"body":"someone who's PAYG"},{"speaker":"Andrew Bean","startTime":594.3,"endTime":597.93,"body":"Yeah, it blows my"},{"speaker":"Andrew Bean","startTime":594.3,"endTime":597.93,"body":"mind that like how easy it is to"},{"speaker":"Andrew Bean","startTime":597.93,"endTime":603.99,"body":"get car finance, like Obviously,"},{"speaker":"Andrew Bean","startTime":597.93,"endTime":603.99,"body":"like, for the bank, that's an"},{"speaker":"Andrew Bean","startTime":603.99,"endTime":606.72,"body":"asset to them, because they're"},{"speaker":"Andrew Bean","startTime":603.99,"endTime":606.72,"body":"writing a loan, the loan is an"},{"speaker":"Andrew Bean","startTime":606.72,"endTime":610.77,"body":"asset to them. But to the actual"},{"speaker":"Andrew Bean","startTime":606.72,"endTime":610.77,"body":"borrower, the car is a"},{"speaker":"Andrew Bean","startTime":610.77,"endTime":615.03,"body":"liability, like, unless you're"},{"speaker":"Andrew Bean","startTime":610.77,"endTime":615.03,"body":"using it to make money through"},{"speaker":"Andrew Bean","startTime":615.06,"endTime":617.91,"body":"Uber driving, or like doing"},{"speaker":"Andrew Bean","startTime":615.06,"endTime":617.91,"body":"deliveries and stuff like that"},{"speaker":"Andrew Bean","startTime":617.91,"endTime":622.35,"body":"for like Amazon, like, it's a"},{"speaker":"Andrew Bean","startTime":617.91,"endTime":622.35,"body":"clear liability. So like, if the"},{"speaker":"Andrew Bean","startTime":622.35,"endTime":626.7,"body":"bank was like going to lend"},{"speaker":"Andrew Bean","startTime":622.35,"endTime":626.7,"body":"money to you in the best like,"},{"speaker":"Andrew Bean","startTime":626.88,"endTime":630.78,"body":"in like, basically, they trying"},{"speaker":"Andrew Bean","startTime":626.88,"endTime":630.78,"body":"to lend to you for the best type"},{"speaker":"Andrew Bean","startTime":630.78,"endTime":634.5,"body":"of asset for your particular"},{"speaker":"Andrew Bean","startTime":630.78,"endTime":634.5,"body":"finances, they would, it would"},{"speaker":"Andrew Bean","startTime":634.5,"endTime":637.26,"body":"be flipped around, it would be"},{"speaker":"Andrew Bean","startTime":634.5,"endTime":637.26,"body":"like, Okay, let's buy your"},{"speaker":"Andrew Bean","startTime":637.26,"endTime":639.75,"body":"house, because that's going to"},{"speaker":"Andrew Bean","startTime":637.26,"endTime":639.75,"body":"make you a lot more money in the"},{"speaker":"Andrew Bean","startTime":639.75,"endTime":642.6,"body":"future. Because it's going to"},{"speaker":"Andrew Bean","startTime":639.75,"endTime":642.6,"body":"have time in the market, it's"},{"speaker":"Andrew Bean","startTime":642.6,"endTime":645.36,"body":"going to appreciate over time,"},{"speaker":"Andrew Bean","startTime":642.6,"endTime":645.36,"body":"it's going to be a real great"},{"speaker":"Andrew Bean","startTime":645.36,"endTime":648.51,"body":"asset to you, obviously, like"},{"speaker":"Andrew Bean","startTime":645.36,"endTime":648.51,"body":"the values are way different."},{"speaker":"Andrew Bean","startTime":648.84,"endTime":651.69,"body":"But like, in terms of like the"},{"speaker":"Andrew Bean","startTime":648.84,"endTime":651.69,"body":"other songs, like let's get you"},{"speaker":"Andrew Bean","startTime":651.69,"endTime":655.14,"body":"a car, let's make sure you have"},{"speaker":"Andrew Bean","startTime":651.69,"endTime":655.14,"body":"huge rip, like big repayments"},{"speaker":"Andrew Bean","startTime":655.14,"endTime":657.78,"body":"for that car, and it's a"},{"speaker":"Andrew Bean","startTime":655.14,"endTime":657.78,"body":"liability to depreciating asset,"},{"speaker":"Andrew Bean","startTime":657.9,"endTime":660.75,"body":"and it will not grow your wealth"},{"speaker":"Andrew Bean","startTime":657.9,"endTime":660.75,"body":"at all. Like it's just really"},{"speaker":"Andrew Bean","startTime":660.75,"endTime":665.58,"body":"funny how like the difference in"},{"speaker":"Andrew Bean","startTime":660.75,"endTime":665.58,"body":"a liability to an actual asset,"},{"speaker":"Andrew Bean","startTime":665.61,"endTime":668.82,"body":"which the banks are actually"},{"speaker":"Andrew Bean","startTime":665.61,"endTime":668.82,"body":"trying to happy to loan like,"},{"speaker":"Andrew Bean","startTime":668.85,"endTime":670.41,"body":"below process quicker to you."},{"speaker":"Victor Lagos","startTime":671.22,"endTime":674.58,"body":"Yeah, I can see"},{"speaker":"Victor Lagos","startTime":671.22,"endTime":674.58,"body":"why you can look at it from that"},{"speaker":"Victor Lagos","startTime":674.58,"endTime":677.22,"body":"angle, right? When you bet,"},{"speaker":"Victor Lagos","startTime":674.58,"endTime":677.22,"body":"like, the more you benefit, the"},{"speaker":"Victor Lagos","startTime":677.22,"endTime":681.15,"body":"longer it can take. And the"},{"speaker":"Victor Lagos","startTime":677.22,"endTime":681.15,"body":"harder it is. Right? Yeah, but"},{"speaker":"Victor Lagos","startTime":681.18,"endTime":684.78,"body":"But for them, the lender they"},{"speaker":"Victor Lagos","startTime":681.18,"endTime":684.78,"body":"benefit. And they'll turn it"},{"speaker":"Victor Lagos","startTime":684.78,"endTime":687.42,"body":"over quickly, because that just"},{"speaker":"Victor Lagos","startTime":684.78,"endTime":687.42,"body":"means income straight to their"},{"speaker":"Victor Lagos","startTime":687.42,"endTime":691.53,"body":"bank, whatnot. Yeah, I can see"},{"speaker":"Victor Lagos","startTime":687.42,"endTime":691.53,"body":"that angle. But look, I don't"},{"speaker":"Victor Lagos","startTime":691.53,"endTime":695.79,"body":"think that's a deliberate thing."},{"speaker":"Victor Lagos","startTime":691.53,"endTime":695.79,"body":"I think it's just a matter of a"},{"speaker":"Victor Lagos","startTime":695.79,"endTime":700.92,"body":"lot more moving parts required."},{"speaker":"Victor Lagos","startTime":695.79,"endTime":700.92,"body":"For property, it's more complex,"},{"speaker":"Victor Lagos","startTime":700.95,"endTime":704.61,"body":"there's mortgages, other"},{"speaker":"Victor Lagos","startTime":700.95,"endTime":704.61,"body":"interest on there, there's, you"},{"speaker":"Victor Lagos","startTime":704.61,"endTime":709.95,"body":"know, different banks already"},{"speaker":"Victor Lagos","startTime":704.61,"endTime":709.95,"body":"have an existing mortgage on"},{"speaker":"Victor Lagos","startTime":709.95,"endTime":713.46,"body":"there. versus, you know, a car"},{"speaker":"Victor Lagos","startTime":709.95,"endTime":713.46,"body":"that's like, you know, buying"},{"speaker":"Victor Lagos","startTime":713.46,"endTime":717.3,"body":"for a dealership, it's clear"},{"speaker":"Victor Lagos","startTime":713.46,"endTime":717.3,"body":"title, you just register, you"},{"speaker":"Victor Lagos","startTime":717.3,"endTime":721.53,"body":"know, an interest when you buy"},{"speaker":"Victor Lagos","startTime":717.3,"endTime":721.53,"body":"it, and it's nice and quick. And"},{"speaker":"Victor Lagos","startTime":721.98,"endTime":724.83,"body":"also the availability of"},{"speaker":"Victor Lagos","startTime":721.98,"endTime":724.83,"body":"capital. That's another thing."},{"speaker":"Victor Lagos","startTime":726.12,"endTime":729.18,"body":"The reason why Car Loans get"},{"speaker":"Victor Lagos","startTime":726.12,"endTime":729.18,"body":"approved so quickly, and a lot"},{"speaker":"Victor Lagos","startTime":729.18,"endTime":733.17,"body":"of the time it's less"},{"speaker":"Victor Lagos","startTime":729.18,"endTime":733.17,"body":"documentation. It's because"},{"speaker":"Victor Lagos","startTime":733.2,"endTime":737.04,"body":"we're not talking about a lot of"},{"speaker":"Victor Lagos","startTime":733.2,"endTime":737.04,"body":"money, right? 3040 50 grand, it"},{"speaker":"Victor Lagos","startTime":737.04,"endTime":740.55,"body":"might be a lot to a lot of"},{"speaker":"Victor Lagos","startTime":737.04,"endTime":740.55,"body":"people. But to a lender, it's"},{"speaker":"Victor Lagos","startTime":740.55,"endTime":745.44,"body":"not like they lend out billions"},{"speaker":"Victor Lagos","startTime":740.55,"endTime":745.44,"body":"of dollars. Whereas when you're"},{"speaker":"Victor Lagos","startTime":745.44,"endTime":749.25,"body":"lending millions of dollars for"},{"speaker":"Victor Lagos","startTime":745.44,"endTime":749.25,"body":"for a property, yeah, what's a"},{"speaker":"Victor Lagos","startTime":749.25,"endTime":754.62,"body":"larger sum, there's more rules"},{"speaker":"Victor Lagos","startTime":749.25,"endTime":754.62,"body":"around making sure that the,"},{"speaker":"Victor Lagos","startTime":754.8,"endTime":760.2,"body":"they're going to get their money"},{"speaker":"Victor Lagos","startTime":754.8,"endTime":760.2,"body":"back with interest. Because they"},{"speaker":"Victor Lagos","startTime":760.2,"endTime":762.93,"body":"don't lend out their own money,"},{"speaker":"Victor Lagos","startTime":760.2,"endTime":762.93,"body":"or they borrow it. So if"},{"speaker":"Victor Lagos","startTime":762.96,"endTime":766.2,"body":"remember the defaults everybody"},{"speaker":"Victor Lagos","startTime":762.96,"endTime":766.2,"body":"loses. So"},{"speaker":"Andrew Bean","startTime":767.85,"endTime":771.12,"body":"yeah, of course. So"},{"speaker":"Andrew Bean","startTime":767.85,"endTime":771.12,"body":"we'd like car loans, obviously,"},{"speaker":"Andrew Bean","startTime":771.12,"endTime":775.17,"body":"with property. There's also a"},{"speaker":"Andrew Bean","startTime":771.12,"endTime":775.17,"body":"location aspect as well, like"},{"speaker":"Andrew Bean","startTime":775.17,"endTime":778.8,"body":"some banks will only loan to"},{"speaker":"Andrew Bean","startTime":775.17,"endTime":778.8,"body":"certain locations, with a car"},{"speaker":"Andrew Bean","startTime":778.8,"endTime":781.56,"body":"loan, that probably doesn't"},{"speaker":"Andrew Bean","startTime":778.8,"endTime":781.56,"body":"apply does it at all, because a"},{"speaker":"Andrew Bean","startTime":781.56,"endTime":782.4,"body":"car moves."},{"speaker":"Victor Lagos","startTime":784.14,"endTime":787.83,"body":"It doesn't apply"},{"speaker":"Victor Lagos","startTime":784.14,"endTime":787.83,"body":"in terms of location, but it"},{"speaker":"Victor Lagos","startTime":787.83,"endTime":792.45,"body":"does apply in terms of the asset"},{"speaker":"Victor Lagos","startTime":787.83,"endTime":792.45,"body":"itself. So what I mean by that"},{"speaker":"Victor Lagos","startTime":792.45,"endTime":799.41,"body":"is, some most lenders for car"},{"speaker":"Victor Lagos","startTime":792.45,"endTime":799.41,"body":"finance will have a age"},{"speaker":"Victor Lagos","startTime":799.41,"endTime":804.27,"body":"restriction. So you can't go and"},{"speaker":"Victor Lagos","startTime":799.41,"endTime":804.27,"body":"finance like a 1980s car or a"},{"speaker":"Victor Lagos","startTime":804.27,"endTime":809.58,"body":"60s car, because it's, it's too"},{"speaker":"Victor Lagos","startTime":804.27,"endTime":809.58,"body":"old for them. The resale is"},{"speaker":"Victor Lagos","startTime":809.58,"endTime":813.66,"body":"difficult, right? So they might"},{"speaker":"Victor Lagos","startTime":809.58,"endTime":813.66,"body":"have at the end of the loan"},{"speaker":"Victor Lagos","startTime":813.66,"endTime":818.58,"body":"term, the car must maximum be 10"},{"speaker":"Victor Lagos","startTime":813.66,"endTime":818.58,"body":"years old. Don't Really Care"},{"speaker":"Victor Lagos","startTime":818.58,"endTime":821.7,"body":"About kilometers, I think"},{"speaker":"Victor Lagos","startTime":818.58,"endTime":821.7,"body":"that'll be very hard to sort of"},{"speaker":"Victor Lagos","startTime":821.7,"endTime":826.08,"body":"track. But they do look at if"},{"speaker":"Victor Lagos","startTime":821.7,"endTime":826.08,"body":"it's private sale, if it's"},{"speaker":"Victor Lagos","startTime":826.08,"endTime":830.07,"body":"dealership, so how old the car"},{"speaker":"Victor Lagos","startTime":826.08,"endTime":830.07,"body":"is. And whether the car is going"},{"speaker":"Victor Lagos","startTime":830.07,"endTime":832.74,"body":"to be for business use or"},{"speaker":"Victor Lagos","startTime":830.07,"endTime":832.74,"body":"personal use, all of that will"},{"speaker":"Victor Lagos","startTime":832.74,"endTime":837.0,"body":"come into into the equation. And"},{"speaker":"Victor Lagos","startTime":832.74,"endTime":837.0,"body":"someone says a blanket rule. If"},{"speaker":"Victor Lagos","startTime":837.0,"endTime":840.03,"body":"the car is too old, we won't"},{"speaker":"Victor Lagos","startTime":837.0,"endTime":840.03,"body":"lend against it. And others will"},{"speaker":"Victor Lagos","startTime":840.03,"endTime":844.11,"body":"be flexible. So yeah, it's not"},{"speaker":"Victor Lagos","startTime":840.03,"endTime":844.11,"body":"the same as property because I"},{"speaker":"Victor Lagos","startTime":844.11,"endTime":846.9,"body":"did experience that recently"},{"speaker":"Victor Lagos","startTime":844.11,"endTime":846.9,"body":"with a with a client wanting to"},{"speaker":"Victor Lagos","startTime":846.9,"endTime":852.72,"body":"buy in, in South Australia. And"},{"speaker":"Victor Lagos","startTime":846.9,"endTime":852.72,"body":"it's sort of regional town. And"},{"speaker":"Victor Lagos","startTime":853.08,"endTime":858.81,"body":"lenders consider it a category"},{"speaker":"Victor Lagos","startTime":853.08,"endTime":858.81,"body":"four location. So what that"},{"speaker":"Victor Lagos","startTime":858.81,"endTime":862.41,"body":"means is that it's yeah, it's"},{"speaker":"Victor Lagos","startTime":858.81,"endTime":862.41,"body":"obviously it's not Metro. And if"},{"speaker":"Victor Lagos","startTime":862.41,"endTime":866.04,"body":"you think cat one, category one,"},{"speaker":"Victor Lagos","startTime":862.41,"endTime":866.04,"body":"category two, three, so four is"},{"speaker":"Victor Lagos","startTime":866.04,"endTime":869.55,"body":"like, you know, the bottom of"},{"speaker":"Victor Lagos","startTime":866.04,"endTime":869.55,"body":"the pile. There's not much"},{"speaker":"Victor Lagos","startTime":869.76,"endTime":875.19,"body":"population at all. There's not"},{"speaker":"Victor Lagos","startTime":869.76,"endTime":875.19,"body":"much industry there. So really"},{"speaker":"Victor Lagos","startTime":875.46,"endTime":878.34,"body":"reselling the property would be"},{"speaker":"Victor Lagos","startTime":875.46,"endTime":878.34,"body":"difficult if it defaulted."},{"speaker":"Victor Lagos","startTime":879.0,"endTime":883.77,"body":"That's and if it's reliant on on"},{"speaker":"Victor Lagos","startTime":879.0,"endTime":883.77,"body":"tenants to pay them the rent in"},{"speaker":"Victor Lagos","startTime":883.77,"endTime":886.83,"body":"order to cover the mortgage,"},{"speaker":"Victor Lagos","startTime":883.77,"endTime":886.83,"body":"then relating it would be"},{"speaker":"Victor Lagos","startTime":886.83,"endTime":891.06,"body":"difficult as well. So that's why"},{"speaker":"Victor Lagos","startTime":886.83,"endTime":891.06,"body":"they look at location."},{"speaker":"Andrew Bean","startTime":891.75,"endTime":894.69,"body":"Yeah, of course. So"},{"speaker":"Andrew Bean","startTime":891.75,"endTime":894.69,"body":"mate, how long does it usually"},{"speaker":"Andrew Bean","startTime":894.69,"endTime":899.28,"body":"take like typically from loan"},{"speaker":"Andrew Bean","startTime":894.69,"endTime":899.28,"body":"approval to actually seeing the"},{"speaker":"Andrew Bean","startTime":899.28,"endTime":900.72,"body":"funds in your bank account."},{"speaker":"Victor Lagos","startTime":905.43,"endTime":908.82,"body":"Honestly, it's can"},{"speaker":"Victor Lagos","startTime":905.43,"endTime":908.82,"body":"be a very quick process. So the"},{"speaker":"Victor Lagos","startTime":908.82,"endTime":912.48,"body":"main thing you have to do is"},{"speaker":"Victor Lagos","startTime":908.82,"endTime":912.48,"body":"sign loan documents, once it's"},{"speaker":"Victor Lagos","startTime":912.48,"endTime":917.46,"body":"approved, if it's a property,"},{"speaker":"Victor Lagos","startTime":912.48,"endTime":917.46,"body":"you know, and you and you would"},{"speaker":"Victor Lagos","startTime":917.46,"endTime":920.61,"body":"have seen this, some of the"},{"speaker":"Victor Lagos","startTime":917.46,"endTime":920.61,"body":"listeners, if you've, if you've"},{"speaker":"Victor Lagos","startTime":920.61,"endTime":924.15,"body":"bought in a company or a trust,"},{"speaker":"Victor Lagos","startTime":920.61,"endTime":924.15,"body":"there's a lot more documents"},{"speaker":"Victor Lagos","startTime":924.15,"endTime":926.58,"body":"required, you have to get legal"},{"speaker":"Victor Lagos","startTime":924.15,"endTime":926.58,"body":"advice, you have to get"},{"speaker":"Victor Lagos","startTime":926.58,"endTime":929.61,"body":"financial advice, as guarantor"},{"speaker":"Victor Lagos","startTime":926.58,"endTime":929.61,"body":"documents is witnessing"},{"speaker":"Victor Lagos","startTime":929.61,"endTime":933.15,"body":"documents, they need wet"},{"speaker":"Victor Lagos","startTime":929.61,"endTime":933.15,"body":"signatures, you know, you need"},{"speaker":"Victor Lagos","startTime":933.15,"endTime":936.42,"body":"to post it back needs to be"},{"speaker":"Victor Lagos","startTime":933.15,"endTime":936.42,"body":"checked, all that process can"},{"speaker":"Victor Lagos","startTime":936.42,"endTime":938.94,"body":"take a little while. But if"},{"speaker":"Victor Lagos","startTime":936.42,"endTime":938.94,"body":"you're good at paperwork, you"},{"speaker":"Victor Lagos","startTime":938.94,"endTime":941.55,"body":"can do it in a day, send it back"},{"speaker":"Victor Lagos","startTime":938.94,"endTime":941.55,"body":"by express bus, it can be"},{"speaker":"Victor Lagos","startTime":941.55,"endTime":945.06,"body":"checked, and then good to go,"},{"speaker":"Victor Lagos","startTime":941.55,"endTime":945.06,"body":"then it just comes down to"},{"speaker":"Victor Lagos","startTime":945.06,"endTime":948.93,"body":"aligning the date with the"},{"speaker":"Victor Lagos","startTime":945.06,"endTime":948.93,"body":"seller to sell is ready to"},{"speaker":"Victor Lagos","startTime":949.32,"endTime":953.37,"body":"receive the funds. And"},{"speaker":"Victor Lagos","startTime":949.32,"endTime":953.37,"body":"obviously, they've probably got"},{"speaker":"Victor Lagos","startTime":953.37,"endTime":956.01,"body":"a mortgage as well, they need to"},{"speaker":"Victor Lagos","startTime":953.37,"endTime":956.01,"body":"pay up to that their lender"},{"speaker":"Victor Lagos","startTime":956.01,"endTime":960.48,"body":"needs to be ready to receive the"},{"speaker":"Victor Lagos","startTime":956.01,"endTime":960.48,"body":"funds that can take the whole"},{"speaker":"Victor Lagos","startTime":960.51,"endTime":963.96,"body":"thing, from from approval to"},{"speaker":"Victor Lagos","startTime":960.51,"endTime":963.96,"body":"settlement can be days. And it"},{"speaker":"Victor Lagos","startTime":963.96,"endTime":966.21,"body":"can also be weeks, depending on"},{"speaker":"Victor Lagos","startTime":963.96,"endTime":966.21,"body":"when everyone else is ready."},{"speaker":"Victor Lagos","startTime":967.92,"endTime":971.37,"body":"With a car or a personal loan,"},{"speaker":"Victor Lagos","startTime":967.92,"endTime":971.37,"body":"you know, it can be same day."},{"speaker":"Victor Lagos","startTime":971.94,"endTime":974.04,"body":"It's all electronic. Now, a lot"},{"speaker":"Victor Lagos","startTime":971.94,"endTime":974.04,"body":"of the time you signed"},{"speaker":"Victor Lagos","startTime":974.04,"endTime":979.17,"body":"documents, if it's you know,"},{"speaker":"Victor Lagos","startTime":974.04,"endTime":979.17,"body":"DocuSign and they transfer the"},{"speaker":"Victor Lagos","startTime":979.17,"endTime":982.62,"body":"money, you experienced that with"},{"speaker":"Victor Lagos","startTime":979.17,"endTime":982.62,"body":"your car, like the money was"},{"speaker":"Victor Lagos","startTime":982.92,"endTime":985.62,"body":"paid the same day it was"},{"speaker":"Victor Lagos","startTime":982.92,"endTime":985.62,"body":"approved pretty much a couple of"},{"speaker":"Victor Lagos","startTime":985.62,"endTime":986.16,"body":"days after."},{"speaker":"Andrew Bean","startTime":987.27,"endTime":989.64,"body":"Okay, yeah, which"},{"speaker":"Andrew Bean","startTime":987.27,"endTime":989.64,"body":"kind of like property finance"},{"speaker":"Andrew Bean","startTime":989.64,"endTime":992.88,"body":"was as quick as car finance"},{"speaker":"Andrew Bean","startTime":989.64,"endTime":992.88,"body":"because I was shocked how how"},{"speaker":"Andrew Bean","startTime":992.88,"endTime":996.21,"body":"quick and easy car finance was."},{"speaker":"Andrew Bean","startTime":992.88,"endTime":996.21,"body":"I mean, like, it's no wonder"},{"speaker":"Andrew Bean","startTime":996.21,"endTime":1001.37,"body":"that, you know, there's a cost"},{"speaker":"Andrew Bean","startTime":996.21,"endTime":1001.37,"body":"of living crisis. Everyone's"},{"speaker":"Andrew Bean","startTime":1001.37,"endTime":1005.93,"body":"driving a brand, like beautiful"},{"speaker":"Andrew Bean","startTime":1001.37,"endTime":1005.93,"body":"new car, like I've, I have never"},{"speaker":"Andrew Bean","startTime":1005.93,"endTime":1008.81,"body":"really had a really nice car,"},{"speaker":"Andrew Bean","startTime":1005.93,"endTime":1008.81,"body":"and I still have a you know,"},{"speaker":"Andrew Bean","startTime":1008.81,"endTime":1013.28,"body":"just average, you know, Hyundai"},{"speaker":"Andrew Bean","startTime":1008.81,"endTime":1013.28,"body":"Santa Fe, it's like a 2017"},{"speaker":"Andrew Bean","startTime":1013.28,"endTime":1016.76,"body":"model, there's nothing feel"},{"speaker":"Andrew Bean","startTime":1013.28,"endTime":1016.76,"body":"flashy, it's just gets the job"},{"speaker":"Andrew Bean","startTime":1016.76,"endTime":1020.27,"body":"done. It's just nice, and you"},{"speaker":"Andrew Bean","startTime":1016.76,"endTime":1020.27,"body":"know, has a bit more room. But"},{"speaker":"Andrew Bean","startTime":1020.27,"endTime":1024.95,"body":"previously, we were driving like"},{"speaker":"Andrew Bean","startTime":1020.27,"endTime":1024.95,"body":"older cars. But like, everyone"},{"speaker":"Andrew Bean","startTime":1024.95,"endTime":1029.69,"body":"now has a really nice new car."},{"speaker":"Andrew Bean","startTime":1024.95,"endTime":1029.69,"body":"So like, it's like a good, I'd"},{"speaker":"Andrew Bean","startTime":1029.69,"endTime":1033.8,"body":"say about a five to $600 payment"},{"speaker":"Andrew Bean","startTime":1029.69,"endTime":1033.8,"body":"per month, like just on a car"},{"speaker":"Andrew Bean","startTime":1033.8,"endTime":1037.22,"body":"loan, you know, so it's no"},{"speaker":"Andrew Bean","startTime":1033.8,"endTime":1037.22,"body":"wonder that like, people have so"},{"speaker":"Andrew Bean","startTime":1037.22,"endTime":1041.36,"body":"much debt now an extra cash like"},{"speaker":"Andrew Bean","startTime":1037.22,"endTime":1041.36,"body":"cash they need every single"},{"speaker":"Andrew Bean","startTime":1041.36,"endTime":1044.42,"body":"month, let alone to be able to"},{"speaker":"Andrew Bean","startTime":1041.36,"endTime":1044.42,"body":"buy a property and put a"},{"speaker":"Andrew Bean","startTime":1044.42,"endTime":1047.9,"body":"mortgage on it. You know, it's"},{"speaker":"Andrew Bean","startTime":1044.42,"endTime":1047.9,"body":"just crazy."},{"speaker":"Victor Lagos","startTime":1049.7,"endTime":1053.84,"body":"Yeah, I, I'm"},{"speaker":"Victor Lagos","startTime":1049.7,"endTime":1053.84,"body":"working on one at the moment"},{"speaker":"Victor Lagos","startTime":1053.87,"endTime":1058.13,"body":"where these clients came to me"},{"speaker":"Victor Lagos","startTime":1053.87,"endTime":1058.13,"body":"and they want to buy another"},{"speaker":"Victor Lagos","startTime":1058.13,"endTime":1061.49,"body":"investment property, they've got"},{"speaker":"Victor Lagos","startTime":1058.13,"endTime":1061.49,"body":"four at the moment, and they're"},{"speaker":"Victor Lagos","startTime":1061.49,"endTime":1065.48,"body":"looking at buying the fifth. And"},{"speaker":"Victor Lagos","startTime":1061.49,"endTime":1065.48,"body":"they're pretty squeezed for"},{"speaker":"Victor Lagos","startTime":1065.48,"endTime":1068.33,"body":"borrowing capacity. But I"},{"speaker":"Victor Lagos","startTime":1065.48,"endTime":1068.33,"body":"noticed that they've got two car"},{"speaker":"Victor Lagos","startTime":1068.33,"endTime":1073.28,"body":"loans under their names,"},{"speaker":"Victor Lagos","startTime":1068.33,"endTime":1073.28,"body":"totaling about 40 grand"},{"speaker":"Victor Lagos","startTime":1073.28,"endTime":1076.31,"body":"approximately, maybe a bit more."},{"speaker":"Victor Lagos","startTime":1073.28,"endTime":1076.31,"body":"And their repayments are like"},{"speaker":"Victor Lagos","startTime":1076.31,"endTime":1080.33,"body":"that exactly what he said $600"},{"speaker":"Victor Lagos","startTime":1076.31,"endTime":1080.33,"body":"or whatever it is per month. But"},{"speaker":"Victor Lagos","startTime":1080.69,"endTime":1084.77,"body":"because we got equity on their"},{"speaker":"Victor Lagos","startTime":1080.69,"endTime":1084.77,"body":"properties, we can consolidate"},{"speaker":"Victor Lagos","startTime":1084.77,"endTime":1086.81,"body":"them. So that's what we're"},{"speaker":"Victor Lagos","startTime":1084.77,"endTime":1086.81,"body":"doing, we're actually just"},{"speaker":"Victor Lagos","startTime":1086.81,"endTime":1090.56,"body":"paying out the car loans with 40"},{"speaker":"Victor Lagos","startTime":1086.81,"endTime":1090.56,"body":"grand of equity. And then we're"},{"speaker":"Victor Lagos","startTime":1090.56,"endTime":1094.01,"body":"using the rest of the equity to"},{"speaker":"Victor Lagos","startTime":1090.56,"endTime":1094.01,"body":"come up with a deposit to buy"},{"speaker":"Victor Lagos","startTime":1094.01,"endTime":1099.74,"body":"another property. So it's like,"},{"speaker":"Victor Lagos","startTime":1094.01,"endTime":1099.74,"body":"you know, people don't realize"},{"speaker":"Victor Lagos","startTime":1099.77,"endTime":1103.25,"body":"how much of an impact that has"},{"speaker":"Victor Lagos","startTime":1099.77,"endTime":1103.25,"body":"on them at the time. You're they"},{"speaker":"Victor Lagos","startTime":1103.25,"endTime":1107.72,"body":"want, they want the car, they"},{"speaker":"Victor Lagos","startTime":1103.25,"endTime":1107.72,"body":"want the convenience. They want,"},{"speaker":"Victor Lagos","startTime":1107.84,"endTime":1111.77,"body":"you know, to look good when"},{"speaker":"Victor Lagos","startTime":1107.84,"endTime":1111.77,"body":"they're driving on the road. But"},{"speaker":"Victor Lagos","startTime":1111.77,"endTime":1115.43,"body":"then when they want to grow the"},{"speaker":"Victor Lagos","startTime":1111.77,"endTime":1115.43,"body":"portfolio, or set themselves up"},{"speaker":"Victor Lagos","startTime":1115.43,"endTime":1120.08,"body":"for the future, it's it can be"},{"speaker":"Victor Lagos","startTime":1115.43,"endTime":1120.08,"body":"hindering them. So hopefully,"},{"speaker":"Victor Lagos","startTime":1120.08,"endTime":1123.11,"body":"they're got enough equity in one"},{"speaker":"Victor Lagos","startTime":1120.08,"endTime":1123.11,"body":"of their properties that they"},{"speaker":"Victor Lagos","startTime":1123.11,"endTime":1126.44,"body":"can consolidate at some point."},{"speaker":"Victor Lagos","startTime":1123.11,"endTime":1126.44,"body":"Otherwise, you're stuck with a"},{"speaker":"Victor Lagos","startTime":1126.44,"endTime":1130.82,"body":"car loan for you know, five to"},{"speaker":"Victor Lagos","startTime":1126.44,"endTime":1130.82,"body":"seven years. But if you if your"},{"speaker":"Victor Lagos","startTime":1130.82,"endTime":1133.4,"body":"repayments are low, you're not"},{"speaker":"Victor Lagos","startTime":1130.82,"endTime":1133.4,"body":"borrowing that much, or you come"},{"speaker":"Victor Lagos","startTime":1133.4,"endTime":1137.09,"body":"up with a big deposit, you know,"},{"speaker":"Victor Lagos","startTime":1133.4,"endTime":1137.09,"body":"a couple 100 bucks a month,"},{"speaker":"Victor Lagos","startTime":1137.3,"endTime":1141.23,"body":"whatever it is 300 400 It's not"},{"speaker":"Victor Lagos","startTime":1137.3,"endTime":1141.23,"body":"going to have a massive impact"},{"speaker":"Victor Lagos","startTime":1141.26,"endTime":1141.89,"body":"on your bar."},{"speaker":"Andrew Bean","startTime":1142.67,"endTime":1145.79,"body":"Yeah, because the"},{"speaker":"Andrew Bean","startTime":1142.67,"endTime":1145.79,"body":"reason they would do that, and I"},{"speaker":"Andrew Bean","startTime":1145.79,"endTime":1149.75,"body":"can basically break it break it"},{"speaker":"Andrew Bean","startTime":1145.79,"endTime":1149.75,"body":"down, is because the the equity"},{"speaker":"Andrew Bean","startTime":1149.75,"endTime":1153.8,"body":"that they've drawn out, is at"},{"speaker":"Andrew Bean","startTime":1149.75,"endTime":1153.8,"body":"like a 6% interest rate. Let's"},{"speaker":"Andrew Bean","startTime":1153.8,"endTime":1156.83,"body":"say that's probably what it is"},{"speaker":"Andrew Bean","startTime":1153.8,"endTime":1156.83,"body":"around that Victor, and then the"},{"speaker":"Andrew Bean","startTime":1156.83,"endTime":1162.41,"body":"car loan, is it like 10 or 15%"},{"speaker":"Andrew Bean","startTime":1156.83,"endTime":1162.41,"body":"interest. So it makes sense to"},{"speaker":"Andrew Bean","startTime":1162.41,"endTime":1166.85,"body":"use the cheaper money to pay"},{"speaker":"Andrew Bean","startTime":1162.41,"endTime":1166.85,"body":"that car loan down. So you're"},{"speaker":"Andrew Bean","startTime":1166.85,"endTime":1169.91,"body":"paying less interest, even"},{"speaker":"Andrew Bean","startTime":1166.85,"endTime":1169.91,"body":"though you're still like"},{"speaker":"Andrew Bean","startTime":1169.91,"endTime":1173.06,"body":"borrowing money to pay the car"},{"speaker":"Andrew Bean","startTime":1169.91,"endTime":1173.06,"body":"down, but it's like half of the"},{"speaker":"Andrew Bean","startTime":1173.06,"endTime":1176.66,"body":"interest. So obviously, that"},{"speaker":"Andrew Bean","startTime":1173.06,"endTime":1176.66,"body":"would be better."},{"speaker":"Victor Lagos","startTime":1178.579,"endTime":1181.849,"body":"Yeah, also the"},{"speaker":"Victor Lagos","startTime":1178.579,"endTime":1181.849,"body":"term that you have to repay it."},{"speaker":"Victor Lagos","startTime":1182.089,"endTime":1185.509,"body":"So like when you take a car loan"},{"speaker":"Victor Lagos","startTime":1182.089,"endTime":1185.509,"body":"out, as I said earlier, the"},{"speaker":"Victor Lagos","startTime":1185.509,"endTime":1189.349,"body":"maximum you can get it say five"},{"speaker":"Victor Lagos","startTime":1185.509,"endTime":1189.349,"body":"to seven years. And that's"},{"speaker":"Victor Lagos","startTime":1189.349,"endTime":1191.929,"body":"because the asset is"},{"speaker":"Victor Lagos","startTime":1189.349,"endTime":1191.929,"body":"depreciating. It's not going to"},{"speaker":"Victor Lagos","startTime":1191.929,"endTime":1195.769,"body":"be worth much. So lenders don't"},{"speaker":"Victor Lagos","startTime":1191.929,"endTime":1195.769,"body":"want to hold the debt for too"},{"speaker":"Victor Lagos","startTime":1195.769,"endTime":1199.129,"body":"long because it's just not going"},{"speaker":"Victor Lagos","startTime":1195.769,"endTime":1199.129,"body":"to be how much of a resale value"},{"speaker":"Victor Lagos","startTime":1200.299,"endTime":1203.329,"body":"Whereas property, it's going to"},{"speaker":"Victor Lagos","startTime":1200.299,"endTime":1203.329,"body":"probably go up in value. So"},{"speaker":"Victor Lagos","startTime":1203.329,"endTime":1206.029,"body":"that's why they'll give you 30"},{"speaker":"Victor Lagos","startTime":1203.329,"endTime":1206.029,"body":"years, because their risk is"},{"speaker":"Victor Lagos","startTime":1206.029,"endTime":1209.209,"body":"actually reducing, alright, from"},{"speaker":"Victor Lagos","startTime":1206.029,"endTime":1209.209,"body":"the bank's perspective, the"},{"speaker":"Victor Lagos","startTime":1209.209,"endTime":1212.299,"body":"debts coming down and the value"},{"speaker":"Victor Lagos","startTime":1209.209,"endTime":1212.299,"body":"is going up. So for them, the"},{"speaker":"Victor Lagos","startTime":1212.299,"endTime":1214.789,"body":"risk is less and less, and"},{"speaker":"Victor Lagos","startTime":1212.299,"endTime":1214.789,"body":"you've got a repayment history."},{"speaker":"Victor Lagos","startTime":1215.029,"endTime":1217.039,"body":"So that's why they'll stretch"},{"speaker":"Victor Lagos","startTime":1215.029,"endTime":1217.039,"body":"you out for 30 years, no"},{"speaker":"Victor Lagos","startTime":1217.039,"endTime":1222.439,"body":"problem. So when you take out"},{"speaker":"Victor Lagos","startTime":1217.039,"endTime":1222.439,"body":"your equity, and you consolidate"},{"speaker":"Victor Lagos","startTime":1222.439,"endTime":1225.349,"body":"your car finance, you can"},{"speaker":"Victor Lagos","startTime":1222.439,"endTime":1225.349,"body":"stretch it out over 30 years"},{"speaker":"Victor Lagos","startTime":1225.349,"endTime":1229.429,"body":"now. Which brings down your"},{"speaker":"Victor Lagos","startTime":1225.349,"endTime":1229.429,"body":"minimum repayment, you can still"},{"speaker":"Victor Lagos","startTime":1229.429,"endTime":1232.369,"body":"pay it off in five to seven"},{"speaker":"Victor Lagos","startTime":1229.429,"endTime":1232.369,"body":"years, right? You have the"},{"speaker":"Victor Lagos","startTime":1232.369,"endTime":1237.679,"body":"freedom to do that on a variable"},{"speaker":"Victor Lagos","startTime":1232.369,"endTime":1237.679,"body":"loan, but the banks minimum is"},{"speaker":"Victor Lagos","startTime":1237.679,"endTime":1240.589,"body":"over 30. So therefore, your"},{"speaker":"Victor Lagos","startTime":1237.679,"endTime":1240.589,"body":"serviceability is"},{"speaker":"Andrew Bean","startTime":1240.59,"endTime":1242.57,"body":"Yeah. And what you"},{"speaker":"Andrew Bean","startTime":1240.59,"endTime":1242.57,"body":"can do is you take out the"},{"speaker":"Andrew Bean","startTime":1242.57,"endTime":1247.25,"body":"equity, you pay down the car"},{"speaker":"Andrew Bean","startTime":1242.57,"endTime":1247.25,"body":"loans, and then with the rest of"},{"speaker":"Andrew Bean","startTime":1247.25,"endTime":1250.49,"body":"equity, the big chunk of equity,"},{"speaker":"Andrew Bean","startTime":1247.25,"endTime":1250.49,"body":"then you buy a cash flowing"},{"speaker":"Andrew Bean","startTime":1250.49,"endTime":1253.46,"body":"piece of real estate, then the"},{"speaker":"Andrew Bean","startTime":1250.49,"endTime":1253.46,"body":"cash flow from that real estate"},{"speaker":"Andrew Bean","startTime":1253.46,"endTime":1258.98,"body":"pays the cars off for you."},{"speaker":"Andrew Bean","startTime":1253.46,"endTime":1258.98,"body":"That's how you do it. You get"},{"speaker":"Andrew Bean","startTime":1258.98,"endTime":1260.81,"body":"the best of both worlds. That's"},{"speaker":"Andrew Bean","startTime":1258.98,"endTime":1260.81,"body":"the way Exactly"},{"speaker":"Victor Lagos","startTime":1260.839,"endTime":1261.559,"body":"yeah, that's"},{"speaker":"Andrew Bean","startTime":1264.14,"endTime":1266.27,"body":"awesome. Yes, sir."},{"speaker":"Andrew Bean","startTime":1264.14,"endTime":1266.27,"body":"Can you explain some of the"},{"speaker":"Andrew Bean","startTime":1266.27,"endTime":1270.29,"body":"common terms and stuff that you"},{"speaker":"Andrew Bean","startTime":1266.27,"endTime":1270.29,"body":"hear thrown around by banks and"},{"speaker":"Andrew Bean","startTime":1270.29,"endTime":1273.95,"body":"mortgage brokers? And let us"},{"speaker":"Andrew Bean","startTime":1270.29,"endTime":1273.95,"body":"know like, if there's any"},{"speaker":"Andrew Bean","startTime":1273.95,"endTime":1278.45,"body":"difference? So is a pre"},{"speaker":"Andrew Bean","startTime":1273.95,"endTime":1278.45,"body":"qualified is pre approval, and"},{"speaker":"Andrew Bean","startTime":1278.45,"endTime":1282.17,"body":"there's approval in principle?"},{"speaker":"Andrew Bean","startTime":1278.45,"endTime":1282.17,"body":"Are they all the same thing? Or"},{"speaker":"Andrew Bean","startTime":1282.17,"endTime":1284.0,"body":"do they mean something"},{"speaker":"Andrew Bean","startTime":1282.17,"endTime":1284.0,"body":"completely different?"},{"speaker":"Victor Lagos","startTime":1288.32,"endTime":1290.93,"body":"Yeah, terminology,"},{"speaker":"Victor Lagos","startTime":1288.32,"endTime":1290.93,"body":"yeah, like,it's funny, you say"},{"speaker":"Victor Lagos","startTime":1290.93,"endTime":1295.46,"body":"that, because I, you know, this,"},{"speaker":"Victor Lagos","startTime":1290.93,"endTime":1295.46,"body":"I used to work for a bank, and"},{"speaker":"Victor Lagos","startTime":1295.46,"endTime":1299.03,"body":"they had their own acronyms what"},{"speaker":"Victor Lagos","startTime":1295.46,"endTime":1299.03,"body":"things mean, and, and then"},{"speaker":"Victor Lagos","startTime":1299.03,"endTime":1302.06,"body":"became a broker. And then of"},{"speaker":"Victor Lagos","startTime":1299.03,"endTime":1302.06,"body":"course, some of those I still"},{"speaker":"Victor Lagos","startTime":1302.09,"endTime":1305.42,"body":"carry, right. And brokers use"},{"speaker":"Victor Lagos","startTime":1302.09,"endTime":1305.42,"body":"some too. And because we"},{"speaker":"Victor Lagos","startTime":1305.42,"endTime":1308.93,"body":"communicate with banks, we try"},{"speaker":"Victor Lagos","startTime":1305.42,"endTime":1308.93,"body":"to use some of them. Example is"},{"speaker":"Victor Lagos","startTime":1308.99,"endTime":1313.07,"body":"AIP. Alright, so AIP stands for"},{"speaker":"Victor Lagos","startTime":1308.99,"endTime":1313.07,"body":"approval in principle, all"},{"speaker":"Victor Lagos","startTime":1313.07,"endTime":1317.36,"body":"right. And then it also means"},{"speaker":"Victor Lagos","startTime":1313.07,"endTime":1317.36,"body":"pre approval, same thing,"},{"speaker":"Victor Lagos","startTime":1317.42,"endTime":1322.58,"body":"synonymous. The two words mean"},{"speaker":"Victor Lagos","startTime":1317.42,"endTime":1322.58,"body":"the same thing. But I try when"},{"speaker":"Victor Lagos","startTime":1322.58,"endTime":1325.64,"body":"I, when I call my application,"},{"speaker":"Victor Lagos","startTime":1322.58,"endTime":1325.64,"body":"when I title them, when the"},{"speaker":"Victor Lagos","startTime":1325.64,"endTime":1328.85,"body":"customer sees the name of it, I"},{"speaker":"Victor Lagos","startTime":1325.64,"endTime":1328.85,"body":"call it pre approval. And once I"},{"speaker":"Victor Lagos","startTime":1328.85,"endTime":1331.55,"body":"don't see it anymore, I call it"},{"speaker":"Victor Lagos","startTime":1328.85,"endTime":1331.55,"body":"out IP, because I don't want"},{"speaker":"Victor Lagos","startTime":1331.55,"endTime":1338.75,"body":"them to be what? I'm going to"},{"speaker":"Victor Lagos","startTime":1331.55,"endTime":1338.75,"body":"explain it right. So but yeah,"},{"speaker":"Victor Lagos","startTime":1338.75,"endTime":1341.75,"body":"essentially means the same"},{"speaker":"Victor Lagos","startTime":1338.75,"endTime":1341.75,"body":"thing. It's, it's approved, in"},{"speaker":"Victor Lagos","startTime":1341.75,"endTime":1346.82,"body":"principle, because it's not"},{"speaker":"Victor Lagos","startTime":1341.75,"endTime":1346.82,"body":"fully approved, or nothing. I'm"},{"speaker":"Victor Lagos","startTime":1346.82,"endTime":1349.67,"body":"conditionally approved versus"},{"speaker":"Victor Lagos","startTime":1346.82,"endTime":1349.67,"body":"formally approved. Those also"},{"speaker":"Victor Lagos","startTime":1349.67,"endTime":1353.87,"body":"mean the same thing, right. And"},{"speaker":"Victor Lagos","startTime":1349.67,"endTime":1353.87,"body":"it's, funnily, it's funny,"},{"speaker":"Victor Lagos","startTime":1353.87,"endTime":1357.2,"body":"because you can have an"},{"speaker":"Victor Lagos","startTime":1353.87,"endTime":1357.2,"body":"unconditional contract of sale"},{"speaker":"Victor Lagos","startTime":1357.26,"endTime":1363.32,"body":"on a purchase, and an"},{"speaker":"Victor Lagos","startTime":1357.26,"endTime":1363.32,"body":"unconditional loan approval, but"},{"speaker":"Victor Lagos","startTime":1363.32,"endTime":1366.68,"body":"then you can have settlement"},{"speaker":"Victor Lagos","startTime":1363.32,"endTime":1366.68,"body":"conditions. So technically, it's"},{"speaker":"Victor Lagos","startTime":1366.68,"endTime":1371.66,"body":"not unconditional, right? It's"},{"speaker":"Victor Lagos","startTime":1366.68,"endTime":1371.66,"body":"still settling condition. And so"},{"speaker":"Victor Lagos","startTime":1371.66,"endTime":1374.09,"body":"the difference is, when it's a"},{"speaker":"Victor Lagos","startTime":1371.66,"endTime":1374.09,"body":"pre approval, there's no"},{"speaker":"Victor Lagos","startTime":1374.09,"endTime":1378.59,"body":"property, right? AIP approval,"},{"speaker":"Victor Lagos","startTime":1374.09,"endTime":1378.59,"body":"in principle has no property. So"},{"speaker":"Victor Lagos","startTime":1378.59,"endTime":1382.49,"body":"they've, they've approved your,"},{"speaker":"Victor Lagos","startTime":1378.59,"endTime":1382.49,"body":"your credit history, they've"},{"speaker":"Victor Lagos","startTime":1382.49,"endTime":1387.59,"body":"approved your serviceability,"},{"speaker":"Victor Lagos","startTime":1382.49,"endTime":1387.59,"body":"they've approved a certain loan"},{"speaker":"Victor Lagos","startTime":1387.59,"endTime":1391.61,"body":"amount, based on your"},{"speaker":"Victor Lagos","startTime":1387.59,"endTime":1391.61,"body":"circumstances, subject to a"},{"speaker":"Victor Lagos","startTime":1391.61,"endTime":1396.44,"body":"property, or in a car in a plug"},{"speaker":"Victor Lagos","startTime":1391.61,"endTime":1396.44,"body":"for people for a car subject to"},{"speaker":"Victor Lagos","startTime":1396.44,"endTime":1399.89,"body":"a particular car. So then you"},{"speaker":"Victor Lagos","startTime":1396.44,"endTime":1399.89,"body":"need to get the asset and say,"},{"speaker":"Victor Lagos","startTime":1399.89,"endTime":1402.68,"body":"here's the actual asset that I'm"},{"speaker":"Victor Lagos","startTime":1399.89,"endTime":1402.68,"body":"buying, can you now give me an"},{"speaker":"Victor Lagos","startTime":1402.68,"endTime":1406.73,"body":"unconditional approval or"},{"speaker":"Victor Lagos","startTime":1402.68,"endTime":1406.73,"body":"formula. And then assuming that"},{"speaker":"Victor Lagos","startTime":1406.73,"endTime":1410.03,"body":"stacks up, then they'll give you"},{"speaker":"Victor Lagos","startTime":1406.73,"endTime":1410.03,"body":"the last the final approval, or"},{"speaker":"Victor Lagos","startTime":1410.03,"endTime":1414.26,"body":"the formal final, unconditional."},{"speaker":"Victor Lagos","startTime":1410.03,"endTime":1414.26,"body":"And what's the other one, you"},{"speaker":"Victor Lagos","startTime":1414.26,"endTime":1419.09,"body":"said pre qualified. So pre"},{"speaker":"Victor Lagos","startTime":1414.26,"endTime":1419.09,"body":"qualified look, honestly, that"},{"speaker":"Victor Lagos","startTime":1419.09,"endTime":1423.68,"body":"doesn't really get used that"},{"speaker":"Victor Lagos","startTime":1419.09,"endTime":1423.68,"body":"much in in mortgages, definitely"},{"speaker":"Victor Lagos","startTime":1423.68,"endTime":1428.75,"body":"gets used a lot in the personal"},{"speaker":"Victor Lagos","startTime":1423.68,"endTime":1428.75,"body":"loan space and cafe finance, get"},{"speaker":"Victor Lagos","startTime":1428.75,"endTime":1433.46,"body":"pre qualified. And those are"},{"speaker":"Victor Lagos","startTime":1428.75,"endTime":1433.46,"body":"like before a pre approval. So"},{"speaker":"Victor Lagos","startTime":1433.46,"endTime":1437.42,"body":"before you even apply for the"},{"speaker":"Victor Lagos","startTime":1433.46,"endTime":1437.42,"body":"loan, you can pre qualify. And"},{"speaker":"Victor Lagos","startTime":1437.42,"endTime":1441.2,"body":"that's by doing like a credit"},{"speaker":"Victor Lagos","startTime":1437.42,"endTime":1441.2,"body":"check, or a soft credit check."},{"speaker":"Victor Lagos","startTime":1441.2,"endTime":1445.61,"body":"So they basically look at what"},{"speaker":"Victor Lagos","startTime":1441.2,"endTime":1445.61,"body":"your credit score is. Sometimes"},{"speaker":"Victor Lagos","startTime":1445.61,"endTime":1449.42,"body":"they'll also do a bank statement"},{"speaker":"Victor Lagos","startTime":1445.61,"endTime":1449.42,"body":"integration. So a lot of these"},{"speaker":"Victor Lagos","startTime":1449.45,"endTime":1455.51,"body":"fintechs and smaller lenders,"},{"speaker":"Victor Lagos","startTime":1449.45,"endTime":1455.51,"body":"they'll they'll actually have an"},{"speaker":"Victor Lagos","startTime":1455.51,"endTime":1459.53,"body":"algorithm program that will"},{"speaker":"Victor Lagos","startTime":1455.51,"endTime":1459.53,"body":"actually scan your bank"},{"speaker":"Victor Lagos","startTime":1459.53,"endTime":1463.7,"body":"statements and automatically"},{"speaker":"Victor Lagos","startTime":1459.53,"endTime":1463.7,"body":"categorize them, and it will"},{"speaker":"Victor Lagos","startTime":1463.7,"endTime":1468.02,"body":"flag anything that's negative"},{"speaker":"Victor Lagos","startTime":1463.7,"endTime":1468.02,"body":"like late payments, you know,"},{"speaker":"Victor Lagos","startTime":1468.38,"endTime":1472.55,"body":"overdrawn fees, overdrawn"},{"speaker":"Victor Lagos","startTime":1468.38,"endTime":1472.55,"body":"account, you know, payday"},{"speaker":"Victor Lagos","startTime":1472.55,"endTime":1476.93,"body":"lenders, whatever it is, the"},{"speaker":"Victor Lagos","startTime":1472.55,"endTime":1476.93,"body":"things that can be negative, and"},{"speaker":"Victor Lagos","startTime":1476.93,"endTime":1481.04,"body":"also check the salaries"},{"speaker":"Victor Lagos","startTime":1476.93,"endTime":1481.04,"body":"consistent. So it's not dropping"},{"speaker":"Victor Lagos","startTime":1481.07,"endTime":1485.33,"body":"and whatnot. So that's where you"},{"speaker":"Victor Lagos","startTime":1481.07,"endTime":1485.33,"body":"can kind of get a pre qualified"},{"speaker":"Victor Lagos","startTime":1485.33,"endTime":1489.59,"body":"loan because it will check that"},{"speaker":"Victor Lagos","startTime":1485.33,"endTime":1489.59,"body":"based on a computer algorithm"},{"speaker":"Victor Lagos","startTime":1489.68,"endTime":1493.01,"body":"does no human checking it so"},{"speaker":"Victor Lagos","startTime":1489.68,"endTime":1493.01,"body":"person checking, and then once"},{"speaker":"Victor Lagos","startTime":1493.01,"endTime":1496.22,"body":"you're ready to actually apply,"},{"speaker":"Victor Lagos","startTime":1493.01,"endTime":1496.22,"body":"usually it's easier if you've"},{"speaker":"Victor Lagos","startTime":1496.22,"endTime":1500.06,"body":"already been pre qualified,"},{"speaker":"Victor Lagos","startTime":1496.22,"endTime":1500.06,"body":"because then it's just verifying"},{"speaker":"Victor Lagos","startTime":1500.27,"endTime":1504.68,"body":"Okay, the bank says, was the"},{"speaker":"Victor Lagos","startTime":1500.27,"endTime":1504.68,"body":"program telling me yes, okay, it"},{"speaker":"Victor Lagos","startTime":1504.68,"endTime":1507.08,"body":"matches the same, it looks good,"},{"speaker":"Victor Lagos","startTime":1504.68,"endTime":1507.08,"body":"tick, tick, tick, move on"},{"speaker":"Victor Lagos","startTime":1507.08,"endTime":1512.51,"body":"approved. So it makes it easier."},{"speaker":"Victor Lagos","startTime":1507.08,"endTime":1512.51,"body":"But if there's no algorithm,"},{"speaker":"Victor Lagos","startTime":1512.51,"endTime":1515.21,"body":"checking all that stuff pre"},{"speaker":"Victor Lagos","startTime":1512.51,"endTime":1515.21,"body":"qualify, then you'd literally"},{"speaker":"Victor Lagos","startTime":1515.21,"endTime":1518.48,"body":"need a human to check it, to go"},{"speaker":"Victor Lagos","startTime":1515.21,"endTime":1518.48,"body":"through the statements line by"},{"speaker":"Victor Lagos","startTime":1518.48,"endTime":1523.64,"body":"line to check the pay slips, to"},{"speaker":"Victor Lagos","startTime":1518.48,"endTime":1523.64,"body":"times takes more time. And, you"},{"speaker":"Victor Lagos","startTime":1523.64,"endTime":1526.73,"body":"know, obviously, error, big"},{"speaker":"Victor Lagos","startTime":1523.64,"endTime":1526.73,"body":"data, if you're looking at 12"},{"speaker":"Victor Lagos","startTime":1526.73,"endTime":1529.28,"body":"months worth of bank statements,"},{"speaker":"Victor Lagos","startTime":1526.73,"endTime":1529.28,"body":"person checking, it could be"},{"speaker":"Victor Lagos","startTime":1529.28,"endTime":1532.91,"body":"tired, right, they might miss"},{"speaker":"Victor Lagos","startTime":1529.28,"endTime":1532.91,"body":"something. They might be in a"},{"speaker":"Victor Lagos","startTime":1532.91,"endTime":1536.36,"body":"bad mood, whatever, from the"},{"speaker":"Victor Lagos","startTime":1532.91,"endTime":1536.36,"body":"previous one. So they might have"},{"speaker":"Victor Lagos","startTime":1536.36,"endTime":1539.24,"body":"some, some some bias and like, I"},{"speaker":"Victor Lagos","startTime":1536.36,"endTime":1539.24,"body":"don't like this, so I'm gonna"},{"speaker":"Victor Lagos","startTime":1539.27,"endTime":1542.45,"body":"decline it right. So they're not"},{"speaker":"Victor Lagos","startTime":1539.27,"endTime":1542.45,"body":"looking at objectively. So it's"},{"speaker":"Victor Lagos","startTime":1542.45,"endTime":1545.6,"body":"a fine balance for a lender"},{"speaker":"Victor Lagos","startTime":1542.45,"endTime":1545.6,"body":"because they want to lend money"},{"speaker":"Victor Lagos","startTime":1545.6,"endTime":1548.33,"body":"to make money. But they don't"},{"speaker":"Victor Lagos","startTime":1545.6,"endTime":1548.33,"body":"want to take on too much risk to"},{"speaker":"Victor Lagos","startTime":1548.33,"endTime":1552.68,"body":"lend money to everyone. So it's"},{"speaker":"Victor Lagos","startTime":1548.33,"endTime":1552.68,"body":"like the saying yes, whilst"},{"speaker":"Victor Lagos","startTime":1552.71,"endTime":1556.46,"body":"trying not to say yes to"},{"speaker":"Victor Lagos","startTime":1552.71,"endTime":1556.46,"body":"everyone saying no, well, I'm"},{"speaker":"Victor Lagos","startTime":1556.46,"endTime":1557.84,"body":"not trying to say no to"},{"speaker":"Victor Lagos","startTime":1556.46,"endTime":1557.84,"body":"everyone."},{"speaker":"Andrew Bean","startTime":1559.579,"endTime":1563.089,"body":"They can do that."},{"speaker":"Andrew Bean","startTime":1559.579,"endTime":1563.089,"body":"with humans. Like, we do have"},{"speaker":"Andrew Bean","startTime":1563.119,"endTime":1567.709,"body":"unconscious bias, as well. Like,"},{"speaker":"Andrew Bean","startTime":1563.119,"endTime":1567.709,"body":"if you've like, out about you're"},{"speaker":"Andrew Bean","startTime":1567.709,"endTime":1570.559,"body":"in a bad mood, or, you know,"},{"speaker":"Andrew Bean","startTime":1567.709,"endTime":1570.559,"body":"things do happen during your"},{"speaker":"Andrew Bean","startTime":1570.559,"endTime":1573.439,"body":"day. And you see, someone's"},{"speaker":"Andrew Bean","startTime":1570.559,"endTime":1573.439,"body":"like, he's always going to be"},{"speaker":"Andrew Bean","startTime":1573.439,"endTime":1575.449,"body":"fucking McDonald's. What's he"},{"speaker":"Andrew Bean","startTime":1573.439,"endTime":1575.449,"body":"going to be Donald's again, for?"},{"speaker":"Andrew Bean","startTime":1575.449,"endTime":1581.149,"body":"Like, he's like, three times"},{"speaker":"Andrew Bean","startTime":1575.449,"endTime":1581.149,"body":"that day? Blind, you know, so"},{"speaker":"Andrew Bean","startTime":1581.149,"endTime":1587.929,"body":"yeah, yeah. So I just went on"},{"speaker":"Andrew Bean","startTime":1581.149,"endTime":1587.929,"body":"topic. preapprovals, can you"},{"speaker":"Andrew Bean","startTime":1587.929,"endTime":1590.299,"body":"just explain, like in"},{"speaker":"Andrew Bean","startTime":1587.929,"endTime":1590.299,"body":"residential property, why you"},{"speaker":"Andrew Bean","startTime":1590.299,"endTime":1593.479,"body":"can get a pre approval. But with"},{"speaker":"Andrew Bean","startTime":1590.299,"endTime":1593.479,"body":"commercial property, it's not"},{"speaker":"Andrew Bean","startTime":1593.479,"endTime":1595.939,"body":"really the same thing. You don't"},{"speaker":"Andrew Bean","startTime":1593.479,"endTime":1595.939,"body":"get a pre approval for a"},{"speaker":"Andrew Bean","startTime":1595.939,"endTime":1596.869,"body":"commercial property?"},{"speaker":"Victor Lagos","startTime":1598.28,"endTime":1603.59,"body":"Yeah, okay. So the"},{"speaker":"Victor Lagos","startTime":1598.28,"endTime":1603.59,"body":"main reason for residential that"},{"speaker":"Victor Lagos","startTime":1603.59,"endTime":1608.75,"body":"you can get a pre approval is"},{"speaker":"Victor Lagos","startTime":1603.59,"endTime":1608.75,"body":"because there's certain simple"},{"speaker":"Victor Lagos","startTime":1608.75,"endTime":1612.23,"body":"rules that they can put in place"},{"speaker":"Victor Lagos","startTime":1608.75,"endTime":1612.23,"body":"to accept the property or"},{"speaker":"Victor Lagos","startTime":1612.23,"endTime":1617.75,"body":"security. It's not too"},{"speaker":"Victor Lagos","startTime":1612.23,"endTime":1617.75,"body":"complicated. It's either an"},{"speaker":"Victor Lagos","startTime":1617.75,"endTime":1622.85,"body":"owner occupier, or an"},{"speaker":"Victor Lagos","startTime":1617.75,"endTime":1622.85,"body":"investment. It's either in a"},{"speaker":"Victor Lagos","startTime":1623.27,"endTime":1628.49,"body":"desired location, or it's not."},{"speaker":"Victor Lagos","startTime":1623.27,"endTime":1628.49,"body":"Of course, if it doesn't fit the"},{"speaker":"Victor Lagos","startTime":1628.49,"endTime":1633.14,"body":"mold, and it's different type,"},{"speaker":"Victor Lagos","startTime":1628.49,"endTime":1633.14,"body":"whether it's, you know, you"},{"speaker":"Victor Lagos","startTime":1633.14,"endTime":1638.06,"body":"know, primary production, you"},{"speaker":"Victor Lagos","startTime":1633.14,"endTime":1638.06,"body":"know, rural, you know, it's got"},{"speaker":"Victor Lagos","startTime":1638.06,"endTime":1641.84,"body":"an element of commercial into"},{"speaker":"Victor Lagos","startTime":1638.06,"endTime":1641.84,"body":"it, then it's usually a blanket"},{"speaker":"Victor Lagos","startTime":1641.84,"endTime":1644.63,"body":"rule, decline, doesn't don't"},{"speaker":"Victor Lagos","startTime":1641.84,"endTime":1644.63,"body":"accept it, it's not a type of"},{"speaker":"Victor Lagos","startTime":1644.63,"endTime":1649.07,"body":"security, or it's too large,"},{"speaker":"Victor Lagos","startTime":1644.63,"endTime":1649.07,"body":"whatever. So a lot of it comes"},{"speaker":"Victor Lagos","startTime":1649.07,"endTime":1653.99,"body":"down to the actual individuals"},{"speaker":"Victor Lagos","startTime":1649.07,"endTime":1653.99,"body":"borrowing the money to, because"},{"speaker":"Victor Lagos","startTime":1654.02,"endTime":1658.91,"body":"houses, if they miss properties,"},{"speaker":"Victor Lagos","startTime":1654.02,"endTime":1658.91,"body":"houses, units, whatever, as long"},{"speaker":"Victor Lagos","startTime":1658.91,"endTime":1663.17,"body":"as they fit those particular"},{"speaker":"Victor Lagos","startTime":1658.91,"endTime":1663.17,"body":"parameters, then it's going to"},{"speaker":"Victor Lagos","startTime":1663.17,"endTime":1667.13,"body":"be approved on the property,"},{"speaker":"Victor Lagos","startTime":1663.17,"endTime":1667.13,"body":"they don't need to kind of dig"},{"speaker":"Victor Lagos","startTime":1667.13,"endTime":1670.07,"body":"too deep per property to figure"},{"speaker":"Victor Lagos","startTime":1667.13,"endTime":1670.07,"body":"out whether they'll lend the"},{"speaker":"Victor Lagos","startTime":1670.07,"endTime":1674.03,"body":"money, the bigger credit"},{"speaker":"Victor Lagos","startTime":1670.07,"endTime":1674.03,"body":"decision comes down to the"},{"speaker":"Victor Lagos","startTime":1674.03,"endTime":1678.14,"body":"individuals applying to the loan"},{"speaker":"Victor Lagos","startTime":1674.03,"endTime":1678.14,"body":"or the guarantors. So their"},{"speaker":"Victor Lagos","startTime":1678.14,"endTime":1682.22,"body":"credit history, like we talked"},{"speaker":"Victor Lagos","startTime":1678.14,"endTime":1682.22,"body":"about employment history, the"},{"speaker":"Victor Lagos","startTime":1682.22,"endTime":1685.91,"body":"consistency of their income, all"},{"speaker":"Victor Lagos","startTime":1682.22,"endTime":1685.91,"body":"that sort of stuff. That's,"},{"speaker":"Victor Lagos","startTime":1685.97,"endTime":1688.43,"body":"that's how they decide. So"},{"speaker":"Victor Lagos","startTime":1685.97,"endTime":1688.43,"body":"that's why they can give a pre"},{"speaker":"Victor Lagos","startTime":1688.43,"endTime":1691.52,"body":"approval because the majority of"},{"speaker":"Victor Lagos","startTime":1688.43,"endTime":1691.52,"body":"the decision lies there. But"},{"speaker":"Victor Lagos","startTime":1691.52,"endTime":1695.87,"body":"when you buy commercial, it's"},{"speaker":"Victor Lagos","startTime":1691.52,"endTime":1695.87,"body":"less reliant on the individuals."},{"speaker":"Victor Lagos","startTime":1695.9,"endTime":1699.41,"body":"That's why people set up SPVs or"},{"speaker":"Victor Lagos","startTime":1695.9,"endTime":1699.41,"body":"special purpose vehicles,"},{"speaker":"Victor Lagos","startTime":1699.65,"endTime":1703.7,"body":"instead of trusts companies to"},{"speaker":"Victor Lagos","startTime":1699.65,"endTime":1703.7,"body":"own the assets. You know, it's"},{"speaker":"Victor Lagos","startTime":1703.85,"endTime":1710.03,"body":"and then that usually, they, you"},{"speaker":"Victor Lagos","startTime":1703.85,"endTime":1710.03,"body":"know, usually it's an"},{"speaker":"Victor Lagos","startTime":1710.03,"endTime":1714.47,"body":"investment, but they're not"},{"speaker":"Victor Lagos","startTime":1710.03,"endTime":1714.47,"body":"needing to put so much of their"},{"speaker":"Victor Lagos","startTime":1714.5,"endTime":1717.02,"body":"own money to maintain the loan"},{"speaker":"Victor Lagos","startTime":1714.5,"endTime":1717.02,"body":"repayments. Right, they're"},{"speaker":"Victor Lagos","startTime":1717.02,"endTime":1721.01,"body":"collecting rent from another"},{"speaker":"Victor Lagos","startTime":1717.02,"endTime":1721.01,"body":"tenant to cover that. Unless"},{"speaker":"Victor Lagos","startTime":1721.01,"endTime":1723.68,"body":"it's an owner occupier, right?"},{"speaker":"Victor Lagos","startTime":1721.01,"endTime":1723.68,"body":"If you're if you're a business,"},{"speaker":"Victor Lagos","startTime":1723.68,"endTime":1726.98,"body":"and you're trading from that"},{"speaker":"Victor Lagos","startTime":1723.68,"endTime":1726.98,"body":"from that particular premise,"},{"speaker":"Victor Lagos","startTime":1727.34,"endTime":1730.88,"body":"then yeah, look, the pre"},{"speaker":"Victor Lagos","startTime":1727.34,"endTime":1730.88,"body":"approval would be probably in"},{"speaker":"Victor Lagos","startTime":1730.88,"endTime":1735.62,"body":"your favor, because a lot of the"},{"speaker":"Victor Lagos","startTime":1730.88,"endTime":1735.62,"body":"decision is going to be on your"},{"speaker":"Victor Lagos","startTime":1735.71,"endTime":1739.31,"body":"ability to repay the loan, but"},{"speaker":"Victor Lagos","startTime":1735.71,"endTime":1739.31,"body":"for an investment, it's going to"},{"speaker":"Victor Lagos","startTime":1739.31,"endTime":1744.32,"body":"come down to the actual, the"},{"speaker":"Victor Lagos","startTime":1739.31,"endTime":1744.32,"body":"asset. So is it a riskier asset?"},{"speaker":"Victor Lagos","startTime":1744.53,"endTime":1750.02,"body":"You know, is it a specialized"},{"speaker":"Victor Lagos","startTime":1744.53,"endTime":1750.02,"body":"asset? Or is it just a regular"},{"speaker":"Victor Lagos","startTime":1750.02,"endTime":1755.57,"body":"commercial properties that are"},{"speaker":"Victor Lagos","startTime":1750.02,"endTime":1755.57,"body":"in office? Is it industrial? Or"},{"speaker":"Victor Lagos","startTime":1755.57,"endTime":1760.37,"body":"retail? And then, more"},{"speaker":"Victor Lagos","startTime":1755.57,"endTime":1760.37,"body":"importantly, what are the lease"},{"speaker":"Victor Lagos","startTime":1760.37,"endTime":1763.73,"body":"terms? Who's the tenant that's"},{"speaker":"Victor Lagos","startTime":1760.37,"endTime":1763.73,"body":"actually renting this property?"},{"speaker":"Victor Lagos","startTime":1763.94,"endTime":1769.07,"body":"And what's the history of paying"},{"speaker":"Victor Lagos","startTime":1763.94,"endTime":1769.07,"body":"their rent on time? And their"},{"speaker":"Victor Lagos","startTime":1769.07,"endTime":1772.73,"body":"history in business? So, so"},{"speaker":"Victor Lagos","startTime":1769.07,"endTime":1772.73,"body":"like, you're not going to know"},{"speaker":"Victor Lagos","startTime":1772.73,"endTime":1774.74,"body":"that if you apply for pre"},{"speaker":"Victor Lagos","startTime":1772.73,"endTime":1774.74,"body":"approval, you don't know any of"},{"speaker":"Victor Lagos","startTime":1774.74,"endTime":1778.31,"body":"that stuff. So in a way, there's"},{"speaker":"Victor Lagos","startTime":1774.74,"endTime":1778.31,"body":"a term that it's not worth the"},{"speaker":"Victor Lagos","startTime":1778.31,"endTime":1782.45,"body":"paper it's written on. We heard"},{"speaker":"Victor Lagos","startTime":1778.31,"endTime":1782.45,"body":"that before. Well, that's,"},{"speaker":"Victor Lagos","startTime":1782.81,"endTime":1785.99,"body":"that's essentially what that is."},{"speaker":"Victor Lagos","startTime":1782.81,"endTime":1785.99,"body":"If you apply for paper paper for"},{"speaker":"Victor Lagos","startTime":1785.99,"endTime":1787.88,"body":"commercial property, it's not"},{"speaker":"Victor Lagos","startTime":1785.99,"endTime":1787.88,"body":"worth the paper it's written"},{"speaker":"Victor Lagos","startTime":1788.27,"endTime":1790.7,"body":"doesn't mean anything because"},{"speaker":"Victor Lagos","startTime":1788.27,"endTime":1790.7,"body":"the moment you give him a"},{"speaker":"Victor Lagos","startTime":1790.7,"endTime":1793.22,"body":"property and I'm like, that"},{"speaker":"Victor Lagos","startTime":1790.7,"endTime":1793.22,"body":"doesn't suck, but I'm pre"},{"speaker":"Victor Lagos","startTime":1793.22,"endTime":1800.03,"body":"approved. So what and especially"},{"speaker":"Victor Lagos","startTime":1793.22,"endTime":1800.03,"body":"if you're doing a late start"},{"speaker":"Victor Lagos","startTime":1800.03,"endTime":1803.63,"body":"float, right? The stock loans"},{"speaker":"Victor Lagos","startTime":1800.03,"endTime":1803.63,"body":"don't require anything to do"},{"speaker":"Victor Lagos","startTime":1803.63,"endTime":1807.2,"body":"with individuals. They just"},{"speaker":"Victor Lagos","startTime":1803.63,"endTime":1807.2,"body":"they're there, they prove their"},{"speaker":"Victor Lagos","startTime":1807.2,"endTime":1811.91,"body":"identity. But the approval is"},{"speaker":"Victor Lagos","startTime":1807.2,"endTime":1811.91,"body":"based on the on the lease,"},{"speaker":"Victor Lagos","startTime":1812.0,"endTime":1814.94,"body":"right. So that property is"},{"speaker":"Victor Lagos","startTime":1812.0,"endTime":1814.94,"body":"what's going to determine if"},{"speaker":"Victor Lagos","startTime":1814.94,"endTime":1818.36,"body":"it's going to be approved or"},{"speaker":"Victor Lagos","startTime":1814.94,"endTime":1818.36,"body":"not. And the valuation as well,"},{"speaker":"Victor Lagos","startTime":1818.36,"endTime":1823.25,"body":"that's another thing. So"},{"speaker":"Victor Lagos","startTime":1818.36,"endTime":1823.25,"body":"Residential Lending, they, they"},{"speaker":"Victor Lagos","startTime":1823.25,"endTime":1827.36,"body":"can rely on ATMs, automatic"},{"speaker":"Victor Lagos","startTime":1823.25,"endTime":1827.36,"body":"valuation model desktop"},{"speaker":"Victor Lagos","startTime":1827.36,"endTime":1831.2,"body":"valuations. So literally someone"},{"speaker":"Victor Lagos","startTime":1827.36,"endTime":1831.2,"body":"on the computer doing a quick"},{"speaker":"Victor Lagos","startTime":1831.2,"endTime":1836.93,"body":"search, checking, recent sales,"},{"speaker":"Victor Lagos","startTime":1831.2,"endTime":1836.93,"body":"and curbside, so someone goes"},{"speaker":"Victor Lagos","startTime":1836.93,"endTime":1839.03,"body":"out takes a photo from the"},{"speaker":"Victor Lagos","startTime":1836.93,"endTime":1839.03,"body":"outside, make sure the house"},{"speaker":"Victor Lagos","startTime":1839.03,"endTime":1842.72,"body":"actually exists, not knocked"},{"speaker":"Victor Lagos","startTime":1839.03,"endTime":1842.72,"body":"down or whatever. And then they"},{"speaker":"Victor Lagos","startTime":1842.72,"endTime":1846.29,"body":"do a bit of data search. So that"},{"speaker":"Victor Lagos","startTime":1842.72,"endTime":1846.29,"body":"even those are less costly,"},{"speaker":"Victor Lagos","startTime":1846.5,"endTime":1849.17,"body":"they're much faster to"},{"speaker":"Victor Lagos","startTime":1846.5,"endTime":1849.17,"body":"determine, some of them aren't"},{"speaker":"Victor Lagos","startTime":1849.17,"endTime":1852.47,"body":"even like, with no human"},{"speaker":"Victor Lagos","startTime":1849.17,"endTime":1852.47,"body":"involved at all, like the AVM."},{"speaker":"Victor Lagos","startTime":1854.54,"endTime":1857.42,"body":"And then there's a long form"},{"speaker":"Victor Lagos","startTime":1854.54,"endTime":1857.42,"body":"valuation. So non bank lenders"},{"speaker":"Victor Lagos","startTime":1857.42,"endTime":1860.66,"body":"will want an actual long, long"},{"speaker":"Victor Lagos","startTime":1857.42,"endTime":1860.66,"body":"form, sorry, short form"},{"speaker":"Victor Lagos","startTime":1860.66,"endTime":1864.2,"body":"valuation. So it's like four"},{"speaker":"Victor Lagos","startTime":1860.66,"endTime":1864.2,"body":"pages, whatever. But it still"},{"speaker":"Victor Lagos","startTime":1864.2,"endTime":1867.32,"body":"requires a full inspection. And"},{"speaker":"Victor Lagos","startTime":1864.2,"endTime":1867.32,"body":"that can cost a few 100 bucks."},{"speaker":"Victor Lagos","startTime":1867.68,"endTime":1870.83,"body":"But for commercial property,"},{"speaker":"Victor Lagos","startTime":1867.68,"endTime":1870.83,"body":"it's always a long form, which"},{"speaker":"Victor Lagos","startTime":1870.83,"endTime":1875.03,"body":"means it's like 1820 pages, is a"},{"speaker":"Victor Lagos","startTime":1870.83,"endTime":1875.03,"body":"lot more research and data that"},{"speaker":"Victor Lagos","startTime":1875.03,"endTime":1877.7,"body":"goes into it to determine"},{"speaker":"Victor Lagos","startTime":1875.03,"endTime":1877.7,"body":"certain things. And it's not"},{"speaker":"Victor Lagos","startTime":1877.7,"endTime":1881.15,"body":"just comparable sales, right?"},{"speaker":"Victor Lagos","startTime":1877.7,"endTime":1881.15,"body":"It's cap rates, its cost per"},{"speaker":"Victor Lagos","startTime":1881.15,"endTime":1884.84,"body":"square meter. And sometimes just"},{"speaker":"Victor Lagos","startTime":1881.15,"endTime":1884.84,"body":"getting the comparables is"},{"speaker":"Victor Lagos","startTime":1884.84,"endTime":1888.29,"body":"really difficult because there"},{"speaker":"Victor Lagos","startTime":1884.84,"endTime":1888.29,"body":"haven't been recent sales of"},{"speaker":"Victor Lagos","startTime":1888.29,"endTime":1892.58,"body":"that type of property, the net"},{"speaker":"Victor Lagos","startTime":1888.29,"endTime":1892.58,"body":"lettable area they check. So"},{"speaker":"Victor Lagos","startTime":1892.58,"endTime":1895.88,"body":"there's quite more as quite a"},{"speaker":"Victor Lagos","startTime":1892.58,"endTime":1895.88,"body":"lot more information that goes"},{"speaker":"Victor Lagos","startTime":1895.88,"endTime":1900.83,"body":"into that. And the banks rely on"},{"speaker":"Victor Lagos","startTime":1895.88,"endTime":1900.83,"body":"this, lenders rely on this in"},{"speaker":"Victor Lagos","startTime":1900.83,"endTime":1904.46,"body":"order to make the decision to"},{"speaker":"Victor Lagos","startTime":1900.83,"endTime":1904.46,"body":"lend on on it. So that's why"},{"speaker":"Victor Lagos","startTime":1904.46,"endTime":1907.76,"body":"people typically won't apply for"},{"speaker":"Victor Lagos","startTime":1904.46,"endTime":1907.76,"body":"approval, we run the numbers, we"},{"speaker":"Victor Lagos","startTime":1907.76,"endTime":1912.5,"body":"make sure that that hypothetical"},{"speaker":"Victor Lagos","startTime":1907.76,"endTime":1912.5,"body":"rent will allow serviceability."},{"speaker":"Victor Lagos","startTime":1913.16,"endTime":1915.92,"body":"And then if that takes, and we"},{"speaker":"Victor Lagos","startTime":1913.16,"endTime":1915.92,"body":"know the credit history is good,"},{"speaker":"Victor Lagos","startTime":1916.37,"endTime":1918.89,"body":"then there's no point in"},{"speaker":"Victor Lagos","startTime":1916.37,"endTime":1918.89,"body":"applying for pre approval. And"},{"speaker":"Victor Lagos","startTime":1918.89,"endTime":1921.29,"body":"that's why you always have to"},{"speaker":"Victor Lagos","startTime":1918.89,"endTime":1921.29,"body":"have a finance clause, right. So"},{"speaker":"Victor Lagos","startTime":1921.29,"endTime":1923.96,"body":"if you buy commercial property,"},{"speaker":"Victor Lagos","startTime":1921.29,"endTime":1923.96,"body":"it's not like residential, where"},{"speaker":"Victor Lagos","startTime":1923.96,"endTime":1927.41,"body":"you can go in, you know, waves"},{"speaker":"Victor Lagos","startTime":1923.96,"endTime":1927.41,"body":"of cooling off, no finance, it's"},{"speaker":"Victor Lagos","startTime":1927.41,"endTime":1930.41,"body":"very risky if you do that,"},{"speaker":"Victor Lagos","startTime":1927.41,"endTime":1930.41,"body":"because it's not many lenders"},{"speaker":"Victor Lagos","startTime":1930.41,"endTime":1932.42,"body":"that will do the finance for"},{"speaker":"Victor Lagos","startTime":1930.41,"endTime":1932.42,"body":"you. And the ones that will may"},{"speaker":"Victor Lagos","startTime":1932.42,"endTime":1936.47,"body":"not give you the most favorable"},{"speaker":"Victor Lagos","startTime":1932.42,"endTime":1936.47,"body":"terms. And so having a finance"},{"speaker":"Victor Lagos","startTime":1936.47,"endTime":1939.23,"body":"clause will allow you to get out"},{"speaker":"Victor Lagos","startTime":1936.47,"endTime":1939.23,"body":"of the contract in the event"},{"speaker":"Victor Lagos","startTime":1939.23,"endTime":1942.08,"body":"that you don't get the finance"},{"speaker":"Victor Lagos","startTime":1939.23,"endTime":1942.08,"body":"terms that you're after loan,"},{"speaker":"Victor Lagos","startTime":1942.08,"endTime":1946.7,"body":"amount, interest rate, whatever"},{"speaker":"Victor Lagos","startTime":1942.08,"endTime":1946.7,"body":"it is phase, or get the client,"},{"speaker":"Victor Lagos","startTime":1946.73,"endTime":1949.61,"body":"right, so you can still get out"},{"speaker":"Victor Lagos","startTime":1946.73,"endTime":1949.61,"body":"and get a deposit back. Whereas"},{"speaker":"Victor Lagos","startTime":1949.61,"endTime":1952.88,"body":"residential, many people commit,"},{"speaker":"Victor Lagos","startTime":1949.61,"endTime":1952.88,"body":"because they know they're"},{"speaker":"Victor Lagos","startTime":1952.88,"endTime":1955.94,"body":"already pre approved. And then"},{"speaker":"Victor Lagos","startTime":1952.88,"endTime":1955.94,"body":"they can just, you know, find a"},{"speaker":"Victor Lagos","startTime":1955.94,"endTime":1959.18,"body":"good property. That's nothing,"},{"speaker":"Victor Lagos","startTime":1955.94,"endTime":1959.18,"body":"you know, out of the norm, and"},{"speaker":"Victor Lagos","startTime":1959.18,"endTime":1963.11,"body":"it will be approved. That, yeah,"},{"speaker":"Victor Lagos","startTime":1959.18,"endTime":1963.11,"body":"that'll make sense."},{"speaker":"Andrew Bean","startTime":1963.11,"endTime":1965.0,"body":"So yeah, it"},{"speaker":"Andrew Bean","startTime":1963.11,"endTime":1965.0,"body":"definitely makes sense. And the"},{"speaker":"Andrew Bean","startTime":1965.0,"endTime":1968.24,"body":"finance clause doesn't actually"},{"speaker":"Andrew Bean","startTime":1965.0,"endTime":1968.24,"body":"have to be separate from the due"},{"speaker":"Andrew Bean","startTime":1968.24,"endTime":1972.26,"body":"diligence, cause I think we like"},{"speaker":"Andrew Bean","startTime":1968.24,"endTime":1972.26,"body":"to separate it sometimes to make"},{"speaker":"Andrew Bean","startTime":1972.26,"endTime":1977.66,"body":"it more clear for the opposing"},{"speaker":"Andrew Bean","startTime":1972.26,"endTime":1977.66,"body":"party. But in essence, the due"},{"speaker":"Andrew Bean","startTime":1977.66,"endTime":1981.08,"body":"diligence, finance, getting the"},{"speaker":"Andrew Bean","startTime":1977.66,"endTime":1981.08,"body":"finance and the property should"},{"speaker":"Andrew Bean","startTime":1981.08,"endTime":1984.65,"body":"be part of that. But sometimes"},{"speaker":"Andrew Bean","startTime":1981.08,"endTime":1984.65,"body":"we we have a due diligence"},{"speaker":"Andrew Bean","startTime":1984.65,"endTime":1989.75,"body":"clause, and then we also have a"},{"speaker":"Andrew Bean","startTime":1984.65,"endTime":1989.75,"body":"finance clause, as well, just to"},{"speaker":"Andrew Bean","startTime":1989.75,"endTime":1992.69,"body":"make it a bit more clear. I"},{"speaker":"Andrew Bean","startTime":1989.75,"endTime":1992.69,"body":"think maybe for the, for the for"},{"speaker":"Andrew Bean","startTime":1992.69,"endTime":1995.87,"body":"the buyer and the seller,"},{"speaker":"Andrew Bean","startTime":1992.69,"endTime":1995.87,"body":"probably while we do that, but"},{"speaker":"Andrew Bean","startTime":1995.87,"endTime":1999.08,"body":"it's really it's quite"},{"speaker":"Andrew Bean","startTime":1995.87,"endTime":1999.08,"body":"interesting. So might some of"},{"speaker":"Andrew Bean","startTime":1999.08,"endTime":2002.71,"body":"the red flags or common mistakes"},{"speaker":"Andrew Bean","startTime":1999.08,"endTime":2002.71,"body":"individuals make on their"},{"speaker":"Andrew Bean","startTime":2002.71,"endTime":2007.72,"body":"application that can delay the"},{"speaker":"Andrew Bean","startTime":2002.71,"endTime":2007.72,"body":"approval process? What are they?"},{"speaker":"Andrew Bean","startTime":2007.72,"endTime":2010.51,"body":"And how can we get it back? And"},{"speaker":"Andrew Bean","startTime":2007.72,"endTime":2010.51,"body":"how can we avoid them."},{"speaker":"Victor Lagos","startTime":2011.56,"endTime":2015.61,"body":"So probably a lot"},{"speaker":"Victor Lagos","startTime":2011.56,"endTime":2015.61,"body":"of it has to do with debts and"},{"speaker":"Victor Lagos","startTime":2015.61,"endTime":2019.72,"body":"knowing all of them. So people"},{"speaker":"Victor Lagos","startTime":2015.61,"endTime":2019.72,"body":"apply for credit cards, they"},{"speaker":"Victor Lagos","startTime":2019.72,"endTime":2023.62,"body":"forget, you know, they get by"},{"speaker":"Victor Lagos","startTime":2019.72,"endTime":2023.62,"body":"now pay later, they forget. They"},{"speaker":"Victor Lagos","startTime":2023.65,"endTime":2026.77,"body":"don't consider hex debt and"},{"speaker":"Victor Lagos","startTime":2023.65,"endTime":2026.77,"body":"actual debt. So they don't type"},{"speaker":"Victor Lagos","startTime":2026.77,"endTime":2031.72,"body":"it in when they fill out the"},{"speaker":"Victor Lagos","startTime":2026.77,"endTime":2031.72,"body":"fact fine. This stuff can"},{"speaker":"Victor Lagos","startTime":2031.72,"endTime":2036.73,"body":"actually slow down applications,"},{"speaker":"Victor Lagos","startTime":2031.72,"endTime":2036.73,"body":"because borrowing capacity or"},{"speaker":"Victor Lagos","startTime":2036.85,"endTime":2041.95,"body":"capacity to repay. That's one of"},{"speaker":"Victor Lagos","startTime":2036.85,"endTime":2041.95,"body":"the fundamental things that if"},{"speaker":"Victor Lagos","startTime":2041.95,"endTime":2044.89,"body":"not the most important thing,"},{"speaker":"Victor Lagos","startTime":2041.95,"endTime":2044.89,"body":"when any lender is approving a"},{"speaker":"Victor Lagos","startTime":2044.89,"endTime":2048.61,"body":"loan, do you have the capacity"},{"speaker":"Victor Lagos","startTime":2044.89,"endTime":2048.61,"body":"to repay so any debts that you"},{"speaker":"Victor Lagos","startTime":2048.61,"endTime":2056.23,"body":"have need to be accounted for."},{"speaker":"Victor Lagos","startTime":2048.61,"endTime":2056.23,"body":"And a lot of the time, it's hard"},{"speaker":"Victor Lagos","startTime":2056.23,"endTime":2061.18,"body":"to get the information as easy."},{"speaker":"Victor Lagos","startTime":2056.23,"endTime":2061.18,"body":"That's probably one of the one"},{"speaker":"Victor Lagos","startTime":2061.18,"endTime":2063.58,"body":"of the challenging things if"},{"speaker":"Victor Lagos","startTime":2061.18,"endTime":2063.58,"body":"someone's got a lot of loans."},{"speaker":"Victor Lagos","startTime":2064.69,"endTime":2069.7,"body":"And we need to know what the"},{"speaker":"Victor Lagos","startTime":2064.69,"endTime":2069.7,"body":"loan limit is, what the loan"},{"speaker":"Victor Lagos","startTime":2069.7,"endTime":2075.07,"body":"balances, what the interest rate"},{"speaker":"Victor Lagos","startTime":2069.7,"endTime":2075.07,"body":"is, what the repayments are, how"},{"speaker":"Victor Lagos","startTime":2075.07,"endTime":2080.14,"body":"long the loan term is, what the"},{"speaker":"Victor Lagos","startTime":2075.07,"endTime":2080.14,"body":"maturity date is. If it's fixed"},{"speaker":"Victor Lagos","startTime":2080.14,"endTime":2082.42,"body":"when it's coming off or fixed,"},{"speaker":"Victor Lagos","startTime":2080.14,"endTime":2082.42,"body":"if it's interest only when it's"},{"speaker":"Victor Lagos","startTime":2082.42,"endTime":2085.45,"body":"coming off interest only that"},{"speaker":"Victor Lagos","startTime":2082.42,"endTime":2085.45,"body":"information sometimes it's"},{"speaker":"Victor Lagos","startTime":2085.45,"endTime":2089.26,"body":"really hard to get from multiple"},{"speaker":"Victor Lagos","startTime":2085.45,"endTime":2089.26,"body":"loans or multiples loan splits"},{"speaker":"Victor Lagos","startTime":2089.32,"endTime":2092.2,"body":"for some people got five loan"},{"speaker":"Victor Lagos","startTime":2089.32,"endTime":2092.2,"body":"splits on one Latin and then"},{"speaker":"Victor Lagos","startTime":2092.2,"endTime":2096.76,"body":"they got five loans. So that's a"},{"speaker":"Victor Lagos","startTime":2092.2,"endTime":2096.76,"body":"lot of loan splits. And, and"},{"speaker":"Victor Lagos","startTime":2096.76,"endTime":2099.55,"body":"each of them we need we need"},{"speaker":"Victor Lagos","startTime":2096.76,"endTime":2099.55,"body":"that information for all of"},{"speaker":"Victor Lagos","startTime":2099.55,"endTime":2102.67,"body":"them. So getting that sometimes"},{"speaker":"Victor Lagos","startTime":2099.55,"endTime":2102.67,"body":"it's tricky. And if there was"},{"speaker":"Victor Lagos","startTime":2102.67,"endTime":2105.52,"body":"like a smaller lender, I"},{"speaker":"Victor Lagos","startTime":2102.67,"endTime":2105.52,"body":"experienced this recently,"},{"speaker":"Victor Lagos","startTime":2105.52,"endTime":2108.4,"body":"actually with a client that is"},{"speaker":"Victor Lagos","startTime":2105.52,"endTime":2108.4,"body":"with a lender that's very"},{"speaker":"Victor Lagos","startTime":2108.4,"endTime":2112.3,"body":"uncommon, there are Ukrainian"},{"speaker":"Victor Lagos","startTime":2108.4,"endTime":2112.3,"body":"bank. And getting that"},{"speaker":"Victor Lagos","startTime":2112.3,"endTime":2114.76,"body":"information was really, really"},{"speaker":"Victor Lagos","startTime":2112.3,"endTime":2114.76,"body":"tricky. So we went backwards and"},{"speaker":"Victor Lagos","startTime":2114.76,"endTime":2121.36,"body":"forwards for like, two weeks"},{"speaker":"Victor Lagos","startTime":2114.76,"endTime":2121.36,"body":"trying to get it. And yeah, and"},{"speaker":"Victor Lagos","startTime":2121.36,"endTime":2124.75,"body":"so if you have that stuff up"},{"speaker":"Victor Lagos","startTime":2121.36,"endTime":2124.75,"body":"front, and let's I mean, get it"},{"speaker":"Victor Lagos","startTime":2124.75,"endTime":2127.48,"body":"from netbanking. Like, you just"},{"speaker":"Victor Lagos","startTime":2124.75,"endTime":2127.48,"body":"go on to the, you know, your"},{"speaker":"Victor Lagos","startTime":2127.48,"endTime":2131.2,"body":"Loan Summary page, you can do a"},{"speaker":"Victor Lagos","startTime":2127.48,"endTime":2131.2,"body":"screenshot of that on your phone"},{"speaker":"Victor Lagos","startTime":2131.2,"endTime":2134.5,"body":"app, or on the computer. And"},{"speaker":"Victor Lagos","startTime":2131.2,"endTime":2134.5,"body":"then you provide that loan with"},{"speaker":"Victor Lagos","startTime":2134.5,"endTime":2137.5,"body":"the statements, getting the"},{"speaker":"Victor Lagos","startTime":2134.5,"endTime":2137.5,"body":"transactional statement history"},{"speaker":"Victor Lagos","startTime":2137.5,"endTime":2141.28,"body":"for the most recent month can be"},{"speaker":"Victor Lagos","startTime":2137.5,"endTime":2141.28,"body":"tricky as well. And so like at"},{"speaker":"Victor Lagos","startTime":2141.28,"endTime":2145.21,"body":"the moment, we're in October,"},{"speaker":"Victor Lagos","startTime":2141.28,"endTime":2145.21,"body":"and if someone downloaded the"},{"speaker":"Victor Lagos","startTime":2145.21,"endTime":2147.64,"body":"most recent loan statement, it"},{"speaker":"Victor Lagos","startTime":2145.21,"endTime":2147.64,"body":"will probably get them up to the"},{"speaker":"Victor Lagos","startTime":2147.64,"endTime":2151.57,"body":"end of June, beginning of July,"},{"speaker":"Victor Lagos","startTime":2147.64,"endTime":2151.57,"body":"but that doesn't cover it, what"},{"speaker":"Victor Lagos","startTime":2151.57,"endTime":2154.96,"body":"happens to the last four months."},{"speaker":"Victor Lagos","startTime":2151.57,"endTime":2154.96,"body":"So that so they need to, they"},{"speaker":"Victor Lagos","startTime":2154.96,"endTime":2159.67,"body":"need to extract the transaction"},{"speaker":"Victor Lagos","startTime":2154.96,"endTime":2159.67,"body":"history to show that their"},{"speaker":"Victor Lagos","startTime":2159.67,"endTime":2162.7,"body":"payments are up to date, to show"},{"speaker":"Victor Lagos","startTime":2159.67,"endTime":2162.7,"body":"what the current balances and"},{"speaker":"Victor Lagos","startTime":2162.7,"endTime":2166.03,"body":"all that other information I"},{"speaker":"Victor Lagos","startTime":2162.7,"endTime":2166.03,"body":"just mentioned earlier. So then"},{"speaker":"Victor Lagos","startTime":2166.03,"endTime":2171.01,"body":"to get that they need to extract"},{"speaker":"Victor Lagos","startTime":2166.03,"endTime":2171.01,"body":"it as a PDF. So I always find it"},{"speaker":"Victor Lagos","startTime":2171.01,"endTime":2174.91,"body":"funny when somebody when I asked"},{"speaker":"Victor Lagos","startTime":2171.01,"endTime":2174.91,"body":"for these dates, and somebody"},{"speaker":"Victor Lagos","startTime":2174.91,"endTime":2178.87,"body":"sends me a spreadsheet, a CSV,"},{"speaker":"Victor Lagos","startTime":2174.91,"endTime":2178.87,"body":"like, what am I supposed to do"},{"speaker":"Victor Lagos","startTime":2178.87,"endTime":2183.16,"body":"with that? Like? Like, do you"},{"speaker":"Victor Lagos","startTime":2178.87,"endTime":2183.16,"body":"really think of banks go to look"},{"speaker":"Victor Lagos","startTime":2183.16,"endTime":2186.43,"body":"at a CSV and say, okay, that"},{"speaker":"Victor Lagos","startTime":2183.16,"endTime":2186.43,"body":"must be the balance, like, you"},{"speaker":"Victor Lagos","startTime":2186.43,"endTime":2188.59,"body":"can literally go in and type"},{"speaker":"Victor Lagos","startTime":2186.43,"endTime":2188.59,"body":"whatever you want in there."},{"speaker":"Victor Lagos","startTime":2193.27,"endTime":2197.38,"body":"Sometimes, when you go into net"},{"speaker":"Victor Lagos","startTime":2193.27,"endTime":2197.38,"body":"banking, and you say, extract,"},{"speaker":"Victor Lagos","startTime":2197.41,"endTime":2200.95,"body":"there's no option, say print to"},{"speaker":"Victor Lagos","startTime":2197.41,"endTime":2200.95,"body":"PDF. So that's all you can get."},{"speaker":"Victor Lagos","startTime":2200.98,"endTime":2205.33,"body":"So I understand the you know,"},{"speaker":"Victor Lagos","startTime":2200.98,"endTime":2205.33,"body":"why people will send that but"},{"speaker":"Victor Lagos","startTime":2205.39,"endTime":2208.06,"body":"logically, it just doesn't make"},{"speaker":"Victor Lagos","startTime":2205.39,"endTime":2208.06,"body":"sense doesn't verify anything."},{"speaker":"Victor Lagos","startTime":2208.21,"endTime":2212.05,"body":"All right. So yeah, that's"},{"speaker":"Victor Lagos","startTime":2208.21,"endTime":2212.05,"body":"that's something that, you know,"},{"speaker":"Victor Lagos","startTime":2212.05,"endTime":2217.03,"body":"can definitely slow down"},{"speaker":"Victor Lagos","startTime":2212.05,"endTime":2217.03,"body":"applications. What else?"},{"speaker":"Victor Lagos","startTime":2218.29,"endTime":2222.01,"body":"Documents? Yeah, look, tax"},{"speaker":"Victor Lagos","startTime":2218.29,"endTime":2222.01,"body":"returns, definitely, that's"},{"speaker":"Victor Lagos","startTime":2222.01,"endTime":2227.41,"body":"something if you've got, if"},{"speaker":"Victor Lagos","startTime":2222.01,"endTime":2227.41,"body":"you've got multiple entities, or"},{"speaker":"Victor Lagos","startTime":2227.41,"endTime":2230.74,"body":"even one, if you're a company,"},{"speaker":"Victor Lagos","startTime":2227.41,"endTime":2230.74,"body":"you know this, you need the last"},{"speaker":"Victor Lagos","startTime":2230.74,"endTime":2233.71,"body":"two years worth, and you may not"},{"speaker":"Victor Lagos","startTime":2230.74,"endTime":2233.71,"body":"have that at hand, or your"},{"speaker":"Victor Lagos","startTime":2233.71,"endTime":2235.9,"body":"accountant has it. So then now"},{"speaker":"Victor Lagos","startTime":2233.71,"endTime":2235.9,"body":"you're waiting for the"},{"speaker":"Victor Lagos","startTime":2235.9,"endTime":2239.02,"body":"accountant to send it. And then"},{"speaker":"Victor Lagos","startTime":2235.9,"endTime":2239.02,"body":"the accounting might take a"},{"speaker":"Victor Lagos","startTime":2239.02,"endTime":2244.24,"body":"while. So having that invoice,"},{"speaker":"Victor Lagos","startTime":2239.02,"endTime":2244.24,"body":"one claim folder ready to go. I"},{"speaker":"Victor Lagos","startTime":2244.24,"endTime":2246.85,"body":"think that will be important. So"},{"speaker":"Victor Lagos","startTime":2244.24,"endTime":2246.85,"body":"that when you're ready to apply,"},{"speaker":"Victor Lagos","startTime":2246.85,"endTime":2251.35,"body":"just upload it or email it or"},{"speaker":"Victor Lagos","startTime":2246.85,"endTime":2251.35,"body":"whatever it is, and and your ATO"},{"speaker":"Victor Lagos","startTime":2251.35,"endTime":2254.38,"body":"notice of assessment, they used"},{"speaker":"Victor Lagos","startTime":2251.35,"endTime":2254.38,"body":"to post it in the mail, and now"},{"speaker":"Victor Lagos","startTime":2254.38,"endTime":2257.98,"body":"they just make it available on"},{"speaker":"Victor Lagos","startTime":2254.38,"endTime":2257.98,"body":"my gov. So just log in, go to"},{"speaker":"Victor Lagos","startTime":2257.98,"endTime":2263.2,"body":"ato Porter and just download it."},{"speaker":"Victor Lagos","startTime":2257.98,"endTime":2263.2,"body":"Yeah, having that ready. And"},{"speaker":"Victor Lagos","startTime":2263.23,"endTime":2266.89,"body":"what else? Yeah, I think in"},{"speaker":"Victor Lagos","startTime":2263.23,"endTime":2266.89,"body":"general, just filling out the"},{"speaker":"Victor Lagos","startTime":2266.89,"endTime":2270.13,"body":"fact fine. So, you know, every"},{"speaker":"Victor Lagos","startTime":2266.89,"endTime":2270.13,"body":"broker has got a different"},{"speaker":"Victor Lagos","startTime":2270.13,"endTime":2273.7,"body":"process on getting a fact fine."},{"speaker":"Victor Lagos","startTime":2270.13,"endTime":2273.7,"body":"And the fact find is just what's"},{"speaker":"Victor Lagos","startTime":2273.7,"endTime":2277.42,"body":"your, you know, address history,"},{"speaker":"Victor Lagos","startTime":2273.7,"endTime":2277.42,"body":"employment histories, asset"},{"speaker":"Victor Lagos","startTime":2277.42,"endTime":2282.25,"body":"liabilities, expenses, and your"},{"speaker":"Victor Lagos","startTime":2277.42,"endTime":2282.25,"body":"needs and objectives. Like this"},{"speaker":"Victor Lagos","startTime":2282.25,"endTime":2286.21,"body":"is a requirement for every"},{"speaker":"Victor Lagos","startTime":2282.25,"endTime":2286.21,"body":"application, and how to capture"},{"speaker":"Victor Lagos","startTime":2286.21,"endTime":2289.45,"body":"that. It's always a tricky"},{"speaker":"Victor Lagos","startTime":2286.21,"endTime":2289.45,"body":"thing. For every every broker,"},{"speaker":"Victor Lagos","startTime":2289.45,"endTime":2293.5,"body":"every customer, not many people"},{"speaker":"Victor Lagos","startTime":2289.45,"endTime":2293.5,"body":"like to fill out long forms, I"},{"speaker":"Victor Lagos","startTime":2293.5,"endTime":2296.53,"body":"get that. But a broker doesn't"},{"speaker":"Victor Lagos","startTime":2293.5,"endTime":2296.53,"body":"have the access to that"},{"speaker":"Victor Lagos","startTime":2296.53,"endTime":2299.2,"body":"information. Unless you want"},{"speaker":"Victor Lagos","startTime":2296.53,"endTime":2299.2,"body":"them to sit on the phone with"},{"speaker":"Victor Lagos","startTime":2299.2,"endTime":2301.93,"body":"you for an hour or half an hour"},{"speaker":"Victor Lagos","startTime":2299.2,"endTime":2301.93,"body":"asking you a question by"},{"speaker":"Victor Lagos","startTime":2301.93,"endTime":2305.17,"body":"question. It's, I think that's"},{"speaker":"Victor Lagos","startTime":2301.93,"endTime":2305.17,"body":"counterproductive. I think"},{"speaker":"Victor Lagos","startTime":2305.17,"endTime":2307.09,"body":"you're better off doing it on"},{"speaker":"Victor Lagos","startTime":2305.17,"endTime":2307.09,"body":"your own time when you got some"},{"speaker":"Victor Lagos","startTime":2307.09,"endTime":2310.45,"body":"free time. And just just"},{"speaker":"Victor Lagos","startTime":2307.09,"endTime":2310.45,"body":"preparing yourself mentally, not"},{"speaker":"Victor Lagos","startTime":2310.45,"endTime":2313.09,"body":"donor distractions. And just"},{"speaker":"Victor Lagos","startTime":2310.45,"endTime":2313.09,"body":"Sarah, I'm going to fill this"},{"speaker":"Victor Lagos","startTime":2313.09,"endTime":2316.54,"body":"form out from start to finish,"},{"speaker":"Victor Lagos","startTime":2313.09,"endTime":2316.54,"body":"upload all the documents and I'm"},{"speaker":"Victor Lagos","startTime":2316.54,"endTime":2320.35,"body":"done. You know, not dragging out"},{"speaker":"Victor Lagos","startTime":2316.54,"endTime":2320.35,"body":"for a week or a few days"},{"speaker":"Victor Lagos","startTime":2320.38,"endTime":2323.74,"body":"forgetting about it and then"},{"speaker":"Victor Lagos","startTime":2320.38,"endTime":2323.74,"body":"procrastinating it. Because that"},{"speaker":"Victor Lagos","startTime":2323.74,"endTime":2327.73,"body":"can also slow things down for"},{"speaker":"Victor Lagos","startTime":2323.74,"endTime":2327.73,"body":"everyone. And then last minute,"},{"speaker":"Victor Lagos","startTime":2327.79,"endTime":2330.52,"body":"if it's for purchase and you got"},{"speaker":"Victor Lagos","startTime":2327.79,"endTime":2330.52,"body":"finance do And now everyone's"},{"speaker":"Victor Lagos","startTime":2330.52,"endTime":2332.5,"body":"rushing last minute, because"},{"speaker":"Victor Lagos","startTime":2330.52,"endTime":2332.5,"body":"because they didn't get the"},{"speaker":"Victor Lagos","startTime":2332.5,"endTime":2333.4,"body":"information upfront."},{"speaker":"Andrew Bean","startTime":2337.06,"endTime":2339.4,"body":"Yeah, 100%. I mean,"},{"speaker":"Andrew Bean","startTime":2337.06,"endTime":2339.4,"body":"you have a great online portal."},{"speaker":"Andrew Bean","startTime":2339.7,"endTime":2342.16,"body":"I think when I was filling out"},{"speaker":"Andrew Bean","startTime":2339.7,"endTime":2342.16,"body":"finance when you're doing"},{"speaker":"Andrew Bean","startTime":2342.16,"endTime":2346.09,"body":"refinancing for me, I think it"},{"speaker":"Andrew Bean","startTime":2342.16,"endTime":2346.09,"body":"took probably about an hour,"},{"speaker":"Andrew Bean","startTime":2346.09,"endTime":2349.21,"body":"hour and a half just to get scan"},{"speaker":"Andrew Bean","startTime":2346.09,"endTime":2349.21,"body":"all the documents and put"},{"speaker":"Andrew Bean","startTime":2349.21,"endTime":2352.66,"body":"everything in there. But after"},{"speaker":"Andrew Bean","startTime":2349.21,"endTime":2352.66,"body":"that there was you know, very"},{"speaker":"Andrew Bean","startTime":2352.66,"endTime":2355.12,"body":"smooth process. I didn't need to"},{"speaker":"Andrew Bean","startTime":2352.66,"endTime":2355.12,"body":"put anything else in there and"},{"speaker":"Andrew Bean","startTime":2355.36,"endTime":2359.65,"body":"and it also probably slowed it"},{"speaker":"Andrew Bean","startTime":2355.36,"endTime":2359.65,"body":"down. Because the property that"},{"speaker":"Andrew Bean","startTime":2359.65,"endTime":2363.88,"body":"we refinancing, I own that with"},{"speaker":"Andrew Bean","startTime":2359.65,"endTime":2363.88,"body":"my my my fiancee as well. So we"},{"speaker":"Andrew Bean","startTime":2363.88,"endTime":2367.0,"body":"needed a little bit"},{"speaker":"Andrew Bean","startTime":2363.88,"endTime":2367.0,"body":"documentation from her. That"},{"speaker":"Andrew Bean","startTime":2367.0,"endTime":2370.54,"body":"actually brings me to my next"},{"speaker":"Andrew Bean","startTime":2367.0,"endTime":2370.54,"body":"point. So when you're co signing"},{"speaker":"Andrew Bean","startTime":2370.54,"endTime":2374.8,"body":"a loan with someone, does that"},{"speaker":"Andrew Bean","startTime":2370.54,"endTime":2374.8,"body":"slow things down? How does the"},{"speaker":"Andrew Bean","startTime":2374.8,"endTime":2376.54,"body":"bank view cosigning loans?"},{"speaker":"Victor Lagos","startTime":2376.57,"endTime":2380.14,"body":"Yeah, it can slow"},{"speaker":"Victor Lagos","startTime":2376.57,"endTime":2380.14,"body":"things down because you need"},{"speaker":"Victor Lagos","startTime":2380.14,"endTime":2383.74,"body":"that fact find information for"},{"speaker":"Victor Lagos","startTime":2380.14,"endTime":2383.74,"body":"for everyone, not every borrower"},{"speaker":"Victor Lagos","startTime":2383.8,"endTime":2388.24,"body":"or every guarantor. So if you"},{"speaker":"Victor Lagos","startTime":2383.8,"endTime":2388.24,"body":"don't have that information at"},{"speaker":"Victor Lagos","startTime":2388.24,"endTime":2391.42,"body":"hand, so say you're filling out"},{"speaker":"Victor Lagos","startTime":2388.24,"endTime":2391.42,"body":"for your wife, and you don't"},{"speaker":"Victor Lagos","startTime":2391.42,"endTime":2394.18,"body":"know when she started her job,"},{"speaker":"Victor Lagos","startTime":2391.42,"endTime":2394.18,"body":"you don't know who her boss is"},{"speaker":"Victor Lagos","startTime":2394.18,"endTime":2397.75,"body":"the contact number. So you need"},{"speaker":"Victor Lagos","startTime":2394.18,"endTime":2397.75,"body":"that information. So you need to"},{"speaker":"Victor Lagos","startTime":2397.75,"endTime":2400.21,"body":"ask her when you're filling that"},{"speaker":"Victor Lagos","startTime":2397.75,"endTime":2400.21,"body":"form out or she needs used to"},{"speaker":"Victor Lagos","startTime":2400.21,"endTime":2403.66,"body":"log in separately and fill that"},{"speaker":"Victor Lagos","startTime":2400.21,"endTime":2403.66,"body":"out for herself. So now you need"},{"speaker":"Victor Lagos","startTime":2403.66,"endTime":2406.18,"body":"to navigate that. So you're"},{"speaker":"Victor Lagos","startTime":2403.66,"endTime":2406.18,"body":"available to come up with those"},{"speaker":"Victor Lagos","startTime":2406.18,"endTime":2409.09,"body":"details. And then when you're"},{"speaker":"Victor Lagos","startTime":2406.18,"endTime":2409.09,"body":"estimating your expenses,"},{"speaker":"Victor Lagos","startTime":2409.15,"endTime":2412.03,"body":"usually you have one person in"},{"speaker":"Victor Lagos","startTime":2409.15,"endTime":2412.03,"body":"the household that knows that"},{"speaker":"Victor Lagos","startTime":2412.03,"endTime":2415.18,"body":"and the other one's got no idea"},{"speaker":"Victor Lagos","startTime":2412.03,"endTime":2415.18,"body":"what just pays and like, got no"},{"speaker":"Victor Lagos","startTime":2415.18,"endTime":2418.51,"body":"idea what you spend. Yeah. So"},{"speaker":"Victor Lagos","startTime":2415.18,"endTime":2418.51,"body":"then, so then you need to"},{"speaker":"Victor Lagos","startTime":2418.69,"endTime":2421.45,"body":"navigate that, right? Because"},{"speaker":"Victor Lagos","startTime":2418.69,"endTime":2421.45,"body":"some of the costs you can"},{"speaker":"Victor Lagos","startTime":2421.45,"endTime":2424.06,"body":"estimate are the ones they are"},{"speaker":"Victor Lagos","startTime":2421.45,"endTime":2424.06,"body":"what they are, you know, fixed"},{"speaker":"Victor Lagos","startTime":2424.06,"endTime":2426.19,"body":"costs, bills and whatnot, you"},{"speaker":"Victor Lagos","startTime":2424.06,"endTime":2426.19,"body":"know what they are, you just"},{"speaker":"Victor Lagos","startTime":2426.19,"endTime":2429.01,"body":"have to dig them up, if you"},{"speaker":"Victor Lagos","startTime":2426.19,"endTime":2429.01,"body":"don't have it readily accessible"},{"speaker":"Victor Lagos","startTime":2429.04,"endTime":2432.85,"body":"takes your time. Or you need to"},{"speaker":"Victor Lagos","startTime":2429.04,"endTime":2432.85,"body":"check with the with the other Co"},{"speaker":"Victor Lagos","startTime":2433.24,"endTime":2436.06,"body":"Co borrower that actually knows"},{"speaker":"Victor Lagos","startTime":2433.24,"endTime":2436.06,"body":"that information, or they're the"},{"speaker":"Victor Lagos","startTime":2436.06,"endTime":2440.41,"body":"ones that store all the"},{"speaker":"Victor Lagos","startTime":2436.06,"endTime":2440.41,"body":"paperwork. And then, you know,"},{"speaker":"Victor Lagos","startTime":2440.41,"endTime":2445.42,"body":"when it comes down to ID as"},{"speaker":"Victor Lagos","startTime":2440.41,"endTime":2445.42,"body":"well, so if you're married, and"},{"speaker":"Victor Lagos","startTime":2445.48,"endTime":2448.96,"body":"they've had a change of name,"},{"speaker":"Victor Lagos","startTime":2445.48,"endTime":2448.96,"body":"you know, that can be a, I've"},{"speaker":"Victor Lagos","startTime":2448.96,"endTime":2452.83,"body":"experienced that as a as a delay"},{"speaker":"Victor Lagos","startTime":2448.96,"endTime":2452.83,"body":"many times where, you know,"},{"speaker":"Victor Lagos","startTime":2452.83,"endTime":2454.51,"body":"they've changed their name, but"},{"speaker":"Victor Lagos","startTime":2452.83,"endTime":2454.51,"body":"they haven't updated the"},{"speaker":"Victor Lagos","startTime":2454.51,"endTime":2457.45,"body":"passport. And because I'm out"},{"speaker":"Victor Lagos","startTime":2454.51,"endTime":2457.45,"body":"there, the passport, the bank"},{"speaker":"Victor Lagos","startTime":2457.45,"endTime":2460.03,"body":"site, well, what's their actual"},{"speaker":"Victor Lagos","startTime":2457.45,"endTime":2460.03,"body":"legal name? Well, the legal name"},{"speaker":"Victor Lagos","startTime":2460.03,"endTime":2461.95,"body":"is, which is the married name,"},{"speaker":"Victor Lagos","startTime":2460.03,"endTime":2461.95,"body":"okay, well, where's the"},{"speaker":"Victor Lagos","startTime":2461.95,"endTime":2464.56,"body":"evidence, and they say, I need"},{"speaker":"Victor Lagos","startTime":2461.95,"endTime":2464.56,"body":"marriage certificate, and then"},{"speaker":"Victor Lagos","startTime":2464.56,"endTime":2466.63,"body":"they send me the ceremonial"},{"speaker":"Victor Lagos","startTime":2464.56,"endTime":2466.63,"body":"marriage certificate, which"},{"speaker":"Victor Lagos","startTime":2466.63,"endTime":2469.3,"body":"doesn't mean anything, that's"},{"speaker":"Victor Lagos","startTime":2466.63,"endTime":2469.3,"body":"just, it's just to celebrate or"},{"speaker":"Victor Lagos","startTime":2469.3,"endTime":2472.03,"body":"whatever. So I need the one"},{"speaker":"Victor Lagos","startTime":2469.3,"endTime":2472.03,"body":"that's, you know, transferred"},{"speaker":"Victor Lagos","startTime":2472.03,"endTime":2475.39,"body":"over the Ponderosa berries. And"},{"speaker":"Victor Lagos","startTime":2472.03,"endTime":2475.39,"body":"then sometimes they don't have"},{"speaker":"Victor Lagos","startTime":2475.39,"endTime":2478.21,"body":"it, so then they have to go and"},{"speaker":"Victor Lagos","startTime":2475.39,"endTime":2478.21,"body":"apply for it, get it. So that's"},{"speaker":"Victor Lagos","startTime":2478.21,"endTime":2483.01,"body":"a mission. And, you know, middle"},{"speaker":"Victor Lagos","startTime":2478.21,"endTime":2483.01,"body":"names. So sometimes people"},{"speaker":"Victor Lagos","startTime":2483.01,"endTime":2485.23,"body":"remove their middle name from"},{"speaker":"Victor Lagos","startTime":2483.01,"endTime":2485.23,"body":"their driver's license, but it's"},{"speaker":"Victor Lagos","startTime":2485.23,"endTime":2487.78,"body":"on the passport, or it's under"},{"speaker":"Victor Lagos","startTime":2485.23,"endTime":2487.78,"body":"Medicare, or whatever. So now we"},{"speaker":"Victor Lagos","startTime":2487.78,"endTime":2491.89,"body":"have to find out what that is"},{"speaker":"Victor Lagos","startTime":2487.78,"endTime":2491.89,"body":"with your birth certificate. So"},{"speaker":"Victor Lagos","startTime":2492.22,"endTime":2494.74,"body":"it's just got to be consistent."},{"speaker":"Victor Lagos","startTime":2492.22,"endTime":2494.74,"body":"If your name is the same on"},{"speaker":"Victor Lagos","startTime":2494.74,"endTime":2498.94,"body":"everything, make it nice and"},{"speaker":"Victor Lagos","startTime":2494.74,"endTime":2498.94,"body":"easy. But general rule of thumb,"},{"speaker":"Victor Lagos","startTime":2499.69,"endTime":2502.42,"body":"your legal name will be your"},{"speaker":"Victor Lagos","startTime":2499.69,"endTime":2502.42,"body":"passport, and your birth"},{"speaker":"Victor Lagos","startTime":2502.42,"endTime":2505.15,"body":"certificate, everything else you"},{"speaker":"Victor Lagos","startTime":2502.42,"endTime":2505.15,"body":"can change, or you can tell the"},{"speaker":"Victor Lagos","startTime":2505.15,"endTime":2508.06,"body":"license, I don't want to have"},{"speaker":"Victor Lagos","startTime":2505.15,"endTime":2508.06,"body":"this, you know, make my middle"},{"speaker":"Victor Lagos","startTime":2508.06,"endTime":2512.59,"body":"name, my first name, blah, blah,"},{"speaker":"Victor Lagos","startTime":2508.06,"endTime":2512.59,"body":"blah. But and then and then"},{"speaker":"Victor Lagos","startTime":2512.59,"endTime":2515.32,"body":"change of name is obviously the"},{"speaker":"Victor Lagos","startTime":2512.59,"endTime":2515.32,"body":"next thing that can can trump"},{"speaker":"Victor Lagos","startTime":2515.32,"endTime":2519.55,"body":"that if you've changed your name"},{"speaker":"Victor Lagos","startTime":2515.32,"endTime":2519.55,"body":"legally at birth marriages, then"},{"speaker":"Victor Lagos","startTime":2520.06,"endTime":2522.94,"body":"we just need a copy of that. And"},{"speaker":"Victor Lagos","startTime":2520.06,"endTime":2522.94,"body":"then we can send it to the bank"},{"speaker":"Victor Lagos","startTime":2522.94,"endTime":2523.69,"body":"and everyone's happy."},{"speaker":"Andrew Bean","startTime":2525.94,"endTime":2529.63,"body":"So just to confirm"},{"speaker":"Andrew Bean","startTime":2525.94,"endTime":2529.63,"body":"your advice, your advice was, if"},{"speaker":"Andrew Bean","startTime":2529.63,"endTime":2533.32,"body":"you want to speed up your"},{"speaker":"Andrew Bean","startTime":2529.63,"endTime":2533.32,"body":"mortgage application, don't get"},{"speaker":"Andrew Bean","startTime":2533.32,"endTime":2537.07,"body":"married, and make it a lot"},{"speaker":"Andrew Bean","startTime":2533.32,"endTime":2537.07,"body":"faster process. So you just have"},{"speaker":"Andrew Bean","startTime":2537.07,"endTime":2539.65,"body":"one legal name, don't even have"},{"speaker":"Andrew Bean","startTime":2537.07,"endTime":2539.65,"body":"a partner. Don't even cosign."},{"speaker":"Andrew Bean","startTime":2540.19,"endTime":2543.52,"body":"Don't have a partner, don't"},{"speaker":"Andrew Bean","startTime":2540.19,"endTime":2543.52,"body":"cosign, don't get married, that"},{"speaker":"Andrew Bean","startTime":2543.52,"endTime":2543.85,"body":"was the"},{"speaker":"Victor Lagos","startTime":2543.88,"endTime":2546.28,"body":"that will make it"},{"speaker":"Victor Lagos","startTime":2543.88,"endTime":2546.28,"body":"easier to get the loan approved."},{"speaker":"Victor Lagos","startTime":2546.43,"endTime":2551.14,"body":"Just just the main thing is earn"},{"speaker":"Victor Lagos","startTime":2546.43,"endTime":2551.14,"body":"more income like you are to"},{"speaker":"Victor Lagos","startTime":2551.14,"endTime":2559.75,"body":"people. Then you can keep"},{"speaker":"Victor Lagos","startTime":2551.14,"endTime":2559.75,"body":"borrowing. Yeah, that's right."},{"speaker":"Andrew Bean","startTime":2559.779,"endTime":2561.939,"body":"Yeah, get married,"},{"speaker":"Andrew Bean","startTime":2559.779,"endTime":2561.939,"body":"if you'd like to."},{"speaker":"Victor Lagos","startTime":2562.359,"endTime":2564.369,"body":"Yeah, if you"},{"speaker":"Victor Lagos","startTime":2562.359,"endTime":2564.369,"body":"check, yeah, if you want to"},{"speaker":"Victor Lagos","startTime":2564.369,"endTime":2566.499,"body":"change your name, that's fine."},{"speaker":"Victor Lagos","startTime":2564.369,"endTime":2566.499,"body":"Just change it everywhere and"},{"speaker":"Victor Lagos","startTime":2566.499,"endTime":2568.929,"body":"make sure it's all consistent on"},{"speaker":"Victor Lagos","startTime":2566.499,"endTime":2568.929,"body":"your documents, then it'll fly"},{"speaker":"Victor Lagos","startTime":2568.929,"endTime":2570.639,"body":"through. Yeah."},{"speaker":"Andrew Bean","startTime":2572.35,"endTime":2574.63,"body":"So Mike, can you"},{"speaker":"Andrew Bean","startTime":2572.35,"endTime":2574.63,"body":"just give us like a rundown of"},{"speaker":"Andrew Bean","startTime":2574.63,"endTime":2578.5,"body":"like, how, like, external"},{"speaker":"Andrew Bean","startTime":2574.63,"endTime":2578.5,"body":"factors, like economic factors,"},{"speaker":"Andrew Bean","startTime":2578.65,"endTime":2583.84,"body":"like such as inflation, economic"},{"speaker":"Andrew Bean","startTime":2578.65,"endTime":2583.84,"body":"downturns, like can really"},{"speaker":"Andrew Bean","startTime":2583.84,"endTime":2586.84,"body":"impact the loan approval process"},{"speaker":"Andrew Bean","startTime":2583.84,"endTime":2586.84,"body":"as well."},{"speaker":"Victor Lagos","startTime":2588.1,"endTime":2592.84,"body":"Yeah, so I mean,"},{"speaker":"Victor Lagos","startTime":2588.1,"endTime":2592.84,"body":"everyone, who was, I guess, an"},{"speaker":"Victor Lagos","startTime":2593.23,"endTime":2596.8,"body":"adult through the global"},{"speaker":"Victor Lagos","startTime":2593.23,"endTime":2596.8,"body":"financial crisis, would know"},{"speaker":"Victor Lagos","startTime":2596.8,"endTime":2603.46,"body":"that during that period of time,"},{"speaker":"Victor Lagos","startTime":2596.8,"endTime":2603.46,"body":"you know, 2008, till maybe 2012,"},{"speaker":"Victor Lagos","startTime":2603.49,"endTime":2606.73,"body":"I'd say for that period of time"},{"speaker":"Victor Lagos","startTime":2603.49,"endTime":2606.73,"body":"lending was, was really"},{"speaker":"Victor Lagos","startTime":2606.73,"endTime":2611.44,"body":"difficult. The rules around that"},{"speaker":"Victor Lagos","startTime":2606.73,"endTime":2611.44,"body":"were were changing, things were"},{"speaker":"Victor Lagos","startTime":2611.44,"endTime":2616.87,"body":"getting more strict requirements"},{"speaker":"Victor Lagos","startTime":2611.44,"endTime":2616.87,"body":"were higher capacity to repay"},{"speaker":"Victor Lagos","startTime":2616.9,"endTime":2622.81,"body":"requirements were similar to"},{"speaker":"Victor Lagos","startTime":2616.9,"endTime":2622.81,"body":"now. Rates were rising. So"},{"speaker":"Victor Lagos","startTime":2623.17,"endTime":2627.67,"body":"during a periods like that,"},{"speaker":"Victor Lagos","startTime":2623.17,"endTime":2627.67,"body":"liquidity in the market, it's"},{"speaker":"Victor Lagos","startTime":2627.79,"endTime":2631.48,"body":"much less of a much less"},{"speaker":"Victor Lagos","startTime":2627.79,"endTime":2631.48,"body":"available capital. So then they"},{"speaker":"Victor Lagos","startTime":2631.48,"endTime":2636.01,"body":"have to be much more, I guess,"},{"speaker":"Victor Lagos","startTime":2631.48,"endTime":2636.01,"body":"diligent in who they lend money"},{"speaker":"Victor Lagos","startTime":2636.01,"endTime":2641.2,"body":"to. And because the risks are"},{"speaker":"Victor Lagos","startTime":2636.01,"endTime":2641.2,"body":"also high in terms of high"},{"speaker":"Victor Lagos","startTime":2641.2,"endTime":2645.94,"body":"defaults, then they also need to"},{"speaker":"Victor Lagos","startTime":2641.2,"endTime":2645.94,"body":"start checking extra carefully,"},{"speaker":"Victor Lagos","startTime":2646.33,"endTime":2649.63,"body":"that people information is true,"},{"speaker":"Victor Lagos","startTime":2646.33,"endTime":2649.63,"body":"correct. And it's not"},{"speaker":"Victor Lagos","startTime":2649.63,"endTime":2653.41,"body":"fraudulent, you know, you know,"},{"speaker":"Victor Lagos","startTime":2649.63,"endTime":2653.41,"body":"what do they say? desperate"},{"speaker":"Victor Lagos","startTime":2653.62,"endTime":2658.03,"body":"people do desperate things. And"},{"speaker":"Victor Lagos","startTime":2653.62,"endTime":2658.03,"body":"Desperate times call for"},{"speaker":"Victor Lagos","startTime":2658.03,"endTime":2661.24,"body":"desperate measures are sort of"},{"speaker":"Victor Lagos","startTime":2658.03,"endTime":2661.24,"body":"similar things with, so they"},{"speaker":"Victor Lagos","startTime":2661.24,"endTime":2663.76,"body":"have to be aware of that right,"},{"speaker":"Victor Lagos","startTime":2661.24,"endTime":2663.76,"body":"I have to be aware of people"},{"speaker":"Victor Lagos","startTime":2663.76,"endTime":2667.45,"body":"that are doing things"},{"speaker":"Victor Lagos","startTime":2663.76,"endTime":2667.45,"body":"deliberately to deceive and to"},{"speaker":"Victor Lagos","startTime":2667.51,"endTime":2669.85,"body":"cheat and I have to make sure"},{"speaker":"Victor Lagos","startTime":2667.51,"endTime":2669.85,"body":"that then they're not allowing"},{"speaker":"Victor Lagos","startTime":2669.85,"endTime":2673.09,"body":"stuff to go through. And they"},{"speaker":"Victor Lagos","startTime":2669.85,"endTime":2673.09,"body":"have to look for the ones that"},{"speaker":"Victor Lagos","startTime":2673.09,"endTime":2675.13,"body":"are actually credit worthy,"},{"speaker":"Victor Lagos","startTime":2673.09,"endTime":2675.13,"body":"because there are going to be"},{"speaker":"Victor Lagos","startTime":2675.13,"endTime":2677.41,"body":"people out there that regardless"},{"speaker":"Victor Lagos","startTime":2675.13,"endTime":2677.41,"body":"of what's going on in the"},{"speaker":"Victor Lagos","startTime":2677.41,"endTime":2681.67,"body":"economy, that if they still only"},{"speaker":"Victor Lagos","startTime":2677.41,"endTime":2681.67,"body":"will go cash reserves, and they"},{"speaker":"Victor Lagos","startTime":2681.67,"endTime":2684.49,"body":"can still make moves. So those"},{"speaker":"Victor Lagos","startTime":2681.67,"endTime":2684.49,"body":"are the ones that lenders and"},{"speaker":"Victor Lagos","startTime":2684.49,"endTime":2689.08,"body":"banks wanted to lend money to."},{"speaker":"Victor Lagos","startTime":2684.49,"endTime":2689.08,"body":"So it's obviously going to be a"},{"speaker":"Victor Lagos","startTime":2689.08,"endTime":2693.49,"body":"premium. So it's usually higher"},{"speaker":"Victor Lagos","startTime":2689.08,"endTime":2693.49,"body":"interest rates, risk fees and"},{"speaker":"Victor Lagos","startTime":2693.49,"endTime":2698.74,"body":"things like that. And also mark"},{"speaker":"Victor Lagos","startTime":2693.49,"endTime":2698.74,"body":"players in the market drop out"},{"speaker":"Victor Lagos","startTime":2698.77,"endTime":2701.05,"body":"so there's been lenders and"},{"speaker":"Victor Lagos","startTime":2698.77,"endTime":2701.05,"body":"banks that have literally"},{"speaker":"Victor Lagos","startTime":2701.05,"endTime":2706.36,"body":"stopped lending, they've said no"},{"speaker":"Victor Lagos","startTime":2701.05,"endTime":2706.36,"body":"more, we're done. And, you know,"},{"speaker":"Victor Lagos","startTime":2706.36,"endTime":2710.14,"body":"a recent example of that, even"},{"speaker":"Victor Lagos","startTime":2706.36,"endTime":2710.14,"body":"as in this current time is, is"},{"speaker":"Victor Lagos","startTime":2710.14,"endTime":2712.75,"body":"Virgin Money, you know, Virgin"},{"speaker":"Victor Lagos","startTime":2710.14,"endTime":2712.75,"body":"Money is owned by Bank of"},{"speaker":"Victor Lagos","startTime":2712.75,"endTime":2719.17,"body":"Queensland. And out of nowhere,"},{"speaker":"Victor Lagos","startTime":2712.75,"endTime":2719.17,"body":"they said, We're no longer"},{"speaker":"Victor Lagos","startTime":2719.17,"endTime":2722.62,"body":"lending you money. We're like,"},{"speaker":"Victor Lagos","startTime":2719.17,"endTime":2722.62,"body":"Oh, that's okay. I'm a bit of a"},{"speaker":"Victor Lagos","startTime":2722.62,"endTime":2727.48,"body":"shock. And bank bank with a list"},{"speaker":"Victor Lagos","startTime":2722.62,"endTime":2727.48,"body":"also bought me back, as well. So"},{"speaker":"Victor Lagos","startTime":2727.48,"endTime":2730.33,"body":"they're maintaining the me bank"},{"speaker":"Victor Lagos","startTime":2727.48,"endTime":2730.33,"body":"brand and the Bank of Queensland"},{"speaker":"Victor Lagos","startTime":2730.33,"endTime":2734.98,"body":"brand, but no more new lending"},{"speaker":"Victor Lagos","startTime":2730.33,"endTime":2734.98,"body":"for Virgin Money. Right. So"},{"speaker":"Victor Lagos","startTime":2735.31,"endTime":2737.89,"body":"that's a resource that they're"},{"speaker":"Victor Lagos","startTime":2735.31,"endTime":2737.89,"body":"cutting back. And now that's,"},{"speaker":"Victor Lagos","startTime":2737.89,"endTime":2742.3,"body":"that's less money available,"},{"speaker":"Victor Lagos","startTime":2737.89,"endTime":2742.3,"body":"less competition, whatnot. And"},{"speaker":"Victor Lagos","startTime":2742.3,"endTime":2745.81,"body":"an even more recent example, and"},{"speaker":"Victor Lagos","startTime":2742.3,"endTime":2745.81,"body":"I'm letting you know, Andrew,"},{"speaker":"Victor Lagos","startTime":2745.81,"endTime":2748.69,"body":"because we haven't actually"},{"speaker":"Victor Lagos","startTime":2745.81,"endTime":2748.69,"body":"caught up since this. But about"},{"speaker":"Victor Lagos","startTime":2748.69,"endTime":2752.77,"body":"a week and a half ago, Adelaide"},{"speaker":"Victor Lagos","startTime":2748.69,"endTime":2752.77,"body":"bank was owned by Bendigo Bank"},{"speaker":"Victor Lagos","startTime":2752.8,"endTime":2756.91,"body":"pulled out of the commercial"},{"speaker":"Victor Lagos","startTime":2752.8,"endTime":2756.91,"body":"lending market. Oh, wow. And"},{"speaker":"Victor Lagos","startTime":2756.91,"endTime":2759.46,"body":"that's, that's really annoying,"},{"speaker":"Victor Lagos","startTime":2756.91,"endTime":2759.46,"body":"because they were my go to"},{"speaker":"Victor Lagos","startTime":2759.46,"endTime":2763.51,"body":"lender for many reasons, then"},{"speaker":"Victor Lagos","startTime":2759.46,"endTime":2763.51,"body":"moving forward, I can't use them"},{"speaker":"Victor Lagos","startTime":2763.51,"endTime":2767.32,"body":"anymore. And no, borrowers can"},{"speaker":"Victor Lagos","startTime":2763.51,"endTime":2767.32,"body":"access their products anymore."},{"speaker":"Victor Lagos","startTime":2768.43,"endTime":2773.32,"body":"So I don't know the exact cause"},{"speaker":"Victor Lagos","startTime":2768.43,"endTime":2773.32,"body":"of that. It could add could"},{"speaker":"Victor Lagos","startTime":2773.35,"endTime":2775.51,"body":"could be with the economy, but"},{"speaker":"Victor Lagos","startTime":2773.35,"endTime":2775.51,"body":"also could be because they're"},{"speaker":"Victor Lagos","startTime":2775.51,"endTime":2778.33,"body":"merging the brand with Bendigo."},{"speaker":"Victor Lagos","startTime":2775.51,"endTime":2778.33,"body":"And that's probably trying to"},{"speaker":"Victor Lagos","startTime":2778.33,"endTime":2783.64,"body":"consolidate the products and"},{"speaker":"Victor Lagos","startTime":2778.33,"endTime":2783.64,"body":"systems. So. But yeah, that's"},{"speaker":"Victor Lagos","startTime":2783.64,"endTime":2786.94,"body":"obviously an impact. So you"},{"speaker":"Victor Lagos","startTime":2783.64,"endTime":2786.94,"body":"don't ever know that this bank"},{"speaker":"Victor Lagos","startTime":2786.94,"endTime":2789.1,"body":"that you go with this lender,"},{"speaker":"Victor Lagos","startTime":2786.94,"endTime":2789.1,"body":"you go with this guy he's going"},{"speaker":"Victor Lagos","startTime":2789.1,"endTime":2793.45,"body":"to be around. So you can think"},{"speaker":"Victor Lagos","startTime":2789.1,"endTime":2793.45,"body":"they are and you proceed like,"},{"speaker":"Victor Lagos","startTime":2793.54,"endTime":2796.0,"body":"like, like, everything's normal,"},{"speaker":"Victor Lagos","startTime":2793.54,"endTime":2796.0,"body":"but then all of a sudden, at any"},{"speaker":"Victor Lagos","startTime":2796.0,"endTime":2799.63,"body":"given time, they can just pull"},{"speaker":"Victor Lagos","startTime":2796.0,"endTime":2799.63,"body":"out of the market. So having"},{"speaker":"Victor Lagos","startTime":2799.66,"endTime":2804.76,"body":"options is always important to"},{"speaker":"Victor Lagos","startTime":2799.66,"endTime":2804.76,"body":"to sort of shop around and be"},{"speaker":"Victor Lagos","startTime":2804.79,"endTime":2807.94,"body":"you know, have backups and go to"},{"speaker":"Victor Lagos","startTime":2804.79,"endTime":2807.94,"body":"different lenders that will"},{"speaker":"Victor Lagos","startTime":2807.94,"endTime":2810.37,"body":"continue lending course, the big"},{"speaker":"Victor Lagos","startTime":2807.94,"endTime":2810.37,"body":"four will probably not go"},{"speaker":"Victor Lagos","startTime":2810.37,"endTime":2814.84,"body":"anywhere. But the the hardest to"},{"speaker":"Victor Lagos","startTime":2810.37,"endTime":2814.84,"body":"apply for loans with and"},{"speaker":"Victor Lagos","startTime":2814.93,"endTime":2819.19,"body":"probably the most, sometimes the"},{"speaker":"Victor Lagos","startTime":2814.93,"endTime":2819.19,"body":"most expensive, depending on the"},{"speaker":"Victor Lagos","startTime":2819.19,"endTime":2823.6,"body":"type of transaction as well. But"},{"speaker":"Victor Lagos","startTime":2819.19,"endTime":2823.6,"body":"the you know, I think CommBank"},{"speaker":"Victor Lagos","startTime":2823.6,"endTime":2827.56,"body":"recorded $10 billion in profit,"},{"speaker":"Victor Lagos","startTime":2823.6,"endTime":2827.56,"body":"like so, they're not going"},{"speaker":"Victor Lagos","startTime":2827.56,"endTime":2833.23,"body":"anywhere anytime soon. But even"},{"speaker":"Victor Lagos","startTime":2827.56,"endTime":2833.23,"body":"then they're cutting, they're"},{"speaker":"Victor Lagos","startTime":2833.23,"endTime":2836.02,"body":"cutting costs as well, right,"},{"speaker":"Victor Lagos","startTime":2833.23,"endTime":2836.02,"body":"there's a there's a new movement"},{"speaker":"Victor Lagos","startTime":2836.02,"endTime":2841.87,"body":"to, to automation, and to AI. So"},{"speaker":"Victor Lagos","startTime":2836.02,"endTime":2841.87,"body":"because of that, there's going"},{"speaker":"Victor Lagos","startTime":2841.87,"endTime":2846.73,"body":"to be more and more jobs lost"},{"speaker":"Victor Lagos","startTime":2841.87,"endTime":2846.73,"body":"more staff that, you know, jobs"},{"speaker":"Victor Lagos","startTime":2846.73,"endTime":2849.64,"body":"that don't need to have people"},{"speaker":"Victor Lagos","startTime":2846.73,"endTime":2849.64,"body":"to fill them anymore. It's gonna"},{"speaker":"Victor Lagos","startTime":2849.64,"endTime":2853.81,"body":"be computer programs that do a"},{"speaker":"Victor Lagos","startTime":2849.64,"endTime":2853.81,"body":"lot of this stuff. And, you"},{"speaker":"Victor Lagos","startTime":2853.81,"endTime":2857.11,"body":"know, how that will affect the"},{"speaker":"Victor Lagos","startTime":2853.81,"endTime":2857.11,"body":"lending environment? Well, I"},{"speaker":"Victor Lagos","startTime":2857.11,"endTime":2861.13,"body":"guess only time will tell. But I"},{"speaker":"Victor Lagos","startTime":2857.11,"endTime":2861.13,"body":"think it will have to be more"},{"speaker":"Victor Lagos","startTime":2861.13,"endTime":2864.49,"body":"and more transparent more than"},{"speaker":"Victor Lagos","startTime":2861.13,"endTime":2864.49,"body":"anything else. Because in order"},{"speaker":"Victor Lagos","startTime":2864.49,"endTime":2868.6,"body":"to make, you know, decisions"},{"speaker":"Victor Lagos","startTime":2864.49,"endTime":2868.6,"body":"from data, well, the data needs"},{"speaker":"Victor Lagos","startTime":2868.6,"endTime":2873.46,"body":"to come through. In its raw and"},{"speaker":"Victor Lagos","startTime":2868.6,"endTime":2873.46,"body":"fruitful and you can't"},{"speaker":"Victor Lagos","startTime":2873.49,"endTime":2876.55,"body":"manipulate it you can't, you"},{"speaker":"Victor Lagos","startTime":2873.49,"endTime":2876.55,"body":"know, not disclose things, you"},{"speaker":"Victor Lagos","startTime":2876.55,"endTime":2879.31,"body":"kind of just say, Yep, here it"},{"speaker":"Victor Lagos","startTime":2876.55,"endTime":2879.31,"body":"is. And am I credit worthy,"},{"speaker":"Victor Lagos","startTime":2879.49,"endTime":2883.15,"body":"right. So that will that will"},{"speaker":"Victor Lagos","startTime":2879.49,"endTime":2883.15,"body":"have that could speed things up"},{"speaker":"Victor Lagos","startTime":2883.15,"endTime":2886.09,"body":"for people that are credit"},{"speaker":"Victor Lagos","startTime":2883.15,"endTime":2886.09,"body":"worthy. But the ones that are"},{"speaker":"Victor Lagos","startTime":2886.09,"endTime":2890.62,"body":"not? Well, all you can do is"},{"speaker":"Victor Lagos","startTime":2886.09,"endTime":2890.62,"body":"just Yeah, learn improve your"},{"speaker":"Victor Lagos","startTime":2890.68,"endTime":2893.2,"body":"financial position. So then you"},{"speaker":"Victor Lagos","startTime":2890.68,"endTime":2893.2,"body":"can apply again, in the future"},{"speaker":"Andrew Bean","startTime":2893.23,"endTime":2896.08,"body":"people were so"},{"speaker":"Andrew Bean","startTime":2893.23,"endTime":2896.08,"body":"upset with, you know, the amount"},{"speaker":"Andrew Bean","startTime":2896.08,"endTime":2900.58,"body":"of money that Commonwealth Bank,"},{"speaker":"Andrew Bean","startTime":2896.08,"endTime":2900.58,"body":"like made as a as profit, like,"},{"speaker":"Andrew Bean","startTime":2900.76,"endTime":2904.42,"body":"it is a business like this as"},{"speaker":"Andrew Bean","startTime":2900.76,"endTime":2904.42,"body":"opposed to profit, like, I'm not"},{"speaker":"Andrew Bean","startTime":2904.42,"endTime":2909.01,"body":"sure like exactly the ins and"},{"speaker":"Andrew Bean","startTime":2904.42,"endTime":2909.01,"body":"outs of it. But like, if they're"},{"speaker":"Andrew Bean","startTime":2909.01,"endTime":2912.46,"body":"making money, that's what"},{"speaker":"Andrew Bean","startTime":2909.01,"endTime":2912.46,"body":"they're there to do. If they"},{"speaker":"Andrew Bean","startTime":2912.46,"endTime":2915.58,"body":"weren't making money, they"},{"speaker":"Andrew Bean","startTime":2912.46,"endTime":2915.58,"body":"wouldn't be around. It's just"},{"speaker":"Andrew Bean","startTime":2915.58,"endTime":2918.67,"body":"funny, like, bank is just a"},{"speaker":"Andrew Bean","startTime":2915.58,"endTime":2918.67,"body":"business that a very good"},{"speaker":"Andrew Bean","startTime":2918.67,"endTime":2922.45,"body":"business that is there to make"},{"speaker":"Andrew Bean","startTime":2918.67,"endTime":2922.45,"body":"money, regardless of whether"},{"speaker":"Andrew Bean","startTime":2922.45,"endTime":2926.11,"body":"they're charging high interest"},{"speaker":"Andrew Bean","startTime":2922.45,"endTime":2926.11,"body":"rates and other banks, if people"},{"speaker":"Andrew Bean","startTime":2926.11,"endTime":2929.32,"body":"are willing to pay those rates,"},{"speaker":"Andrew Bean","startTime":2926.11,"endTime":2929.32,"body":"then they'll keep charging them,"},{"speaker":"Andrew Bean","startTime":2929.56,"endTime":2931.84,"body":"you know what I mean? So it's"},{"speaker":"Andrew Bean","startTime":2929.56,"endTime":2931.84,"body":"just like any other business,"},{"speaker":"Andrew Bean","startTime":2931.84,"endTime":2933.82,"body":"they're there to make as much"},{"speaker":"Andrew Bean","startTime":2931.84,"endTime":2933.82,"body":"profit exactly right."},{"speaker":"Victor Lagos","startTime":2934.24,"endTime":2938.47,"body":"And you as a"},{"speaker":"Victor Lagos","startTime":2934.24,"endTime":2938.47,"body":"consumer or a borrower, you"},{"speaker":"Victor Lagos","startTime":2938.47,"endTime":2942.34,"body":"know, you can use the bank's"},{"speaker":"Victor Lagos","startTime":2938.47,"endTime":2942.34,"body":"money to help you create"},{"speaker":"Victor Lagos","startTime":2942.34,"endTime":2946.15,"body":"financial freedom, right, you"},{"speaker":"Victor Lagos","startTime":2942.34,"endTime":2946.15,"body":"can leverage that to put you in"},{"speaker":"Victor Lagos","startTime":2946.15,"endTime":2949.93,"body":"a better position. And you don't"},{"speaker":"Victor Lagos","startTime":2946.15,"endTime":2949.93,"body":"have to take out debt to put you"},{"speaker":"Victor Lagos","startTime":2949.93,"endTime":2953.2,"body":"in the worst position. Like"},{"speaker":"Victor Lagos","startTime":2949.93,"endTime":2953.2,"body":"that's, it's a it's available to"},{"speaker":"Victor Lagos","startTime":2953.2,"endTime":2957.28,"body":"you, but you need to kind of"},{"speaker":"Victor Lagos","startTime":2953.2,"endTime":2957.28,"body":"take that responsibility to, to"},{"speaker":"Victor Lagos","startTime":2957.46,"endTime":2961.63,"body":"educate yourself, to have people"},{"speaker":"Victor Lagos","startTime":2957.46,"endTime":2961.63,"body":"around you to guide you the"},{"speaker":"Victor Lagos","startTime":2961.63,"endTime":2966.19,"body":"right way to actually use it for"},{"speaker":"Victor Lagos","startTime":2961.63,"endTime":2966.19,"body":"your benefit, not your"},{"speaker":"Victor Lagos","startTime":2966.19,"endTime":2969.76,"body":"detriment, right, because it can"},{"speaker":"Victor Lagos","startTime":2966.19,"endTime":2969.76,"body":"happen both ways and it does to"},{"speaker":"Victor Lagos","startTime":2969.76,"endTime":2970.3,"body":"a lot of people"},{"speaker":"Andrew Bean","startTime":2973.48,"endTime":2976.93,"body":"100% So mate in"},{"speaker":"Andrew Bean","startTime":2973.48,"endTime":2976.93,"body":"terms of like, like how long it"},{"speaker":"Andrew Bean","startTime":2976.93,"endTime":2979.81,"body":"would usually take to receive"},{"speaker":"Andrew Bean","startTime":2976.93,"endTime":2979.81,"body":"the money after you get a loan"},{"speaker":"Andrew Bean","startTime":2979.81,"endTime":2982.78,"body":"approved? Can you just give us a"},{"speaker":"Andrew Bean","startTime":2979.81,"endTime":2982.78,"body":"quick rundown on literally like"},{"speaker":"Andrew Bean","startTime":2982.81,"endTime":2987.37,"body":"the time so like investors know,"},{"speaker":"Andrew Bean","startTime":2982.81,"endTime":2987.37,"body":"or new investors know what they"},{"speaker":"Andrew Bean","startTime":2987.37,"endTime":2988.21,"body":"can expect."},{"speaker":"Victor Lagos","startTime":2988.81,"endTime":2991.78,"body":"It depends on what"},{"speaker":"Victor Lagos","startTime":2988.81,"endTime":2991.78,"body":"you're applying for. So if"},{"speaker":"Victor Lagos","startTime":2991.78,"endTime":2999.43,"body":"you're applying for setColor if"},{"speaker":"Victor Lagos","startTime":2991.78,"endTime":2999.43,"body":"you've got the car ready to go"},{"speaker":"Victor Lagos","startTime":2999.43,"endTime":3007.53,"body":"you expect you have the money in"},{"speaker":"Victor Lagos","startTime":2999.43,"endTime":3007.53,"body":"between one to five days? If you"},{"speaker":"Victor Lagos","startTime":3007.53,"endTime":3009.96,"body":"don't have the car, well, you"},{"speaker":"Victor Lagos","startTime":3007.53,"endTime":3009.96,"body":"get the money when the cars"},{"speaker":"Victor Lagos","startTime":3009.96,"endTime":3013.32,"body":"Abella, right? If you're buying"},{"speaker":"Victor Lagos","startTime":3009.96,"endTime":3013.32,"body":"a residential property,"},{"speaker":"Victor Lagos","startTime":3013.71,"endTime":3016.41,"body":"typically between four and six"},{"speaker":"Victor Lagos","startTime":3013.71,"endTime":3016.41,"body":"weeks, right, that's the"},{"speaker":"Victor Lagos","startTime":3016.41,"endTime":3020.16,"body":"settlement period. So if you"},{"speaker":"Victor Lagos","startTime":3016.41,"endTime":3020.16,"body":"apply today, yes, it might get"},{"speaker":"Victor Lagos","startTime":3020.16,"endTime":3023.73,"body":"approved quickly or slowly. But"},{"speaker":"Victor Lagos","startTime":3020.16,"endTime":3023.73,"body":"the money doesn't exchange hands"},{"speaker":"Victor Lagos","startTime":3023.73,"endTime":3026.73,"body":"until settlement happens"},{"speaker":"Victor Lagos","startTime":3023.73,"endTime":3026.73,"body":"settlement is when the transfer"},{"speaker":"Victor Lagos","startTime":3026.73,"endTime":3030.66,"body":"of the existing title will get"},{"speaker":"Victor Lagos","startTime":3026.73,"endTime":3030.66,"body":"moved to your name. And that is"},{"speaker":"Victor Lagos","startTime":3030.66,"endTime":3033.6,"body":"subject to the contract of sale."},{"speaker":"Victor Lagos","startTime":3030.66,"endTime":3033.6,"body":"And typically, depending what"},{"speaker":"Victor Lagos","startTime":3033.6,"endTime":3038.25,"body":"state it is, that's four to six"},{"speaker":"Victor Lagos","startTime":3033.6,"endTime":3038.25,"body":"weeks, it can extend can be 90"},{"speaker":"Victor Lagos","startTime":3038.25,"endTime":3041.07,"body":"days, sometimes as in six months"},{"speaker":"Victor Lagos","startTime":3038.25,"endTime":3041.07,"body":"settlements. But typically,"},{"speaker":"Victor Lagos","startTime":3041.07,"endTime":3044.34,"body":"that's person. If you're"},{"speaker":"Victor Lagos","startTime":3041.07,"endTime":3044.34,"body":"applying for if you already own"},{"speaker":"Victor Lagos","startTime":3044.34,"endTime":3047.19,"body":"the property, and you want"},{"speaker":"Victor Lagos","startTime":3044.34,"endTime":3047.19,"body":"equity release, so you're"},{"speaker":"Victor Lagos","startTime":3047.19,"endTime":3051.21,"body":"essentially applying for equity"},{"speaker":"Victor Lagos","startTime":3047.19,"endTime":3051.21,"body":"that you have as cash or"},{"speaker":"Victor Lagos","startTime":3051.21,"endTime":3057.81,"body":"consolidation paying off other"},{"speaker":"Victor Lagos","startTime":3051.21,"endTime":3057.81,"body":"debts, then that can vary. So it"},{"speaker":"Victor Lagos","startTime":3057.81,"endTime":3061.05,"body":"can be I'd say, probably the"},{"speaker":"Victor Lagos","startTime":3057.81,"endTime":3061.05,"body":"fastest you probably ought to do"},{"speaker":"Victor Lagos","startTime":3061.05,"endTime":3066.6,"body":"it would be around two weeks,"},{"speaker":"Victor Lagos","startTime":3061.05,"endTime":3066.6,"body":"I'd say. But realistically, you"},{"speaker":"Victor Lagos","startTime":3066.6,"endTime":3069.75,"body":"know, it can be done faster,"},{"speaker":"Victor Lagos","startTime":3066.6,"endTime":3069.75,"body":"depending on the bank, if they"},{"speaker":"Victor Lagos","startTime":3069.75,"endTime":3071.94,"body":"already have a mortgage, there's"},{"speaker":"Victor Lagos","startTime":3069.75,"endTime":3071.94,"body":"no new mortgage required."},{"speaker":"Victor Lagos","startTime":3071.94,"endTime":3075.63,"body":"There's no transfer of title."},{"speaker":"Victor Lagos","startTime":3071.94,"endTime":3075.63,"body":"It's just proved a loan, signing"},{"speaker":"Victor Lagos","startTime":3075.63,"endTime":3080.25,"body":"the documents, nominate the bank"},{"speaker":"Victor Lagos","startTime":3075.63,"endTime":3080.25,"body":"account, here it is done. So"},{"speaker":"Victor Lagos","startTime":3080.25,"endTime":3083.7,"body":"that can be done in a few days."},{"speaker":"Victor Lagos","startTime":3080.25,"endTime":3083.7,"body":"Some banks can take longer can"},{"speaker":"Victor Lagos","startTime":3083.7,"endTime":3086.64,"body":"take, you know, if they have to"},{"speaker":"Victor Lagos","startTime":3083.7,"endTime":3086.64,"body":"do a valuation on the property."},{"speaker":"Victor Lagos","startTime":3087.33,"endTime":3090.69,"body":"They need wet signatures and"},{"speaker":"Victor Lagos","startTime":3087.33,"endTime":3090.69,"body":"documents. So that might, that"},{"speaker":"Victor Lagos","startTime":3090.69,"endTime":3094.05,"body":"might push it out a bit longer,"},{"speaker":"Victor Lagos","startTime":3090.69,"endTime":3094.05,"body":"maybe three weeks, possibly four"},{"speaker":"Victor Lagos","startTime":3094.05,"endTime":3097.65,"body":"weeks, something like that. You"},{"speaker":"Victor Lagos","startTime":3094.05,"endTime":3097.65,"body":"just have to determine what,"},{"speaker":"Victor Lagos","startTime":3098.22,"endTime":3101.13,"body":"like if it's about the"},{"speaker":"Victor Lagos","startTime":3098.22,"endTime":3101.13,"body":"timeframe, then you may not get"},{"speaker":"Victor Lagos","startTime":3101.13,"endTime":3105.0,"body":"the best rate. Sometimes the"},{"speaker":"Victor Lagos","startTime":3101.13,"endTime":3105.0,"body":"ones that offer the best rate"},{"speaker":"Victor Lagos","startTime":3105.06,"endTime":3108.15,"body":"are going to be the slowest."},{"speaker":"Victor Lagos","startTime":3105.06,"endTime":3108.15,"body":"Because the more applications"},{"speaker":"Victor Lagos","startTime":3108.15,"endTime":3110.79,"body":"they have, the slower they are."},{"speaker":"Victor Lagos","startTime":3108.15,"endTime":3110.79,"body":"And usually the more"},{"speaker":"Victor Lagos","startTime":3110.79,"endTime":3113.34,"body":"applications they have is"},{"speaker":"Victor Lagos","startTime":3110.79,"endTime":3113.34,"body":"because of the cheaper. Right?"},{"speaker":"Victor Lagos","startTime":3113.55,"endTime":3116.91,"body":"So it's like you can't have it"},{"speaker":"Victor Lagos","startTime":3113.55,"endTime":3116.91,"body":"all. If you want it all. Well,"},{"speaker":"Victor Lagos","startTime":3116.94,"endTime":3119.82,"body":"you can't have pick one. What's"},{"speaker":"Victor Lagos","startTime":3116.94,"endTime":3119.82,"body":"your priority? You want fast?"},{"speaker":"Victor Lagos","startTime":3120.09,"endTime":3122.88,"body":"Pay labor, Monterrey if you want"},{"speaker":"Victor Lagos","startTime":3120.09,"endTime":3122.88,"body":"cheap, white bit longer?"},{"speaker":"Andrew Bean","startTime":3123.15,"endTime":3124.17,"body":"Yeah, like private"},{"speaker":"Andrew Bean","startTime":3123.15,"endTime":3124.17,"body":"finance."},{"speaker":"Victor Lagos","startTime":3124.17,"endTime":3126.03,"body":"Yeah. Yeah,"},{"speaker":"Victor Lagos","startTime":3124.17,"endTime":3126.03,"body":"exactly. Private Finance."},{"speaker":"Victor Lagos","startTime":3126.03,"endTime":3130.98,"body":"Perfect. You have that same day,"},{"speaker":"Victor Lagos","startTime":3126.03,"endTime":3130.98,"body":"sometimes. Literally, same day"},{"speaker":"Victor Lagos","startTime":3130.98,"endTime":3134.55,"body":"for like a million dollars or"},{"speaker":"Victor Lagos","startTime":3130.98,"endTime":3134.55,"body":"more. Yeah, but you'll pay 20%"},{"speaker":"Victor Lagos","startTime":3134.55,"endTime":3135.03,"body":"interest rate?"},{"speaker":"Andrew Bean","startTime":3137.07,"endTime":3139.2,"body":"Yeah, I spoke to a"},{"speaker":"Andrew Bean","startTime":3137.07,"endTime":3139.2,"body":"private financier recently,"},{"speaker":"Andrew Bean","startTime":3139.2,"endTime":3141.6,"body":"couple months ago. And they're"},{"speaker":"Andrew Bean","startTime":3139.2,"endTime":3141.6,"body":"like, Yeah, okay, we can do it"},{"speaker":"Andrew Bean","startTime":3141.6,"endTime":3147.78,"body":"for 20%. So 20%, holy bejesus."},{"speaker":"Andrew Bean","startTime":3141.6,"endTime":3147.78,"body":"It's a good, it's a good"},{"speaker":"Andrew Bean","startTime":3147.78,"endTime":3150.09,"body":"business to be in private"},{"speaker":"Andrew Bean","startTime":3147.78,"endTime":3150.09,"body":"finance. Right now, since"},{"speaker":"Andrew Bean","startTime":3150.09,"endTime":3151.11,"body":"interest rates have gone up?"},{"speaker":"Victor Lagos","startTime":3151.17,"endTime":3155.85,"body":"Yeah. So maybe"},{"speaker":"Victor Lagos","startTime":3151.17,"endTime":3155.85,"body":"when you've got someone's just"},{"speaker":"Victor Lagos","startTime":3155.85,"endTime":3159.09,"body":"gonna say, if I can avoid"},{"speaker":"Victor Lagos","startTime":3155.85,"endTime":3159.09,"body":"private finance, I will. But"},{"speaker":"Victor Lagos","startTime":3159.09,"endTime":3162.06,"body":"sometimes it's a it's a"},{"speaker":"Victor Lagos","startTime":3159.09,"endTime":3162.06,"body":"necessary product, depending on"},{"speaker":"Victor Lagos","startTime":3162.06,"endTime":3163.08,"body":"the circumstances."},{"speaker":"Andrew Bean","startTime":3165.03,"endTime":3168.78,"body":"100%. So in terms"},{"speaker":"Andrew Bean","startTime":3165.03,"endTime":3168.78,"body":"of like setting up offset"},{"speaker":"Andrew Bean","startTime":3168.78,"endTime":3173.25,"body":"accounts, you know, back in the"},{"speaker":"Andrew Bean","startTime":3168.78,"endTime":3173.25,"body":"day offset accounts were like a"},{"speaker":"Andrew Bean","startTime":3173.25,"endTime":3176.49,"body":"very, very good strategy, or it"},{"speaker":"Andrew Bean","startTime":3173.25,"endTime":3176.49,"body":"was, you know, made out to be a"},{"speaker":"Andrew Bean","startTime":3176.49,"endTime":3180.54,"body":"very good strategy. Can you just"},{"speaker":"Andrew Bean","startTime":3176.49,"endTime":3180.54,"body":"like, give us your opinion on?"},{"speaker":"Andrew Bean","startTime":3180.57,"endTime":3183.51,"body":"Do they really make a big"},{"speaker":"Andrew Bean","startTime":3180.57,"endTime":3183.51,"body":"difference on setting up an"},{"speaker":"Andrew Bean","startTime":3183.51,"endTime":3186.99,"body":"offset account to try and pay"},{"speaker":"Andrew Bean","startTime":3183.51,"endTime":3186.99,"body":"down your loan quicker? You"},{"speaker":"Andrew Bean","startTime":3186.99,"endTime":3188.76,"body":"know, obviously, you're"},{"speaker":"Andrew Bean","startTime":3186.99,"endTime":3188.76,"body":"offsetting the interest of your"},{"speaker":"Andrew Bean","startTime":3188.76,"endTime":3191.4,"body":"loan, which is great. But if you"},{"speaker":"Andrew Bean","startTime":3188.76,"endTime":3191.4,"body":"have no money in an offset"},{"speaker":"Andrew Bean","startTime":3191.4,"endTime":3194.91,"body":"account, it's, you know, pretty"},{"speaker":"Andrew Bean","startTime":3191.4,"endTime":3194.91,"body":"much pointless, when does the"},{"speaker":"Andrew Bean","startTime":3194.91,"endTime":3198.18,"body":"offset account really make a big"},{"speaker":"Andrew Bean","startTime":3194.91,"endTime":3198.18,"body":"difference? And should the"},{"speaker":"Andrew Bean","startTime":3198.39,"endTime":3200.25,"body":"listeners set one up?"},{"speaker":"Victor Lagos","startTime":3200.79,"endTime":3207.03,"body":"Yeah. Okay. So"},{"speaker":"Victor Lagos","startTime":3200.79,"endTime":3207.03,"body":"with an offset account, they"},{"speaker":"Victor Lagos","startTime":3207.03,"endTime":3211.98,"body":"typically have an annual fee"},{"speaker":"Victor Lagos","startTime":3207.03,"endTime":3211.98,"body":"attached to them, or a monthly"},{"speaker":"Victor Lagos","startTime":3211.98,"endTime":3216.72,"body":"fee, depending on the bank. And"},{"speaker":"Victor Lagos","startTime":3211.98,"endTime":3216.72,"body":"the main thing is, if you're"},{"speaker":"Victor Lagos","startTime":3216.72,"endTime":3221.7,"body":"able to offset the loan, more"},{"speaker":"Victor Lagos","startTime":3216.72,"endTime":3221.7,"body":"than the cost of that annual"},{"speaker":"Victor Lagos","startTime":3221.7,"endTime":3225.66,"body":"fee, and save on interest more"},{"speaker":"Victor Lagos","startTime":3221.7,"endTime":3225.66,"body":"than that, then it's probably"},{"speaker":"Victor Lagos","startTime":3225.66,"endTime":3228.9,"body":"worth it. But if you can't,"},{"speaker":"Victor Lagos","startTime":3225.66,"endTime":3228.9,"body":"because you don't have access to"},{"speaker":"Victor Lagos","startTime":3228.9,"endTime":3232.23,"body":"capital, it's just going to be"},{"speaker":"Victor Lagos","startTime":3228.9,"endTime":3232.23,"body":"another cost, right and ongoing"},{"speaker":"Victor Lagos","startTime":3232.23,"endTime":3237.18,"body":"costs and unnecessary costs. And"},{"speaker":"Victor Lagos","startTime":3232.23,"endTime":3237.18,"body":"depending on the bank, or the"},{"speaker":"Victor Lagos","startTime":3237.18,"endTime":3241.77,"body":"lender, some of them actually"},{"speaker":"Victor Lagos","startTime":3237.18,"endTime":3241.77,"body":"give you a bigger discount on"},{"speaker":"Victor Lagos","startTime":3241.77,"endTime":3246.06,"body":"your interest rate, because you"},{"speaker":"Victor Lagos","startTime":3241.77,"endTime":3246.06,"body":"chose the offset product. So if"},{"speaker":"Victor Lagos","startTime":3246.06,"endTime":3248.85,"body":"you chose a basic product, which"},{"speaker":"Victor Lagos","startTime":3246.06,"endTime":3248.85,"body":"doesn't have offset and only has"},{"speaker":"Victor Lagos","startTime":3248.85,"endTime":3252.03,"body":"redraw, you're actually paying a"},{"speaker":"Victor Lagos","startTime":3248.85,"endTime":3252.03,"body":"higher interest rate. So you"},{"speaker":"Victor Lagos","startTime":3252.03,"endTime":3255.45,"body":"need to work out how much"},{"speaker":"Victor Lagos","startTime":3252.03,"endTime":3255.45,"body":"interest will I pay on the basic"},{"speaker":"Victor Lagos","startTime":3255.45,"endTime":3258.99,"body":"loan with no annual fee? No"},{"speaker":"Victor Lagos","startTime":3255.45,"endTime":3258.99,"body":"offset? And how much interest"},{"speaker":"Victor Lagos","startTime":3258.99,"endTime":3264.27,"body":"will I pay with the offset loan?"},{"speaker":"Victor Lagos","startTime":3258.99,"endTime":3264.27,"body":"And including the annual fee?"},{"speaker":"Victor Lagos","startTime":3264.42,"endTime":3267.96,"body":"Add those two up, which 1am I"},{"speaker":"Victor Lagos","startTime":3264.42,"endTime":3267.96,"body":"better off paying. So sometimes"},{"speaker":"Victor Lagos","startTime":3267.96,"endTime":3271.11,"body":"the offset loan makes more sense"},{"speaker":"Victor Lagos","startTime":3267.96,"endTime":3271.11,"body":"because you get that additional"},{"speaker":"Victor Lagos","startTime":3271.11,"endTime":3274.68,"body":"discount. So even if you don't"},{"speaker":"Victor Lagos","startTime":3271.11,"endTime":3274.68,"body":"have extra funds to offset,"},{"speaker":"Victor Lagos","startTime":3275.67,"endTime":3277.95,"body":"you're still better off because"},{"speaker":"Victor Lagos","startTime":3275.67,"endTime":3277.95,"body":"you pick the basic one, you're"},{"speaker":"Victor Lagos","startTime":3277.95,"endTime":3281.49,"body":"paying higher interest, which"},{"speaker":"Victor Lagos","startTime":3277.95,"endTime":3281.49,"body":"which kind of Trumps the annual"},{"speaker":"Victor Lagos","startTime":3281.49,"endTime":3283.08,"body":"fee anyway, does that make"},{"speaker":"Victor Lagos","startTime":3281.49,"endTime":3283.08,"body":"sense?"},{"speaker":"Andrew Bean","startTime":3284.91,"endTime":3285.84,"body":"Yeah, definitely."},{"speaker":"Andrew Bean","startTime":3284.91,"endTime":3285.84,"body":"Yeah."},{"speaker":"Victor Lagos","startTime":3285.87,"endTime":3288.72,"body":"But then if you go"},{"speaker":"Victor Lagos","startTime":3285.87,"endTime":3288.72,"body":"to a another bank, they'll have"},{"speaker":"Victor Lagos","startTime":3288.72,"endTime":3293.85,"body":"the exact same interest rate."},{"speaker":"Victor Lagos","startTime":3288.72,"endTime":3293.85,"body":"With this, whether it's a basic"},{"speaker":"Victor Lagos","startTime":3293.85,"endTime":3298.05,"body":"loan, or whether it's an offset"},{"speaker":"Victor Lagos","startTime":3293.85,"endTime":3298.05,"body":"loan, and the only difference is"},{"speaker":"Victor Lagos","startTime":3298.08,"endTime":3300.27,"body":"the offset loan, you pay an"},{"speaker":"Victor Lagos","startTime":3298.08,"endTime":3300.27,"body":"annual fee. So if If you're"},{"speaker":"Victor Lagos","startTime":3300.27,"endTime":3303.87,"body":"picking a bank like that, and"},{"speaker":"Victor Lagos","startTime":3300.27,"endTime":3303.87,"body":"you don't have access to"},{"speaker":"Victor Lagos","startTime":3303.87,"endTime":3306.42,"body":"capital, when I'm talking, when"},{"speaker":"Victor Lagos","startTime":3303.87,"endTime":3306.42,"body":"I'm saying 10, grand, 20, grand,"},{"speaker":"Victor Lagos","startTime":3306.42,"endTime":3309.45,"body":"30, etc, you don't have access"},{"speaker":"Victor Lagos","startTime":3306.42,"endTime":3309.45,"body":"to that and you won't like"},{"speaker":"Victor Lagos","startTime":3309.45,"endTime":3311.43,"body":"you're exhausting every cent"},{"speaker":"Victor Lagos","startTime":3309.45,"endTime":3311.43,"body":"that you have in order to buy"},{"speaker":"Victor Lagos","startTime":3311.43,"endTime":3315.9,"body":"this property. Well, what"},{"speaker":"Victor Lagos","startTime":3311.43,"endTime":3315.9,"body":"exactly are you offsetting your"},{"speaker":"Victor Lagos","startTime":3315.9,"endTime":3318.69,"body":"income, right, your income will"},{"speaker":"Victor Lagos","startTime":3315.9,"endTime":3318.69,"body":"obviously you have to pay the"},{"speaker":"Victor Lagos","startTime":3318.69,"endTime":3321.87,"body":"mortgage or pay your outgoing"},{"speaker":"Victor Lagos","startTime":3318.69,"endTime":3321.87,"body":"cost, and whatever's left, you"},{"speaker":"Victor Lagos","startTime":3321.87,"endTime":3325.14,"body":"can offset the loan. But if"},{"speaker":"Victor Lagos","startTime":3321.87,"endTime":3325.14,"body":"that's only 100 bucks a month or"},{"speaker":"Victor Lagos","startTime":3325.14,"endTime":3330.42,"body":"a few $100, well, if you're"},{"speaker":"Victor Lagos","startTime":3325.14,"endTime":3330.42,"body":"paying 400 bucks a year, for the"},{"speaker":"Victor Lagos","startTime":3330.45,"endTime":3333.66,"body":"offset account, you might as"},{"speaker":"Victor Lagos","startTime":3330.45,"endTime":3333.66,"body":"well just go for a basic loan"},{"speaker":"Victor Lagos","startTime":3333.75,"endTime":3336.78,"body":"that only has very variable"},{"speaker":"Victor Lagos","startTime":3333.75,"endTime":3336.78,"body":"basic loan, because then you can"},{"speaker":"Victor Lagos","startTime":3336.78,"endTime":3340.2,"body":"just put extra funds into the"},{"speaker":"Victor Lagos","startTime":3336.78,"endTime":3340.2,"body":"loan, and has the same net"},{"speaker":"Victor Lagos","startTime":3340.2,"endTime":3344.1,"body":"effect as an offset account. So"},{"speaker":"Victor Lagos","startTime":3340.2,"endTime":3344.1,"body":"you're actually just paying"},{"speaker":"Victor Lagos","startTime":3344.13,"endTime":3346.71,"body":"reducing your interest each"},{"speaker":"Victor Lagos","startTime":3344.13,"endTime":3346.71,"body":"month. And now you just don't"},{"speaker":"Victor Lagos","startTime":3346.71,"endTime":3349.29,"body":"have an annual fee. That's what"},{"speaker":"Victor Lagos","startTime":3346.71,"endTime":3349.29,"body":"I would recommend if you don't"},{"speaker":"Victor Lagos","startTime":3349.29,"endTime":3353.16,"body":"have access to capital. But a"},{"speaker":"Victor Lagos","startTime":3349.29,"endTime":3353.16,"body":"lot of people do have access to"},{"speaker":"Victor Lagos","startTime":3353.16,"endTime":3356.64,"body":"capital, or they have parents"},{"speaker":"Victor Lagos","startTime":3353.16,"endTime":3356.64,"body":"even I've seen that where people"},{"speaker":"Victor Lagos","startTime":3356.64,"endTime":3359.25,"body":"like, Well, my parents have got"},{"speaker":"Victor Lagos","startTime":3356.64,"endTime":3359.25,"body":"a house paid off in the city on"},{"speaker":"Victor Lagos","startTime":3359.64,"endTime":3362.1,"body":"half a million dollars with the"},{"speaker":"Victor Lagos","startTime":3359.64,"endTime":3362.1,"body":"cash, well, they can actually"},{"speaker":"Victor Lagos","startTime":3362.1,"endTime":3365.28,"body":"park that money in my offset"},{"speaker":"Victor Lagos","startTime":3362.1,"endTime":3365.28,"body":"account. And whenever they need"},{"speaker":"Victor Lagos","startTime":3365.28,"endTime":3368.61,"body":"it, they can access it. So now"},{"speaker":"Victor Lagos","startTime":3365.28,"endTime":3368.61,"body":"they're actually reducing their"},{"speaker":"Victor Lagos","startTime":3368.61,"endTime":3372.06,"body":"interest on their home loan from"},{"speaker":"Victor Lagos","startTime":3368.61,"endTime":3372.06,"body":"their parents money, because"},{"speaker":"Victor Lagos","startTime":3372.06,"endTime":3374.13,"body":"they've got an offset. And the"},{"speaker":"Victor Lagos","startTime":3372.06,"endTime":3374.13,"body":"parents are the ones that have"},{"speaker":"Victor Lagos","startTime":3374.13,"endTime":3376.44,"body":"access to another. I mean, of"},{"speaker":"Victor Lagos","startTime":3374.13,"endTime":3376.44,"body":"course, they can still withdraw."},{"speaker":"Victor Lagos","startTime":3376.44,"endTime":3379.11,"body":"But typically, there's a trust"},{"speaker":"Victor Lagos","startTime":3376.44,"endTime":3379.11,"body":"factor when you do that, right."},{"speaker":"Victor Lagos","startTime":3380.67,"endTime":3382.89,"body":"And so now they're getting the"},{"speaker":"Victor Lagos","startTime":3380.67,"endTime":3382.89,"body":"benefit of an offset. But if"},{"speaker":"Victor Lagos","startTime":3382.89,"endTime":3387.87,"body":"they had redraw, it's probably"},{"speaker":"Victor Lagos","startTime":3382.89,"endTime":3387.87,"body":"more risky for the parents to do"},{"speaker":"Victor Lagos","startTime":3387.87,"endTime":3390.96,"body":"that. Because when you don't"},{"speaker":"Victor Lagos","startTime":3387.87,"endTime":3390.96,"body":"have offset, technically, it's"},{"speaker":"Victor Lagos","startTime":3390.96,"endTime":3394.14,"body":"the bank's money. So you talked"},{"speaker":"Victor Lagos","startTime":3390.96,"endTime":3394.14,"body":"earlier about economic"},{"speaker":"Victor Lagos","startTime":3394.14,"endTime":3398.07,"body":"conditions? Well, one of them is"},{"speaker":"Victor Lagos","startTime":3394.14,"endTime":3398.07,"body":"hypothetical, you had a million"},{"speaker":"Victor Lagos","startTime":3398.07,"endTime":3401.16,"body":"dollars loan, and you had no"},{"speaker":"Victor Lagos","startTime":3398.07,"endTime":3401.16,"body":"offset account, and you put"},{"speaker":"Victor Lagos","startTime":3401.16,"endTime":3405.3,"body":"$500,000 of your money into the"},{"speaker":"Victor Lagos","startTime":3401.16,"endTime":3405.3,"body":"loan, you would have 500,000"},{"speaker":"Victor Lagos","startTime":3405.3,"endTime":3409.71,"body":"available, Rachel, and you would"},{"speaker":"Victor Lagos","startTime":3405.3,"endTime":3409.71,"body":"owe 500,000. But technically,"},{"speaker":"Victor Lagos","startTime":3409.71,"endTime":3413.28,"body":"that's the bank's money, they're"},{"speaker":"Victor Lagos","startTime":3409.71,"endTime":3413.28,"body":"allowing you to have access to"},{"speaker":"Victor Lagos","startTime":3413.31,"endTime":3417.57,"body":"the money as a redraw facility."},{"speaker":"Victor Lagos","startTime":3413.31,"endTime":3417.57,"body":"However, in all, for all"},{"speaker":"Victor Lagos","startTime":3417.57,"endTime":3420.84,"body":"intensive purposes, that's a"},{"speaker":"Victor Lagos","startTime":3417.57,"endTime":3420.84,"body":"principal payment. So if there's"},{"speaker":"Victor Lagos","startTime":3420.84,"endTime":3424.92,"body":"a run on the banks, they can"},{"speaker":"Victor Lagos","startTime":3420.84,"endTime":3424.92,"body":"say, sorry, you paid back that"},{"speaker":"Victor Lagos","startTime":3424.92,"endTime":3428.43,"body":"money, it's no longer accessible"},{"speaker":"Victor Lagos","startTime":3424.92,"endTime":3428.43,"body":"by Rachael, and you still owe us"},{"speaker":"Victor Lagos","startTime":3428.43,"endTime":3431.28,"body":"500,000. And they're like, hey,"},{"speaker":"Victor Lagos","startTime":3428.43,"endTime":3431.28,"body":"whatever the other 500, or you"},{"speaker":"Victor Lagos","startTime":3431.28,"endTime":3433.83,"body":"decided to put into the loan,"},{"speaker":"Victor Lagos","startTime":3431.28,"endTime":3433.83,"body":"you've paid that back off the"},{"speaker":"Victor Lagos","startTime":3433.83,"endTime":3437.22,"body":"principal. Now we've decided we"},{"speaker":"Victor Lagos","startTime":3433.83,"endTime":3437.22,"body":"need that capital, and you don't"},{"speaker":"Victor Lagos","startTime":3437.22,"endTime":3440.19,"body":"have access to it. So that's the"},{"speaker":"Victor Lagos","startTime":3437.22,"endTime":3440.19,"body":"risk. When you don't have an"},{"speaker":"Victor Lagos","startTime":3440.19,"endTime":3442.62,"body":"offset. If you have an offset."},{"speaker":"Victor Lagos","startTime":3440.19,"endTime":3442.62,"body":"It's a bank account. It's your"},{"speaker":"Victor Lagos","startTime":3442.62,"endTime":3446.61,"body":"money. So you have a city and"},{"speaker":"Victor Lagos","startTime":3442.62,"endTime":3446.61,"body":"offset. You know, there's a run"},{"speaker":"Victor Lagos","startTime":3446.61,"endTime":3449.01,"body":"on the banks bank can't just"},{"speaker":"Victor Lagos","startTime":3446.61,"endTime":3449.01,"body":"say, hey, we need to withdraw"},{"speaker":"Victor Lagos","startTime":3449.01,"endTime":3451.62,"body":"the money from the offset and"},{"speaker":"Victor Lagos","startTime":3449.01,"endTime":3451.62,"body":"put it into the loan like that."},{"speaker":"Victor Lagos","startTime":3451.68,"endTime":3454.11,"body":"They can't do that to your bank"},{"speaker":"Victor Lagos","startTime":3451.68,"endTime":3454.11,"body":"to your money. So it is"},{"speaker":"Victor Lagos","startTime":3454.11,"endTime":3457.71,"body":"protected in that respect by"},{"speaker":"Victor Lagos","startTime":3454.11,"endTime":3457.71,"body":"sitting in an offset, because"},{"speaker":"Victor Lagos","startTime":3457.71,"endTime":3461.61,"body":"it's essentially like a"},{"speaker":"Victor Lagos","startTime":3457.71,"endTime":3461.61,"body":"transactional account. It's not"},{"speaker":"Victor Lagos","startTime":3461.73,"endTime":3465.81,"body":"necessarily paying for the loan."},{"speaker":"Victor Lagos","startTime":3461.73,"endTime":3465.81,"body":"So that's, yeah, that's another"},{"speaker":"Victor Lagos","startTime":3465.81,"endTime":3466.17,"body":"example."},{"speaker":"Andrew Bean","startTime":3467.219,"endTime":3470.729,"body":"What about like"},{"speaker":"Andrew Bean","startTime":3467.219,"endTime":3470.729,"body":"with like offsets? Obviously,"},{"speaker":"Andrew Bean","startTime":3470.759,"endTime":3473.279,"body":"there's a difference between if"},{"speaker":"Andrew Bean","startTime":3470.759,"endTime":3473.279,"body":"you have a principal and"},{"speaker":"Andrew Bean","startTime":3473.279,"endTime":3477.779,"body":"interest loan to an interest"},{"speaker":"Andrew Bean","startTime":3473.279,"endTime":3477.779,"body":"only loan, can you just explain"},{"speaker":"Andrew Bean","startTime":3477.779,"endTime":3480.659,"body":"to us like, the difference"},{"speaker":"Andrew Bean","startTime":3477.779,"endTime":3480.659,"body":"between having offset attached"},{"speaker":"Andrew Bean","startTime":3480.659,"endTime":3483.899,"body":"to an interest only loan"},{"speaker":"Andrew Bean","startTime":3480.659,"endTime":3483.899,"body":"compared to having the offset"},{"speaker":"Andrew Bean","startTime":3483.899,"endTime":3485.669,"body":"attached to a principal and"},{"speaker":"Andrew Bean","startTime":3483.899,"endTime":3485.669,"body":"interest loan?"},{"speaker":"Victor Lagos","startTime":3486.74,"endTime":3489.5,"body":"Yeah, it's a"},{"speaker":"Victor Lagos","startTime":3486.74,"endTime":3489.5,"body":"really good question, because"},{"speaker":"Victor Lagos","startTime":3489.95,"endTime":3493.34,"body":"this comes up quite a lot where"},{"speaker":"Victor Lagos","startTime":3489.95,"endTime":3493.34,"body":"I have to explain it to many"},{"speaker":"Victor Lagos","startTime":3493.34,"endTime":3496.79,"body":"people. So I'll try to explain"},{"speaker":"Victor Lagos","startTime":3493.34,"endTime":3496.79,"body":"the best way I can, because then"},{"speaker":"Victor Lagos","startTime":3496.79,"endTime":3499.4,"body":"I can just say, Hey, listen to"},{"speaker":"Victor Lagos","startTime":3496.79,"endTime":3499.4,"body":"this, and then this will explain"},{"speaker":"Victor Lagos","startTime":3499.4,"endTime":3509.84,"body":"it. Okay, so same example."},{"speaker":"Victor Lagos","startTime":3499.4,"endTime":3509.84,"body":"million dollars, right, your"},{"speaker":"Victor Lagos","startTime":3509.84,"endTime":3513.71,"body":"million dollar loan, and the"},{"speaker":"Victor Lagos","startTime":3509.84,"endTime":3513.71,"body":"loan is principal and interest,"},{"speaker":"Victor Lagos","startTime":3514.07,"endTime":3519.86,"body":"p\u0026i. If you put $500,000. In an"},{"speaker":"Victor Lagos","startTime":3514.07,"endTime":3519.86,"body":"offset account, you're paying"},{"speaker":"Victor Lagos","startTime":3519.86,"endTime":3524.45,"body":"interest on 500,000. But you"},{"speaker":"Victor Lagos","startTime":3519.86,"endTime":3524.45,"body":"still owe a million. But your"},{"speaker":"Victor Lagos","startTime":3524.45,"endTime":3527.36,"body":"repayments are still based on"},{"speaker":"Victor Lagos","startTime":3524.45,"endTime":3527.36,"body":"what you owe, because you owe a"},{"speaker":"Victor Lagos","startTime":3527.36,"endTime":3530.93,"body":"million. So you make p\u0026i"},{"speaker":"Victor Lagos","startTime":3527.36,"endTime":3530.93,"body":"payments on a million dollars,"},{"speaker":"Victor Lagos","startTime":3530.99,"endTime":3533.9,"body":"even though you don't owe a"},{"speaker":"Victor Lagos","startTime":3530.99,"endTime":3533.9,"body":"million, hypothetically, only I"},{"speaker":"Victor Lagos","startTime":3533.9,"endTime":3537.71,"body":"feel familiar. Because you're"},{"speaker":"Victor Lagos","startTime":3533.9,"endTime":3537.71,"body":"not paying it to the loans,"},{"speaker":"Victor Lagos","startTime":3537.71,"endTime":3540.65,"body":"you're not offsetting, you're"},{"speaker":"Victor Lagos","startTime":3537.71,"endTime":3540.65,"body":"only offsetting the interest,"},{"speaker":"Victor Lagos","startTime":3540.68,"endTime":3543.5,"body":"you're not actually paying back"},{"speaker":"Victor Lagos","startTime":3540.68,"endTime":3543.5,"body":"the principal. So the banks do"},{"speaker":"Victor Lagos","startTime":3543.5,"endTime":3545.99,"body":"expect you to make principal"},{"speaker":"Victor Lagos","startTime":3543.5,"endTime":3545.99,"body":"payments on a million dollars."},{"speaker":"Victor Lagos","startTime":3546.38,"endTime":3548.87,"body":"And that's where people always"},{"speaker":"Victor Lagos","startTime":3546.38,"endTime":3548.87,"body":"get a bit frustrated, because"},{"speaker":"Victor Lagos","startTime":3548.87,"endTime":3551.9,"body":"they're like, I only owe 500,"},{"speaker":"Victor Lagos","startTime":3548.87,"endTime":3551.9,"body":"I'm still making higher"},{"speaker":"Victor Lagos","startTime":3551.9,"endTime":3555.47,"body":"payments. Well, you can't have"},{"speaker":"Victor Lagos","startTime":3551.9,"endTime":3555.47,"body":"it both ways. In this instance,"},{"speaker":"Victor Lagos","startTime":3555.47,"endTime":3559.31,"body":"you can't say I want to make"},{"speaker":"Victor Lagos","startTime":3555.47,"endTime":3559.31,"body":"repayments of 500,000 while"},{"speaker":"Victor Lagos","startTime":3559.31,"endTime":3562.7,"body":"still having access to the other"},{"speaker":"Victor Lagos","startTime":3559.31,"endTime":3562.7,"body":"500. Because now you're saying"},{"speaker":"Victor Lagos","startTime":3562.7,"endTime":3565.55,"body":"that you haven't paid it back."},{"speaker":"Victor Lagos","startTime":3562.7,"endTime":3565.55,"body":"It's like, if you tell the bank,"},{"speaker":"Victor Lagos","startTime":3565.58,"endTime":3568.76,"body":"I don't want access to the 500k"},{"speaker":"Victor Lagos","startTime":3565.58,"endTime":3568.76,"body":"anymore to your money, then"},{"speaker":"Victor Lagos","startTime":3568.76,"endTime":3571.19,"body":"they'll do what's called RE"},{"speaker":"Victor Lagos","startTime":3568.76,"endTime":3571.19,"body":"amortization. So they'll"},{"speaker":"Victor Lagos","startTime":3571.19,"endTime":3573.89,"body":"actually remove the money from"},{"speaker":"Victor Lagos","startTime":3571.19,"endTime":3573.89,"body":"offset and put it into the loan"},{"speaker":"Victor Lagos","startTime":3574.46,"endTime":3579.08,"body":"and then re amortize on 500,000"},{"speaker":"Victor Lagos","startTime":3574.46,"endTime":3579.08,"body":"and recalculate repayments over"},{"speaker":"Victor Lagos","startTime":3579.08,"endTime":3581.81,"body":"the remaining term, then you'll"},{"speaker":"Victor Lagos","startTime":3579.08,"endTime":3581.81,"body":"get lower payments. But now if"},{"speaker":"Victor Lagos","startTime":3581.81,"endTime":3584.33,"body":"you ever wanted access to the"},{"speaker":"Victor Lagos","startTime":3581.81,"endTime":3584.33,"body":"500k, again, you need to apply"},{"speaker":"Victor Lagos","startTime":3584.33,"endTime":3586.67,"body":"for it again go through the loan"},{"speaker":"Victor Lagos","startTime":3584.33,"endTime":3586.67,"body":"process, right borrowing"},{"speaker":"Victor Lagos","startTime":3586.67,"endTime":3591.35,"body":"capacity, credit history, all of"},{"speaker":"Victor Lagos","startTime":3586.67,"endTime":3591.35,"body":"that. If you did interest only."},{"speaker":"Victor Lagos","startTime":3592.7,"endTime":3597.47,"body":"This is where you get the best"},{"speaker":"Victor Lagos","startTime":3592.7,"endTime":3597.47,"body":"of both worlds. In that if you"},{"speaker":"Victor Lagos","startTime":3597.5,"endTime":3600.5,"body":"if you have million dollars and"},{"speaker":"Victor Lagos","startTime":3597.5,"endTime":3600.5,"body":"the loan is injured sternly,"},{"speaker":"Victor Lagos","startTime":3600.89,"endTime":3604.04,"body":"you're paying interest only"},{"speaker":"Victor Lagos","startTime":3600.89,"endTime":3604.04,"body":"that's it each month, the bank's"},{"speaker":"Victor Lagos","startTime":3604.07,"endTime":3606.65,"body":"minimum requirement is that you"},{"speaker":"Victor Lagos","startTime":3604.07,"endTime":3606.65,"body":"pay interest. If you put"},{"speaker":"Victor Lagos","startTime":3606.68,"endTime":3610.46,"body":"$500,000 into an offset account,"},{"speaker":"Victor Lagos","startTime":3606.68,"endTime":3610.46,"body":"then your interest is dropping,"},{"speaker":"Victor Lagos","startTime":3610.76,"endTime":3613.88,"body":"right, the interest would change"},{"speaker":"Victor Lagos","startTime":3610.76,"endTime":3613.88,"body":"because now you're getting your"},{"speaker":"Victor Lagos","startTime":3614.12,"endTime":3617.15,"body":"interest is calculated on"},{"speaker":"Victor Lagos","startTime":3614.12,"endTime":3617.15,"body":"500,000. So therefore, your"},{"speaker":"Victor Lagos","startTime":3617.15,"endTime":3621.41,"body":"minimum payment is interest on"},{"speaker":"Victor Lagos","startTime":3617.15,"endTime":3621.41,"body":"500,000. So you're not paying"},{"speaker":"Victor Lagos","startTime":3621.41,"endTime":3624.74,"body":"interest on the money, that's"},{"speaker":"Victor Lagos","startTime":3621.41,"endTime":3624.74,"body":"offset anymore. So the 500k"},{"speaker":"Victor Lagos","startTime":3624.8,"endTime":3627.26,"body":"interest rate essentially, and"},{"speaker":"Victor Lagos","startTime":3624.8,"endTime":3627.26,"body":"the other 500k, you're paying"},{"speaker":"Victor Lagos","startTime":3627.26,"endTime":3630.83,"body":"interest. So then, you're"},{"speaker":"Victor Lagos","startTime":3627.26,"endTime":3630.83,"body":"getting the best of both worlds,"},{"speaker":"Victor Lagos","startTime":3630.83,"endTime":3633.8,"body":"because now you still have"},{"speaker":"Victor Lagos","startTime":3630.83,"endTime":3633.8,"body":"access to 500k, and your minimum"},{"speaker":"Victor Lagos","startTime":3633.8,"endTime":3636.89,"body":"repayment has dropped. Based on"},{"speaker":"Victor Lagos","startTime":3633.8,"endTime":3636.89,"body":"the remaining balance, even"},{"speaker":"Victor Lagos","startTime":3636.89,"endTime":3639.08,"body":"though you still owe a million"},{"speaker":"Victor Lagos","startTime":3636.89,"endTime":3639.08,"body":"technically, because the"},{"speaker":"Victor Lagos","startTime":3639.08,"endTime":3642.62,"body":"interest is being offset, the"},{"speaker":"Victor Lagos","startTime":3639.08,"endTime":3642.62,"body":"actual interest charges dropped,"},{"speaker":"Victor Lagos","startTime":3642.77,"endTime":3646.01,"body":"so your repayment has dropped."},{"speaker":"Victor Lagos","startTime":3642.77,"endTime":3646.01,"body":"And also, the other"},{"speaker":"Victor Lagos","startTime":3646.01,"endTime":3648.41,"body":"misconception is that if you're"},{"speaker":"Victor Lagos","startTime":3646.01,"endTime":3648.41,"body":"paying interest only you can't"},{"speaker":"Victor Lagos","startTime":3648.41,"endTime":3651.83,"body":"pay principal. Well, that's not"},{"speaker":"Victor Lagos","startTime":3648.41,"endTime":3651.83,"body":"true. You can pay principal, but"},{"speaker":"Victor Lagos","startTime":3651.83,"endTime":3654.14,"body":"you've got the choice to pay"},{"speaker":"Victor Lagos","startTime":3651.83,"endTime":3654.14,"body":"principal, when you want to pay"},{"speaker":"Victor Lagos","startTime":3654.14,"endTime":3657.02,"body":"it not when the bank wants you"},{"speaker":"Victor Lagos","startTime":3654.14,"endTime":3657.02,"body":"to pay. So you can still make"},{"speaker":"Victor Lagos","startTime":3657.02,"endTime":3659.78,"body":"extra payments, pay it straight"},{"speaker":"Victor Lagos","startTime":3657.02,"endTime":3659.78,"body":"on the loan, not to the offset."},{"speaker":"Victor Lagos","startTime":3660.26,"endTime":3663.02,"body":"At any given time, you can do it"},{"speaker":"Victor Lagos","startTime":3660.26,"endTime":3663.02,"body":"in lump sum, weekly, monthly,"},{"speaker":"Victor Lagos","startTime":3663.02,"endTime":3668.09,"body":"whatever it is. The only caveat,"},{"speaker":"Victor Lagos","startTime":3663.02,"endTime":3668.09,"body":"I guess is that you have to then"},{"speaker":"Victor Lagos","startTime":3668.51,"endTime":3671.33,"body":"pay a higher interest rate,"},{"speaker":"Victor Lagos","startTime":3668.51,"endTime":3671.33,"body":"typically for interest only"},{"speaker":"Victor Lagos","startTime":3671.33,"endTime":3676.37,"body":"loans. But I think that the"},{"speaker":"Victor Lagos","startTime":3671.33,"endTime":3676.37,"body":"benefit can outweigh the cost,"},{"speaker":"Victor Lagos","startTime":3676.7,"endTime":3683.0,"body":"the other detriment of interest"},{"speaker":"Victor Lagos","startTime":3676.7,"endTime":3683.0,"body":"only and I wouldn't win. It's"},{"speaker":"Victor Lagos","startTime":3683.0,"endTime":3685.58,"body":"not really about your question,"},{"speaker":"Victor Lagos","startTime":3683.0,"endTime":3685.58,"body":"but I thought I mentioned it is"},{"speaker":"Victor Lagos","startTime":3685.58,"endTime":3690.44,"body":"that it impacts your borrowing"},{"speaker":"Victor Lagos","startTime":3685.58,"endTime":3690.44,"body":"capacity, sometimes. So if you"},{"speaker":"Victor Lagos","startTime":3690.44,"endTime":3694.73,"body":"get an interest only low, then"},{"speaker":"Victor Lagos","startTime":3690.44,"endTime":3694.73,"body":"your borrowing capacity is at a"},{"speaker":"Victor Lagos","startTime":3694.73,"endTime":3697.4,"body":"detriment, the longer the"},{"speaker":"Victor Lagos","startTime":3694.73,"endTime":3697.4,"body":"interest only to so if you take"},{"speaker":"Victor Lagos","startTime":3697.4,"endTime":3700.76,"body":"it out for five years, then"},{"speaker":"Victor Lagos","startTime":3697.4,"endTime":3700.76,"body":"that's affecting your borrowing"},{"speaker":"Victor Lagos","startTime":3700.76,"endTime":3706.22,"body":"capacity for regular residential"},{"speaker":"Victor Lagos","startTime":3700.76,"endTime":3706.22,"body":"consumer lending. Any consumer"},{"speaker":"Victor Lagos","startTime":3706.22,"endTime":3708.38,"body":"lending at this point?"},{"speaker":"Victor Lagos","startTime":3706.22,"endTime":3708.38,"body":"Typically, if it's a bank,"},{"speaker":"Victor Lagos","startTime":3708.53,"endTime":3710.84,"body":"because they're gonna look at"},{"speaker":"Victor Lagos","startTime":3708.53,"endTime":3710.84,"body":"your principal and interest"},{"speaker":"Victor Lagos","startTime":3710.87,"endTime":3714.2,"body":"remaining term when they"},{"speaker":"Victor Lagos","startTime":3710.87,"endTime":3714.2,"body":"calculate repayments. So if you"},{"speaker":"Victor Lagos","startTime":3714.2,"endTime":3717.89,"body":"did a 30 year loan term, you did"},{"speaker":"Victor Lagos","startTime":3714.2,"endTime":3717.89,"body":"a five year interest only you've"},{"speaker":"Victor Lagos","startTime":3717.89,"endTime":3721.97,"body":"got 25 years left, so they're"},{"speaker":"Victor Lagos","startTime":3717.89,"endTime":3721.97,"body":"calculating your stress testing"},{"speaker":"Victor Lagos","startTime":3721.97,"endTime":3726.56,"body":"your repayments at 25 years p\u0026i"},{"speaker":"Victor Lagos","startTime":3721.97,"endTime":3726.56,"body":"principal and interest versus if"},{"speaker":"Victor Lagos","startTime":3726.56,"endTime":3729.98,"body":"you say that p\u0026i From the"},{"speaker":"Victor Lagos","startTime":3726.56,"endTime":3729.98,"body":"beginning, 30 years, you've"},{"speaker":"Victor Lagos","startTime":3729.98,"endTime":3733.01,"body":"stretched out over 30, your"},{"speaker":"Victor Lagos","startTime":3729.98,"endTime":3733.01,"body":"minimum repayment is lower their"},{"speaker":"Victor Lagos","startTime":3733.01,"endTime":3737.0,"body":"stress testing 30. So now you're"},{"speaker":"Victor Lagos","startTime":3733.01,"endTime":3737.0,"body":"able to borrow more. That's"},{"speaker":"Victor Lagos","startTime":3737.03,"endTime":3740.33,"body":"that's the only downfall I"},{"speaker":"Victor Lagos","startTime":3737.03,"endTime":3740.33,"body":"guess. So what I try to do my"},{"speaker":"Victor Lagos","startTime":3740.33,"endTime":3744.14,"body":"customers is typically go for a"},{"speaker":"Victor Lagos","startTime":3740.33,"endTime":3744.14,"body":"two or three interest only Max,"},{"speaker":"Victor Lagos","startTime":3744.35,"endTime":3746.39,"body":"because let's face it, you're"},{"speaker":"Victor Lagos","startTime":3744.35,"endTime":3746.39,"body":"not really going to stick to"},{"speaker":"Victor Lagos","startTime":3746.39,"endTime":3749.06,"body":"that bank for five years, you're"},{"speaker":"Victor Lagos","startTime":3746.39,"endTime":3749.06,"body":"probably going to refinance in"},{"speaker":"Victor Lagos","startTime":3749.06,"endTime":3753.05,"body":"that time anyway. So that gives"},{"speaker":"Victor Lagos","startTime":3749.06,"endTime":3753.05,"body":"you the opportunity to then"},{"speaker":"Victor Lagos","startTime":3753.08,"endTime":3756.86,"body":"refinance, restructure and go"},{"speaker":"Victor Lagos","startTime":3753.08,"endTime":3756.86,"body":"back to interest only again, for"},{"speaker":"Victor Lagos","startTime":3756.86,"endTime":3759.32,"body":"another two years and other"},{"speaker":"Victor Lagos","startTime":3756.86,"endTime":3759.32,"body":"three years. Yeah, exactly."},{"speaker":"Andrew Bean","startTime":3759.32,"endTime":3762.89,"body":"And that's exactly"},{"speaker":"Andrew Bean","startTime":3759.32,"endTime":3762.89,"body":"the same thing I tell. Our"},{"speaker":"Andrew Bean","startTime":3762.89,"endTime":3766.61,"body":"clients are police the property"},{"speaker":"Andrew Bean","startTime":3762.89,"endTime":3766.61,"body":"is that like, like, why would I"},{"speaker":"Andrew Bean","startTime":3766.61,"endTime":3769.34,"body":"go interest only? Why wouldn't I"},{"speaker":"Andrew Bean","startTime":3766.61,"endTime":3769.34,"body":"just go p\u0026i And I can start"},{"speaker":"Andrew Bean","startTime":3769.34,"endTime":3772.04,"body":"paying the commercial property"},{"speaker":"Andrew Bean","startTime":3769.34,"endTime":3772.04,"body":"off. And like, Well, you got"},{"speaker":"Andrew Bean","startTime":3772.04,"endTime":3774.59,"body":"interest only because it gives"},{"speaker":"Andrew Bean","startTime":3772.04,"endTime":3774.59,"body":"you the option if you want to"},{"speaker":"Andrew Bean","startTime":3774.59,"endTime":3777.44,"body":"pay principal off, so you might"},{"speaker":"Andrew Bean","startTime":3774.59,"endTime":3777.44,"body":"set it up. So you pay, you're"},{"speaker":"Andrew Bean","startTime":3777.44,"endTime":3780.77,"body":"only paying interest. And then"},{"speaker":"Andrew Bean","startTime":3777.44,"endTime":3780.77,"body":"you can pay the principal enter"},{"speaker":"Andrew Bean","startTime":3780.77,"endTime":3783.38,"body":"the loan, but then one month,"},{"speaker":"Andrew Bean","startTime":3780.77,"endTime":3783.38,"body":"you might have some huge"},{"speaker":"Andrew Bean","startTime":3783.38,"endTime":3786.38,"body":"expense, you might add operation"},{"speaker":"Andrew Bean","startTime":3783.38,"endTime":3786.38,"body":"or something, and you're not"},{"speaker":"Andrew Bean","startTime":3786.38,"endTime":3790.85,"body":"required to pay the principal."},{"speaker":"Andrew Bean","startTime":3786.38,"endTime":3790.85,"body":"So you have that flexibility"},{"speaker":"Andrew Bean","startTime":3790.85,"endTime":3795.26,"body":"going forward to have lowest"},{"speaker":"Andrew Bean","startTime":3790.85,"endTime":3795.26,"body":"repayments possible now, and if"},{"speaker":"Andrew Bean","startTime":3795.26,"endTime":3798.86,"body":"you want to you can set it up"},{"speaker":"Andrew Bean","startTime":3795.26,"endTime":3798.86,"body":"with a 10 year pay down plan. So"},{"speaker":"Andrew Bean","startTime":3798.86,"endTime":3801.83,"body":"you are paying the principal"},{"speaker":"Andrew Bean","startTime":3798.86,"endTime":3801.83,"body":"off, it's just not required from"},{"speaker":"Andrew Bean","startTime":3801.83,"endTime":3802.4,"body":"the bank."},{"speaker":"Victor Lagos","startTime":3804.71,"endTime":3807.26,"body":"Exactly, I would I"},{"speaker":"Victor Lagos","startTime":3804.71,"endTime":3807.26,"body":"would put it exactly the same"},{"speaker":"Victor Lagos","startTime":3807.26,"endTime":3810.86,"body":"way as you, you want to have"},{"speaker":"Victor Lagos","startTime":3807.26,"endTime":3810.86,"body":"less financial pressure, right?"},{"speaker":"Victor Lagos","startTime":3811.28,"endTime":3814.58,"body":"It's not just that you might"},{"speaker":"Victor Lagos","startTime":3811.28,"endTime":3814.58,"body":"have a change in circumstances,"},{"speaker":"Victor Lagos","startTime":3814.61,"endTime":3817.16,"body":"right? You're, you know, one of"},{"speaker":"Victor Lagos","startTime":3814.61,"endTime":3817.16,"body":"your stops working you and your"},{"speaker":"Victor Lagos","startTime":3817.16,"endTime":3820.7,"body":"partner, the other one, you have"},{"speaker":"Victor Lagos","startTime":3817.16,"endTime":3820.7,"body":"a baby one goes part time. So"},{"speaker":"Victor Lagos","startTime":3820.7,"endTime":3823.79,"body":"now all of a sudden, you're what"},{"speaker":"Victor Lagos","startTime":3820.7,"endTime":3823.79,"body":"your loan got to prove that to"},{"speaker":"Victor Lagos","startTime":3823.79,"endTime":3827.45,"body":"pay principal and interest."},{"speaker":"Victor Lagos","startTime":3823.79,"endTime":3827.45,"body":"Well, you're not in a position,"},{"speaker":"Victor Lagos","startTime":3827.45,"endTime":3829.22,"body":"you don't wanna have to call the"},{"speaker":"Victor Lagos","startTime":3827.45,"endTime":3829.22,"body":"bank and say shit, I can't"},{"speaker":"Victor Lagos","startTime":3829.22,"endTime":3832.7,"body":"afford it. I'm on financial"},{"speaker":"Victor Lagos","startTime":3829.22,"endTime":3832.7,"body":"hardship. So paying interest"},{"speaker":"Victor Lagos","startTime":3832.7,"endTime":3835.85,"body":"makes it makes it manageable,"},{"speaker":"Victor Lagos","startTime":3832.7,"endTime":3835.85,"body":"and then go back to principle"},{"speaker":"Victor Lagos","startTime":3835.85,"endTime":3838.55,"body":"later. And the other"},{"speaker":"Victor Lagos","startTime":3835.85,"endTime":3838.55,"body":"misconception is that you can"},{"speaker":"Victor Lagos","startTime":3838.55,"endTime":3841.97,"body":"switch to interest only whenever"},{"speaker":"Victor Lagos","startTime":3838.55,"endTime":3841.97,"body":"you want. No, you can't. So a"},{"speaker":"Victor Lagos","startTime":3841.97,"endTime":3845.51,"body":"lot of times people will apply"},{"speaker":"Victor Lagos","startTime":3841.97,"endTime":3845.51,"body":"to apply for PMI and I just got"},{"speaker":"Victor Lagos","startTime":3845.51,"endTime":3848.84,"body":"interest only call the bank can"},{"speaker":"Victor Lagos","startTime":3845.51,"endTime":3848.84,"body":"I get? Yeah, you can we need to"},{"speaker":"Victor Lagos","startTime":3848.84,"endTime":3852.8,"body":"apply for  you to apply for a"},{"speaker":"Victor Lagos","startTime":3848.84,"endTime":3852.8,"body":"new application. And in the back"},{"speaker":"Victor Lagos","startTime":3852.8,"endTime":3855.8,"body":"of the head, I can't because I'm"},{"speaker":"Victor Lagos","startTime":3852.8,"endTime":3855.8,"body":"unemployed. But they won't say"},{"speaker":"Victor Lagos","startTime":3855.8,"endTime":3859.07,"body":"that. So that's why but you"},{"speaker":"Victor Lagos","startTime":3855.8,"endTime":3859.07,"body":"could do it the other way. So if"},{"speaker":"Victor Lagos","startTime":3859.07,"endTime":3862.64,"body":"you started interest only. And"},{"speaker":"Victor Lagos","startTime":3859.07,"endTime":3862.64,"body":"then at one point, you know, you"},{"speaker":"Victor Lagos","startTime":3862.64,"endTime":3866.45,"body":"sell some assets, you get some"},{"speaker":"Victor Lagos","startTime":3862.64,"endTime":3866.45,"body":"you know, you get pay increases."},{"speaker":"Victor Lagos","startTime":3866.45,"endTime":3868.76,"body":"You're like I don't want to pay"},{"speaker":"Victor Lagos","startTime":3866.45,"endTime":3868.76,"body":"interest on anymore. I want to"},{"speaker":"Victor Lagos","startTime":3868.76,"endTime":3871.49,"body":"actually pay off the principal."},{"speaker":"Victor Lagos","startTime":3868.76,"endTime":3871.49,"body":"It feels really that important"},{"speaker":"Victor Lagos","startTime":3871.49,"endTime":3875.15,"body":"too. And you wanted to see the"},{"speaker":"Victor Lagos","startTime":3871.49,"endTime":3875.15,"body":"minimum payment changed. You"},{"speaker":"Victor Lagos","startTime":3875.15,"endTime":3877.94,"body":"could call the bank and say"},{"speaker":"Victor Lagos","startTime":3875.15,"endTime":3877.94,"body":"please switch me to PMI and they"},{"speaker":"Victor Lagos","startTime":3877.94,"endTime":3880.58,"body":"will do that and they'll give"},{"speaker":"Victor Lagos","startTime":3877.94,"endTime":3880.58,"body":"you a lower rate. No financial"},{"speaker":"Victor Lagos","startTime":3880.58,"endTime":3883.04,"body":"assessment required. No"},{"speaker":"Victor Lagos","startTime":3880.58,"endTime":3883.04,"body":"application required no"},{"speaker":"Victor Lagos","startTime":3883.04,"endTime":3886.28,"body":"documents, just do it over the"},{"speaker":"Victor Lagos","startTime":3883.04,"endTime":3886.28,"body":"phone. But the other way if you"},{"speaker":"Victor Lagos","startTime":3886.28,"endTime":3889.22,"body":"want to go from principal and"},{"speaker":"Victor Lagos","startTime":3886.28,"endTime":3889.22,"body":"interest interest only now they"},{"speaker":"Victor Lagos","startTime":3889.22,"endTime":3892.82,"body":"have to reassess everything. So"},{"speaker":"Victor Lagos","startTime":3889.22,"endTime":3892.82,"body":"that's what better to start"},{"speaker":"Victor Lagos","startTime":3892.82,"endTime":3895.34,"body":"interest only switch it the"},{"speaker":"Victor Lagos","startTime":3892.82,"endTime":3895.34,"body":"other way then otherwise you"},{"speaker":"Victor Lagos","startTime":3895.34,"endTime":3898.16,"body":"might end up in a position where"},{"speaker":"Victor Lagos","startTime":3895.34,"endTime":3898.16,"body":"you can't go to interest only"},{"speaker":"Victor Lagos","startTime":3898.22,"endTime":3898.4,"body":"because"},{"speaker":"Andrew Bean","startTime":3898.94,"endTime":3900.53,"body":"you're paying"},{"speaker":"Andrew Bean","startTime":3898.94,"endTime":3900.53,"body":"interest only and you're like,"},{"speaker":"Andrew Bean","startTime":3900.53,"endTime":3903.74,"body":"hey, I want to change, you know,"},{"speaker":"Andrew Bean","startTime":3900.53,"endTime":3903.74,"body":"to p\u0026i and that banks like,"},{"speaker":"Andrew Bean","startTime":3903.74,"endTime":3906.17,"body":"okay, pay me more sweet. You"},{"speaker":"Andrew Bean","startTime":3903.74,"endTime":3906.17,"body":"know, of course they're gonna"},{"speaker":"Andrew Bean","startTime":3906.17,"endTime":3909.26,"body":"like say yeah do it do it. I"},{"speaker":"Andrew Bean","startTime":3906.17,"endTime":3909.26,"body":"mean, come on me more but the"},{"speaker":"Andrew Bean","startTime":3909.26,"endTime":3911.48,"body":"other way around, it's like,"},{"speaker":"Andrew Bean","startTime":3909.26,"endTime":3911.48,"body":"hey, you know like you're paying"},{"speaker":"Andrew Bean","startTime":3911.48,"endTime":3914.72,"body":"this and now you want to pay a"},{"speaker":"Andrew Bean","startTime":3911.48,"endTime":3914.72,"body":"lot lower price and they want to"},{"speaker":"Andrew Bean","startTime":3914.72,"endTime":3918.62,"body":"pay less. Why are we doing that?"},{"speaker":"Andrew Bean","startTime":3914.72,"endTime":3918.62,"body":"Let's check. Yeah,let's just"},{"speaker":"Andrew Bean","startTime":3918.62,"endTime":3919.43,"body":"check the situation."},{"speaker":"Victor Lagos","startTime":3920.21,"endTime":3924.62,"body":"Yeah. Yeah,"},{"speaker":"Victor Lagos","startTime":3920.21,"endTime":3924.62,"body":"exactly correct. That's a good"},{"speaker":"Victor Lagos","startTime":3924.62,"endTime":3927.47,"body":"way of looking at it. Yeah. It's"},{"speaker":"Victor Lagos","startTime":3924.62,"endTime":3927.47,"body":"like what do you owe your say"},{"speaker":"Victor Lagos","startTime":3927.47,"endTime":3929.9,"body":"you owe your brothers for money"},{"speaker":"Victor Lagos","startTime":3927.47,"endTime":3929.9,"body":"and you'd be paying 1000 bucks a"},{"speaker":"Victor Lagos","startTime":3929.9,"endTime":3938.78,"body":"month. Why? That reason just to"},{"speaker":"Victor Lagos","startTime":3929.9,"endTime":3938.78,"body":"manage cash flow Give me back my"},{"speaker":"Victor Lagos","startTime":3938.78,"endTime":3939.11,"body":"money."},{"speaker":"Andrew Bean","startTime":3940.62,"endTime":3945.57,"body":"So we will touch"},{"speaker":"Andrew Bean","startTime":3940.62,"endTime":3945.57,"body":"base on paying with an offset"},{"speaker":"Andrew Bean","startTime":3945.57,"endTime":3949.65,"body":"account with paying the p\u0026i so"},{"speaker":"Andrew Bean","startTime":3945.57,"endTime":3949.65,"body":"that the actual like, I just"},{"speaker":"Andrew Bean","startTime":3949.65,"endTime":3952.02,"body":"want to make sure like this is"},{"speaker":"Andrew Bean","startTime":3949.65,"endTime":3952.02,"body":"how I think about it in my head."},{"speaker":"Andrew Bean","startTime":3952.02,"endTime":3955.65,"body":"So the actual repayments don't"},{"speaker":"Andrew Bean","startTime":3952.02,"endTime":3955.65,"body":"actually change. If you have"},{"speaker":"Andrew Bean","startTime":3955.65,"endTime":3959.88,"body":"money in an offset for a p\u0026i,"},{"speaker":"Andrew Bean","startTime":3955.65,"endTime":3959.88,"body":"it's just it just changes what"},{"speaker":"Andrew Bean","startTime":3959.88,"endTime":3962.97,"body":"portion you are actually paying"},{"speaker":"Andrew Bean","startTime":3959.88,"endTime":3962.97,"body":"down, you know what I mean? So"},{"speaker":"Andrew Bean","startTime":3962.97,"endTime":3966.21,"body":"if you have money in the offset,"},{"speaker":"Andrew Bean","startTime":3962.97,"endTime":3966.21,"body":"then you're paying down more of"},{"speaker":"Andrew Bean","startTime":3966.21,"endTime":3969.36,"body":"the principal, but your actual"},{"speaker":"Andrew Bean","startTime":3966.21,"endTime":3969.36,"body":"interest repayment does not"},{"speaker":"Andrew Bean","startTime":3969.36,"endTime":3972.9,"body":"change. And if you have no money"},{"speaker":"Andrew Bean","startTime":3969.36,"endTime":3972.9,"body":"in that offset, then you're"},{"speaker":"Andrew Bean","startTime":3972.9,"endTime":3977.1,"body":"paying more interest. So that's,"},{"speaker":"Andrew Bean","startTime":3972.9,"endTime":3977.1,"body":"in my mind, that's how it works."},{"speaker":"Andrew Bean","startTime":3977.1,"endTime":3978.51,"body":"That's how I understand it."},{"speaker":"Victor Lagos","startTime":3980.219,"endTime":3983.369,"body":"No, no. That's"},{"speaker":"Victor Lagos","startTime":3980.219,"endTime":3983.369,"body":"exactly how I explained it. It's"},{"speaker":"Victor Lagos","startTime":3983.369,"endTime":3986.039,"body":"like, if you imagine you're"},{"speaker":"Victor Lagos","startTime":3983.369,"endTime":3986.039,"body":"making the same minimum"},{"speaker":"Victor Lagos","startTime":3986.039,"endTime":3989.369,"body":"repayment, where the when you"},{"speaker":"Victor Lagos","startTime":3986.039,"endTime":3989.369,"body":"have money in offset, well, then"},{"speaker":"Victor Lagos","startTime":3989.369,"endTime":3992.759,"body":"because the interest is reducing"},{"speaker":"Victor Lagos","startTime":3989.369,"endTime":3992.759,"body":"each day, each month, because"},{"speaker":"Victor Lagos","startTime":3992.759,"endTime":3995.819,"body":"you remember, interest accrues"},{"speaker":"Victor Lagos","startTime":3992.759,"endTime":3995.819,"body":"daily and charges monthly. So"},{"speaker":"Victor Lagos","startTime":3995.819,"endTime":3999.089,"body":"the more often you put money"},{"speaker":"Victor Lagos","startTime":3995.819,"endTime":3999.089,"body":"into the offset, and the more"},{"speaker":"Victor Lagos","startTime":3999.089,"endTime":4002.299,"body":"amount you put in the offset"},{"speaker":"Victor Lagos","startTime":3999.089,"endTime":4002.299,"body":"will reduce the interest on your"},{"speaker":"Victor Lagos","startTime":4002.329,"endTime":4005.689,"body":"monthly due date every single"},{"speaker":"Victor Lagos","startTime":4002.329,"endTime":4005.689,"body":"month. And then when you see"},{"speaker":"Victor Lagos","startTime":4005.689,"endTime":4009.169,"body":"that interest drop, but your"},{"speaker":"Victor Lagos","startTime":4005.689,"endTime":4009.169,"body":"payment is still the same, then"},{"speaker":"Victor Lagos","startTime":4009.169,"endTime":4011.989,"body":"more of your payment will go"},{"speaker":"Victor Lagos","startTime":4009.169,"endTime":4011.989,"body":"towards the principal, rather"},{"speaker":"Victor Lagos","startTime":4011.989,"endTime":4014.869,"body":"than the interest. So then"},{"speaker":"Victor Lagos","startTime":4011.989,"endTime":4014.869,"body":"you're essentially paying off"},{"speaker":"Victor Lagos","startTime":4014.869,"endTime":4018.139,"body":"the loan faster. So instead of"},{"speaker":"Victor Lagos","startTime":4014.869,"endTime":4018.139,"body":"30 years, by having money in"},{"speaker":"Victor Lagos","startTime":4018.139,"endTime":4020.959,"body":"offset, you might pay it off"},{"speaker":"Victor Lagos","startTime":4018.139,"endTime":4020.959,"body":"into 25 years or 20 years,"},{"speaker":"Victor Lagos","startTime":4020.959,"endTime":4023.599,"body":"depending how much you keep"},{"speaker":"Victor Lagos","startTime":4020.959,"endTime":4023.599,"body":"adding in there. That's how it"},{"speaker":"Victor Lagos","startTime":4023.599,"endTime":4026.509,"body":"works. But yeah, you explain"},{"speaker":"Victor Lagos","startTime":4023.599,"endTime":4026.509,"body":"exactly"},{"speaker":"Andrew Bean","startTime":4026.929,"endTime":4028.939,"body":"splitting the"},{"speaker":"Andrew Bean","startTime":4026.929,"endTime":4028.939,"body":"mortgage might I've done this"},{"speaker":"Andrew Bean","startTime":4028.939,"endTime":4032.119,"body":"before in the past where I've"},{"speaker":"Andrew Bean","startTime":4028.939,"endTime":4032.119,"body":"had a portion that's fixed a"},{"speaker":"Andrew Bean","startTime":4032.119,"endTime":4035.539,"body":"fixed rate. And I've also had a"},{"speaker":"Andrew Bean","startTime":4032.119,"endTime":4035.539,"body":"smaller portion. That's"},{"speaker":"Andrew Bean","startTime":4035.539,"endTime":4038.869,"body":"variable. And that's basically"},{"speaker":"Andrew Bean","startTime":4035.539,"endTime":4038.869,"body":"like to limit my risk against"},{"speaker":"Andrew Bean","startTime":4038.869,"endTime":4043.159,"body":"inflation interest changes in"},{"speaker":"Andrew Bean","startTime":4038.869,"endTime":4043.159,"body":"the market. Can you just explain"},{"speaker":"Andrew Bean","startTime":4043.159,"endTime":4046.819,"body":"like, how splitting the mortgage"},{"speaker":"Andrew Bean","startTime":4043.159,"endTime":4046.819,"body":"can be a good strategy when you"},{"speaker":"Andrew Bean","startTime":4046.819,"endTime":4047.929,"body":"first buy a property?"},{"speaker":"Victor Lagos","startTime":4049.28,"endTime":4052.16,"body":"Yeah, so look,"},{"speaker":"Victor Lagos","startTime":4049.28,"endTime":4052.16,"body":"it's very common that people"},{"speaker":"Victor Lagos","startTime":4052.16,"endTime":4056.06,"body":"split their lunch, I usually"},{"speaker":"Victor Lagos","startTime":4052.16,"endTime":4056.06,"body":"tell talk to my clients about"},{"speaker":"Victor Lagos","startTime":4056.06,"endTime":4059.54,"body":"splitting it to get the best of"},{"speaker":"Victor Lagos","startTime":4056.06,"endTime":4059.54,"body":"both worlds part fixed with"},{"speaker":"Victor Lagos","startTime":4059.57,"endTime":4063.68,"body":"limited risk part variable with"},{"speaker":"Victor Lagos","startTime":4059.57,"endTime":4063.68,"body":"more flexibility, but more risk"},{"speaker":"Victor Lagos","startTime":4063.68,"endTime":4069.77,"body":"in terms of rate increases. But"},{"speaker":"Victor Lagos","startTime":4063.68,"endTime":4069.77,"body":"at the moment, it's a time in"},{"speaker":"Victor Lagos","startTime":4069.77,"endTime":4072.44,"body":"the market where the fixed rates"},{"speaker":"Victor Lagos","startTime":4069.77,"endTime":4072.44,"body":"actually higher than your fixed,"},{"speaker":"Victor Lagos","startTime":4072.59,"endTime":4076.01,"body":"sorry, your fixed rates higher"},{"speaker":"Victor Lagos","startTime":4072.59,"endTime":4076.01,"body":"than your variable. So by doing"},{"speaker":"Victor Lagos","startTime":4076.01,"endTime":4080.36,"body":"that, you're kind of gambling to"},{"speaker":"Victor Lagos","startTime":4076.01,"endTime":4080.36,"body":"an extent, you're sort of trying"},{"speaker":"Victor Lagos","startTime":4080.36,"endTime":4085.16,"body":"to time the market and say, hey,"},{"speaker":"Victor Lagos","startTime":4080.36,"endTime":4085.16,"body":"I want certainty. And for that"},{"speaker":"Victor Lagos","startTime":4085.16,"endTime":4089.39,"body":"certainty, I'm willing to pay a"},{"speaker":"Victor Lagos","startTime":4085.16,"endTime":4089.39,"body":"premium. Because just in case"},{"speaker":"Victor Lagos","startTime":4089.39,"endTime":4094.31,"body":"rates go higher, I want to know"},{"speaker":"Victor Lagos","startTime":4089.39,"endTime":4094.31,"body":"that I've locked in my rate,"},{"speaker":"Victor Lagos","startTime":4094.37,"endTime":4097.43,"body":"even though because the variable"},{"speaker":"Victor Lagos","startTime":4094.37,"endTime":4097.43,"body":"rate will then go higher than"},{"speaker":"Victor Lagos","startTime":4097.43,"endTime":4100.55,"body":"the fixed. So then at that"},{"speaker":"Victor Lagos","startTime":4097.43,"endTime":4100.55,"body":"point, in the future, if that"},{"speaker":"Victor Lagos","startTime":4100.55,"endTime":4104.24,"body":"happens, then I'm going to be"},{"speaker":"Victor Lagos","startTime":4100.55,"endTime":4104.24,"body":"winning, essentially, at the"},{"speaker":"Victor Lagos","startTime":4104.24,"endTime":4107.75,"body":"moment I'm losing, I'm taking"},{"speaker":"Victor Lagos","startTime":4104.24,"endTime":4107.75,"body":"short term loss with the chance"},{"speaker":"Victor Lagos","startTime":4107.75,"endTime":4110.63,"body":"that I'm going to get again, if"},{"speaker":"Victor Lagos","startTime":4107.75,"endTime":4110.63,"body":"the fixed if the variable rates"},{"speaker":"Victor Lagos","startTime":4111.74,"endTime":4116.51,"body":"surpass the fixed rates. So"},{"speaker":"Victor Lagos","startTime":4111.74,"endTime":4116.51,"body":"that's, that's the time in the"},{"speaker":"Victor Lagos","startTime":4116.51,"endTime":4120.14,"body":"market that we're in with, if"},{"speaker":"Victor Lagos","startTime":4116.51,"endTime":4120.14,"body":"someone wants to do that,"},{"speaker":"Victor Lagos","startTime":4120.32,"endTime":4123.44,"body":"there's no guarantee that the"},{"speaker":"Victor Lagos","startTime":4120.32,"endTime":4123.44,"body":"variable rates will keep going"},{"speaker":"Victor Lagos","startTime":4123.44,"endTime":4126.92,"body":"higher than the fixed. And where"},{"speaker":"Victor Lagos","startTime":4123.44,"endTime":4126.92,"body":"that can work against you is if"},{"speaker":"Victor Lagos","startTime":4126.92,"endTime":4130.4,"body":"the fixed rate if the variable"},{"speaker":"Victor Lagos","startTime":4126.92,"endTime":4130.4,"body":"rates drop, because say next"},{"speaker":"Victor Lagos","startTime":4130.4,"endTime":4134.15,"body":"year, they start dropping rates,"},{"speaker":"Victor Lagos","startTime":4130.4,"endTime":4134.15,"body":"and you fix the majority of your"},{"speaker":"Victor Lagos","startTime":4134.15,"endTime":4139.94,"body":"loan. Well, you're in a bit of"},{"speaker":"Victor Lagos","startTime":4134.15,"endTime":4139.94,"body":"a, in a pickle, as so to say."},{"speaker":"Victor Lagos","startTime":4139.97,"endTime":4143.18,"body":"Because if you want to get out"},{"speaker":"Victor Lagos","startTime":4139.97,"endTime":4143.18,"body":"of the loan, because say you're"},{"speaker":"Victor Lagos","startTime":4143.21,"endTime":4146.24,"body":"you fix it at say, six and a"},{"speaker":"Victor Lagos","startTime":4143.21,"endTime":4146.24,"body":"half percent, and the variable"},{"speaker":"Victor Lagos","startTime":4146.24,"endTime":4150.14,"body":"rate drops to say five, you're"},{"speaker":"Victor Lagos","startTime":4146.24,"endTime":4150.14,"body":"like, dammit, I want to get 5%"},{"speaker":"Victor Lagos","startTime":4150.14,"endTime":4153.23,"body":"rate when I'm stuck on six and a"},{"speaker":"Victor Lagos","startTime":4150.14,"endTime":4153.23,"body":"half and next two years. So you"},{"speaker":"Victor Lagos","startTime":4153.23,"endTime":4155.6,"body":"say to the bank, I want to get"},{"speaker":"Victor Lagos","startTime":4153.23,"endTime":4155.6,"body":"out of the loan, I want to"},{"speaker":"Victor Lagos","startTime":4155.6,"endTime":4158.15,"body":"switch it to variable, and they"},{"speaker":"Victor Lagos","startTime":4155.6,"endTime":4158.15,"body":"say you can't do that. But now"},{"speaker":"Victor Lagos","startTime":4158.15,"endTime":4161.12,"body":"you have to pay break costs. And"},{"speaker":"Victor Lagos","startTime":4158.15,"endTime":4161.12,"body":"those break costs can be"},{"speaker":"Victor Lagos","startTime":4161.15,"endTime":4165.05,"body":"significant. It can be 10s of"},{"speaker":"Victor Lagos","startTime":4161.15,"endTime":4165.05,"body":"1000s of dollars sometimes. So"},{"speaker":"Victor Lagos","startTime":4165.05,"endTime":4167.63,"body":"then you just say, Well, I'm not"},{"speaker":"Victor Lagos","startTime":4165.05,"endTime":4167.63,"body":"going to pay $10,000 in"},{"speaker":"Victor Lagos","startTime":4167.63,"endTime":4169.73,"body":"breakfast, I'm just going to"},{"speaker":"Victor Lagos","startTime":4167.63,"endTime":4169.73,"body":"stick it out for the next two"},{"speaker":"Victor Lagos","startTime":4169.73,"endTime":4173.81,"body":"years and pay six and a half"},{"speaker":"Victor Lagos","startTime":4169.73,"endTime":4173.81,"body":"percent. So by having the loan"},{"speaker":"Victor Lagos","startTime":4173.81,"endTime":4177.86,"body":"split, then at least you're"},{"speaker":"Victor Lagos","startTime":4173.81,"endTime":4177.86,"body":"getting the benefit of the"},{"speaker":"Victor Lagos","startTime":4177.86,"endTime":4182.15,"body":"reduced variable rates for some"},{"speaker":"Victor Lagos","startTime":4177.86,"endTime":4182.15,"body":"of your loan. Right so then"},{"speaker":"Victor Lagos","startTime":4182.15,"endTime":4184.79,"body":"you're not sort of thinking"},{"speaker":"Victor Lagos","startTime":4182.15,"endTime":4184.79,"body":"Dammit, I'm stuck paying fix for"},{"speaker":"Victor Lagos","startTime":4184.79,"endTime":4188.12,"body":"this whole two, three years."},{"speaker":"Victor Lagos","startTime":4184.79,"endTime":4188.12,"body":"Some of its variable so you're"},{"speaker":"Victor Lagos","startTime":4188.12,"endTime":4191.96,"body":"still benefiting some somewhere"},{"speaker":"Victor Lagos","startTime":4188.12,"endTime":4191.96,"body":"when it drops. The other thing"},{"speaker":"Victor Lagos","startTime":4191.96,"endTime":4197.21,"body":"is the flexibility on on"},{"speaker":"Victor Lagos","startTime":4191.96,"endTime":4197.21,"body":"variable. So if it's variable,"},{"speaker":"Victor Lagos","startTime":4197.24,"endTime":4201.38,"body":"yes, it can fluctuate up and"},{"speaker":"Victor Lagos","startTime":4197.24,"endTime":4201.38,"body":"down. How Wherever you can pay"},{"speaker":"Victor Lagos","startTime":4201.38,"endTime":4204.83,"body":"it off at any given time without"},{"speaker":"Victor Lagos","startTime":4201.38,"endTime":4204.83,"body":"any restriction without any"},{"speaker":"Victor Lagos","startTime":4204.83,"endTime":4208.1,"body":"limitation, like we talked about"},{"speaker":"Victor Lagos","startTime":4204.83,"endTime":4208.1,"body":"paying extra payments, and you"},{"speaker":"Victor Lagos","startTime":4208.1,"endTime":4211.04,"body":"can have an offset account."},{"speaker":"Victor Lagos","startTime":4208.1,"endTime":4211.04,"body":"Typically, if you have a fixed"},{"speaker":"Victor Lagos","startTime":4211.04,"endTime":4213.41,"body":"loan, you can't have an offset"},{"speaker":"Victor Lagos","startTime":4211.04,"endTime":4213.41,"body":"account, there's only like two"},{"speaker":"Victor Lagos","startTime":4213.41,"endTime":4216.53,"body":"or three banks that offer offset"},{"speaker":"Victor Lagos","startTime":4213.41,"endTime":4216.53,"body":"on a fixed loan, but the"},{"speaker":"Victor Lagos","startTime":4216.53,"endTime":4219.29,"body":"majority of them don't. So"},{"speaker":"Victor Lagos","startTime":4216.53,"endTime":4219.29,"body":"therefore, you've got the"},{"speaker":"Victor Lagos","startTime":4219.32,"endTime":4222.86,"body":"flexibility of offsetting,"},{"speaker":"Victor Lagos","startTime":4219.32,"endTime":4222.86,"body":"making large principal payments"},{"speaker":"Victor Lagos","startTime":4222.86,"endTime":4226.97,"body":"when you want, putting money in"},{"speaker":"Victor Lagos","startTime":4222.86,"endTime":4226.97,"body":"redrawing it out, you know, all"},{"speaker":"Victor Lagos","startTime":4226.97,"endTime":4230.48,"body":"that interest only offset, or we"},{"speaker":"Victor Lagos","startTime":4226.97,"endTime":4230.48,"body":"talked about, if it's variable,"},{"speaker":"Victor Lagos","startTime":4230.48,"endTime":4233.42,"body":"you can do all of that, if it's"},{"speaker":"Victor Lagos","startTime":4230.48,"endTime":4233.42,"body":"fixed, that can't do any of it."},{"speaker":"Victor Lagos","startTime":4233.78,"endTime":4238.01,"body":"The maximum you can pay extra is"},{"speaker":"Victor Lagos","startTime":4233.78,"endTime":4238.01,"body":"like 10 grand a year. And"},{"speaker":"Victor Lagos","startTime":4238.01,"endTime":4240.8,"body":"anything more than that they can"},{"speaker":"Victor Lagos","startTime":4238.01,"endTime":4240.8,"body":"penalize you and say sorry, if"},{"speaker":"Victor Lagos","startTime":4240.83,"endTime":4243.08,"body":"you've breached your contract,"},{"speaker":"Victor Lagos","startTime":4240.83,"endTime":4243.08,"body":"you told us you're gonna lock"},{"speaker":"Victor Lagos","startTime":4243.08,"endTime":4247.07,"body":"this fixed rate in. And now we"},{"speaker":"Victor Lagos","startTime":4243.08,"endTime":4247.07,"body":"have to charge you break cost to"},{"speaker":"Victor Lagos","startTime":4247.1,"endTime":4251.03,"body":"break your loan. So so that's a"},{"speaker":"Victor Lagos","startTime":4247.1,"endTime":4251.03,"body":"yeah, that's, I guess, the"},{"speaker":"Victor Lagos","startTime":4251.03,"endTime":4254.6,"body":"downfall of having too much of"},{"speaker":"Victor Lagos","startTime":4251.03,"endTime":4254.6,"body":"your loan fixed, it leaves, it"},{"speaker":"Victor Lagos","startTime":4254.63,"endTime":4259.76,"body":"leaves you without the"},{"speaker":"Victor Lagos","startTime":4254.63,"endTime":4259.76,"body":"flexibility. And if rates drop,"},{"speaker":"Victor Lagos","startTime":4259.79,"endTime":4262.22,"body":"you're not getting the lower"},{"speaker":"Victor Lagos","startTime":4259.79,"endTime":4262.22,"body":"rate, and you have no offset"},{"speaker":"Victor Lagos","startTime":4262.22,"endTime":4267.08,"body":"account linked to it, typically."},{"speaker":"Victor Lagos","startTime":4262.22,"endTime":4267.08,"body":"So yeah, I think the obviously"},{"speaker":"Victor Lagos","startTime":4267.08,"endTime":4270.17,"body":"the certainty part, you need to"},{"speaker":"Victor Lagos","startTime":4267.08,"endTime":4270.17,"body":"work out your budget, so your"},{"speaker":"Victor Lagos","startTime":4270.17,"endTime":4273.71,"body":"household, and if you literally"},{"speaker":"Victor Lagos","startTime":4270.17,"endTime":4273.71,"body":"cannot afford it, and I have"},{"speaker":"Victor Lagos","startTime":4273.71,"endTime":4276.35,"body":"customers like this, where"},{"speaker":"Victor Lagos","startTime":4273.71,"endTime":4276.35,"body":"they're like no, I've had fixed"},{"speaker":"Victor Lagos","startTime":4276.35,"endTime":4279.47,"body":"before, I just want to know that"},{"speaker":"Victor Lagos","startTime":4276.35,"endTime":4279.47,"body":"this is my repayment, I don't"},{"speaker":"Victor Lagos","startTime":4279.47,"endTime":4282.08,"body":"care if rates go up or down, I"},{"speaker":"Victor Lagos","startTime":4279.47,"endTime":4282.08,"body":"just need to know that I can"},{"speaker":"Victor Lagos","startTime":4282.08,"endTime":4284.69,"body":"budget and know that if I can"},{"speaker":"Victor Lagos","startTime":4282.08,"endTime":4284.69,"body":"afford X amount every single"},{"speaker":"Victor Lagos","startTime":4284.69,"endTime":4289.16,"body":"month for the next three years,"},{"speaker":"Victor Lagos","startTime":4284.69,"endTime":4289.16,"body":"or two years, whatever, then I'm"},{"speaker":"Victor Lagos","startTime":4289.16,"endTime":4293.9,"body":"happy, I can save, I can pay"},{"speaker":"Victor Lagos","startTime":4289.16,"endTime":4293.9,"body":"back debt. And that's fine, we"},{"speaker":"Victor Lagos","startTime":4293.9,"endTime":4296.57,"body":"can do a fixed loan, and we can"},{"speaker":"Victor Lagos","startTime":4293.9,"endTime":4296.57,"body":"only have a small amount,"},{"speaker":"Victor Lagos","startTime":4296.57,"endTime":4300.92,"body":"variable 20, grand 30 grand up"},{"speaker":"Victor Lagos","startTime":4296.57,"endTime":4300.92,"body":"to whatever amount you believe"},{"speaker":"Victor Lagos","startTime":4300.92,"endTime":4304.07,"body":"you can offset during that term."},{"speaker":"Victor Lagos","startTime":4300.92,"endTime":4304.07,"body":"So in two years, if you think"},{"speaker":"Victor Lagos","startTime":4304.07,"endTime":4307.76,"body":"you can save 20 grand, then have"},{"speaker":"Victor Lagos","startTime":4304.07,"endTime":4307.76,"body":"a 20 grand variable loan,"},{"speaker":"Victor Lagos","startTime":4307.82,"endTime":4310.79,"body":"because then you can pay that"},{"speaker":"Victor Lagos","startTime":4307.82,"endTime":4310.79,"body":"off and still have access to it"},{"speaker":"Victor Lagos","startTime":4311.6,"endTime":4315.11,"body":"as redraw and have the"},{"speaker":"Victor Lagos","startTime":4311.6,"endTime":4315.11,"body":"flexibility to pay it down. But"},{"speaker":"Victor Lagos","startTime":4315.11,"endTime":4317.87,"body":"if you did everything fixed, and"},{"speaker":"Victor Lagos","startTime":4315.11,"endTime":4317.87,"body":"all of a sudden you had all this"},{"speaker":"Victor Lagos","startTime":4317.87,"endTime":4321.47,"body":"extra cash, and you're limited"},{"speaker":"Victor Lagos","startTime":4317.87,"endTime":4321.47,"body":"in terms of where you can put it"},{"speaker":"Victor Lagos","startTime":4321.5,"endTime":4323.66,"body":"because otherwise you're gonna"},{"speaker":"Victor Lagos","startTime":4321.5,"endTime":4323.66,"body":"lose your fixed rate or break"},{"speaker":"Victor Lagos","startTime":4323.66,"endTime":4327.44,"body":"the loan? Well, you probably"},{"speaker":"Victor Lagos","startTime":4323.66,"endTime":4327.44,"body":"should have had some a variable."},{"speaker":"Victor Lagos","startTime":4328.16,"endTime":4329.39,"body":"Split law makes sense?"},{"speaker":"Andrew Bean","startTime":4329.93,"endTime":4332.36,"body":"Yeah, 100%. And"},{"speaker":"Andrew Bean","startTime":4329.93,"endTime":4332.36,"body":"this is what like, it's, we're"},{"speaker":"Andrew Bean","startTime":4332.36,"endTime":4336.2,"body":"in a bit of a, because we're at"},{"speaker":"Andrew Bean","startTime":4332.36,"endTime":4336.2,"body":"interest rates where it's like"},{"speaker":"Andrew Bean","startTime":4336.2,"endTime":4339.92,"body":"the average norm. So it's, it's"},{"speaker":"Andrew Bean","startTime":4336.2,"endTime":4339.92,"body":"actually pretty uncertain"},{"speaker":"Andrew Bean","startTime":4339.92,"endTime":4344.48,"body":"whether you should fix or you"},{"speaker":"Andrew Bean","startTime":4339.92,"endTime":4344.48,"body":"should just wait. Like,"},{"speaker":"Andrew Bean","startTime":4344.48,"endTime":4350.15,"body":"personally, I'm not going to be"},{"speaker":"Andrew Bean","startTime":4344.48,"endTime":4350.15,"body":"fixing any of my loans. Sorry,"},{"speaker":"Andrew Bean","startTime":4350.6,"endTime":4354.38,"body":"personally, I'm not going to be"},{"speaker":"Andrew Bean","startTime":4350.6,"endTime":4354.38,"body":"fixing any of my loans for the"},{"speaker":"Andrew Bean","startTime":4354.38,"endTime":4357.38,"body":"foreseeable future, because I do"},{"speaker":"Andrew Bean","startTime":4354.38,"endTime":4357.38,"body":"believe that interest rates will"},{"speaker":"Andrew Bean","startTime":4357.38,"endTime":4360.65,"body":"come back slightly, but I think"},{"speaker":"Andrew Bean","startTime":4357.38,"endTime":4360.65,"body":"they'll stay around this level"},{"speaker":"Andrew Bean","startTime":4361.1,"endTime":4365.69,"body":"for a while now. Because this is"},{"speaker":"Andrew Bean","startTime":4361.1,"endTime":4365.69,"body":"the average, it comes back down"},{"speaker":"Andrew Bean","startTime":4365.69,"endTime":4369.74,"body":"to when interest rates are very,"},{"speaker":"Andrew Bean","startTime":4365.69,"endTime":4369.74,"body":"very low. People were fixing,"},{"speaker":"Andrew Bean","startTime":4369.92,"endTime":4372.92,"body":"and that's created the mortgage"},{"speaker":"Andrew Bean","startTime":4369.92,"endTime":4372.92,"body":"cliff, can you just explain what"},{"speaker":"Andrew Bean","startTime":4372.92,"endTime":4376.19,"body":"that is and how impactful that"},{"speaker":"Andrew Bean","startTime":4372.92,"endTime":4376.19,"body":"is for like a lot of"},{"speaker":"Andrew Bean","startTime":4376.19,"endTime":4376.97,"body":"Australians."},{"speaker":"Victor Lagos","startTime":4378.68,"endTime":4381.65,"body":"Yeah, so"},{"speaker":"Victor Lagos","startTime":4378.68,"endTime":4381.65,"body":"obviously, during that period of"},{"speaker":"Victor Lagos","startTime":4381.65,"endTime":4385.37,"body":"time, when interest rates were"},{"speaker":"Victor Lagos","startTime":4381.65,"endTime":4385.37,"body":"really low, people were fixing"},{"speaker":"Victor Lagos","startTime":4385.37,"endTime":4392.54,"body":"it, you know, 2%, below 2%. And"},{"speaker":"Victor Lagos","startTime":4385.37,"endTime":4392.54,"body":"the mortgage cliff is that when"},{"speaker":"Victor Lagos","startTime":4392.54,"endTime":4396.23,"body":"the loan comes off a fixed in"},{"speaker":"Victor Lagos","startTime":4392.54,"endTime":4396.23,"body":"that period of time, they're"},{"speaker":"Victor Lagos","startTime":4396.23,"endTime":4401.96,"body":"gonna now go to a variable rate"},{"speaker":"Victor Lagos","startTime":4396.23,"endTime":4401.96,"body":"that's, you know, 6% or more."},{"speaker":"Victor Lagos","startTime":4402.77,"endTime":4405.8,"body":"And that's a massive shock to"},{"speaker":"Victor Lagos","startTime":4402.77,"endTime":4405.8,"body":"the system, because their"},{"speaker":"Victor Lagos","startTime":4405.8,"endTime":4411.98,"body":"repayments on 6% versus 2%. A"},{"speaker":"Victor Lagos","startTime":4405.8,"endTime":4411.98,"body":"significant and their household"},{"speaker":"Victor Lagos","startTime":4411.98,"endTime":4414.8,"body":"may not be able to afford that."},{"speaker":"Victor Lagos","startTime":4411.98,"endTime":4414.8,"body":"And that's assuming their"},{"speaker":"Victor Lagos","startTime":4414.8,"endTime":4419.03,"body":"circumstances haven't changed if"},{"speaker":"Victor Lagos","startTime":4414.8,"endTime":4419.03,"body":"they've gone worse, less income."},{"speaker":"Victor Lagos","startTime":4419.57,"endTime":4422.45,"body":"And obviously, we have inflation"},{"speaker":"Victor Lagos","startTime":4419.57,"endTime":4422.45,"body":"and cost of living has gone up."},{"speaker":"Victor Lagos","startTime":4422.48,"endTime":4426.56,"body":"So maybe there's less disposable"},{"speaker":"Victor Lagos","startTime":4422.48,"endTime":4426.56,"body":"income, that's a scary place to"},{"speaker":"Victor Lagos","startTime":4426.56,"endTime":4430.52,"body":"be because now your loan is"},{"speaker":"Victor Lagos","startTime":4426.56,"endTime":4430.52,"body":"unaffordable. So then, if you"},{"speaker":"Victor Lagos","startTime":4430.52,"endTime":4433.79,"body":"can't afford to keep the house,"},{"speaker":"Victor Lagos","startTime":4430.52,"endTime":4433.79,"body":"all you can do is sell it. And"},{"speaker":"Victor Lagos","startTime":4433.79,"endTime":4436.55,"body":"then what are you gonna do rent"},{"speaker":"Victor Lagos","startTime":4433.79,"endTime":4436.55,"body":"or move to another area to buy"},{"speaker":"Victor Lagos","startTime":4436.55,"endTime":4440.39,"body":"somewhere cheaper, and still"},{"speaker":"Victor Lagos","startTime":4436.55,"endTime":4440.39,"body":"paying a higher interest rate,"},{"speaker":"Victor Lagos","startTime":4440.39,"endTime":4445.79,"body":"just less of a loan amount, but"},{"speaker":"Victor Lagos","startTime":4440.39,"endTime":4445.79,"body":"also the mortgage prison. Now"},{"speaker":"Victor Lagos","startTime":4445.79,"endTime":4449.72,"body":"the terminology term that's sort"},{"speaker":"Victor Lagos","startTime":4445.79,"endTime":4449.72,"body":"of thrown around, that's if"},{"speaker":"Victor Lagos","startTime":4449.72,"endTime":4453.26,"body":"you're stuck with that bank. So"},{"speaker":"Victor Lagos","startTime":4449.72,"endTime":4453.26,"body":"it's your because remember, they"},{"speaker":"Victor Lagos","startTime":4453.26,"endTime":4457.1,"body":"can't call that that loan in it"},{"speaker":"Victor Lagos","startTime":4453.26,"endTime":4457.1,"body":"can't say now that now that"},{"speaker":"Victor Lagos","startTime":4457.13,"endTime":4459.56,"body":"you're on six and a half"},{"speaker":"Victor Lagos","startTime":4457.13,"endTime":4459.56,"body":"percent, and you on paper, you"},{"speaker":"Victor Lagos","startTime":4459.56,"endTime":4462.11,"body":"could only afford, you know, up"},{"speaker":"Victor Lagos","startTime":4459.56,"endTime":4462.11,"body":"to say four and a half when we"},{"speaker":"Victor Lagos","startTime":4462.11,"endTime":4465.2,"body":"assessed the loan, or five and a"},{"speaker":"Victor Lagos","startTime":4462.11,"endTime":4465.2,"body":"half. They can't just say now"},{"speaker":"Victor Lagos","startTime":4465.2,"endTime":4468.35,"body":"you need to pay us the loan back"},{"speaker":"Victor Lagos","startTime":4465.2,"endTime":4468.35,"body":"in full. Right? They don't do"},{"speaker":"Victor Lagos","startTime":4468.35,"endTime":4471.56,"body":"that the bank gave you a 30 year"},{"speaker":"Victor Lagos","startTime":4468.35,"endTime":4471.56,"body":"loan. So they kind of have to"},{"speaker":"Victor Lagos","startTime":4471.56,"endTime":4475.64,"body":"work with you to base based on"},{"speaker":"Victor Lagos","startTime":4471.56,"endTime":4475.64,"body":"what you can afford to repay."},{"speaker":"Victor Lagos","startTime":4476.21,"endTime":4479.93,"body":"And if you're wanting to get a"},{"speaker":"Victor Lagos","startTime":4476.21,"endTime":4479.93,"body":"better interest rate, because"},{"speaker":"Victor Lagos","startTime":4479.93,"endTime":4482.93,"body":"they've put you on say six and a"},{"speaker":"Victor Lagos","startTime":4479.93,"endTime":4482.93,"body":"half, but you know, a competitor"},{"speaker":"Victor Lagos","startTime":4482.93,"endTime":4486.86,"body":"will give you say, I don't know"},{"speaker":"Victor Lagos","startTime":4482.93,"endTime":4486.86,"body":"5.9 or something, or you want to"},{"speaker":"Victor Lagos","startTime":4486.86,"endTime":4490.73,"body":"refinance, and logically you"},{"speaker":"Victor Lagos","startTime":4486.86,"endTime":4490.73,"body":"think, well, if I'm paying six"},{"speaker":"Victor Lagos","startTime":4490.73,"endTime":4494.69,"body":"and a half now and another bank"},{"speaker":"Victor Lagos","startTime":4490.73,"endTime":4494.69,"body":"is paying paying me 5.9 Why"},{"speaker":"Victor Lagos","startTime":4494.69,"endTime":4498.44,"body":"can't I get the loan? Because"},{"speaker":"Victor Lagos","startTime":4494.69,"endTime":4498.44,"body":"it's lower. So if I can, if I"},{"speaker":"Victor Lagos","startTime":4498.44,"endTime":4501.08,"body":"can show that I can pay the six"},{"speaker":"Victor Lagos","startTime":4498.44,"endTime":4501.08,"body":"point five, then I should be"},{"speaker":"Victor Lagos","startTime":4501.08,"endTime":4503.39,"body":"able to get the loan 5.9 Because"},{"speaker":"Victor Lagos","startTime":4501.08,"endTime":4503.39,"body":"there's lower payment, right?"},{"speaker":"Victor Lagos","startTime":4503.81,"endTime":4507.89,"body":"But it's not as simple as that."},{"speaker":"Victor Lagos","startTime":4503.81,"endTime":4507.89,"body":"The banks do a stress test. So"},{"speaker":"Victor Lagos","startTime":4507.89,"endTime":4511.1,"body":"they calculate 3% above the"},{"speaker":"Victor Lagos","startTime":4507.89,"endTime":4511.1,"body":"actual rate. So they're going to"},{"speaker":"Victor Lagos","startTime":4511.1,"endTime":4514.49,"body":"stress test your situation and"},{"speaker":"Victor Lagos","startTime":4511.1,"endTime":4514.49,"body":"say, Alright, fine pay 5.9 on"},{"speaker":"Victor Lagos","startTime":4514.49,"endTime":4517.37,"body":"the new new loan, on the"},{"speaker":"Victor Lagos","startTime":4514.49,"endTime":4517.37,"body":"existing balance, you've had the"},{"speaker":"Victor Lagos","startTime":4517.37,"endTime":4519.62,"body":"same balance, or it's come down"},{"speaker":"Victor Lagos","startTime":4517.37,"endTime":4519.62,"body":"slightly in the last two or"},{"speaker":"Victor Lagos","startTime":4519.62,"endTime":4522.71,"body":"three years. We're gonna"},{"speaker":"Victor Lagos","startTime":4519.62,"endTime":4522.71,"body":"calculate that instead of"},{"speaker":"Victor Lagos","startTime":4522.71,"endTime":4527.21,"body":"calculating 5.9. We're gonna"},{"speaker":"Victor Lagos","startTime":4522.71,"endTime":4527.21,"body":"calculate that at What's that"},{"speaker":"Victor Lagos","startTime":4527.45,"endTime":4531.5,"body":"8.9? All right, so can you"},{"speaker":"Victor Lagos","startTime":4527.45,"endTime":4531.5,"body":"afford the repayments at nearly"},{"speaker":"Victor Lagos","startTime":4531.5,"endTime":4535.85,"body":"9%? Probably not. And because"},{"speaker":"Victor Lagos","startTime":4531.5,"endTime":4535.85,"body":"you can't, they can't approve"},{"speaker":"Victor Lagos","startTime":4535.85,"endTime":4538.31,"body":"the loan for you, even us the"},{"speaker":"Victor Lagos","startTime":4535.85,"endTime":4538.31,"body":"exact same amount the already"},{"speaker":"Victor Lagos","startTime":4538.31,"endTime":4541.67,"body":"up. So that's the prison that"},{"speaker":"Victor Lagos","startTime":4538.31,"endTime":4541.67,"body":"you're in. Because you can't get"},{"speaker":"Victor Lagos","startTime":4541.67,"endTime":4544.34,"body":"a new loan to refinance, you're"},{"speaker":"Victor Lagos","startTime":4541.67,"endTime":4544.34,"body":"stuck with the same bank that"},{"speaker":"Victor Lagos","startTime":4544.34,"endTime":4548.99,"body":"originally lent you the money."},{"speaker":"Victor Lagos","startTime":4544.34,"endTime":4548.99,"body":"So you're at, I guess, you're"},{"speaker":"Victor Lagos","startTime":4549.02,"endTime":4552.53,"body":"the control of whatever they"},{"speaker":"Victor Lagos","startTime":4549.02,"endTime":4552.53,"body":"want to charge you that unless"},{"speaker":"Victor Lagos","startTime":4552.53,"endTime":4557.87,"body":"you sell, that's the only way"},{"speaker":"Victor Lagos","startTime":4552.53,"endTime":4557.87,"body":"up. So the way the tackle that"},{"speaker":"Victor Lagos","startTime":4558.17,"endTime":4564.41,"body":"so that people still can have an"},{"speaker":"Victor Lagos","startTime":4558.17,"endTime":4564.41,"body":"opportunity to refinance is four"},{"speaker":"Victor Lagos","startTime":4564.41,"endTime":4568.49,"body":"banks or five banks have come up"},{"speaker":"Victor Lagos","startTime":4564.41,"endTime":4568.49,"body":"with a streamline process with a"},{"speaker":"Victor Lagos","startTime":4568.49,"endTime":4575.09,"body":"special APA ruling, where they"},{"speaker":"Victor Lagos","startTime":4568.49,"endTime":4575.09,"body":"can use a 1% buffer instead of a"},{"speaker":"Victor Lagos","startTime":4575.12,"endTime":4579.44,"body":"3%. buffer. So if they can get a"},{"speaker":"Victor Lagos","startTime":4575.12,"endTime":4579.44,"body":"rate of say, 5.9, they'll"},{"speaker":"Victor Lagos","startTime":4579.44,"endTime":4582.89,"body":"calculate it as 6.9. So if they"},{"speaker":"Victor Lagos","startTime":4579.44,"endTime":4582.89,"body":"can still show some level of"},{"speaker":"Victor Lagos","startTime":4582.89,"endTime":4586.04,"body":"affordability, that stress test,"},{"speaker":"Victor Lagos","startTime":4582.89,"endTime":4586.04,"body":"then they can still refine it."},{"speaker":"Victor Lagos","startTime":4586.46,"endTime":4588.71,"body":"But to be honest with you, I"},{"speaker":"Victor Lagos","startTime":4586.46,"endTime":4588.71,"body":"haven't done many of them, I've"},{"speaker":"Victor Lagos","startTime":4588.71,"endTime":4593.18,"body":"done like to the most of people"},{"speaker":"Victor Lagos","startTime":4588.71,"endTime":4593.18,"body":"who are with a bank that they're"},{"speaker":"Victor Lagos","startTime":4593.18,"endTime":4598.91,"body":"in a mortgage prison, typically,"},{"speaker":"Victor Lagos","startTime":4593.18,"endTime":4598.91,"body":"the banks have been flexible in"},{"speaker":"Victor Lagos","startTime":4599.15,"endTime":4603.62,"body":"giving them a competitive rate,"},{"speaker":"Victor Lagos","startTime":4599.15,"endTime":4603.62,"body":"what the in terms of what the"},{"speaker":"Victor Lagos","startTime":4603.62,"endTime":4608.78,"body":"variable rate would be that the"},{"speaker":"Victor Lagos","startTime":4603.62,"endTime":4608.78,"body":"market is offering. So so"},{"speaker":"Victor Lagos","startTime":4608.81,"endTime":4613.07,"body":"they're not in a way they are in"},{"speaker":"Victor Lagos","startTime":4608.81,"endTime":4613.07,"body":"a prison, but the prison is"},{"speaker":"Victor Lagos","startTime":4613.07,"endTime":4615.53,"body":"giving them a rate that they"},{"speaker":"Victor Lagos","startTime":4613.07,"endTime":4615.53,"body":"would get anyway, so that's"},{"speaker":"Victor Lagos","startTime":4615.53,"endTime":4621.5,"body":"okay. Right. It's only if that"},{"speaker":"Victor Lagos","startTime":4615.53,"endTime":4621.5,"body":"bank is not giving them a"},{"speaker":"Victor Lagos","startTime":4621.5,"endTime":4625.16,"body":"discount, if they're not"},{"speaker":"Victor Lagos","startTime":4621.5,"endTime":4625.16,"body":"matching other banks. And"},{"speaker":"Victor Lagos","startTime":4625.16,"endTime":4627.92,"body":"they're just forcing them to pay"},{"speaker":"Victor Lagos","startTime":4625.16,"endTime":4627.92,"body":"a higher rate. That's when that"},{"speaker":"Victor Lagos","startTime":4627.95,"endTime":4630.41,"body":"that's, it's obviously not a"},{"speaker":"Victor Lagos","startTime":4627.95,"endTime":4630.41,"body":"good situation to be in. But if"},{"speaker":"Victor Lagos","startTime":4630.41,"endTime":4633.14,"body":"they're willing to price it for"},{"speaker":"Victor Lagos","startTime":4630.41,"endTime":4633.14,"body":"you, and bring the rate down to"},{"speaker":"Victor Lagos","startTime":4633.14,"endTime":4637.22,"body":"whatever the markets offering,"},{"speaker":"Victor Lagos","startTime":4633.14,"endTime":4637.22,"body":"then yeah, that's, you're pretty"},{"speaker":"Victor Lagos","startTime":4637.22,"endTime":4640.22,"body":"much just the best you're gonna"},{"speaker":"Victor Lagos","startTime":4637.22,"endTime":4640.22,"body":"get, to an extent leads for this"},{"speaker":"Victor Lagos","startTime":4640.22,"endTime":4643.25,"body":"period of time. Because"},{"speaker":"Victor Lagos","startTime":4640.22,"endTime":4643.25,"body":"remember, if you're adding 3%"},{"speaker":"Victor Lagos","startTime":4643.25,"endTime":4646.82,"body":"buffer, well, then that means"},{"speaker":"Victor Lagos","startTime":4643.25,"endTime":4646.82,"body":"that you're protecting the"},{"speaker":"Victor Lagos","startTime":4646.82,"endTime":4650.3,"body":"market for rates to go up to 9%."},{"speaker":"Victor Lagos","startTime":4646.82,"endTime":4650.3,"body":"But realistically, will they go"},{"speaker":"Victor Lagos","startTime":4650.3,"endTime":4653.15,"body":"up that high? What market"},{"speaker":"Victor Lagos","startTime":4650.3,"endTime":4653.15,"body":"conditions? Do we need to be in"},{"speaker":"Victor Lagos","startTime":4653.15,"endTime":4657.62,"body":"for that to happen? I don't"},{"speaker":"Victor Lagos","startTime":4653.15,"endTime":4657.62,"body":"know. You tell me like if people"},{"speaker":"Victor Lagos","startTime":4657.62,"endTime":4660.29,"body":"owe more than a million dollars,"},{"speaker":"Victor Lagos","startTime":4657.62,"endTime":4660.29,"body":"if they're paying 9%? Well, I'm"},{"speaker":"Victor Lagos","startTime":4660.29,"endTime":4662.45,"body":"pretty sure most people aren't"},{"speaker":"Victor Lagos","startTime":4660.29,"endTime":4662.45,"body":"going to be borrowing money"},{"speaker":"Victor Lagos","startTime":4662.45,"endTime":4665.39,"body":"anymore. And that's gonna affect"},{"speaker":"Victor Lagos","startTime":4662.45,"endTime":4665.39,"body":"the economy at large."},{"speaker":"Andrew Bean","startTime":4665.6,"endTime":4668.87,"body":"Yeah, there has to"},{"speaker":"Andrew Bean","startTime":4665.6,"endTime":4668.87,"body":"be like some, you know, sense in"},{"speaker":"Andrew Bean","startTime":4668.87,"endTime":4672.11,"body":"the actual rate that they're"},{"speaker":"Andrew Bean","startTime":4668.87,"endTime":4672.11,"body":"putting on top of the of the"},{"speaker":"Andrew Bean","startTime":4672.11,"endTime":4675.56,"body":"rate that's already there. Like,"},{"speaker":"Andrew Bean","startTime":4672.11,"endTime":4675.56,"body":"because we were so low, because"},{"speaker":"Andrew Bean","startTime":4675.56,"endTime":4679.76,"body":"it was like literally, like"},{"speaker":"Andrew Bean","startTime":4675.56,"endTime":4679.76,"body":"record low interest at 2% 3%. On"},{"speaker":"Andrew Bean","startTime":4679.76,"endTime":4682.55,"body":"top of that was actually pretty"},{"speaker":"Andrew Bean","startTime":4679.76,"endTime":4682.55,"body":"fair, it's actually probably a"},{"speaker":"Andrew Bean","startTime":4682.55,"endTime":4685.19,"body":"little bit on this, it probably"},{"speaker":"Andrew Bean","startTime":4682.55,"endTime":4685.19,"body":"should have been like 4% to get"},{"speaker":"Andrew Bean","startTime":4685.19,"endTime":4690.23,"body":"us like this, like 6% Like where"},{"speaker":"Andrew Bean","startTime":4685.19,"endTime":4690.23,"body":"it could go. But there has to"},{"speaker":"Andrew Bean","startTime":4690.23,"endTime":4694.04,"body":"be, you know, a little bit of"},{"speaker":"Andrew Bean","startTime":4690.23,"endTime":4694.04,"body":"sense on like, Okay, well, is it"},{"speaker":"Andrew Bean","startTime":4694.04,"endTime":4698.27,"body":"gonna go to 9%? Probably not"},{"speaker":"Andrew Bean","startTime":4694.04,"endTime":4698.27,"body":"like that. That's a really,"},{"speaker":"Andrew Bean","startTime":4698.3,"endTime":4702.41,"body":"like, we've already like, have a"},{"speaker":"Andrew Bean","startTime":4698.3,"endTime":4702.41,"body":"huge cost of living right now,"},{"speaker":"Andrew Bean","startTime":4702.56,"endTime":4706.67,"body":"CPI is going down, although"},{"speaker":"Andrew Bean","startTime":4702.56,"endTime":4706.67,"body":"petrol prices are still up a"},{"speaker":"Andrew Bean","startTime":4706.67,"endTime":4712.34,"body":"little. But realistically, there"},{"speaker":"Andrew Bean","startTime":4706.67,"endTime":4712.34,"body":"has to be some sense saying it's"},{"speaker":"Andrew Bean","startTime":4712.34,"endTime":4716.57,"body":"probably not going to go to 9%."},{"speaker":"Andrew Bean","startTime":4712.34,"endTime":4716.57,"body":"And if it is, there's gonna be"},{"speaker":"Andrew Bean","startTime":4716.57,"endTime":4720.2,"body":"some economic catastrophe again,"},{"speaker":"Andrew Bean","startTime":4716.57,"endTime":4720.2,"body":"like he's just gonna be way too"},{"speaker":"Andrew Bean","startTime":4720.2,"endTime":4723.38,"body":"much interest for people. And"},{"speaker":"Andrew Bean","startTime":4720.2,"endTime":4723.38,"body":"there's gonna be some serious,"},{"speaker":"Andrew Bean","startTime":4723.38,"endTime":4727.22,"body":"like, ramifications from that."},{"speaker":"Andrew Bean","startTime":4723.38,"endTime":4727.22,"body":"And there already have been, it"},{"speaker":"Andrew Bean","startTime":4727.22,"endTime":4731.63,"body":"hasn't been like, as hugely"},{"speaker":"Andrew Bean","startTime":4727.22,"endTime":4731.63,"body":"widely reported, but people have"},{"speaker":"Andrew Bean","startTime":4731.63,"endTime":4735.05,"body":"been having to sell people have"},{"speaker":"Andrew Bean","startTime":4731.63,"endTime":4735.05,"body":"been losing their houses. It's"},{"speaker":"Andrew Bean","startTime":4735.05,"endTime":4740.06,"body":"just not widely reported. But in"},{"speaker":"Andrew Bean","startTime":4735.05,"endTime":4740.06,"body":"terms of like, where the"},{"speaker":"Andrew Bean","startTime":4740.06,"endTime":4743.78,"body":"interest rates could go, now, if"},{"speaker":"Andrew Bean","startTime":4740.06,"endTime":4743.78,"body":"we're at like, you know, six or"},{"speaker":"Andrew Bean","startTime":4743.78,"endTime":4747.71,"body":"7% for a commercial property,"},{"speaker":"Andrew Bean","startTime":4743.78,"endTime":4747.71,"body":"then the actual buffer they put"},{"speaker":"Andrew Bean","startTime":4747.71,"endTime":4750.47,"body":"on, it should only be like one"},{"speaker":"Andrew Bean","startTime":4747.71,"endTime":4750.47,"body":"or one and a half percent, it"},{"speaker":"Andrew Bean","startTime":4750.47,"endTime":4753.98,"body":"should it should be minimized,"},{"speaker":"Andrew Bean","startTime":4750.47,"endTime":4753.98,"body":"like it has been with that"},{"speaker":"Andrew Bean","startTime":4753.98,"endTime":4755.12,"body":"product you're talking about."},{"speaker":"Victor Lagos","startTime":4757.46,"endTime":4759.95,"body":"Yeah, yeah,"},{"speaker":"Victor Lagos","startTime":4757.46,"endTime":4759.95,"body":"exactly. Right. I think that's"},{"speaker":"Victor Lagos","startTime":4759.98,"endTime":4763.88,"body":"probably where things will go at"},{"speaker":"Victor Lagos","startTime":4759.98,"endTime":4763.88,"body":"some point next year, where they"},{"speaker":"Victor Lagos","startTime":4763.88,"endTime":4766.13,"body":"realize that rates aren't going"},{"speaker":"Victor Lagos","startTime":4763.88,"endTime":4766.13,"body":"to go that high. So they're"},{"speaker":"Victor Lagos","startTime":4766.13,"endTime":4769.34,"body":"probably going to go across the"},{"speaker":"Victor Lagos","startTime":4766.13,"endTime":4769.34,"body":"board and only put a one and a"},{"speaker":"Victor Lagos","startTime":4769.34,"endTime":4773.51,"body":"half percent buffer, or 2%"},{"speaker":"Victor Lagos","startTime":4769.34,"endTime":4773.51,"body":"buffer, maybe max, to allow more"},{"speaker":"Victor Lagos","startTime":4773.51,"endTime":4778.25,"body":"people to borrow and to keep the"},{"speaker":"Victor Lagos","startTime":4773.51,"endTime":4778.25,"body":"economy moving. And one other"},{"speaker":"Victor Lagos","startTime":4778.25,"endTime":4782.09,"body":"thing I wanted to touch on,"},{"speaker":"Victor Lagos","startTime":4778.25,"endTime":4782.09,"body":"which was the livestock product"},{"speaker":"Victor Lagos","startTime":4782.9,"endTime":4786.71,"body":"for commercial property. So"},{"speaker":"Victor Lagos","startTime":4782.9,"endTime":4786.71,"body":"that's a that's been a tough"},{"speaker":"Victor Lagos","startTime":4786.77,"endTime":4790.4,"body":"product to get across the line"},{"speaker":"Victor Lagos","startTime":4786.77,"endTime":4790.4,"body":"since we've had rate rises"},{"speaker":"Victor Lagos","startTime":4790.4,"endTime":4793.94,"body":"because because of the rate"},{"speaker":"Victor Lagos","startTime":4790.4,"endTime":4793.94,"body":"rises, they've added on the"},{"speaker":"Victor Lagos","startTime":4793.94,"endTime":4796.91,"body":"stress test calculations on the"},{"speaker":"Victor Lagos","startTime":4793.94,"endTime":4796.91,"body":"way they calculate the interest"},{"speaker":"Victor Lagos","startTime":4796.94,"endTime":4801.2,"body":"coverage ratio. But one of the"},{"speaker":"Victor Lagos","startTime":4796.94,"endTime":4801.2,"body":"Thanks. And I won't tell you who"},{"speaker":"Victor Lagos","startTime":4801.2,"endTime":4805.04,"body":"that bank is because I need to"},{"speaker":"Victor Lagos","startTime":4801.2,"endTime":4805.04,"body":"determine your circumstances"},{"speaker":"Victor Lagos","startTime":4805.04,"endTime":4807.83,"body":"first, but one bank has just"},{"speaker":"Victor Lagos","startTime":4805.04,"endTime":4807.83,"body":"come out with a new list of"},{"speaker":"Victor Lagos","startTime":4807.83,"endTime":4813.35,"body":"products in the last two months,"},{"speaker":"Victor Lagos","startTime":4807.83,"endTime":4813.35,"body":"and it is basically blowing the"},{"speaker":"Victor Lagos","startTime":4813.35,"endTime":4816.5,"body":"other banks out of the water in"},{"speaker":"Victor Lagos","startTime":4813.35,"endTime":4816.5,"body":"terms of borrowing capacity,"},{"speaker":"Victor Lagos","startTime":4816.59,"endTime":4819.98,"body":"it's back to what it was, it's"},{"speaker":"Victor Lagos","startTime":4816.59,"endTime":4819.98,"body":"1.5 times interest cover ratio"},{"speaker":"Victor Lagos","startTime":4820.01,"endTime":4824.72,"body":"on the actual rate, it's up to"},{"speaker":"Victor Lagos","startTime":4820.01,"endTime":4824.72,"body":"65% LVR. And we're talking about"},{"speaker":"Victor Lagos","startTime":4824.72,"endTime":4829.76,"body":"rates between 6.54 and 6.59%"},{"speaker":"Victor Lagos","startTime":4824.72,"endTime":4829.76,"body":"that we're getting right now. So"},{"speaker":"Victor Lagos","startTime":4829.76,"endTime":4835.82,"body":"if we're netting net percent net"},{"speaker":"Victor Lagos","startTime":4829.76,"endTime":4835.82,"body":"6.5%, net yield, even 6.2, maybe"},{"speaker":"Victor Lagos","startTime":4835.85,"endTime":4839.09,"body":"on a commercial property, that"},{"speaker":"Victor Lagos","startTime":4835.85,"endTime":4839.09,"body":"should be enough to actually"},{"speaker":"Victor Lagos","startTime":4839.09,"endTime":4843.86,"body":"borrow 65% LVR. So if you can"},{"speaker":"Victor Lagos","startTime":4839.09,"endTime":4843.86,"body":"get 65 of that, right. And at"},{"speaker":"Victor Lagos","startTime":4843.86,"endTime":4846.02,"body":"the moment, as a promo, I don't"},{"speaker":"Victor Lagos","startTime":4843.86,"endTime":4846.02,"body":"know how long that promo is"},{"speaker":"Victor Lagos","startTime":4846.02,"endTime":4849.5,"body":"going to be, but they're waving."},{"speaker":"Victor Lagos","startTime":4846.02,"endTime":4849.5,"body":"Depending on which state you're"},{"speaker":"Victor Lagos","startTime":4849.5,"endTime":4851.9,"body":"in, I've noticed that they're"},{"speaker":"Victor Lagos","startTime":4849.5,"endTime":4851.9,"body":"actually waiving the application"},{"speaker":"Victor Lagos","startTime":4851.9,"endTime":4856.01,"body":"fee, which is up 2.75% of the"},{"speaker":"Victor Lagos","startTime":4851.9,"endTime":4856.01,"body":"loan amount, so no application"},{"speaker":"Victor Lagos","startTime":4856.01,"endTime":4859.55,"body":"fee, and they're also covering"},{"speaker":"Victor Lagos","startTime":4856.01,"endTime":4859.55,"body":"the valuation costs as well. And"},{"speaker":"Victor Lagos","startTime":4859.55,"endTime":4861.8,"body":"you can imagine that could be"},{"speaker":"Victor Lagos","startTime":4859.55,"endTime":4861.8,"body":"two, three grand sometimes for"},{"speaker":"Victor Lagos","startTime":4861.8,"endTime":4864.56,"body":"commercial property. So"},{"speaker":"Victor Lagos","startTime":4861.8,"endTime":4864.56,"body":"essentially, next to nothing in"},{"speaker":"Victor Lagos","startTime":4864.56,"endTime":4868.31,"body":"phase, no serviceability"},{"speaker":"Victor Lagos","startTime":4864.56,"endTime":4868.31,"body":"assessment, except for the rent,"},{"speaker":"Victor Lagos","startTime":4868.37,"endTime":4872.39,"body":"and you're getting 65% LVR. And"},{"speaker":"Victor Lagos","startTime":4868.37,"endTime":4872.39,"body":"remember, I also do equity"},{"speaker":"Victor Lagos","startTime":4872.39,"endTime":4875.21,"body":"released to cover that deposit"},{"speaker":"Victor Lagos","startTime":4872.39,"endTime":4875.21,"body":"as well. So if you've got enough"},{"speaker":"Victor Lagos","startTime":4875.21,"endTime":4879.29,"body":"capacity to to borrow the"},{"speaker":"Victor Lagos","startTime":4875.21,"endTime":4879.29,"body":"deposit the 35% that you need,"},{"speaker":"Victor Lagos","startTime":4879.74,"endTime":4883.67,"body":"plus stamp duty plus a buyer's"},{"speaker":"Victor Lagos","startTime":4879.74,"endTime":4883.67,"body":"agent fee. Well, you could"},{"speaker":"Victor Lagos","startTime":4883.73,"endTime":4889.1,"body":"literally get 100% loan and"},{"speaker":"Victor Lagos","startTime":4883.73,"endTime":4889.1,"body":"otherwise wasn't possible"},{"speaker":"Victor Lagos","startTime":4889.13,"endTime":4893.21,"body":"because you're borrowing power."},{"speaker":"Victor Lagos","startTime":4889.13,"endTime":4893.21,"body":"It won't be positive cashflow,"},{"speaker":"Victor Lagos","startTime":4893.21,"endTime":4895.7,"body":"if you borrowed everything, but"},{"speaker":"Victor Lagos","startTime":4893.21,"endTime":4895.7,"body":"at least you're getting in,"},{"speaker":"Victor Lagos","startTime":4895.73,"endTime":4899.12,"body":"right. And if you've got access"},{"speaker":"Victor Lagos","startTime":4895.73,"endTime":4899.12,"body":"to that, that equity, and that,"},{"speaker":"Victor Lagos","startTime":4899.3,"endTime":4901.85,"body":"you know, even if you've got"},{"speaker":"Victor Lagos","startTime":4899.3,"endTime":4901.85,"body":"some cash contribution, you"},{"speaker":"Victor Lagos","startTime":4901.85,"endTime":4904.19,"body":"know, I'm doing what at the"},{"speaker":"Victor Lagos","startTime":4901.85,"endTime":4904.19,"body":"moment for, you know, one and a"},{"speaker":"Victor Lagos","startTime":4904.19,"endTime":4908.12,"body":"half million. So the max loan"},{"speaker":"Victor Lagos","startTime":4904.19,"endTime":4908.12,"body":"amount is one and a half million"},{"speaker":"Victor Lagos","startTime":4908.12,"endTime":4912.02,"body":"for this product. So what's one"},{"speaker":"Victor Lagos","startTime":4908.12,"endTime":4912.02,"body":"and a half minute What 65% On"},{"speaker":"Victor Lagos","startTime":4912.02,"endTime":4915.26,"body":"one and a half million? What's"},{"speaker":"Victor Lagos","startTime":4912.02,"endTime":4915.26,"body":"that? I don't know. I can't"},{"speaker":"Victor Lagos","startTime":4915.26,"endTime":4917.54,"body":"calculate in my head right now."},{"speaker":"Victor Lagos","startTime":4915.26,"endTime":4917.54,"body":"But that's that's getting them"},{"speaker":"Victor Lagos","startTime":4917.57,"endTime":4920.42,"body":"at least to two point something"},{"speaker":"Victor Lagos","startTime":4917.57,"endTime":4920.42,"body":"million dollar property."},{"speaker":"Andrew Bean","startTime":4920.42,"endTime":4922.94,"body":"So it's a one and a"},{"speaker":"Andrew Bean","startTime":4920.42,"endTime":4922.94,"body":"half million dollar starting"},{"speaker":"Andrew Bean","startTime":4922.94,"endTime":4923.69,"body":"deposit."},{"speaker":"Victor Lagos","startTime":4925.28,"endTime":4929.93,"body":"No loan? No, 1"},{"speaker":"Victor Lagos","startTime":4925.28,"endTime":4929.93,"body":"million is 65%. So calculate"},{"speaker":"Victor Lagos","startTime":4929.93,"endTime":4935.12,"body":"that. So if you want an opinion,"},{"speaker":"Victor Lagos","startTime":4929.93,"endTime":4935.12,"body":"make that 65%. Yeah, so divide"},{"speaker":"Victor Lagos","startTime":4935.12,"endTime":4939.65,"body":"that by 65. And times that by by"},{"speaker":"Victor Lagos","startTime":4935.12,"endTime":4939.65,"body":"by 10. So it's not so divided by"},{"speaker":"Victor Lagos","startTime":4939.65,"endTime":4941.93,"body":"six five times by 165%"},{"speaker":"Andrew Bean","startTime":4941.93,"endTime":4943.13,"body":"of 1.5 million."},{"speaker":"Victor Lagos","startTime":4945.71,"endTime":4949.04,"body":"No, not the other"},{"speaker":"Victor Lagos","startTime":4945.71,"endTime":4949.04,"body":"way around. You want 1.5 million"},{"speaker":"Victor Lagos","startTime":4949.07,"endTime":4954.11,"body":"to actually be 65% of x purchase"},{"speaker":"Victor Lagos","startTime":4949.07,"endTime":4954.11,"body":"price somewhat. Does that make"},{"speaker":"Victor Lagos","startTime":4954.11,"endTime":4962.54,"body":"sense? So so the way I would"},{"speaker":"Victor Lagos","startTime":4954.11,"endTime":4962.54,"body":"calculate that is one and a half"},{"speaker":"Victor Lagos","startTime":4962.54,"endTime":4970.43,"body":"million divided by 65. Okay,"},{"speaker":"Victor Lagos","startTime":4962.54,"endTime":4970.43,"body":"times a by 145"},{"speaker":"Andrew Bean","startTime":4970.97,"endTime":4977.27,"body":"Do that divided by"},{"speaker":"Andrew Bean","startTime":4970.97,"endTime":4977.27,"body":"64 times 100. So it's 6307"},{"speaker":"Andrew Bean","startTime":4977.75,"endTime":4978.14,"body":"summed up"},{"speaker":"Victor Lagos","startTime":4978.14,"endTime":4985.16,"body":"by 100. See, so"},{"speaker":"Victor Lagos","startTime":4978.14,"endTime":4985.16,"body":"$2.3 million purchase price you"},{"speaker":"Victor Lagos","startTime":4985.16,"endTime":4990.65,"body":"can get as a purchase price and"},{"speaker":"Victor Lagos","startTime":4985.16,"endTime":4990.65,"body":"borrow 1.5 million on a lease"},{"speaker":"Victor Lagos","startTime":4990.65,"endTime":4991.16,"body":"dock loan."},{"speaker":"Andrew Bean","startTime":4991.4,"endTime":4996.53,"body":"Yes. Share what a"},{"speaker":"Andrew Bean","startTime":4991.4,"endTime":4996.53,"body":"bank doing that with me off air"},{"speaker":"Andrew Bean","startTime":4996.53,"endTime":4999.71,"body":"because that sounds like an"},{"speaker":"Andrew Bean","startTime":4996.53,"endTime":4999.71,"body":"absolutely Ripper product. And"},{"speaker":"Andrew Bean","startTime":4999.71,"endTime":5005.26,"body":"if you want Viktor to also share"},{"speaker":"Andrew Bean","startTime":4999.71,"endTime":5005.26,"body":"how you can get some free money."},{"speaker":"Andrew Bean","startTime":5005.86,"endTime":5009.19,"body":"Give him a call. So Mike, where"},{"speaker":"Andrew Bean","startTime":5005.86,"endTime":5009.19,"body":"can listeners go to find out"},{"speaker":"Andrew Bean","startTime":5009.19,"endTime":5010.27,"body":"more about yourself?"},{"speaker":"Victor Lagos","startTime":5011.47,"endTime":5013.66,"body":"Okay, just for"},{"speaker":"Victor Lagos","startTime":5011.47,"endTime":5013.66,"body":"starters, no free money here."},{"speaker":"Victor Lagos","startTime":5013.69,"endTime":5023.68,"body":"You have to pay interest in"},{"speaker":"Victor Lagos","startTime":5013.69,"endTime":5023.68,"body":"fees. Yo, pretty buddy. Well,"},{"speaker":"Victor Lagos","startTime":5023.68,"endTime":5026.41,"body":"listeners, listeners can find me"},{"speaker":"Victor Lagos","startTime":5023.68,"endTime":5026.41,"body":"at my website Loggos"},{"speaker":"Victor Lagos","startTime":5026.44,"endTime":5029.89,"body":"financial.com.au. Or they can"},{"speaker":"Victor Lagos","startTime":5026.44,"endTime":5029.89,"body":"just google like US financial."},{"speaker":"Victor Lagos","startTime":5030.16,"endTime":5032.74,"body":"They can also find me on my own"},{"speaker":"Victor Lagos","startTime":5030.16,"endTime":5032.74,"body":"podcast, which is debt to"},{"speaker":"Victor Lagos","startTime":5032.74,"endTime":5036.16,"body":"financial freedom. You'll find"},{"speaker":"Victor Lagos","startTime":5032.74,"endTime":5036.16,"body":"that on YouTube, as well as, you"},{"speaker":"Victor Lagos","startTime":5036.16,"endTime":5040.96,"body":"know, iTunes and Spotify. And"},{"speaker":"Victor Lagos","startTime":5036.16,"endTime":5040.96,"body":"yeah, look, you can book in a"},{"speaker":"Victor Lagos","startTime":5041.26,"endTime":5044.68,"body":"free chat. We can just get to,"},{"speaker":"Victor Lagos","startTime":5041.26,"endTime":5044.68,"body":"you know, see if your"},{"speaker":"Victor Lagos","startTime":5044.68,"endTime":5047.89,"body":"circumstances allow you to"},{"speaker":"Victor Lagos","startTime":5044.68,"endTime":5047.89,"body":"borrow. It's no cost to have a"},{"speaker":"Victor Lagos","startTime":5047.89,"endTime":5051.25,"body":"chat with me. And if we're the"},{"speaker":"Victor Lagos","startTime":5047.89,"endTime":5051.25,"body":"right fit to work together, we"},{"speaker":"Victor Lagos","startTime":5051.25,"endTime":5052.87,"body":"can discuss where to go from"},{"speaker":"Victor Lagos","startTime":5051.25,"endTime":5052.87,"body":"there."},{"speaker":"Andrew Bean","startTime":5054.01,"endTime":5057.34,"body":"Alright, man, well,"},{"speaker":"Andrew Bean","startTime":5054.01,"endTime":5057.34,"body":"that's a wrap. This has been the"},{"speaker":"Andrew Bean","startTime":5057.34,"endTime":5061.39,"body":"financial experts Victor Lagos"},{"speaker":"Andrew Bean","startTime":5057.34,"endTime":5061.39,"body":"and Andrew been on the financial"},{"speaker":"Andrew Bean","startTime":5061.39,"endTime":5065.14,"body":"freedom series. Make sure you go"},{"speaker":"Andrew Bean","startTime":5061.39,"endTime":5065.14,"body":"and talk to Victor to get some"},{"speaker":"Andrew Bean","startTime":5065.14,"endTime":5069.85,"body":"free money. He's just standing"},{"speaker":"Andrew Bean","startTime":5065.14,"endTime":5069.85,"body":"it out. Alright guys. See you"},{"speaker":"Andrew Bean","startTime":5069.85,"endTime":5070.96,"body":"guys. Thank you."},{"speaker":"Victor Lagos","startTime":5070.99,"endTime":5073.09,"body":"Thank you. Thanks."},{"speaker":"Victor Lagos","startTime":5070.99,"endTime":5073.09,"body":"Cheers."}]}