{"version":"1.0.0","segments":[{"speaker":"Andrew Bean","startTime":6.63,"endTime":9.42,"body":"Welcome to the"},{"speaker":"Andrew Bean","startTime":6.63,"endTime":9.42,"body":"Financial Freedom series. My"},{"speaker":"Andrew Bean","startTime":9.42,"endTime":13.62,"body":"name is Andrew Bean. And I'm"},{"speaker":"Andrew Bean","startTime":9.42,"endTime":13.62,"body":"here with top mortgage broker"},{"speaker":"Andrew Bean","startTime":13.62,"endTime":17.88,"body":"and financial expert Victor"},{"speaker":"Andrew Bean","startTime":13.62,"endTime":17.88,"body":"Lagos from Lagos . Financial How"},{"speaker":"Andrew Bean","startTime":17.88,"endTime":18.51,"body":"are you, mate?"},{"speaker":"Victor Lagos","startTime":19.71,"endTime":20.85,"body":"Good, Andrew."},{"speaker":"Victor Lagos","startTime":19.71,"endTime":20.85,"body":"mate. How are you?"},{"speaker":"Andrew Bean","startTime":21.24,"endTime":24.09,"body":"I'm fantastic,"},{"speaker":"Andrew Bean","startTime":21.24,"endTime":24.09,"body":"buddy. We have an absolute"},{"speaker":"Andrew Bean","startTime":24.09,"endTime":27.69,"body":"ripper on the show today really"},{"speaker":"Andrew Bean","startTime":24.09,"endTime":27.69,"body":"excited about this one. Are you"},{"speaker":"Andrew Bean","startTime":27.69,"endTime":28.56,"body":"as pumped as me?"},{"speaker":"Victor Lagos","startTime":29.82,"endTime":31.2,"body":"Yeah, this one's a"},{"speaker":"Victor Lagos","startTime":29.82,"endTime":31.2,"body":"tough one."},{"speaker":"Andrew Bean","startTime":33.75,"endTime":35.64,"body":"Victor was just"},{"speaker":"Andrew Bean","startTime":33.75,"endTime":35.64,"body":"telling me before that, I've got"},{"speaker":"Andrew Bean","startTime":35.64,"endTime":38.91,"body":"a few tough questions for him."},{"speaker":"Andrew Bean","startTime":35.64,"endTime":38.91,"body":"So I'm putting you on the pump"},{"speaker":"Andrew Bean","startTime":38.91,"endTime":43.59,"body":"today to basically give the"},{"speaker":"Andrew Bean","startTime":38.91,"endTime":43.59,"body":"listener and everyone else the"},{"speaker":"Andrew Bean","startTime":43.59,"endTime":47.31,"body":"tools to be able to crack the"},{"speaker":"Andrew Bean","startTime":43.59,"endTime":47.31,"body":"lending code. And that's the"},{"speaker":"Andrew Bean","startTime":47.31,"endTime":52.65,"body":"real theme of this particular"},{"speaker":"Andrew Bean","startTime":47.31,"endTime":52.65,"body":"podcast is how can we actually"},{"speaker":"Andrew Bean","startTime":52.92,"endTime":56.73,"body":"do what we need to do to give"},{"speaker":"Andrew Bean","startTime":52.92,"endTime":56.73,"body":"the banks or get give ourselves"},{"speaker":"Andrew Bean","startTime":56.73,"endTime":60.39,"body":"and more borrowing capacity. So"},{"speaker":"Andrew Bean","startTime":56.73,"endTime":60.39,"body":"Victor is going to explain to us"},{"speaker":"Andrew Bean","startTime":60.39,"endTime":65.49,"body":"exactly how the banks evaluate"},{"speaker":"Andrew Bean","startTime":60.39,"endTime":65.49,"body":"us as the borrower, and then"},{"speaker":"Andrew Bean","startTime":65.55,"endTime":70.2,"body":"give us a few tips and tricks on"},{"speaker":"Andrew Bean","startTime":65.55,"endTime":70.2,"body":"how to actually make that a"},{"speaker":"Andrew Bean","startTime":70.2,"endTime":73.38,"body":"larger sum. Because at the end"},{"speaker":"Andrew Bean","startTime":70.2,"endTime":73.38,"body":"of the day, you know, property"},{"speaker":"Andrew Bean","startTime":73.38,"endTime":76.95,"body":"is just a game of finance with a"},{"speaker":"Andrew Bean","startTime":73.38,"endTime":76.95,"body":"few pieces of real estate, you"},{"speaker":"Andrew Bean","startTime":76.95,"endTime":80.13,"body":"know, thrown in there. So if you"},{"speaker":"Andrew Bean","startTime":76.95,"endTime":80.13,"body":"can get more money, more access"},{"speaker":"Andrew Bean","startTime":80.13,"endTime":83.04,"body":"to capital, happy days, keep on"},{"speaker":"Andrew Bean","startTime":80.13,"endTime":83.04,"body":"going."},{"speaker":"Victor Lagos","startTime":85.38,"endTime":88.2,"body":"Yeah, exactly. I"},{"speaker":"Victor Lagos","startTime":85.38,"endTime":88.2,"body":"think today, you're really going"},{"speaker":"Victor Lagos","startTime":88.2,"endTime":91.35,"body":"to be getting all the secrets"},{"speaker":"Victor Lagos","startTime":88.2,"endTime":91.35,"body":"out of me. All the stuff that I"},{"speaker":"Victor Lagos","startTime":91.35,"endTime":96.15,"body":"share with my clients.Yeah, take"},{"speaker":"Victor Lagos","startTime":91.35,"endTime":96.15,"body":"some notes."},{"speaker":"Andrew Bean","startTime":96.51,"endTime":100.65,"body":"Awesome. So this is"},{"speaker":"Andrew Bean","startTime":96.51,"endTime":100.65,"body":"a really, really big subject. So"},{"speaker":"Andrew Bean","startTime":100.65,"endTime":104.58,"body":"can you just give us a quick"},{"speaker":"Andrew Bean","startTime":100.65,"endTime":104.58,"body":"overview of how the banks"},{"speaker":"Andrew Bean","startTime":104.58,"endTime":108.06,"body":"actually like make their"},{"speaker":"Andrew Bean","startTime":104.58,"endTime":108.06,"body":"assessment on borrowing capacity"},{"speaker":"Andrew Bean","startTime":108.06,"endTime":108.9,"body":"per applicant?"},{"speaker":"Victor Lagos","startTime":111.0,"endTime":114.36,"body":"Yeah, so I mean,"},{"speaker":"Victor Lagos","startTime":111.0,"endTime":114.36,"body":"very simply put, they just try"},{"speaker":"Victor Lagos","startTime":114.36,"endTime":118.05,"body":"to work out that once you"},{"speaker":"Victor Lagos","startTime":114.36,"endTime":118.05,"body":"account for all of your"},{"speaker":"Victor Lagos","startTime":118.05,"endTime":123.15,"body":"expenses, so your living costs,"},{"speaker":"Victor Lagos","startTime":118.05,"endTime":123.15,"body":"as well as all of your debts? Is"},{"speaker":"Victor Lagos","startTime":123.15,"endTime":128.01,"body":"there money leftover to service,"},{"speaker":"Victor Lagos","startTime":123.15,"endTime":128.01,"body":"your new loan? And is there a"},{"speaker":"Victor Lagos","startTime":128.01,"endTime":131.64,"body":"surplus after that? So that's"},{"speaker":"Victor Lagos","startTime":128.01,"endTime":131.64,"body":"overarching what they're trying"},{"speaker":"Victor Lagos","startTime":131.64,"endTime":135.21,"body":"to work it out. But then the"},{"speaker":"Victor Lagos","startTime":131.64,"endTime":135.21,"body":"numbers in which they calculate"},{"speaker":"Victor Lagos","startTime":135.21,"endTime":139.59,"body":"that differ, they don't look at"},{"speaker":"Victor Lagos","startTime":135.21,"endTime":139.59,"body":"what the actual costs is. They"},{"speaker":"Victor Lagos","startTime":139.59,"endTime":142.71,"body":"use buffers and stress tests."},{"speaker":"Victor Lagos","startTime":139.59,"endTime":142.71,"body":"And we'll get into a little bit"},{"speaker":"Victor Lagos","startTime":142.71,"endTime":144.9,"body":"more of the details on that as"},{"speaker":"Victor Lagos","startTime":142.71,"endTime":144.9,"body":"you ask questions."},{"speaker":"Andrew Bean","startTime":145.08,"endTime":147.99,"body":"Yeah, awesome. So I"},{"speaker":"Andrew Bean","startTime":145.08,"endTime":147.99,"body":"mean, when I'm assessing a"},{"speaker":"Andrew Bean","startTime":147.99,"endTime":152.67,"body":"property, I have a metric that I"},{"speaker":"Andrew Bean","startTime":147.99,"endTime":152.67,"body":"put in for the debt coverage"},{"speaker":"Andrew Bean","startTime":152.67,"endTime":157.05,"body":"ratio, because I believe that a"},{"speaker":"Andrew Bean","startTime":152.67,"endTime":157.05,"body":"bank or banks like to see like a"},{"speaker":"Andrew Bean","startTime":157.05,"endTime":161.28,"body":"good one and a half 2% have a"},{"speaker":"Andrew Bean","startTime":157.05,"endTime":161.28,"body":"debt coverage ratio from the"},{"speaker":"Andrew Bean","startTime":161.31,"endTime":164.76,"body":"positively geared property, do"},{"speaker":"Andrew Bean","startTime":161.31,"endTime":164.76,"body":"they have their own like debt"},{"speaker":"Andrew Bean","startTime":164.76,"endTime":167.94,"body":"coverage ratio per applicant"},{"speaker":"Andrew Bean","startTime":164.76,"endTime":167.94,"body":"that they they use?"},{"speaker":"Victor Lagos","startTime":169.86,"endTime":173.73,"body":"Yeah, so. So when"},{"speaker":"Victor Lagos","startTime":169.86,"endTime":173.73,"body":"you're looking at lending,"},{"speaker":"Victor Lagos","startTime":174.21,"endTime":178.53,"body":"serviceability calculators,"},{"speaker":"Victor Lagos","startTime":174.21,"endTime":178.53,"body":"every bank or lender has got"},{"speaker":"Victor Lagos","startTime":178.53,"endTime":184.53,"body":"their ownmethodology in what"},{"speaker":"Victor Lagos","startTime":178.53,"endTime":184.53,"body":"they account for. So if they're"},{"speaker":"Victor Lagos","startTime":184.53,"endTime":189.36,"body":"looking at a debt servicing"},{"speaker":"Victor Lagos","startTime":184.53,"endTime":189.36,"body":"ratio, it's usually between,"},{"speaker":"Victor Lagos","startTime":189.39,"endTime":196.2,"body":"say, 1.25, up to two times"},{"speaker":"Victor Lagos","startTime":189.39,"endTime":196.2,"body":"cover. And this is based on"},{"speaker":"Victor Lagos","startTime":196.71,"endTime":201.42,"body":"principal and interest on all of"},{"speaker":"Victor Lagos","startTime":196.71,"endTime":201.42,"body":"your loans on a higher interest"},{"speaker":"Victor Lagos","startTime":201.42,"endTime":204.78,"body":"rate than what you're actually"},{"speaker":"Victor Lagos","startTime":201.42,"endTime":204.78,"body":"paying. So say that rate is"},{"speaker":"Victor Lagos","startTime":204.81,"endTime":211.44,"body":"6%.And the bank has a 3% buffer"},{"speaker":"Victor Lagos","startTime":204.81,"endTime":211.44,"body":"on that, they'll they'll"},{"speaker":"Victor Lagos","startTime":211.44,"endTime":214.56,"body":"calculate at 9%. And they'll"},{"speaker":"Victor Lagos","startTime":211.44,"endTime":214.56,"body":"want to see that you can"},{"speaker":"Victor Lagos","startTime":214.56,"endTime":218.7,"body":"actually cover that, you know,"},{"speaker":"Victor Lagos","startTime":214.56,"endTime":218.7,"body":"two times cover or not so much,"},{"speaker":"Victor Lagos","startTime":218.7,"endTime":221.94,"body":"two times, that's pretty high."},{"speaker":"Victor Lagos","startTime":218.7,"endTime":221.94,"body":"But I'd say, you know, 1.25"},{"speaker":"Victor Lagos","startTime":222.03,"endTime":224.85,"body":"times that, can you cover that"},{"speaker":"Victor Lagos","startTime":222.03,"endTime":224.85,"body":"with your with your income?"},{"speaker":"Andrew Bean","startTime":225.93,"endTime":229.44,"body":"So is the spread"},{"speaker":"Andrew Bean","startTime":225.93,"endTime":229.44,"body":"that the bank always puts on? Is"},{"speaker":"Andrew Bean","startTime":229.44,"endTime":232.56,"body":"that a specific number? Does"},{"speaker":"Andrew Bean","startTime":229.44,"endTime":232.56,"body":"that change bank to bank, like"},{"speaker":"Andrew Bean","startTime":232.56,"endTime":235.32,"body":"the spread of the interest rate"},{"speaker":"Andrew Bean","startTime":232.56,"endTime":235.32,"body":"that they can actually give you"},{"speaker":"Andrew Bean","startTime":235.32,"endTime":239.19,"body":"to the stress test that they,"},{"speaker":"Andrew Bean","startTime":235.32,"endTime":239.19,"body":"you know, put on you."},{"speaker":"Victor Lagos","startTime":241.02,"endTime":244.86,"body":"So if you're a"},{"speaker":"Victor Lagos","startTime":241.02,"endTime":244.86,"body":"bank, and you're a deposit"},{"speaker":"Victor Lagos","startTime":244.86,"endTime":248.94,"body":"taking institution, you're"},{"speaker":"Victor Lagos","startTime":244.86,"endTime":248.94,"body":"regulated by APRA. Yeah, Apple"},{"speaker":"Victor Lagos","startTime":248.94,"endTime":253.95,"body":"says you have to put 3% above"},{"speaker":"Victor Lagos","startTime":248.94,"endTime":253.95,"body":"the actual interest rate. So"},{"speaker":"Victor Lagos","startTime":254.1,"endTime":260.43,"body":"today's rates are around 6%. So"},{"speaker":"Victor Lagos","startTime":254.1,"endTime":260.43,"body":"they're calculating at 9%. But"},{"speaker":"Victor Lagos","startTime":260.43,"endTime":265.26,"body":"if you're a non bank, then you"},{"speaker":"Victor Lagos","startTime":260.43,"endTime":265.26,"body":"don't report directly to APRA."},{"speaker":"Victor Lagos","startTime":265.41,"endTime":270.12,"body":"You report to ASIC and the"},{"speaker":"Victor Lagos","startTime":265.41,"endTime":270.12,"body":"stress test rates can vary. They"},{"speaker":"Victor Lagos","startTime":270.12,"endTime":276.12,"body":"can pay sometimes, one time 1%"},{"speaker":"Victor Lagos","startTime":270.12,"endTime":276.12,"body":"About that, or 2%. Above that,"},{"speaker":"Victor Lagos","startTime":276.15,"endTime":280.98,"body":"so there's a bit more breathing"},{"speaker":"Victor Lagos","startTime":276.15,"endTime":280.98,"body":"room. And also, the way they"},{"speaker":"Victor Lagos","startTime":280.98,"endTime":285.18,"body":"treat principal and interest"},{"speaker":"Victor Lagos","startTime":280.98,"endTime":285.18,"body":"repayments versus interest only"},{"speaker":"Victor Lagos","startTime":285.45,"endTime":290.16,"body":"is different as well. So a bank,"},{"speaker":"Victor Lagos","startTime":285.45,"endTime":290.16,"body":"a bank will always look at the"},{"speaker":"Victor Lagos","startTime":290.73,"endTime":294.69,"body":"principal and interest payments"},{"speaker":"Victor Lagos","startTime":290.73,"endTime":294.69,"body":"for the remaining p\u0026i term. So"},{"speaker":"Victor Lagos","startTime":294.69,"endTime":297.57,"body":"say you've got a 30 year loan"},{"speaker":"Victor Lagos","startTime":294.69,"endTime":297.57,"body":"and you've got a five year"},{"speaker":"Victor Lagos","startTime":297.57,"endTime":301.05,"body":"interest only a bank is going to"},{"speaker":"Victor Lagos","startTime":297.57,"endTime":301.05,"body":"say all right Well, there's 25"},{"speaker":"Victor Lagos","startTime":301.08,"endTime":305.43,"body":"years remaining. So we need to"},{"speaker":"Victor Lagos","startTime":301.08,"endTime":305.43,"body":"calculate p\u0026i or principal and"},{"speaker":"Victor Lagos","startTime":305.43,"endTime":310.56,"body":"interest on 25 years. And we're"},{"speaker":"Victor Lagos","startTime":305.43,"endTime":310.56,"body":"going to stress test that, at,"},{"speaker":"Victor Lagos","startTime":310.59,"endTime":315.42,"body":"say 9%. So that's obviously a"},{"speaker":"Victor Lagos","startTime":310.59,"endTime":315.42,"body":"difficult feat, because now you"},{"speaker":"Victor Lagos","startTime":315.48,"endTime":320.19,"body":"got a shorter loan term, and the"},{"speaker":"Victor Lagos","startTime":315.48,"endTime":320.19,"body":"repayments are higher. Whereas a"},{"speaker":"Victor Lagos","startTime":320.19,"endTime":324.63,"body":"non bank can potentially look at"},{"speaker":"Victor Lagos","startTime":320.19,"endTime":324.63,"body":"the interest only repayment and"},{"speaker":"Victor Lagos","startTime":324.63,"endTime":328.5,"body":"just say, put 2% above that."},{"speaker":"Victor Lagos","startTime":324.63,"endTime":328.5,"body":"That's a significant difference"},{"speaker":"Victor Lagos","startTime":328.56,"endTime":331.14,"body":"that's looking at the current"},{"speaker":"Victor Lagos","startTime":328.56,"endTime":331.14,"body":"principal and interest"},{"speaker":"Victor Lagos","startTime":331.17,"endTime":334.14,"body":"repayment, then we're looking at"},{"speaker":"Victor Lagos","startTime":331.17,"endTime":334.14,"body":"25 years remaining. They're"},{"speaker":"Victor Lagos","startTime":334.14,"endTime":337.35,"body":"saying what's the actual"},{"speaker":"Victor Lagos","startTime":334.14,"endTime":337.35,"body":"repayment today, and if it is"},{"speaker":"Victor Lagos","startTime":337.35,"endTime":340.41,"body":"interest only, then let's just"},{"speaker":"Victor Lagos","startTime":337.35,"endTime":340.41,"body":"stress test that and see that"},{"speaker":"Victor Lagos","startTime":340.41,"endTime":343.38,"body":"you can afford that. And if"},{"speaker":"Victor Lagos","startTime":340.41,"endTime":343.38,"body":"you've got a few properties, and"},{"speaker":"Victor Lagos","startTime":343.38,"endTime":346.44,"body":"they're all interest only, that"},{"speaker":"Victor Lagos","startTime":343.38,"endTime":346.44,"body":"can work in your favor, for a"},{"speaker":"Victor Lagos","startTime":346.44,"endTime":351.51,"body":"non bank to borrow more. But if"},{"speaker":"Victor Lagos","startTime":346.44,"endTime":351.51,"body":"you're going to bigger bank for,"},{"speaker":"Victor Lagos","startTime":351.6,"endTime":353.46,"body":"you know, overall, you're going"},{"speaker":"Victor Lagos","startTime":351.6,"endTime":353.46,"body":"to get a better interest rate,"},{"speaker":"Victor Lagos","startTime":353.46,"endTime":357.6,"body":"lower fees, then it can hinder"},{"speaker":"Victor Lagos","startTime":353.46,"endTime":357.6,"body":"you by having a longer interest"},{"speaker":"Victor Lagos","startTime":357.6,"endTime":358.32,"body":"only terms."},{"speaker":"Andrew Bean","startTime":359.16,"endTime":362.43,"body":"So can you just"},{"speaker":"Andrew Bean","startTime":359.16,"endTime":362.43,"body":"basically explain to us like,"},{"speaker":"Andrew Bean","startTime":362.61,"endTime":365.52,"body":"like, what a non bank is, like,"},{"speaker":"Andrew Bean","startTime":362.61,"endTime":365.52,"body":"maybe just name a couple of the"},{"speaker":"Andrew Bean","startTime":365.52,"endTime":368.22,"body":"businesses that are a non bank?"},{"speaker":"Andrew Bean","startTime":365.52,"endTime":368.22,"body":"Because I mean, it gets if a lot"},{"speaker":"Andrew Bean","startTime":368.22,"endTime":369.99,"body":"of people will just think if"},{"speaker":"Andrew Bean","startTime":368.22,"endTime":369.99,"body":"they're lending me money,"},{"speaker":"Andrew Bean","startTime":369.99,"endTime":372.18,"body":"they're obviously a bank. But"},{"speaker":"Andrew Bean","startTime":369.99,"endTime":372.18,"body":"that doesn't seem to be the"},{"speaker":"Andrew Bean","startTime":372.18,"endTime":372.75,"body":"case."},{"speaker":"Victor Lagos","startTime":374.13,"endTime":377.67,"body":"Yeah, they're just"},{"speaker":"Victor Lagos","startTime":374.13,"endTime":377.67,"body":"called non banks or non APIs,"},{"speaker":"Victor Lagos","startTime":377.76,"endTime":382.08,"body":"non deposit taking institutions."},{"speaker":"Victor Lagos","startTime":377.76,"endTime":382.08,"body":"So some of the more known"},{"speaker":"Victor Lagos","startTime":382.08,"endTime":386.94,"body":"lenders out there, liberty,"},{"speaker":"Victor Lagos","startTime":382.08,"endTime":386.94,"body":"financial, paper, money, resi,"},{"speaker":"Victor Lagos","startTime":386.94,"endTime":391.2,"body":"Mac, first Mac, these are the"},{"speaker":"Victor Lagos","startTime":386.94,"endTime":391.2,"body":"ones that a lot of people know,"},{"speaker":"Victor Lagos","startTime":391.2,"endTime":394.41,"body":"especially if you're a property"},{"speaker":"Victor Lagos","startTime":391.2,"endTime":394.41,"body":"investor. But then there's other"},{"speaker":"Victor Lagos","startTime":394.41,"endTime":398.04,"body":"non banks or mortgage managers"},{"speaker":"Victor Lagos","startTime":394.41,"endTime":398.04,"body":"out there that many people may"},{"speaker":"Victor Lagos","startTime":398.04,"endTime":401.73,"body":"not have heard of. I'm even"},{"speaker":"Victor Lagos","startTime":398.04,"endTime":401.73,"body":"learning about new ones, and I'm"},{"speaker":"Victor Lagos","startTime":401.73,"endTime":406.29,"body":"getting accredited. So yeah, you"},{"speaker":"Victor Lagos","startTime":401.73,"endTime":406.29,"body":"know, a lot of them don't have"},{"speaker":"Victor Lagos","startTime":406.32,"endTime":410.43,"body":"any type of advertising or"},{"speaker":"Victor Lagos","startTime":406.32,"endTime":410.43,"body":"direct to consumer channels, so"},{"speaker":"Victor Lagos","startTime":410.43,"endTime":413.67,"body":"you can only get to them through"},{"speaker":"Victor Lagos","startTime":410.43,"endTime":413.67,"body":"the broker channel. And that's"},{"speaker":"Victor Lagos","startTime":413.67,"endTime":417.24,"body":"why sometimes it's really"},{"speaker":"Victor Lagos","startTime":413.67,"endTime":417.24,"body":"important to work with a broker"},{"speaker":"Victor Lagos","startTime":417.24,"endTime":420.42,"body":"that can actually navigate that"},{"speaker":"Victor Lagos","startTime":417.24,"endTime":420.42,"body":"and find the right lender,"},{"speaker":"Victor Lagos","startTime":420.75,"endTime":423.33,"body":"because otherwise customer"},{"speaker":"Victor Lagos","startTime":420.75,"endTime":423.33,"body":"doesn't even know they exist,"},{"speaker":"Victor Lagos","startTime":423.36,"endTime":425.7,"body":"they don't advertise. And that"},{"speaker":"Victor Lagos","startTime":423.36,"endTime":425.7,"body":"might be the right lender to"},{"speaker":"Victor Lagos","startTime":425.7,"endTime":426.78,"body":"help you get the next property"},{"speaker":"Andrew Bean","startTime":427.65,"endTime":431.04,"body":"here, right. So"},{"speaker":"Andrew Bean","startTime":427.65,"endTime":431.04,"body":"with the 3% interest that the"},{"speaker":"Andrew Bean","startTime":431.04,"endTime":435.9,"body":"bank does put on, or APRA has"},{"speaker":"Andrew Bean","startTime":431.04,"endTime":435.9,"body":"put on for the bank, has that"},{"speaker":"Andrew Bean","startTime":435.9,"endTime":440.7,"body":"always been 3%? And has that Is"},{"speaker":"Andrew Bean","startTime":435.9,"endTime":440.7,"body":"that enough for this particular,"},{"speaker":"Andrew Bean","startTime":440.82,"endTime":444.09,"body":"you know, time around where I"},{"speaker":"Andrew Bean","startTime":440.82,"endTime":444.09,"body":"think we're probably on 12 or 13"},{"speaker":"Andrew Bean","startTime":444.12,"endTime":448.95,"body":"rate hikes, you know, now is"},{"speaker":"Andrew Bean","startTime":444.12,"endTime":448.95,"body":"that is 3%. Enough back before"},{"speaker":"Andrew Bean","startTime":448.95,"endTime":450.78,"body":"the interest rates, we've"},{"speaker":"Andrew Bean","startTime":448.95,"endTime":450.78,"body":"probably already cobbled that up"},{"speaker":"Andrew Bean","startTime":450.78,"endTime":451.26,"body":"right now."},{"speaker":"Victor Lagos","startTime":453.03,"endTime":455.16,"body":"Yeah, it's an"},{"speaker":"Victor Lagos","startTime":453.03,"endTime":455.16,"body":"interesting time that we're in."},{"speaker":"Victor Lagos","startTime":455.16,"endTime":459.9,"body":"So when the 3%, it used to be"},{"speaker":"Victor Lagos","startTime":455.16,"endTime":459.9,"body":"higher, I believe it was 3.252"},{"speaker":"Victor Lagos","startTime":460.8,"endTime":465.87,"body":"years ago, but they dropped it"},{"speaker":"Victor Lagos","startTime":460.8,"endTime":465.87,"body":"down, because interest rates"},{"speaker":"Victor Lagos","startTime":465.9,"endTime":472.05,"body":"were around 2%, at 1.0, even"},{"speaker":"Victor Lagos","startTime":465.9,"endTime":472.05,"body":"lower fixed. And the 3% buffer"},{"speaker":"Victor Lagos","startTime":472.38,"endTime":477.81,"body":"was accurate. And a lot of loans"},{"speaker":"Victor Lagos","startTime":472.38,"endTime":477.81,"body":"now cracked over that. So there"},{"speaker":"Victor Lagos","startTime":477.81,"endTime":481.95,"body":"hasn't really been much"},{"speaker":"Victor Lagos","startTime":477.81,"endTime":481.95,"body":"distress. Even for loans coming"},{"speaker":"Victor Lagos","startTime":481.95,"endTime":486.12,"body":"off. It's fixed into into"},{"speaker":"Victor Lagos","startTime":481.95,"endTime":486.12,"body":"variable, because people are"},{"speaker":"Victor Lagos","startTime":486.45,"endTime":489.9,"body":"paying what the banks stress"},{"speaker":"Victor Lagos","startTime":486.45,"endTime":489.9,"body":"test at anyway, around that 5%."},{"speaker":"Victor Lagos","startTime":490.95,"endTime":495.15,"body":"So now that we're cracking over"},{"speaker":"Victor Lagos","startTime":490.95,"endTime":495.15,"body":"to 6%, now it's starting to"},{"speaker":"Victor Lagos","startTime":495.15,"endTime":498.06,"body":"squeeze the household much more."},{"speaker":"Victor Lagos","startTime":495.15,"endTime":498.06,"body":"And on top of that you've got"},{"speaker":"Victor Lagos","startTime":498.06,"endTime":502.56,"body":"inflation. So the cost of living"},{"speaker":"Victor Lagos","startTime":498.06,"endTime":502.56,"body":"is going up as well. But because"},{"speaker":"Victor Lagos","startTime":502.56,"endTime":506.19,"body":"there was such a short a period"},{"speaker":"Victor Lagos","startTime":502.56,"endTime":506.19,"body":"of time where people were able"},{"speaker":"Victor Lagos","startTime":506.19,"endTime":509.64,"body":"to pay these low interest rates,"},{"speaker":"Victor Lagos","startTime":506.19,"endTime":509.64,"body":"they were then also able to"},{"speaker":"Victor Lagos","startTime":509.64,"endTime":513.18,"body":"build up cash buffers. So build"},{"speaker":"Victor Lagos","startTime":509.64,"endTime":513.18,"body":"up their offset account their"},{"speaker":"Victor Lagos","startTime":513.18,"endTime":517.53,"body":"savings account, build up the"},{"speaker":"Victor Lagos","startTime":513.18,"endTime":517.53,"body":"loan redraw. So that's a lot of"},{"speaker":"Victor Lagos","startTime":517.53,"endTime":520.92,"body":"people living off of that stuff"},{"speaker":"Victor Lagos","startTime":517.53,"endTime":520.92,"body":"at the moment just to hold on to"},{"speaker":"Victor Lagos","startTime":520.92,"endTime":526.05,"body":"their property. So right now, if"},{"speaker":"Victor Lagos","startTime":520.92,"endTime":526.05,"body":"you're entering the market, and"},{"speaker":"Victor Lagos","startTime":526.05,"endTime":530.25,"body":"the banks are assessing it at,"},{"speaker":"Victor Lagos","startTime":526.05,"endTime":530.25,"body":"say, 9%, I don't think 93%"},{"speaker":"Victor Lagos","startTime":530.25,"endTime":533.7,"body":"buffer makes sense with today's"},{"speaker":"Victor Lagos","startTime":530.25,"endTime":533.7,"body":"rates. Because if interest rates"},{"speaker":"Victor Lagos","startTime":534.18,"endTime":539.91,"body":"were at 9% today, and where the"},{"speaker":"Victor Lagos","startTime":534.18,"endTime":539.91,"body":"prices are right now, there'll"},{"speaker":"Victor Lagos","startTime":539.91,"endTime":542.37,"body":"be a very small amount of the"},{"speaker":"Victor Lagos","startTime":539.91,"endTime":542.37,"body":"market that will be able to"},{"speaker":"Victor Lagos","startTime":542.37,"endTime":548.28,"body":"borrow and own property. So So I"},{"speaker":"Victor Lagos","startTime":542.37,"endTime":548.28,"body":"think it's actually going to"},{"speaker":"Victor Lagos","startTime":548.28,"endTime":553.47,"body":"drop the some banks have got"},{"speaker":"Victor Lagos","startTime":548.28,"endTime":553.47,"body":"special rulings, a lot of them"},{"speaker":"Victor Lagos","startTime":553.47,"endTime":557.04,"body":"got because of this mortgage"},{"speaker":"Victor Lagos","startTime":553.47,"endTime":557.04,"body":"cliff, they're calling it where"},{"speaker":"Victor Lagos","startTime":557.04,"endTime":560.85,"body":"people are coming off into these"},{"speaker":"Victor Lagos","startTime":557.04,"endTime":560.85,"body":"2% Fixed rates. And they're"},{"speaker":"Victor Lagos","startTime":560.85,"endTime":563.34,"body":"calling out a mortgage prison"},{"speaker":"Victor Lagos","startTime":560.85,"endTime":563.34,"body":"because they're stuck with the"},{"speaker":"Victor Lagos","startTime":563.34,"endTime":567.84,"body":"same bank that they were. And"},{"speaker":"Victor Lagos","startTime":563.34,"endTime":567.84,"body":"they've given them this ruling"},{"speaker":"Victor Lagos","startTime":567.84,"endTime":570.69,"body":"where they can, instead of"},{"speaker":"Victor Lagos","startTime":567.84,"endTime":570.69,"body":"assessing 3% above the actual"},{"speaker":"Victor Lagos","startTime":570.69,"endTime":574.95,"body":"interest rate, they're assessing"},{"speaker":"Victor Lagos","startTime":570.69,"endTime":574.95,"body":"at 1% above. So then, as long as"},{"speaker":"Victor Lagos","startTime":574.95,"endTime":577.8,"body":"you got clean credit, the loan"},{"speaker":"Victor Lagos","startTime":574.95,"endTime":577.8,"body":"to value ratio was I think,"},{"speaker":"Victor Lagos","startTime":577.8,"endTime":584.01,"body":"below 80%. And you put a 1%"},{"speaker":"Victor Lagos","startTime":577.8,"endTime":584.01,"body":"Stress Test buffer on top, then"},{"speaker":"Victor Lagos","startTime":584.04,"endTime":587.25,"body":"there's an option for these"},{"speaker":"Victor Lagos","startTime":584.04,"endTime":587.25,"body":"people to refinance to lower"},{"speaker":"Victor Lagos","startTime":587.25,"endTime":589.71,"body":"interest rate potentially then"},{"speaker":"Victor Lagos","startTime":587.25,"endTime":589.71,"body":"that same bank is offering."},{"speaker":"Andrew Bean","startTime":590.82,"endTime":594.21,"body":"So I guess that"},{"speaker":"Andrew Bean","startTime":590.82,"endTime":594.21,"body":"means that the banks aren't"},{"speaker":"Andrew Bean","startTime":594.33,"endTime":597.21,"body":"assuming or their bet they're"},{"speaker":"Andrew Bean","startTime":594.33,"endTime":597.21,"body":"betting that there aren't going"},{"speaker":"Andrew Bean","startTime":597.21,"endTime":599.85,"body":"to be too many more interest"},{"speaker":"Andrew Bean","startTime":597.21,"endTime":599.85,"body":"rate hikes where they're going"},{"speaker":"Andrew Bean","startTime":599.85,"endTime":602.28,"body":"to be easily take up that 1%"},{"speaker":"Andrew Bean","startTime":599.85,"endTime":602.28,"body":"buffer."},{"speaker":"Victor Lagos","startTime":604.14,"endTime":606.42,"body":"Yeah, yeah,"},{"speaker":"Victor Lagos","startTime":604.14,"endTime":606.42,"body":"exactly right there. They're"},{"speaker":"Victor Lagos","startTime":606.42,"endTime":611.61,"body":"kind of aware that we're at that"},{"speaker":"Victor Lagos","startTime":606.42,"endTime":611.61,"body":"higher range right now. And I've"},{"speaker":"Victor Lagos","startTime":611.61,"endTime":616.62,"body":"noticed as well that the gap"},{"speaker":"Victor Lagos","startTime":611.61,"endTime":616.62,"body":"between owner occupied interest"},{"speaker":"Victor Lagos","startTime":616.62,"endTime":620.52,"body":"rates and investment rates is"},{"speaker":"Victor Lagos","startTime":616.62,"endTime":620.52,"body":"closing. So it's not as large as"},{"speaker":"Victor Lagos","startTime":620.52,"endTime":623.67,"body":"it used to be. So what that"},{"speaker":"Victor Lagos","startTime":620.52,"endTime":623.67,"body":"means is that the banks are"},{"speaker":"Victor Lagos","startTime":623.67,"endTime":627.81,"body":"likely eating into their"},{"speaker":"Victor Lagos","startTime":623.67,"endTime":627.81,"body":"margins, their profit margins,"},{"speaker":"Victor Lagos","startTime":627.81,"endTime":630.93,"body":"just to keep the interest rates"},{"speaker":"Victor Lagos","startTime":627.81,"endTime":630.93,"body":"at a somewhat affordable level,"},{"speaker":"Victor Lagos","startTime":631.41,"endTime":634.26,"body":"if they were really trying to"},{"speaker":"Victor Lagos","startTime":631.41,"endTime":634.26,"body":"maintain the same margins that"},{"speaker":"Victor Lagos","startTime":634.26,"endTime":639.0,"body":"they've had, then customers will"},{"speaker":"Victor Lagos","startTime":634.26,"endTime":639.0,"body":"be paying probably 7% right now."},{"speaker":"Victor Lagos","startTime":639.45,"endTime":643.5,"body":"So that and above, so they're"},{"speaker":"Victor Lagos","startTime":639.45,"endTime":643.5,"body":"sort of keeping at a relatively"},{"speaker":"Victor Lagos","startTime":643.5,"endTime":648.09,"body":"affordable level, so that they"},{"speaker":"Victor Lagos","startTime":643.5,"endTime":648.09,"body":"can still get business. So if,"},{"speaker":"Victor Lagos","startTime":648.69,"endTime":653.4,"body":"if the rates were jumping up to"},{"speaker":"Victor Lagos","startTime":648.69,"endTime":653.4,"body":"8% 9%, and no one can borrow?"},{"speaker":"Victor Lagos","startTime":653.61,"endTime":656.97,"body":"Well, that's the entire economy"},{"speaker":"Victor Lagos","startTime":653.61,"endTime":656.97,"body":"gone, right? No one's no one's"},{"speaker":"Victor Lagos","startTime":656.97,"endTime":660.12,"body":"able to buy and borrow anymore."},{"speaker":"Victor Lagos","startTime":656.97,"endTime":660.12,"body":"So and banks aren't making"},{"speaker":"Victor Lagos","startTime":660.12,"endTime":663.03,"body":"profit at all. So they're better"},{"speaker":"Victor Lagos","startTime":660.12,"endTime":663.03,"body":"off, you know, having a lot of"},{"speaker":"Victor Lagos","startTime":663.03,"endTime":666.48,"body":"margin, but still getting a lot"},{"speaker":"Victor Lagos","startTime":663.03,"endTime":666.48,"body":"of customers then high margins"},{"speaker":"Victor Lagos","startTime":666.48,"endTime":667.08,"body":"and low costs."},{"speaker":"Andrew Bean","startTime":667.74,"endTime":670.08,"body":"Yeah, yeah,"},{"speaker":"Andrew Bean","startTime":667.74,"endTime":670.08,"body":"definitely. So I guess, because"},{"speaker":"Andrew Bean","startTime":670.08,"endTime":673.14,"body":"the banks have had such a good"},{"speaker":"Andrew Bean","startTime":670.08,"endTime":673.14,"body":"run, or, you know, the interest"},{"speaker":"Andrew Bean","startTime":673.14,"endTime":677.34,"body":"rate, or the cash rate has been"},{"speaker":"Andrew Bean","startTime":673.14,"endTime":677.34,"body":"so low for so long, they've had"},{"speaker":"Andrew Bean","startTime":677.34,"endTime":680.37,"body":"such a good run of making money,"},{"speaker":"Andrew Bean","startTime":677.34,"endTime":680.37,"body":"getting more loans, you know,"},{"speaker":"Andrew Bean","startTime":680.37,"endTime":684.0,"body":"putting out debt, that they"},{"speaker":"Andrew Bean","startTime":680.37,"endTime":684.0,"body":"really don't need to be having"},{"speaker":"Andrew Bean","startTime":684.0,"endTime":687.87,"body":"that really big spread of the"},{"speaker":"Andrew Bean","startTime":684.0,"endTime":687.87,"body":"best times, you know,"},{"speaker":"Andrew Bean","startTime":687.87,"endTime":690.6,"body":"profitability, they can, they"},{"speaker":"Andrew Bean","startTime":687.87,"endTime":690.6,"body":"can dial it back, because, you"},{"speaker":"Andrew Bean","startTime":690.6,"endTime":693.15,"body":"know, obviously, they still want"},{"speaker":"Andrew Bean","startTime":690.6,"endTime":693.15,"body":"to have loans coming in business"},{"speaker":"Andrew Bean","startTime":693.15,"endTime":696.42,"body":"coming in to keep the the"},{"speaker":"Andrew Bean","startTime":693.15,"endTime":696.42,"body":"economy and everything going."},{"speaker":"Victor Lagos","startTime":697.59,"endTime":700.2,"body":"Exactly right. And"},{"speaker":"Victor Lagos","startTime":697.59,"endTime":700.2,"body":"they've invested a lot of money"},{"speaker":"Victor Lagos","startTime":700.2,"endTime":704.61,"body":"into lending. So they've got a"},{"speaker":"Victor Lagos","startTime":700.2,"endTime":704.61,"body":"lot of new bankers and Credit"},{"speaker":"Victor Lagos","startTime":704.61,"endTime":708.9,"body":"Services and Technology. They're"},{"speaker":"Victor Lagos","startTime":704.61,"endTime":708.9,"body":"shutting down branches so that"},{"speaker":"Victor Lagos","startTime":708.93,"endTime":712.77,"body":"more people are going online to"},{"speaker":"Victor Lagos","startTime":708.93,"endTime":712.77,"body":"apply for loans. So they need to"},{"speaker":"Victor Lagos","startTime":712.77,"endTime":716.1,"body":"get a return on investment on"},{"speaker":"Victor Lagos","startTime":712.77,"endTime":716.1,"body":"this. And they need to, if"},{"speaker":"Victor Lagos","startTime":716.1,"endTime":718.77,"body":"they're, if they're increasing"},{"speaker":"Victor Lagos","startTime":716.1,"endTime":718.77,"body":"rates so high that no one can"},{"speaker":"Victor Lagos","startTime":718.77,"endTime":721.71,"body":"borrow. Well, they're gonna have"},{"speaker":"Victor Lagos","startTime":718.77,"endTime":721.71,"body":"to start getting rid of a lot of"},{"speaker":"Victor Lagos","startTime":721.71,"endTime":725.61,"body":"jobs and debt. Start downsizing."},{"speaker":"Victor Lagos","startTime":721.71,"endTime":725.61,"body":"So it's a it's an interesting"},{"speaker":"Victor Lagos","startTime":725.61,"endTime":725.97,"body":"time, though."},{"speaker":"Andrew Bean","startTime":726.75,"endTime":730.38,"body":"Yeah. 100%. So can"},{"speaker":"Andrew Bean","startTime":726.75,"endTime":730.38,"body":"you explain to me what, what"},{"speaker":"Andrew Bean","startTime":730.38,"endTime":733.14,"body":"shading is for the listeners"},{"speaker":"Andrew Bean","startTime":730.38,"endTime":733.14,"body":"that don't know what banks do?"},{"speaker":"Andrew Bean","startTime":733.14,"endTime":735.12,"body":"What they don't know what what"},{"speaker":"Andrew Bean","startTime":733.14,"endTime":735.12,"body":"shading is?"},{"speaker":"Victor Lagos","startTime":736.5,"endTime":740.85,"body":"Yeah, so shading"},{"speaker":"Victor Lagos","startTime":736.5,"endTime":740.85,"body":"is when, say you're collecting"},{"speaker":"Victor Lagos","startTime":741.18,"endTime":749.85,"body":"rent of $1,000 a week, they'll"},{"speaker":"Victor Lagos","startTime":741.18,"endTime":749.85,"body":"usually shave that by 10 to 20%."},{"speaker":"Victor Lagos","startTime":750.45,"endTime":754.86,"body":"So instead of using $1,000, a"},{"speaker":"Victor Lagos","startTime":750.45,"endTime":754.86,"body":"week towards serviceability,"},{"speaker":"Victor Lagos","startTime":755.34,"endTime":761.43,"body":"they'll use $800, or $900. And"},{"speaker":"Victor Lagos","startTime":755.34,"endTime":761.43,"body":"they do this because properties,"},{"speaker":"Victor Lagos","startTime":761.43,"endTime":767.1,"body":"for example, aren't going to be"},{"speaker":"Victor Lagos","startTime":761.43,"endTime":767.1,"body":"rented out every week of the"},{"speaker":"Victor Lagos","startTime":767.1,"endTime":771.42,"body":"year, there might be a week or"},{"speaker":"Victor Lagos","startTime":767.1,"endTime":771.42,"body":"two words vacant, or longer"},{"speaker":"Victor Lagos","startTime":771.66,"endTime":776.79,"body":"pending. When tenants leave or"},{"speaker":"Victor Lagos","startTime":771.66,"endTime":776.79,"body":"whatnot, they're also aware that"},{"speaker":"Victor Lagos","startTime":776.79,"endTime":780.39,"body":"there's going to be some costs"},{"speaker":"Victor Lagos","startTime":776.79,"endTime":780.39,"body":"that come up, that they were"},{"speaker":"Victor Lagos","startTime":780.39,"endTime":783.72,"body":"unaware of some things is gonna"},{"speaker":"Victor Lagos","startTime":780.39,"endTime":783.72,"body":"be maintenance, or repairs and"},{"speaker":"Victor Lagos","startTime":783.72,"endTime":788.43,"body":"things like that. And so if they"},{"speaker":"Victor Lagos","startTime":783.72,"endTime":788.43,"body":"accept the 100%, then they're"},{"speaker":"Victor Lagos","startTime":788.43,"endTime":792.18,"body":"putting themselves at risk. But"},{"speaker":"Victor Lagos","startTime":788.43,"endTime":792.18,"body":"he can't afford the loan. So"},{"speaker":"Victor Lagos","startTime":792.18,"endTime":795.45,"body":"they shade it, to make sure that"},{"speaker":"Victor Lagos","startTime":792.18,"endTime":795.45,"body":"they're being more conservative."},{"speaker":"Victor Lagos","startTime":795.96,"endTime":798.39,"body":"And it's not just rental income."},{"speaker":"Victor Lagos","startTime":795.96,"endTime":798.39,"body":"That's one thing that they"},{"speaker":"Victor Lagos","startTime":798.39,"endTime":801.87,"body":"showed it, it's also certain"},{"speaker":"Victor Lagos","startTime":798.39,"endTime":801.87,"body":"types of income, such as"},{"speaker":"Victor Lagos","startTime":801.87,"endTime":808.2,"body":"overtime, or bonuses, or"},{"speaker":"Victor Lagos","startTime":801.87,"endTime":808.2,"body":"commissions. So you might get"},{"speaker":"Victor Lagos","startTime":808.23,"endTime":812.4,"body":"really good bonuses this year,"},{"speaker":"Victor Lagos","startTime":808.23,"endTime":812.4,"body":"and last year, but the year"},{"speaker":"Victor Lagos","startTime":812.4,"endTime":817.92,"body":"after it drops, so by them"},{"speaker":"Victor Lagos","startTime":812.4,"endTime":817.92,"body":"shading it by 20%. It gives them"},{"speaker":"Victor Lagos","startTime":817.92,"endTime":821.16,"body":"comfort, knowing that if it does"},{"speaker":"Victor Lagos","startTime":817.92,"endTime":821.16,"body":"drop, that they were"},{"speaker":"Victor Lagos","startTime":821.16,"endTime":824.58,"body":"conservative, in obviously the"},{"speaker":"Victor Lagos","startTime":821.16,"endTime":824.58,"body":"amount that they use towards"},{"speaker":"Victor Lagos","startTime":824.7,"endTime":826.74,"body":"servicing the debt that they"},{"speaker":"Victor Lagos","startTime":824.7,"endTime":826.74,"body":"gave you."},{"speaker":"Andrew Bean","startTime":827.73,"endTime":830.22,"body":"And is that 20%? Is"},{"speaker":"Andrew Bean","startTime":827.73,"endTime":830.22,"body":"that a standard thing across"},{"speaker":"Andrew Bean","startTime":830.25,"endTime":833.52,"body":"across all banks and all non"},{"speaker":"Andrew Bean","startTime":830.25,"endTime":833.52,"body":"banks? Or do they have their own"},{"speaker":"Andrew Bean","startTime":833.52,"endTime":837.51,"body":"percentages they use for their"},{"speaker":"Andrew Bean","startTime":833.52,"endTime":837.51,"body":"own particular business?"},{"speaker":"Victor Lagos","startTime":838.71,"endTime":842.25,"body":"No, they all have"},{"speaker":"Victor Lagos","startTime":838.71,"endTime":842.25,"body":"their own, so and it all they"},{"speaker":"Victor Lagos","startTime":842.25,"endTime":847.5,"body":"call them niches in, in the"},{"speaker":"Victor Lagos","startTime":842.25,"endTime":847.5,"body":"lending world, they all have"},{"speaker":"Victor Lagos","startTime":847.5,"endTime":851.55,"body":"their own nations, and some of"},{"speaker":"Victor Lagos","startTime":847.5,"endTime":851.55,"body":"them will use 100% of overtime."},{"speaker":"Victor Lagos","startTime":851.91,"endTime":855.0,"body":"For certain industries, like"},{"speaker":"Victor Lagos","startTime":851.91,"endTime":855.0,"body":"essential workers, for example."},{"speaker":"Victor Lagos","startTime":855.72,"endTime":859.41,"body":"You know, if you're, if you're a"},{"speaker":"Victor Lagos","startTime":855.72,"endTime":859.41,"body":"doctor, or you are a nurse or"},{"speaker":"Victor Lagos","startTime":859.71,"endTime":862.53,"body":"ambulance, something like that,"},{"speaker":"Victor Lagos","startTime":859.71,"endTime":862.53,"body":"and you work a lot of overtime,"},{"speaker":"Victor Lagos","startTime":863.16,"endTime":866.4,"body":"well, that can boost up your"},{"speaker":"Victor Lagos","startTime":863.16,"endTime":866.4,"body":"income significantly. But if you"},{"speaker":"Victor Lagos","startTime":866.4,"endTime":869.91,"body":"go to one bank, and they shared"},{"speaker":"Victor Lagos","startTime":866.4,"endTime":869.91,"body":"about 80%, or 20%, and you use"},{"speaker":"Victor Lagos","startTime":869.94,"endTime":873.54,"body":"80%, that's limiting how much"},{"speaker":"Victor Lagos","startTime":869.94,"endTime":873.54,"body":"you can borrow. So there might"},{"speaker":"Victor Lagos","startTime":873.54,"endTime":877.5,"body":"be a lender or bank that will"},{"speaker":"Victor Lagos","startTime":873.54,"endTime":877.5,"body":"accept 100% of the other time"},{"speaker":"Victor Lagos","startTime":877.59,"endTime":880.74,"body":"because they're aware that this"},{"speaker":"Victor Lagos","startTime":877.59,"endTime":880.74,"body":"industry, it's very common to"},{"speaker":"Victor Lagos","startTime":880.74,"endTime":884.46,"body":"whatever so they happily taking"},{"speaker":"Victor Lagos","startTime":880.74,"endTime":884.46,"body":"on the risk because they know"},{"speaker":"Victor Lagos","startTime":884.46,"endTime":887.25,"body":"it's more likely going to"},{"speaker":"Victor Lagos","startTime":884.46,"endTime":887.25,"body":"continue that you're going to do"},{"speaker":"Victor Lagos","startTime":887.25,"endTime":892.86,"body":"those sort of hours. And you"},{"speaker":"Victor Lagos","startTime":887.25,"endTime":892.86,"body":"know, when it comes to property,"},{"speaker":"Victor Lagos","startTime":893.7,"endTime":898.98,"body":"because we've had a lot of low"},{"speaker":"Victor Lagos","startTime":893.7,"endTime":898.98,"body":"vacancy in terms of rent you"},{"speaker":"Victor Lagos","startTime":898.98,"endTime":902.01,"body":"know, as we're aware that pop"},{"speaker":"Victor Lagos","startTime":898.98,"endTime":902.01,"body":"Relations growing, migrations"},{"speaker":"Victor Lagos","startTime":902.01,"endTime":906.75,"body":"increasing, there's a lot of"},{"speaker":"Victor Lagos","startTime":902.01,"endTime":906.75,"body":"people that are in a position"},{"speaker":"Victor Lagos","startTime":906.75,"endTime":909.63,"body":"where they're obviously having"},{"speaker":"Victor Lagos","startTime":906.75,"endTime":909.63,"body":"to pay more rent to stay where"},{"speaker":"Victor Lagos","startTime":909.63,"endTime":912.69,"body":"they're at, in their current"},{"speaker":"Victor Lagos","startTime":909.63,"endTime":912.69,"body":"place, and people are paying"},{"speaker":"Victor Lagos","startTime":912.69,"endTime":916.02,"body":"more and more rent just to just"},{"speaker":"Victor Lagos","startTime":912.69,"endTime":916.02,"body":"to get a place to live, right."},{"speaker":"Victor Lagos","startTime":916.44,"endTime":920.7,"body":"So that's kept vacancy rates"},{"speaker":"Victor Lagos","startTime":916.44,"endTime":920.7,"body":"very, very low. So banks have"},{"speaker":"Victor Lagos","startTime":920.7,"endTime":925.74,"body":"started trying to find more ways"},{"speaker":"Victor Lagos","startTime":920.7,"endTime":925.74,"body":"to be to get more borrowing. So"},{"speaker":"Victor Lagos","startTime":925.74,"endTime":930.12,"body":"instead of shading 10%, sorry,"},{"speaker":"Victor Lagos","startTime":925.74,"endTime":930.12,"body":"20%. Now they're only shedding"},{"speaker":"Victor Lagos","startTime":930.39,"endTime":934.32,"body":"10%. So they're accepting 90% of"},{"speaker":"Victor Lagos","startTime":930.39,"endTime":934.32,"body":"the rental income. So yeah,"},{"speaker":"Victor Lagos","startTime":934.41,"endTime":938.1,"body":"that's always an ever changing"},{"speaker":"Victor Lagos","startTime":934.41,"endTime":938.1,"body":"environment, the new policies"},{"speaker":"Victor Lagos","startTime":938.1,"endTime":941.49,"body":"coming out all the time. And"},{"speaker":"Victor Lagos","startTime":938.1,"endTime":941.49,"body":"they always send us progress,"},{"speaker":"Victor Lagos","startTime":941.52,"endTime":944.55,"body":"the changes, and sometimes it's"},{"speaker":"Victor Lagos","startTime":941.52,"endTime":944.55,"body":"hard to stay on top of that."},{"speaker":"Victor Lagos","startTime":944.91,"endTime":948.03,"body":"That's what I have to do for a"},{"speaker":"Victor Lagos","startTime":944.91,"endTime":948.03,"body":"living. And I do that, to help"},{"speaker":"Victor Lagos","startTime":948.03,"endTime":948.9,"body":"my customers."},{"speaker":"Andrew Bean","startTime":949.47,"endTime":951.63,"body":"Here, it's really"},{"speaker":"Andrew Bean","startTime":949.47,"endTime":951.63,"body":"interesting how, like, the the"},{"speaker":"Andrew Bean","startTime":951.63,"endTime":956.82,"body":"changing of the assessment can"},{"speaker":"Andrew Bean","startTime":951.63,"endTime":956.82,"body":"change on, you know, anytime."},{"speaker":"Andrew Bean","startTime":957.03,"endTime":959.16,"body":"And I guess that's why, you"},{"speaker":"Andrew Bean","startTime":957.03,"endTime":959.16,"body":"know, you have your finger on"},{"speaker":"Andrew Bean","startTime":959.16,"endTime":963.24,"body":"the pulse. And it makes sense to"},{"speaker":"Andrew Bean","startTime":959.16,"endTime":963.24,"body":"use someone like you, who is"},{"speaker":"Andrew Bean","startTime":963.24,"endTime":966.72,"body":"always like getting updates,"},{"speaker":"Andrew Bean","startTime":963.24,"endTime":966.72,"body":"like, how do you know, when a"},{"speaker":"Andrew Bean","startTime":966.72,"endTime":970.26,"body":"bank has changed their shading"},{"speaker":"Andrew Bean","startTime":966.72,"endTime":970.26,"body":"policy? Like how do you know,"},{"speaker":"Victor Lagos","startTime":971.4,"endTime":974.58,"body":"usually, they send"},{"speaker":"Victor Lagos","startTime":971.4,"endTime":974.58,"body":"an email out with policy"},{"speaker":"Victor Lagos","startTime":974.58,"endTime":980.46,"body":"changes, but emails can get"},{"speaker":"Victor Lagos","startTime":974.58,"endTime":980.46,"body":"missed. You can imagine how many"},{"speaker":"Victor Lagos","startTime":980.46,"endTime":983.52,"body":"lenders and banks are out there,"},{"speaker":"Victor Lagos","startTime":980.46,"endTime":983.52,"body":"and how many policy changes"},{"speaker":"Victor Lagos","startTime":983.52,"endTime":987.39,"body":"especially with RBI hikes and"},{"speaker":"Victor Lagos","startTime":983.52,"endTime":987.39,"body":"whatnot. So sometimes they get"},{"speaker":"Victor Lagos","startTime":987.39,"endTime":992.13,"body":"missed. So every bank or lender"},{"speaker":"Victor Lagos","startTime":987.39,"endTime":992.13,"body":"has got a relationship"},{"speaker":"Victor Lagos","startTime":992.13,"endTime":995.61,"body":"management team or business"},{"speaker":"Victor Lagos","startTime":992.13,"endTime":995.61,"body":"development manager, it's their"},{"speaker":"Victor Lagos","startTime":995.61,"endTime":999.75,"body":"job to explain these changes to"},{"speaker":"Victor Lagos","startTime":995.61,"endTime":999.75,"body":"brokers. So they will get a"},{"speaker":"Victor Lagos","startTime":999.75,"endTime":1003.56,"body":"portfolio of brokers and they"},{"speaker":"Victor Lagos","startTime":999.75,"endTime":1003.56,"body":"contact contact us. And they"},{"speaker":"Victor Lagos","startTime":1003.56,"endTime":1007.07,"body":"tell us about the changes. And"},{"speaker":"Victor Lagos","startTime":1003.56,"endTime":1007.07,"body":"they tell us, you know, their"},{"speaker":"Victor Lagos","startTime":1007.07,"endTime":1011.0,"body":"new dishes or, you know, special"},{"speaker":"Victor Lagos","startTime":1007.07,"endTime":1011.0,"body":"offers that they have, you know,"},{"speaker":"Victor Lagos","startTime":1011.0,"endTime":1013.82,"body":"sometimes if they call them"},{"speaker":"Victor Lagos","startTime":1011.0,"endTime":1013.82,"body":"like, under the table offers as"},{"speaker":"Victor Lagos","startTime":1013.82,"endTime":1018.29,"body":"well. So they're not advertised,"},{"speaker":"Victor Lagos","startTime":1013.82,"endTime":1018.29,"body":"because lenders are aware that"},{"speaker":"Victor Lagos","startTime":1019.49,"endTime":1023.15,"body":"the competition is fierce. So if"},{"speaker":"Victor Lagos","startTime":1019.49,"endTime":1023.15,"body":"they advertise certain things,"},{"speaker":"Victor Lagos","startTime":1023.24,"endTime":1028.01,"body":"and other lenders become aware"},{"speaker":"Victor Lagos","startTime":1023.24,"endTime":1028.01,"body":"of it, customers can leverage"},{"speaker":"Victor Lagos","startTime":1028.01,"endTime":1032.84,"body":"that. And, you know, go back to"},{"speaker":"Victor Lagos","startTime":1028.01,"endTime":1032.84,"body":"the other bank and offer the"},{"speaker":"Victor Lagos","startTime":1032.84,"endTime":1035.9,"body":"same same product with the same"},{"speaker":"Victor Lagos","startTime":1032.84,"endTime":1035.9,"body":"interest rate in the same niche."},{"speaker":"Victor Lagos","startTime":1036.2,"endTime":1039.23,"body":"So a lot of is under the table,"},{"speaker":"Victor Lagos","startTime":1036.2,"endTime":1039.23,"body":"so they tell us that this is"},{"speaker":"Victor Lagos","startTime":1039.23,"endTime":1042.65,"body":"something we can do. And then we"},{"speaker":"Victor Lagos","startTime":1039.23,"endTime":1042.65,"body":"then have to communicate that to"},{"speaker":"Victor Lagos","startTime":1042.65,"endTime":1043.34,"body":"the right customer."},{"speaker":"Andrew Bean","startTime":1044.15,"endTime":1047.51,"body":"Yeah, right. Very,"},{"speaker":"Andrew Bean","startTime":1044.15,"endTime":1047.51,"body":"very interesting. It's just, um,"},{"speaker":"Andrew Bean","startTime":1047.78,"endTime":1049.97,"body":"it's an ever changing climate."},{"speaker":"Andrew Bean","startTime":1047.78,"endTime":1049.97,"body":"And I guess it just does,"},{"speaker":"Andrew Bean","startTime":1049.97,"endTime":1052.37,"body":"really, you need someone with a"},{"speaker":"Andrew Bean","startTime":1049.97,"endTime":1052.37,"body":"finger on the pulse. Because"},{"speaker":"Andrew Bean","startTime":1052.64,"endTime":1055.82,"body":"like if, say, there's a bank,"},{"speaker":"Andrew Bean","startTime":1052.64,"endTime":1055.82,"body":"and they have a shading of like,"},{"speaker":"Andrew Bean","startTime":1055.82,"endTime":1061.25,"body":"20%. And they're also, you know,"},{"speaker":"Andrew Bean","startTime":1055.82,"endTime":1061.25,"body":"giving me a three 3% buffer, or"},{"speaker":"Andrew Bean","startTime":1061.25,"endTime":1064.97,"body":"if it's a 2% buffer, it really"},{"speaker":"Andrew Bean","startTime":1061.25,"endTime":1064.97,"body":"does change the amount of"},{"speaker":"Andrew Bean","startTime":1064.97,"endTime":1067.34,"body":"borrowings that I could"},{"speaker":"Andrew Bean","startTime":1064.97,"endTime":1067.34,"body":"potentially get like it can be"},{"speaker":"Andrew Bean","startTime":1067.34,"endTime":1071.42,"body":"drastic, has there been any"},{"speaker":"Andrew Bean","startTime":1067.34,"endTime":1071.42,"body":"like, like ridiculous amounts of"},{"speaker":"Andrew Bean","startTime":1071.42,"endTime":1074.15,"body":"money, where you've taken it to"},{"speaker":"Andrew Bean","startTime":1071.42,"endTime":1074.15,"body":"one bank, and they've given you"},{"speaker":"Andrew Bean","startTime":1074.15,"endTime":1076.46,"body":"x? And then you take it into"},{"speaker":"Andrew Bean","startTime":1074.15,"endTime":1076.46,"body":"other bank? And it's been like,"},{"speaker":"Andrew Bean","startTime":1076.55,"endTime":1079.1,"body":"like, 10 times more? Have you"},{"speaker":"Andrew Bean","startTime":1076.55,"endTime":1079.1,"body":"had that with your clients yet?"},{"speaker":"Victor Lagos","startTime":1080.24,"endTime":1084.35,"body":"I wouldn't say 10"},{"speaker":"Victor Lagos","startTime":1080.24,"endTime":1084.35,"body":"times more, but you know, you"},{"speaker":"Victor Lagos","startTime":1084.35,"endTime":1087.05,"body":"know, we're talking a few"},{"speaker":"Victor Lagos","startTime":1084.35,"endTime":1087.05,"body":"100,000. That's still a lot"},{"speaker":"Victor Lagos","startTime":1087.05,"endTime":1090.86,"body":"usually. Oh, yeah. Oh,"},{"speaker":"Victor Lagos","startTime":1087.05,"endTime":1090.86,"body":"definitely. It's a big"},{"speaker":"Victor Lagos","startTime":1090.86,"endTime":1095.48,"body":"difference. And a lot of a lot"},{"speaker":"Victor Lagos","startTime":1090.86,"endTime":1095.48,"body":"of customers are unaware of"},{"speaker":"Victor Lagos","startTime":1095.48,"endTime":1099.02,"body":"this. So they go directly to the"},{"speaker":"Victor Lagos","startTime":1095.48,"endTime":1099.02,"body":"bank. And that bank doesn't know"},{"speaker":"Victor Lagos","startTime":1099.02,"endTime":1102.05,"body":"other banks policies. So they"},{"speaker":"Victor Lagos","startTime":1099.02,"endTime":1102.05,"body":"can't even tell you what another"},{"speaker":"Victor Lagos","startTime":1102.05,"endTime":1105.59,"body":"lender will offer. Because they"},{"speaker":"Victor Lagos","startTime":1102.05,"endTime":1105.59,"body":"don't have access to it. Plus,"},{"speaker":"Victor Lagos","startTime":1105.83,"endTime":1108.89,"body":"for them, they're kind of"},{"speaker":"Victor Lagos","startTime":1105.83,"endTime":1108.89,"body":"selling themselves short. Yeah."},{"speaker":"Andrew Bean","startTime":1110.87,"endTime":1112.73,"body":"Yeah, that once you"},{"speaker":"Andrew Bean","startTime":1110.87,"endTime":1112.73,"body":"go into the other bank,"},{"speaker":"Victor Lagos","startTime":1114.44,"endTime":1115.58,"body":"a lot of times,"},{"speaker":"Victor Lagos","startTime":1114.44,"endTime":1115.58,"body":"they don't want you go to the"},{"speaker":"Victor Lagos","startTime":1115.58,"endTime":1118.22,"body":"broker, because they get an"},{"speaker":"Victor Lagos","startTime":1115.58,"endTime":1118.22,"body":"incentive, you know, bonuses and"},{"speaker":"Victor Lagos","startTime":1118.22,"endTime":1123.08,"body":"whatnot. So, if you work with a"},{"speaker":"Victor Lagos","startTime":1118.22,"endTime":1123.08,"body":"broker, even then, that broker"},{"speaker":"Victor Lagos","startTime":1123.08,"endTime":1125.9,"body":"might not be aware of all the"},{"speaker":"Victor Lagos","startTime":1123.08,"endTime":1125.9,"body":"different policies, because, you"},{"speaker":"Victor Lagos","startTime":1125.9,"endTime":1128.72,"body":"know, we're creatures of comfort"},{"speaker":"Victor Lagos","startTime":1125.9,"endTime":1128.72,"body":"human beings, right, we try to,"},{"speaker":"Victor Lagos","startTime":1129.02,"endTime":1133.16,"body":"we try to stick to what we know."},{"speaker":"Victor Lagos","startTime":1129.02,"endTime":1133.16,"body":"And unless you're constantly"},{"speaker":"Victor Lagos","startTime":1133.16,"endTime":1136.52,"body":"getting out of your comfort"},{"speaker":"Victor Lagos","startTime":1133.16,"endTime":1136.52,"body":"zone, and sort of questioning"},{"speaker":"Victor Lagos","startTime":1136.52,"endTime":1141.32,"body":"things, you end up sticking with"},{"speaker":"Victor Lagos","startTime":1136.52,"endTime":1141.32,"body":"one or two banks. And most"},{"speaker":"Victor Lagos","startTime":1141.32,"endTime":1144.98,"body":"brokers do the same thing. They"},{"speaker":"Victor Lagos","startTime":1141.32,"endTime":1144.98,"body":"stick to one or two. And they"},{"speaker":"Victor Lagos","startTime":1145.01,"endTime":1149.09,"body":"they become really, really"},{"speaker":"Victor Lagos","startTime":1145.01,"endTime":1149.09,"body":"proficient at offering those"},{"speaker":"Victor Lagos","startTime":1149.09,"endTime":1152.12,"body":"products and become very"},{"speaker":"Victor Lagos","startTime":1149.09,"endTime":1152.12,"body":"familiar with it. So it's very"},{"speaker":"Victor Lagos","startTime":1152.12,"endTime":1154.67,"body":"easy for a customer to say, Oh,"},{"speaker":"Victor Lagos","startTime":1152.12,"endTime":1154.67,"body":"this broker knows what he's"},{"speaker":"Victor Lagos","startTime":1154.67,"endTime":1157.79,"body":"talking about must be the best"},{"speaker":"Victor Lagos","startTime":1154.67,"endTime":1157.79,"body":"bank for me. Because they know"},{"speaker":"Victor Lagos","startTime":1157.79,"endTime":1160.43,"body":"what like the back of their"},{"speaker":"Victor Lagos","startTime":1157.79,"endTime":1160.43,"body":"hand. But that bank may not be"},{"speaker":"Victor Lagos","startTime":1160.43,"endTime":1162.59,"body":"giving them the highest"},{"speaker":"Victor Lagos","startTime":1160.43,"endTime":1162.59,"body":"borrowing capacity. So if you're"},{"speaker":"Victor Lagos","startTime":1162.59,"endTime":1165.41,"body":"investing, you're growing your"},{"speaker":"Victor Lagos","startTime":1162.59,"endTime":1165.41,"body":"portfolio, you need to be"},{"speaker":"Victor Lagos","startTime":1165.41,"endTime":1170.45,"body":"looking outside of the norm and"},{"speaker":"Victor Lagos","startTime":1165.41,"endTime":1170.45,"body":"exploring that. And that's what"},{"speaker":"Victor Lagos","startTime":1170.45,"endTime":1174.74,"body":"I do. I try to find different"},{"speaker":"Victor Lagos","startTime":1170.45,"endTime":1174.74,"body":"solutions. It's a game finance,"},{"speaker":"Victor Lagos","startTime":1174.74,"endTime":1177.47,"body":"like you said, properties again,"},{"speaker":"Victor Lagos","startTime":1174.74,"endTime":1177.47,"body":"and finance, and we're looking"},{"speaker":"Victor Lagos","startTime":1177.47,"endTime":1181.37,"body":"for solutions. First, you know,"},{"speaker":"Victor Lagos","startTime":1177.47,"endTime":1181.37,"body":"interest rates and fees are"},{"speaker":"Victor Lagos","startTime":1181.37,"endTime":1185.75,"body":"important. But if you're gonna"},{"speaker":"Victor Lagos","startTime":1181.37,"endTime":1185.75,"body":"pay a higher interest rate, but"},{"speaker":"Victor Lagos","startTime":1185.75,"endTime":1189.14,"body":"you can borrow an extra three"},{"speaker":"Victor Lagos","startTime":1185.75,"endTime":1189.14,"body":"400 grand, and it's gonna get"},{"speaker":"Victor Lagos","startTime":1189.14,"endTime":1192.95,"body":"you a better property. Well,"},{"speaker":"Victor Lagos","startTime":1189.14,"endTime":1192.95,"body":"what, you know, what's the cost"},{"speaker":"Victor Lagos","startTime":1192.95,"endTime":1196.67,"body":"versus the game? Right? Yeah. So"},{"speaker":"Victor Lagos","startTime":1192.95,"endTime":1196.67,"body":"you know, that's the thing to"},{"speaker":"Victor Lagos","startTime":1196.67,"endTime":1199.97,"body":"consider. Obviously, if you're"},{"speaker":"Victor Lagos","startTime":1196.67,"endTime":1199.97,"body":"just typical person, just"},{"speaker":"Victor Lagos","startTime":1199.97,"endTime":1203.15,"body":"wanting to buy your first time"},{"speaker":"Victor Lagos","startTime":1199.97,"endTime":1203.15,"body":"or just refinancing for a better"},{"speaker":"Victor Lagos","startTime":1203.15,"endTime":1205.79,"body":"interest rate? It's all about"},{"speaker":"Victor Lagos","startTime":1203.15,"endTime":1205.79,"body":"costs, right? It's not really"},{"speaker":"Victor Lagos","startTime":1205.79,"endTime":1208.73,"body":"that different type of your"},{"speaker":"Victor Lagos","startTime":1205.79,"endTime":1208.73,"body":"listeners, our listeners are"},{"speaker":"Victor Lagos","startTime":1208.73,"endTime":1211.16,"body":"investors. So they're looking"},{"speaker":"Victor Lagos","startTime":1208.73,"endTime":1211.16,"body":"for solutions."},{"speaker":"Andrew Bean","startTime":1212.06,"endTime":1215.21,"body":"100%. So we've"},{"speaker":"Andrew Bean","startTime":1212.06,"endTime":1215.21,"body":"already kind of touched on it on"},{"speaker":"Andrew Bean","startTime":1215.21,"endTime":1218.69,"body":"the opening remarks. But can you"},{"speaker":"Andrew Bean","startTime":1215.21,"endTime":1218.69,"body":"basically just explained to me"},{"speaker":"Andrew Bean","startTime":1218.69,"endTime":1223.43,"body":"in as much detail or as little"},{"speaker":"Andrew Bean","startTime":1218.69,"endTime":1223.43,"body":"detail as you want to the main"},{"speaker":"Andrew Bean","startTime":1223.43,"endTime":1226.55,"body":"thing the bank wants to see if"},{"speaker":"Andrew Bean","startTime":1223.43,"endTime":1226.55,"body":"there's one thing the bank wants"},{"speaker":"Andrew Bean","startTime":1226.55,"endTime":1229.7,"body":"to see, what is it for borrowing"},{"speaker":"Andrew Bean","startTime":1226.55,"endTime":1229.7,"body":"capacity?"},{"speaker":"Victor Lagos","startTime":1232.1,"endTime":1233.69,"body":"Honestly, they"},{"speaker":"Victor Lagos","startTime":1232.1,"endTime":1233.69,"body":"just want to see that there's a"},{"speaker":"Victor Lagos","startTime":1233.69,"endTime":1239.36,"body":"surplus, like, they use their"},{"speaker":"Victor Lagos","startTime":1233.69,"endTime":1239.36,"body":"calculators, and they're working"},{"speaker":"Victor Lagos","startTime":1239.36,"endTime":1245.3,"body":"out. Is there a debt servicing"},{"speaker":"Victor Lagos","startTime":1239.36,"endTime":1245.3,"body":"ratio? Is it meeting that? So"},{"speaker":"Victor Lagos","startTime":1245.87,"endTime":1250.31,"body":"ultimately, if we can show a"},{"speaker":"Victor Lagos","startTime":1245.87,"endTime":1250.31,"body":"pass, like a green tick, versus"},{"speaker":"Victor Lagos","startTime":1250.31,"endTime":1254.99,"body":"a red, that's what they want to"},{"speaker":"Victor Lagos","startTime":1250.31,"endTime":1254.99,"body":"say? They, they usually we work"},{"speaker":"Victor Lagos","startTime":1254.99,"endTime":1259.37,"body":"with, with us broker to find a"},{"speaker":"Victor Lagos","startTime":1254.99,"endTime":1259.37,"body":"solution. It's very rare that"},{"speaker":"Victor Lagos","startTime":1259.37,"endTime":1262.43,"body":"they're going to look at it and"},{"speaker":"Victor Lagos","startTime":1259.37,"endTime":1262.43,"body":"say, sorry, they can't afford"},{"speaker":"Victor Lagos","startTime":1262.43,"endTime":1265.67,"body":"it. We're just going to decline"},{"speaker":"Victor Lagos","startTime":1262.43,"endTime":1265.67,"body":"it, they're actually going to"},{"speaker":"Victor Lagos","startTime":1265.67,"endTime":1270.5,"body":"look at okay, what can we do to"},{"speaker":"Victor Lagos","startTime":1265.67,"endTime":1270.5,"body":"get the income up? An example"},{"speaker":"Victor Lagos","startTime":1270.5,"endTime":1274.31,"body":"was yesterday, I was talking to"},{"speaker":"Victor Lagos","startTime":1270.5,"endTime":1274.31,"body":"a credit Assessor from one of"},{"speaker":"Victor Lagos","startTime":1274.31,"endTime":1278.96,"body":"the big banks, and a customer"},{"speaker":"Victor Lagos","startTime":1274.31,"endTime":1278.96,"body":"was, you know, getting in, they"},{"speaker":"Victor Lagos","startTime":1278.96,"endTime":1283.97,"body":"have a Novated lease. So this is"},{"speaker":"Victor Lagos","startTime":1278.96,"endTime":1283.97,"body":"if you have a car loan, and the"},{"speaker":"Victor Lagos","startTime":1283.97,"endTime":1288.59,"body":"employer pays for some of that"},{"speaker":"Victor Lagos","startTime":1283.97,"endTime":1288.59,"body":"pre tax, it's known as a fringe"},{"speaker":"Victor Lagos","startTime":1288.59,"endTime":1293.06,"body":"benefit. And the way of bank"},{"speaker":"Victor Lagos","startTime":1288.59,"endTime":1293.06,"body":"treats that even that is"},{"speaker":"Victor Lagos","startTime":1293.06,"endTime":1295.94,"body":"different. So this particular"},{"speaker":"Victor Lagos","startTime":1293.06,"endTime":1295.94,"body":"bank, I'm not going to say which"},{"speaker":"Victor Lagos","startTime":1295.94,"endTime":1302.06,"body":"bank it is. But this bank wanted"},{"speaker":"Victor Lagos","startTime":1295.94,"endTime":1302.06,"body":"to include all of the pre tax"},{"speaker":"Victor Lagos","startTime":1302.06,"endTime":1305.63,"body":"deductions, as a commitment. So"},{"speaker":"Victor Lagos","startTime":1302.06,"endTime":1305.63,"body":"that means they're going to"},{"speaker":"Victor Lagos","startTime":1305.63,"endTime":1311.66,"body":"deduct it from the income. Even"},{"speaker":"Victor Lagos","startTime":1305.63,"endTime":1311.66,"body":"though some of that income, that"},{"speaker":"Victor Lagos","startTime":1311.66,"endTime":1316.46,"body":"deduction were going to, to the"},{"speaker":"Victor Lagos","startTime":1311.66,"endTime":1316.46,"body":"customer, to let them spend on"},{"speaker":"Victor Lagos","startTime":1316.46,"endTime":1319.79,"body":"the mortgage. So it's"},{"speaker":"Victor Lagos","startTime":1316.46,"endTime":1319.79,"body":"essentially tax free income. But"},{"speaker":"Victor Lagos","startTime":1319.79,"endTime":1322.85,"body":"that's the bank's policy. So we"},{"speaker":"Victor Lagos","startTime":1319.79,"endTime":1322.85,"body":"have to deduct that include that"},{"speaker":"Victor Lagos","startTime":1322.85,"endTime":1326.6,"body":"as as a financial commitment,"},{"speaker":"Victor Lagos","startTime":1322.85,"endTime":1326.6,"body":"but the car loan was really the"},{"speaker":"Victor Lagos","startTime":1326.63,"endTime":1333.62,"body":"only financial payment. And that"},{"speaker":"Victor Lagos","startTime":1326.63,"endTime":1333.62,"body":"was only 600 $770 a month."},{"speaker":"Victor Lagos","startTime":1333.92,"endTime":1337.67,"body":"That's the Karla portion of"},{"speaker":"Victor Lagos","startTime":1333.92,"endTime":1337.67,"body":"finance, lease. All the rest of"},{"speaker":"Victor Lagos","startTime":1337.67,"endTime":1340.46,"body":"it was maintenance, right. They"},{"speaker":"Victor Lagos","startTime":1337.67,"endTime":1340.46,"body":"call it a fully maintained"},{"speaker":"Victor Lagos","startTime":1340.52,"endTime":1344.96,"body":"Novated. Lease. So they were"},{"speaker":"Victor Lagos","startTime":1340.52,"endTime":1344.96,"body":"essentially doubling up because"},{"speaker":"Victor Lagos","startTime":1344.96,"endTime":1347.99,"body":"they're accounting for the"},{"speaker":"Victor Lagos","startTime":1344.96,"endTime":1347.99,"body":"expenses for the car, in the"},{"speaker":"Victor Lagos","startTime":1347.99,"endTime":1351.2,"body":"monthly living expenses, which"},{"speaker":"Victor Lagos","startTime":1347.99,"endTime":1351.2,"body":"falls under the hen and we'll"},{"speaker":"Victor Lagos","startTime":1351.2,"endTime":1355.85,"body":"talk about the hen shortly. And"},{"speaker":"Victor Lagos","startTime":1351.2,"endTime":1355.85,"body":"then that wanting to double up"},{"speaker":"Victor Lagos","startTime":1355.85,"endTime":1360.95,"body":"by deducting, you know, I think"},{"speaker":"Victor Lagos","startTime":1355.85,"endTime":1360.95,"body":"it was about $800 a fortnight in"},{"speaker":"Victor Lagos","startTime":1360.95,"endTime":1364.88,"body":"total. So that meant that deal"},{"speaker":"Victor Lagos","startTime":1360.95,"endTime":1364.88,"body":"doesn't serve us anymore. But he"},{"speaker":"Victor Lagos","startTime":1364.88,"endTime":1366.92,"body":"didn't say sorry, it doesn't"},{"speaker":"Victor Lagos","startTime":1364.88,"endTime":1366.92,"body":"serve us to deal with the"},{"speaker":"Victor Lagos","startTime":1366.92,"endTime":1370.88,"body":"client. He said to me, I noticed"},{"speaker":"Victor Lagos","startTime":1366.92,"endTime":1370.88,"body":"that on the male applicant, he's"},{"speaker":"Victor Lagos","startTime":1370.88,"endTime":1374.54,"body":"getting some allowances, which"},{"speaker":"Victor Lagos","startTime":1370.88,"endTime":1374.54,"body":"we can use for serviceability."},{"speaker":"Victor Lagos","startTime":1374.87,"endTime":1379.37,"body":"Can you get me the next payslip"},{"speaker":"Victor Lagos","startTime":1374.87,"endTime":1379.37,"body":"consecutive payslip? So he's now"},{"speaker":"Victor Lagos","startTime":1379.37,"endTime":1383.69,"body":"looking for a solution with me"},{"speaker":"Victor Lagos","startTime":1379.37,"endTime":1383.69,"body":"to get more income, to show that"},{"speaker":"Victor Lagos","startTime":1383.69,"endTime":1387.62,"body":"it actually services. So that's"},{"speaker":"Victor Lagos","startTime":1383.69,"endTime":1387.62,"body":"the overarching thing that our"},{"speaker":"Victor Lagos","startTime":1387.62,"endTime":1391.43,"body":"banks always going to look, if"},{"speaker":"Victor Lagos","startTime":1387.62,"endTime":1391.43,"body":"if it takes, of course, you"},{"speaker":"Victor Lagos","startTime":1391.43,"endTime":1394.16,"body":"know, your credit history has"},{"speaker":"Victor Lagos","startTime":1391.43,"endTime":1394.16,"body":"got to be clean, you know, your"},{"speaker":"Victor Lagos","startTime":1394.16,"endTime":1398.09,"body":"employment has got to be pretty"},{"speaker":"Victor Lagos","startTime":1394.16,"endTime":1398.09,"body":"consistent, and all of that, but"},{"speaker":"Victor Lagos","startTime":1398.09,"endTime":1401.69,"body":"overarching, it needs to service"},{"speaker":"Victor Lagos","startTime":1398.09,"endTime":1401.69,"body":"and if it shows a pass, and we"},{"speaker":"Victor Lagos","startTime":1401.69,"endTime":1404.84,"body":"can find a way for it to pass"},{"speaker":"Victor Lagos","startTime":1401.69,"endTime":1404.84,"body":"that is going to get approved."},{"speaker":"Andrew Bean","startTime":1405.41,"endTime":1407.6,"body":"Yeah, right. That's"},{"speaker":"Andrew Bean","startTime":1405.41,"endTime":1407.6,"body":"really interesting. So what"},{"speaker":"Andrew Bean","startTime":1407.6,"endTime":1411.26,"body":"about security, like say I have"},{"speaker":"Andrew Bean","startTime":1407.6,"endTime":1411.26,"body":"like, you know, 10 properties"},{"speaker":"Andrew Bean","startTime":1411.26,"endTime":1414.2,"body":"that are all unencumbered, and"},{"speaker":"Andrew Bean","startTime":1411.26,"endTime":1414.2,"body":"I'll get you to explain what"},{"speaker":"Andrew Bean","startTime":1414.23,"endTime":1416.87,"body":"unencumbered means for you know,"},{"speaker":"Andrew Bean","startTime":1414.23,"endTime":1416.87,"body":"the people who are new to"},{"speaker":"Andrew Bean","startTime":1416.87,"endTime":1421.07,"body":"investing. But so I have 10"},{"speaker":"Andrew Bean","startTime":1416.87,"endTime":1421.07,"body":"unencumbered properties and my"},{"speaker":"Andrew Bean","startTime":1421.07,"endTime":1424.46,"body":"servicing is a bit iffy. It's"},{"speaker":"Andrew Bean","startTime":1421.07,"endTime":1424.46,"body":"like, you know, I'm basically on"},{"speaker":"Andrew Bean","startTime":1424.46,"endTime":1428.57,"body":"a line because I can securitize"},{"speaker":"Andrew Bean","startTime":1424.46,"endTime":1428.57,"body":"and give them security over"},{"speaker":"Andrew Bean","startTime":1428.57,"endTime":1431.45,"body":"those assets. Does that make any"},{"speaker":"Andrew Bean","startTime":1428.57,"endTime":1431.45,"body":"difference in my in my"},{"speaker":"Andrew Bean","startTime":1431.45,"endTime":1432.2,"body":"application?"},{"speaker":"Victor Lagos","startTime":1433.73,"endTime":1435.92,"body":"Yeah, I'm glad you"},{"speaker":"Victor Lagos","startTime":1433.73,"endTime":1435.92,"body":"asked that question. Because"},{"speaker":"Victor Lagos","startTime":1435.95,"endTime":1439.82,"body":"there's a misconception out"},{"speaker":"Victor Lagos","startTime":1435.95,"endTime":1439.82,"body":"there, that people think that by"},{"speaker":"Victor Lagos","startTime":1439.82,"endTime":1444.08,"body":"having more assets that they can"},{"speaker":"Victor Lagos","startTime":1439.82,"endTime":1444.08,"body":"borrow more. So there's two"},{"speaker":"Victor Lagos","startTime":1444.08,"endTime":1448.04,"body":"things that banks gonna look for"},{"speaker":"Victor Lagos","startTime":1444.08,"endTime":1448.04,"body":"when calculating your your your"},{"speaker":"Victor Lagos","startTime":1448.04,"endTime":1451.73,"body":"ability to borrow. One is the"},{"speaker":"Victor Lagos","startTime":1448.04,"endTime":1451.73,"body":"security which is what we talked"},{"speaker":"Victor Lagos","startTime":1451.73,"endTime":1455.3,"body":"about how much of your assets so"},{"speaker":"Victor Lagos","startTime":1451.73,"endTime":1455.3,"body":"they can use as collateral or"},{"speaker":"Victor Lagos","startTime":1455.3,"endTime":1459.05,"body":"security they can, basically"},{"speaker":"Victor Lagos","startTime":1455.3,"endTime":1459.05,"body":"means they can sell off and"},{"speaker":"Victor Lagos","startTime":1459.05,"endTime":1463.37,"body":"gives them comfort, to lend you"},{"speaker":"Victor Lagos","startTime":1459.05,"endTime":1463.37,"body":"more money. But that is not"},{"speaker":"Victor Lagos","startTime":1463.37,"endTime":1465.41,"body":"based on how much you can"},{"speaker":"Victor Lagos","startTime":1463.37,"endTime":1465.41,"body":"borrow. That's your borrowing"},{"speaker":"Victor Lagos","startTime":1465.41,"endTime":1468.92,"body":"capacity. your borrowing"},{"speaker":"Victor Lagos","startTime":1465.41,"endTime":1468.92,"body":"capacity will only come out from"},{"speaker":"Victor Lagos","startTime":1469.07,"endTime":1473.15,"body":"income, higher income, less"},{"speaker":"Victor Lagos","startTime":1469.07,"endTime":1473.15,"body":"expenses, that's what's going to"},{"speaker":"Victor Lagos","startTime":1473.15,"endTime":1475.46,"body":"increase your borrowing"},{"speaker":"Victor Lagos","startTime":1473.15,"endTime":1475.46,"body":"capacity. So you can literally"},{"speaker":"Victor Lagos","startTime":1475.46,"endTime":1479.39,"body":"be asset rich, be full of"},{"speaker":"Victor Lagos","startTime":1475.46,"endTime":1479.39,"body":"properties, all unencumbered and"},{"speaker":"Victor Lagos","startTime":1479.42,"endTime":1482.48,"body":"unencumbered just means that"},{"speaker":"Victor Lagos","startTime":1479.42,"endTime":1482.48,"body":"there's no mortgage, there's no"},{"speaker":"Victor Lagos","startTime":1482.84,"endTime":1487.37,"body":"encumbrances or interests on the"},{"speaker":"Victor Lagos","startTime":1482.84,"endTime":1487.37,"body":"property. So it's, you know,"},{"speaker":"Victor Lagos","startTime":1487.52,"endTime":1491.06,"body":"debt free essentially. You can"},{"speaker":"Victor Lagos","startTime":1487.52,"endTime":1491.06,"body":"be sitting on millions of"},{"speaker":"Victor Lagos","startTime":1491.06,"endTime":1494.63,"body":"dollars of assets if you've got"},{"speaker":"Victor Lagos","startTime":1491.06,"endTime":1494.63,"body":"no one living in them no rental"},{"speaker":"Victor Lagos","startTime":1494.63,"endTime":1498.53,"body":"income. Right? So you just sit"},{"speaker":"Victor Lagos","startTime":1494.63,"endTime":1498.53,"body":"II can be sitting on cash but"},{"speaker":"Victor Lagos","startTime":1498.53,"endTime":1502.73,"body":"million dollars in cash. banks"},{"speaker":"Victor Lagos","startTime":1498.53,"endTime":1502.73,"body":"not going to give you a loan for"},{"speaker":"Victor Lagos","startTime":1502.73,"endTime":1506.27,"body":"30 years, which is a normal loan"},{"speaker":"Victor Lagos","startTime":1502.73,"endTime":1506.27,"body":"term, because you've got no"},{"speaker":"Victor Lagos","startTime":1506.27,"endTime":1509.27,"body":"income to service it, you can"},{"speaker":"Victor Lagos","startTime":1506.27,"endTime":1509.27,"body":"say, hey, I've got a million"},{"speaker":"Victor Lagos","startTime":1509.27,"endTime":1511.79,"body":"dollars in cash, that million"},{"speaker":"Victor Lagos","startTime":1509.27,"endTime":1511.79,"body":"dollars is going to service my"},{"speaker":"Victor Lagos","startTime":1511.79,"endTime":1514.64,"body":"debt. But that's not how they"},{"speaker":"Victor Lagos","startTime":1511.79,"endTime":1514.64,"body":"look at it, because they got no"},{"speaker":"Victor Lagos","startTime":1514.64,"endTime":1517.55,"body":"control over that it's not"},{"speaker":"Victor Lagos","startTime":1514.64,"endTime":1517.55,"body":"recurring income, it every time"},{"speaker":"Victor Lagos","startTime":1517.55,"endTime":1520.76,"body":"you withdraw, the balance goes"},{"speaker":"Victor Lagos","startTime":1517.55,"endTime":1520.76,"body":"down, you can decide in a"},{"speaker":"Victor Lagos","startTime":1520.76,"endTime":1523.37,"body":"moment, I'm gonna go gamble, I'm"},{"speaker":"Victor Lagos","startTime":1520.76,"endTime":1523.37,"body":"gonna go buy a yacht, or"},{"speaker":"Victor Lagos","startTime":1523.37,"endTime":1526.16,"body":"whatever, and it's not income"},{"speaker":"Victor Lagos","startTime":1523.37,"endTime":1526.16,"body":"generated. So now all of a"},{"speaker":"Victor Lagos","startTime":1526.16,"endTime":1528.74,"body":"sudden, you got no income to"},{"speaker":"Victor Lagos","startTime":1526.16,"endTime":1528.74,"body":"service the loan that you're"},{"speaker":"Victor Lagos","startTime":1528.74,"endTime":1531.74,"body":"applying for. So they will"},{"speaker":"Victor Lagos","startTime":1528.74,"endTime":1531.74,"body":"always look for recurring"},{"speaker":"Victor Lagos","startTime":1531.74,"endTime":1536.81,"body":"income. And my suggestion in"},{"speaker":"Victor Lagos","startTime":1531.74,"endTime":1536.81,"body":"that scenario would be rental"},{"speaker":"Victor Lagos","startTime":1536.81,"endTime":1539.93,"body":"income, you know, how do you"},{"speaker":"Victor Lagos","startTime":1536.81,"endTime":1539.93,"body":"increase the rental income"},{"speaker":"Victor Lagos","startTime":1539.93,"endTime":1544.34,"body":"across your portfolios to boost"},{"speaker":"Victor Lagos","startTime":1539.93,"endTime":1544.34,"body":"your borrowing capacity? That's"},{"speaker":"Victor Lagos","startTime":1544.34,"endTime":1547.25,"body":"going to help you borrow more,"},{"speaker":"Victor Lagos","startTime":1544.34,"endTime":1547.25,"body":"not the actual value of the"},{"speaker":"Victor Lagos","startTime":1547.25,"endTime":1548.15,"body":"assets itself?"},{"speaker":"Andrew Bean","startTime":1549.23,"endTime":1551.63,"body":"Yeah, that's super"},{"speaker":"Andrew Bean","startTime":1549.23,"endTime":1551.63,"body":"interesting. Because, like, you"},{"speaker":"Andrew Bean","startTime":1551.63,"endTime":1555.38,"body":"obviously hear all the time, you"},{"speaker":"Andrew Bean","startTime":1551.63,"endTime":1555.38,"body":"know, people are asset rich and"},{"speaker":"Andrew Bean","startTime":1555.38,"endTime":1560.57,"body":"cash poor income, so yeah,"},{"speaker":"Andrew Bean","startTime":1555.38,"endTime":1560.57,"body":"income poor so like, if I if you"},{"speaker":"Andrew Bean","startTime":1560.57,"endTime":1564.56,"body":"have a million dollars in the"},{"speaker":"Andrew Bean","startTime":1560.57,"endTime":1564.56,"body":"bank, it to the to the actual"},{"speaker":"Andrew Bean","startTime":1564.56,"endTime":1567.41,"body":"bank, it that doesn't mean"},{"speaker":"Andrew Bean","startTime":1564.56,"endTime":1567.41,"body":"anything for you know, your"},{"speaker":"Andrew Bean","startTime":1567.44,"endTime":1570.29,"body":"actual service ability? Because"},{"speaker":"Andrew Bean","startTime":1567.44,"endTime":1570.29,"body":"it's not, it's not recurring"},{"speaker":"Andrew Bean","startTime":1570.29,"endTime":1574.1,"body":"income. So are you like better"},{"speaker":"Andrew Bean","startTime":1570.29,"endTime":1574.1,"body":"off putting in this in like,"},{"speaker":"Andrew Bean","startTime":1575.15,"endTime":1577.97,"body":"some client kind of fully Frank"},{"speaker":"Andrew Bean","startTime":1575.15,"endTime":1577.97,"body":"shares where you know, you're"},{"speaker":"Andrew Bean","startTime":1577.97,"endTime":1580.7,"body":"going to be getting some"},{"speaker":"Andrew Bean","startTime":1577.97,"endTime":1580.7,"body":"dividend back from this share"},{"speaker":"Andrew Bean","startTime":1581.15,"endTime":1585.35,"body":"every single, you know, month or"},{"speaker":"Andrew Bean","startTime":1581.15,"endTime":1585.35,"body":"quarter? And then that could be"},{"speaker":"Andrew Bean","startTime":1585.35,"endTime":1587.93,"body":"your income for servicing, even"},{"speaker":"Andrew Bean","startTime":1585.35,"endTime":1587.93,"body":"though it's the same million"},{"speaker":"Andrew Bean","startTime":1587.93,"endTime":1591.53,"body":"bucks, which is, that's way more"},{"speaker":"Andrew Bean","startTime":1587.93,"endTime":1591.53,"body":"risky, doing it that way it is"},{"speaker":"Andrew Bean","startTime":1591.53,"endTime":1593.09,"body":"to show reoccurring income?"},{"speaker":"Victor Lagos","startTime":1595.22,"endTime":1598.13,"body":"Well, if you're"},{"speaker":"Victor Lagos","startTime":1595.22,"endTime":1598.13,"body":"putting it in some sort of a"},{"speaker":"Victor Lagos","startTime":1598.16,"endTime":1602.21,"body":"sort of managed funnel, or share"},{"speaker":"Victor Lagos","startTime":1598.16,"endTime":1602.21,"body":"portfolio, where you receive"},{"speaker":"Victor Lagos","startTime":1602.21,"endTime":1606.11,"body":"dividends, and that's recurring"},{"speaker":"Victor Lagos","startTime":1602.21,"endTime":1606.11,"body":"income, well, then it's actually"},{"speaker":"Victor Lagos","startTime":1606.11,"endTime":1610.82,"body":"less risky, because it's, the"},{"speaker":"Victor Lagos","startTime":1606.11,"endTime":1610.82,"body":"value shouldn't be going"},{"speaker":"Victor Lagos","startTime":1610.82,"endTime":1617.99,"body":"downwards. Right, shouldn't it?"},{"speaker":"Victor Lagos","startTime":1610.82,"endTime":1617.99,"body":"Yes, it is. Because the income"},{"speaker":"Victor Lagos","startTime":1617.99,"endTime":1621.95,"body":"drops, but the fact that it's"},{"speaker":"Victor Lagos","startTime":1617.99,"endTime":1621.95,"body":"paying that it means it's a it's"},{"speaker":"Victor Lagos","startTime":1621.95,"endTime":1626.84,"body":"a pretty strong, you know, share"},{"speaker":"Victor Lagos","startTime":1621.95,"endTime":1626.84,"body":"portfolio, I don't know, if ASX,"},{"speaker":"Victor Lagos","startTime":1627.29,"endTime":1630.59,"body":"you know, top 10 or something"},{"speaker":"Victor Lagos","startTime":1627.29,"endTime":1630.59,"body":"like that. Because typically,"},{"speaker":"Victor Lagos","startTime":1631.1,"endTime":1633.98,"body":"you know, companies don't pay"},{"speaker":"Victor Lagos","startTime":1631.1,"endTime":1633.98,"body":"you dividends, smaller"},{"speaker":"Victor Lagos","startTime":1633.98,"endTime":1637.37,"body":"companies, smaller businesses."},{"speaker":"Victor Lagos","startTime":1633.98,"endTime":1637.37,"body":"So, and you're right, that that"},{"speaker":"Victor Lagos","startTime":1637.37,"endTime":1639.89,"body":"is something that banks look at,"},{"speaker":"Victor Lagos","startTime":1637.37,"endTime":1639.89,"body":"they will actually look at"},{"speaker":"Victor Lagos","startTime":1639.89,"endTime":1642.47,"body":"dividends that you receive on"},{"speaker":"Victor Lagos","startTime":1639.89,"endTime":1642.47,"body":"your on your share portfolio,"},{"speaker":"Victor Lagos","startTime":1642.47,"endTime":1646.46,"body":"and they will use that income"},{"speaker":"Victor Lagos","startTime":1642.47,"endTime":1646.46,"body":"for servicing. But if it's only"},{"speaker":"Victor Lagos","startTime":1646.46,"endTime":1650.33,"body":"cash, and you're getting, you"},{"speaker":"Victor Lagos","startTime":1646.46,"endTime":1650.33,"body":"know, money from the bank in"},{"speaker":"Victor Lagos","startTime":1650.33,"endTime":1653.75,"body":"interest, that can even use"},{"speaker":"Victor Lagos","startTime":1650.33,"endTime":1653.75,"body":"that, by the way, but let's face"},{"speaker":"Victor Lagos","startTime":1653.75,"endTime":1656.6,"body":"it, it's not much. Yeah, charge"},{"speaker":"Victor Lagos","startTime":1653.75,"endTime":1656.6,"body":"you a lot, but they don't give"},{"speaker":"Victor Lagos","startTime":1656.6,"endTime":1657.05,"body":"you much."},{"speaker":"Andrew Bean","startTime":1659.39,"endTime":1661.79,"body":"So, in that, in"},{"speaker":"Andrew Bean","startTime":1659.39,"endTime":1661.79,"body":"that instance, because this is"},{"speaker":"Andrew Bean","startTime":1661.79,"endTime":1664.94,"body":"actually really interesting,"},{"speaker":"Andrew Bean","startTime":1661.79,"endTime":1664.94,"body":"because I never really, really"},{"speaker":"Andrew Bean","startTime":1665.06,"endTime":1667.58,"body":"thought about that, in my mind,"},{"speaker":"Andrew Bean","startTime":1665.06,"endTime":1667.58,"body":"wherever I just had the money."},{"speaker":"Andrew Bean","startTime":1668.03,"endTime":1671.72,"body":"You know, I had money for the"},{"speaker":"Andrew Bean","startTime":1668.03,"endTime":1671.72,"body":"servicing, like a buffer, that"},{"speaker":"Andrew Bean","startTime":1671.72,"endTime":1674.03,"body":"that wouldn't be taken into"},{"speaker":"Andrew Bean","startTime":1671.72,"endTime":1674.03,"body":"account. Because I guess, you"},{"speaker":"Andrew Bean","startTime":1674.03,"endTime":1676.73,"body":"know, you and I are both really"},{"speaker":"Andrew Bean","startTime":1674.03,"endTime":1676.73,"body":"young, we've always had"},{"speaker":"Andrew Bean","startTime":1676.73,"endTime":1680.33,"body":"reoccurring income, you know,"},{"speaker":"Andrew Bean","startTime":1676.73,"endTime":1680.33,"body":"through work. So it's never been"},{"speaker":"Andrew Bean","startTime":1680.63,"endTime":1683.12,"body":"something that I would really"},{"speaker":"Andrew Bean","startTime":1680.63,"endTime":1683.12,"body":"think about. So in that"},{"speaker":"Andrew Bean","startTime":1683.12,"endTime":1685.46,"body":"instance, where someone's"},{"speaker":"Andrew Bean","startTime":1683.12,"endTime":1685.46,"body":"potentially a little bit older,"},{"speaker":"Andrew Bean","startTime":1685.76,"endTime":1688.25,"body":"they've done really well, but"},{"speaker":"Andrew Bean","startTime":1685.76,"endTime":1688.25,"body":"they don't have any reoccurring"},{"speaker":"Andrew Bean","startTime":1688.28,"endTime":1690.77,"body":"income. And they've just got"},{"speaker":"Andrew Bean","startTime":1688.28,"endTime":1690.77,"body":"cash in the bank, because people"},{"speaker":"Andrew Bean","startTime":1690.77,"endTime":1694.01,"body":"just do like to have cash in the"},{"speaker":"Andrew Bean","startTime":1690.77,"endTime":1694.01,"body":"bank, like they'll, you know,"},{"speaker":"Andrew Bean","startTime":1694.01,"endTime":1697.46,"body":"have all of their all of their"},{"speaker":"Andrew Bean","startTime":1694.01,"endTime":1697.46,"body":"wealth in a bank account for the"},{"speaker":"Andrew Bean","startTime":1697.46,"endTime":1700.79,"body":"rest of their life, especially"},{"speaker":"Andrew Bean","startTime":1697.46,"endTime":1700.79,"body":"they've just retired, or just on"},{"speaker":"Andrew Bean","startTime":1700.82,"endTime":1704.69,"body":"on the verge of retirement."},{"speaker":"Andrew Bean","startTime":1700.82,"endTime":1704.69,"body":"What's a good strategy to be"},{"speaker":"Andrew Bean","startTime":1704.69,"endTime":1709.82,"body":"able to show the bank that I've"},{"speaker":"Andrew Bean","startTime":1704.69,"endTime":1709.82,"body":"got this asset of money, and it"},{"speaker":"Andrew Bean","startTime":1709.82,"endTime":1713.78,"body":"could be paid to me like, do"},{"speaker":"Andrew Bean","startTime":1709.82,"endTime":1713.78,"body":"they just go, hey, you know,"},{"speaker":"Andrew Bean","startTime":1713.81,"endTime":1716.93,"body":"hey, Victor, I'll give you this"},{"speaker":"Andrew Bean","startTime":1713.81,"endTime":1716.93,"body":"million bucks, you just pay me"},{"speaker":"Andrew Bean","startTime":1716.96,"endTime":1719.9,"body":"every month to make the look"},{"speaker":"Andrew Bean","startTime":1716.96,"endTime":1719.9,"body":"like I've got recurring income,"},{"speaker":"Andrew Bean","startTime":1720.44,"endTime":1722.6,"body":"you know, and then that'll be"},{"speaker":"Andrew Bean","startTime":1720.44,"endTime":1722.6,"body":"good for serviceability. Like,"},{"speaker":"Andrew Bean","startTime":1722.6,"endTime":1724.76,"body":"that's almost sounds like that's"},{"speaker":"Andrew Bean","startTime":1722.6,"endTime":1724.76,"body":"what they want to say."},{"speaker":"Victor Lagos","startTime":1726.47,"endTime":1728.78,"body":"They do want to"},{"speaker":"Victor Lagos","startTime":1726.47,"endTime":1728.78,"body":"see it, but they want to see it,"},{"speaker":"Victor Lagos","startTime":1729.02,"endTime":1732.86,"body":"where there's a demonstration of"},{"speaker":"Victor Lagos","startTime":1729.02,"endTime":1732.86,"body":"some sort of history. Yeah, no,"},{"speaker":"Victor Lagos","startTime":1732.95,"endTime":1735.71,"body":"just bank accounts, and oh, look"},{"speaker":"Victor Lagos","startTime":1732.95,"endTime":1735.71,"body":"at these deposits, they're gonna"},{"speaker":"Victor Lagos","startTime":1735.71,"endTime":1737.93,"body":"say, Well, where are these"},{"speaker":"Victor Lagos","startTime":1735.71,"endTime":1737.93,"body":"deposits coming from? And if"},{"speaker":"Victor Lagos","startTime":1737.93,"endTime":1743.66,"body":"it's, you might do it. If it's,"},{"speaker":"Victor Lagos","startTime":1737.93,"endTime":1743.66,"body":"you know, if it's a genuine"},{"speaker":"Victor Lagos","startTime":1743.66,"endTime":1746.6,"body":"investment that's paying return,"},{"speaker":"Victor Lagos","startTime":1743.66,"endTime":1746.6,"body":"they're gonna want to see the"},{"speaker":"Victor Lagos","startTime":1746.6,"endTime":1749.72,"body":"investment summary. It's not"},{"speaker":"Victor Lagos","startTime":1746.6,"endTime":1749.72,"body":"just your bank account. So you"},{"speaker":"Victor Lagos","startTime":1749.72,"endTime":1752.81,"body":"know, they are wanting to see"},{"speaker":"Victor Lagos","startTime":1749.72,"endTime":1752.81,"body":"income. And the question you're"},{"speaker":"Victor Lagos","startTime":1752.81,"endTime":1756.83,"body":"talking about, if someone at"},{"speaker":"Victor Lagos","startTime":1752.81,"endTime":1756.83,"body":"that age of retirement, well,"},{"speaker":"Victor Lagos","startTime":1756.86,"endTime":1760.31,"body":"should they be borrowing money,"},{"speaker":"Victor Lagos","startTime":1756.86,"endTime":1760.31,"body":"then? That's the question. If"},{"speaker":"Victor Lagos","startTime":1760.31,"endTime":1763.43,"body":"they're at retirement, the"},{"speaker":"Victor Lagos","startTime":1760.31,"endTime":1763.43,"body":"bank's gonna say, Why am I"},{"speaker":"Victor Lagos","startTime":1763.43,"endTime":1765.65,"body":"lending the money if they're no"},{"speaker":"Victor Lagos","startTime":1763.43,"endTime":1765.65,"body":"longer working and then longer"},{"speaker":"Victor Lagos","startTime":1765.65,"endTime":1768.23,"body":"make any income doesn't make any"},{"speaker":"Victor Lagos","startTime":1765.65,"endTime":1768.23,"body":"sense. But they want to get"},{"speaker":"Victor Lagos","startTime":1768.23,"endTime":1769.91,"body":"trying to add interest"},{"speaker":"Andrew Bean","startTime":1770.0,"endTime":1772.07,"body":"they could be"},{"speaker":"Andrew Bean","startTime":1770.0,"endTime":1772.07,"body":"trying to invest to get the"},{"speaker":"Andrew Bean","startTime":1772.1,"endTime":1776.12,"body":"income for to, you know, to give"},{"speaker":"Andrew Bean","startTime":1772.1,"endTime":1776.12,"body":"themselves more opportunity"},{"speaker":"Andrew Bean","startTime":1776.12,"endTime":1778.76,"body":"later on in life and have the"},{"speaker":"Andrew Bean","startTime":1776.12,"endTime":1778.76,"body":"income paying for themselves."},{"speaker":"Andrew Bean","startTime":1779.03,"endTime":1781.85,"body":"Like I'm always talking about,"},{"speaker":"Andrew Bean","startTime":1779.03,"endTime":1781.85,"body":"you know, I'm talking about"},{"speaker":"Andrew Bean","startTime":1781.85,"endTime":1784.73,"body":"investing in commercial property"},{"speaker":"Andrew Bean","startTime":1781.85,"endTime":1784.73,"body":"and having positive income"},{"speaker":"Andrew Bean","startTime":1784.73,"endTime":1787.67,"body":"coming in. It's not isn't not a"},{"speaker":"Andrew Bean","startTime":1784.73,"endTime":1787.67,"body":"negative, you know, negative"},{"speaker":"Andrew Bean","startTime":1787.67,"endTime":1788.15,"body":"play."},{"speaker":"Andrew Bean","startTime":1789.26,"endTime":1790.7,"body":"You know, it's just really"},{"speaker":"Andrew Bean","startTime":1789.26,"endTime":1790.7,"body":"interesting."},{"speaker":"Victor Lagos","startTime":1790.7,"endTime":1794.21,"body":"I just, that's a"},{"speaker":"Victor Lagos","startTime":1790.7,"endTime":1794.21,"body":"good example. Yeah. Or you just"},{"speaker":"Victor Lagos","startTime":1794.21,"endTime":1797.21,"body":"said commercial property. If you"},{"speaker":"Victor Lagos","startTime":1794.21,"endTime":1797.21,"body":"save a million dollars by a"},{"speaker":"Victor Lagos","startTime":1797.21,"endTime":1800.69,"body":"commercial property, there's no"},{"speaker":"Victor Lagos","startTime":1797.21,"endTime":1800.69,"body":"financial advice. But that would"},{"speaker":"Victor Lagos","startTime":1800.69,"endTime":1807.32,"body":"generate the income. Yeah. 6468."},{"speaker":"Victor Lagos","startTime":1800.69,"endTime":1807.32,"body":"Yeah. Net. Yeah. And now all of"},{"speaker":"Victor Lagos","startTime":1807.32,"endTime":1810.71,"body":"a sudden you've got income that"},{"speaker":"Victor Lagos","startTime":1807.32,"endTime":1810.71,"body":"you can use to help the leverage"},{"speaker":"Victor Lagos","startTime":1810.71,"endTime":1814.13,"body":"and borrow money. Of course, if"},{"speaker":"Victor Lagos","startTime":1810.71,"endTime":1814.13,"body":"that million was everything, now"},{"speaker":"Victor Lagos","startTime":1814.13,"endTime":1817.16,"body":"you've got no security. Yeah."},{"speaker":"Victor Lagos","startTime":1814.13,"endTime":1817.16,"body":"And that property has already"},{"speaker":"Victor Lagos","startTime":1817.16,"endTime":1820.07,"body":"been. Or then again, you can use"},{"speaker":"Victor Lagos","startTime":1817.16,"endTime":1820.07,"body":"that property as security as"},{"speaker":"Victor Lagos","startTime":1820.07,"endTime":1822.5,"body":"well. Yeah, keep that in mind."},{"speaker":"Victor Lagos","startTime":1820.07,"endTime":1822.5,"body":"Right? Yeah, you can have an"},{"speaker":"Victor Lagos","startTime":1822.5,"endTime":1825.23,"body":"unencumbered property earning an"},{"speaker":"Victor Lagos","startTime":1822.5,"endTime":1825.23,"body":"income. Now you can put that"},{"speaker":"Victor Lagos","startTime":1825.23,"endTime":1828.62,"body":"property as security and use"},{"speaker":"Victor Lagos","startTime":1825.23,"endTime":1828.62,"body":"that to borrow money to buy"},{"speaker":"Victor Lagos","startTime":1828.62,"endTime":1830.9,"body":"something else. So that's,"},{"speaker":"Victor Lagos","startTime":1828.62,"endTime":1830.9,"body":"that's how you"},{"speaker":"Andrew Bean","startTime":1831.29,"endTime":1834.05,"body":"like it. So you can"},{"speaker":"Andrew Bean","startTime":1831.29,"endTime":1834.05,"body":"recycle, you buy that property"},{"speaker":"Andrew Bean","startTime":1834.05,"endTime":1837.26,"body":"with cash, then you recycle the"},{"speaker":"Andrew Bean","startTime":1834.05,"endTime":1837.26,"body":"debt out of that to buy more"},{"speaker":"Andrew Bean","startTime":1837.26,"endTime":1839.9,"body":"property, and you can use the"},{"speaker":"Andrew Bean","startTime":1837.26,"endTime":1839.9,"body":"income from that property to"},{"speaker":"Andrew Bean","startTime":1839.9,"endTime":1843.23,"body":"service the debt on future"},{"speaker":"Andrew Bean","startTime":1839.9,"endTime":1843.23,"body":"property. Yeah, that's how it's"},{"speaker":"Andrew Bean","startTime":1843.23,"endTime":1846.41,"body":"That's definitely how it should"},{"speaker":"Andrew Bean","startTime":1843.23,"endTime":1846.41,"body":"be done. Yeah. Like"},{"speaker":"Victor Lagos","startTime":1846.41,"endTime":1848.87,"body":"I was literally"},{"speaker":"Victor Lagos","startTime":1846.41,"endTime":1848.87,"body":"having a conversation with with"},{"speaker":"Victor Lagos","startTime":1848.87,"endTime":1853.34,"body":"someone yesterday about this,"},{"speaker":"Victor Lagos","startTime":1848.87,"endTime":1853.34,"body":"who's got the cash sitting in"},{"speaker":"Victor Lagos","startTime":1853.34,"endTime":1860.12,"body":"the account, and they want to"},{"speaker":"Victor Lagos","startTime":1853.34,"endTime":1860.12,"body":"buy a PPR, right? Non deductible"},{"speaker":"Victor Lagos","startTime":1860.12,"endTime":1865.31,"body":"debt, right. It's not income"},{"speaker":"Victor Lagos","startTime":1860.12,"endTime":1865.31,"body":"generating, but they wants to"},{"speaker":"Victor Lagos","startTime":1865.31,"endTime":1871.7,"body":"buy it for their family. But"},{"speaker":"Victor Lagos","startTime":1865.31,"endTime":1871.7,"body":"he's got $700,000 him and his"},{"speaker":"Victor Lagos","startTime":1871.73,"endTime":1874.49,"body":"and his wife, and they're going"},{"speaker":"Victor Lagos","startTime":1871.73,"endTime":1874.49,"body":"to use that as a deposit and the"},{"speaker":"Victor Lagos","startTime":1874.52,"endTime":1879.89,"body":"LVR, on the property they're"},{"speaker":"Victor Lagos","startTime":1874.52,"endTime":1879.89,"body":"buying is going to be about 60%,"},{"speaker":"Victor Lagos","startTime":1879.98,"endTime":1884.63,"body":"there abouts. So he could take"},{"speaker":"Victor Lagos","startTime":1879.98,"endTime":1884.63,"body":"the they could buy this home,"},{"speaker":"Victor Lagos","startTime":1885.47,"endTime":1891.68,"body":"borrow 60%, contribute 40% and"},{"speaker":"Victor Lagos","startTime":1885.47,"endTime":1891.68,"body":"then go to the bank, in the"},{"speaker":"Victor Lagos","startTime":1891.68,"endTime":1895.37,"body":"future, pretty soon if they"},{"speaker":"Victor Lagos","startTime":1891.68,"endTime":1895.37,"body":"want, and read borrow the"},{"speaker":"Victor Lagos","startTime":1895.37,"endTime":1899.48,"body":"equity, that they just chipped"},{"speaker":"Victor Lagos","startTime":1895.37,"endTime":1899.48,"body":"in with their cash, as a"},{"speaker":"Victor Lagos","startTime":1899.48,"endTime":1903.8,"body":"deposit, and use that to buy an"},{"speaker":"Victor Lagos","startTime":1899.48,"endTime":1903.8,"body":"investment property. Now the"},{"speaker":"Victor Lagos","startTime":1903.8,"endTime":1906.29,"body":"interest that they're going to"},{"speaker":"Victor Lagos","startTime":1903.8,"endTime":1906.29,"body":"pay on that is tax deductible."},{"speaker":"Victor Lagos","startTime":1906.77,"endTime":1911.0,"body":"So if they've done it the other"},{"speaker":"Victor Lagos","startTime":1906.77,"endTime":1911.0,"body":"way, and just put the cash"},{"speaker":"Victor Lagos","startTime":1911.0,"endTime":1914.84,"body":"straight as a deposit on an"},{"speaker":"Victor Lagos","startTime":1911.0,"endTime":1914.84,"body":"investment property, yes, they"},{"speaker":"Victor Lagos","startTime":1914.84,"endTime":1918.62,"body":"would have stronger cash flow."},{"speaker":"Victor Lagos","startTime":1914.84,"endTime":1918.62,"body":"But they wouldn't be able to"},{"speaker":"Victor Lagos","startTime":1918.8,"endTime":1922.04,"body":"claim any interest because"},{"speaker":"Victor Lagos","startTime":1918.8,"endTime":1922.04,"body":"there's no interest claim. And"},{"speaker":"Victor Lagos","startTime":1922.04,"endTime":1926.12,"body":"they wouldn't have a heartbeat."},{"speaker":"Victor Lagos","startTime":1922.04,"endTime":1926.12,"body":"So this is a strategy because if"},{"speaker":"Victor Lagos","startTime":1926.12,"endTime":1928.82,"body":"you think if you trace the"},{"speaker":"Victor Lagos","startTime":1926.12,"endTime":1928.82,"body":"money, all they're using is"},{"speaker":"Victor Lagos","startTime":1928.82,"endTime":1931.1,"body":"their own money, right? They're"},{"speaker":"Victor Lagos","startTime":1928.82,"endTime":1931.1,"body":"just putting it into a property"},{"speaker":"Victor Lagos","startTime":1931.1,"endTime":1935.27,"body":"first, and then recycling and"},{"speaker":"Victor Lagos","startTime":1931.1,"endTime":1935.27,"body":"taking it back out for an"},{"speaker":"Victor Lagos","startTime":1935.27,"endTime":1941.18,"body":"investment. Purpose. So you know"},{"speaker":"Victor Lagos","startTime":1935.27,"endTime":1941.18,"body":"that that happens every day that"},{"speaker":"Victor Lagos","startTime":1941.18,"endTime":1944.87,"body":"we just knowing timing, and you"},{"speaker":"Victor Lagos","startTime":1941.18,"endTime":1944.87,"body":"know, you got to know your"},{"speaker":"Victor Lagos","startTime":1944.87,"endTime":1946.34,"body":"personal objectives. And you're"},{"speaker":"Andrew Bean","startTime":1946.61,"endTime":1950.18,"body":"100 person, that's"},{"speaker":"Andrew Bean","startTime":1946.61,"endTime":1950.18,"body":"really interesting. So with the"},{"speaker":"Andrew Bean","startTime":1950.18,"endTime":1953.06,"body":"bank, this is an actual"},{"speaker":"Andrew Bean","startTime":1950.18,"endTime":1953.06,"body":"interest. And I know you and I"},{"speaker":"Andrew Bean","startTime":1953.06,"endTime":1955.91,"body":"have had a few, you know,"},{"speaker":"Andrew Bean","startTime":1953.06,"endTime":1955.91,"body":"offline conversations about"},{"speaker":"Andrew Bean","startTime":1955.91,"endTime":1958.94,"body":"this, because Victor's doing"},{"speaker":"Andrew Bean","startTime":1955.91,"endTime":1958.94,"body":"some real free financing for me,"},{"speaker":"Andrew Bean","startTime":1959.39,"endTime":1964.1,"body":"in my own personal finances. So"},{"speaker":"Andrew Bean","startTime":1959.39,"endTime":1964.1,"body":"I wanted to talk about this"},{"speaker":"Andrew Bean","startTime":1964.1,"endTime":1965.84,"body":"because this is really"},{"speaker":"Andrew Bean","startTime":1964.1,"endTime":1965.84,"body":"interesting. I don't think that"},{"speaker":"Andrew Bean","startTime":1965.84,"endTime":1970.79,"body":"people really understand or know"},{"speaker":"Andrew Bean","startTime":1965.84,"endTime":1970.79,"body":"about this. It's about if you"},{"speaker":"Andrew Bean","startTime":1970.79,"endTime":1975.44,"body":"can demonstrate a business plan,"},{"speaker":"Andrew Bean","startTime":1970.79,"endTime":1975.44,"body":"and you can forecast the cash"},{"speaker":"Andrew Bean","startTime":1975.44,"endTime":1980.21,"body":"flow from that business. Will"},{"speaker":"Andrew Bean","startTime":1975.44,"endTime":1980.21,"body":"the bank lend on that particular"},{"speaker":"Andrew Bean","startTime":1980.21,"endTime":1981.2,"body":"forecast?"},{"speaker":"Victor Lagos","startTime":1983.51,"endTime":1989.36,"body":"So his is a it's a"},{"speaker":"Victor Lagos","startTime":1983.51,"endTime":1989.36,"body":"good question. Because it it's"},{"speaker":"Victor Lagos","startTime":1989.36,"endTime":1993.68,"body":"only it's very specific. When"},{"speaker":"Victor Lagos","startTime":1989.36,"endTime":1993.68,"body":"you're talking about an"},{"speaker":"Victor Lagos","startTime":1993.68,"endTime":1999.23,"body":"investor, it doesn't work, an"},{"speaker":"Victor Lagos","startTime":1993.68,"endTime":1999.23,"body":"investor will get rental income."},{"speaker":"Victor Lagos","startTime":2000.07,"endTime":2004.18,"body":"But if you're an owner occupier,"},{"speaker":"Victor Lagos","startTime":2000.07,"endTime":2004.18,"body":"so it means you're going to"},{"speaker":"Victor Lagos","startTime":2004.21,"endTime":2009.82,"body":"operate a business out of that"},{"speaker":"Victor Lagos","startTime":2004.21,"endTime":2009.82,"body":"property, then, yes, you could"},{"speaker":"Victor Lagos","startTime":2009.82,"endTime":2014.23,"body":"potentially use forecasts that"},{"speaker":"Victor Lagos","startTime":2009.82,"endTime":2014.23,"body":"are projected income, along with"},{"speaker":"Victor Lagos","startTime":2014.23,"endTime":2017.77,"body":"a business plan. So it's"},{"speaker":"Victor Lagos","startTime":2014.23,"endTime":2017.77,"body":"definitely considered commercial"},{"speaker":"Victor Lagos","startTime":2017.77,"endTime":2022.09,"body":"lending, not residential, it"},{"speaker":"Victor Lagos","startTime":2017.77,"endTime":2022.09,"body":"falls outside of the Consumer"},{"speaker":"Victor Lagos","startTime":2022.09,"endTime":2026.05,"body":"Credit Protection and APRA"},{"speaker":"Victor Lagos","startTime":2022.09,"endTime":2026.05,"body":"regulations, because they'll"},{"speaker":"Victor Lagos","startTime":2026.05,"endTime":2030.88,"body":"only look at historical income"},{"speaker":"Victor Lagos","startTime":2026.05,"endTime":2030.88,"body":"and net profit. But if you're"},{"speaker":"Victor Lagos","startTime":2030.88,"endTime":2034.69,"body":"looking at commercial lending,"},{"speaker":"Victor Lagos","startTime":2030.88,"endTime":2034.69,"body":"and your your business, then"},{"speaker":"Victor Lagos","startTime":2034.69,"endTime":2038.89,"body":"yeah, definitely a bank can look"},{"speaker":"Victor Lagos","startTime":2034.69,"endTime":2038.89,"body":"at forecasted revenue and"},{"speaker":"Victor Lagos","startTime":2038.95,"endTime":2043.81,"body":"income, and profit to help you"},{"speaker":"Victor Lagos","startTime":2038.95,"endTime":2043.81,"body":"borrow to even acquire business"},{"speaker":"Victor Lagos","startTime":2043.81,"endTime":2047.05,"body":"in the first place. But you"},{"speaker":"Victor Lagos","startTime":2043.81,"endTime":2047.05,"body":"still need security, that's"},{"speaker":"Victor Lagos","startTime":2047.05,"endTime":2049.0,"body":"something to keep in mind."},{"speaker":"Victor Lagos","startTime":2047.05,"endTime":2049.0,"body":"Because a lot of people have"},{"speaker":"Victor Lagos","startTime":2049.0,"endTime":2051.31,"body":"that idea. And they're like, I"},{"speaker":"Victor Lagos","startTime":2049.0,"endTime":2051.31,"body":"want to buy an established"},{"speaker":"Victor Lagos","startTime":2051.31,"endTime":2056.44,"body":"business. And, you know, improve"},{"speaker":"Victor Lagos","startTime":2051.31,"endTime":2056.44,"body":"it and earn more money from it,"},{"speaker":"Victor Lagos","startTime":2056.44,"endTime":2059.71,"body":"and then borrow money to buy"},{"speaker":"Victor Lagos","startTime":2056.44,"endTime":2059.71,"body":"that business from that future"},{"speaker":"Victor Lagos","startTime":2059.71,"endTime":2063.16,"body":"income we're gonna create. But"},{"speaker":"Victor Lagos","startTime":2059.71,"endTime":2063.16,"body":"if you don't have property,"},{"speaker":"Victor Lagos","startTime":2064.21,"endTime":2067.45,"body":"there's no skin in the game. So"},{"speaker":"Victor Lagos","startTime":2064.21,"endTime":2067.45,"body":"it's very risky for the bank."},{"speaker":"Victor Lagos","startTime":2067.45,"endTime":2071.2,"body":"It's considered unsecured"},{"speaker":"Victor Lagos","startTime":2067.45,"endTime":2071.2,"body":"lending. And you know, I have"},{"speaker":"Victor Lagos","startTime":2071.2,"endTime":2076.78,"body":"done one before, but it was, it"},{"speaker":"Victor Lagos","startTime":2071.2,"endTime":2076.78,"body":"was very niche. And it was the"},{"speaker":"Victor Lagos","startTime":2076.78,"endTime":2081.19,"body":"bank required at least a 50%"},{"speaker":"Victor Lagos","startTime":2076.78,"endTime":2081.19,"body":"deposit. So they were willing to"},{"speaker":"Victor Lagos","startTime":2081.19,"endTime":2085.96,"body":"fund th e other half. So it was"},{"speaker":"Victor Lagos","startTime":2081.19,"endTime":2085.96,"body":"a 600 grand purchase price of a"},{"speaker":"Victor Lagos","startTime":2085.96,"endTime":2090.64,"body":"business. They looked at the at"},{"speaker":"Victor Lagos","startTime":2085.96,"endTime":2090.64,"body":"the income and then they also"},{"speaker":"Victor Lagos","startTime":2090.64,"endTime":2097.18,"body":"looked at the forecast, income,"},{"speaker":"Victor Lagos","startTime":2090.64,"endTime":2097.18,"body":"forecast, profit and a business"},{"speaker":"Victor Lagos","startTime":2097.18,"endTime":2101.17,"body":"plan that this new buyer was"},{"speaker":"Victor Lagos","startTime":2097.18,"endTime":2101.17,"body":"going to A new owner was going"},{"speaker":"Victor Lagos","startTime":2101.17,"endTime":2104.11,"body":"to turn it into, but then"},{"speaker":"Victor Lagos","startTime":2101.17,"endTime":2104.11,"body":"because they didn't have any"},{"speaker":"Victor Lagos","startTime":2104.11,"endTime":2109.78,"body":"property to put a security,"},{"speaker":"Victor Lagos","startTime":2104.11,"endTime":2109.78,"body":"they, they wanted at least 50%"},{"speaker":"Victor Lagos","startTime":2109.78,"endTime":2114.4,"body":"down. So that 600,000, they"},{"speaker":"Victor Lagos","startTime":2109.78,"endTime":2114.4,"body":"borrowed 300 And they"},{"speaker":"Victor Lagos","startTime":2114.4,"endTime":2118.93,"body":"contributed 300. So you can do"},{"speaker":"Victor Lagos","startTime":2114.4,"endTime":2118.93,"body":"them that way. But if you've got"},{"speaker":"Victor Lagos","startTime":2118.96,"endTime":2123.07,"body":"property that's got a lot of"},{"speaker":"Victor Lagos","startTime":2118.96,"endTime":2123.07,"body":"equity, that's really a good"},{"speaker":"Victor Lagos","startTime":2123.07,"endTime":2126.4,"body":"opportunity for you to do"},{"speaker":"Victor Lagos","startTime":2123.07,"endTime":2126.4,"body":"something. Yeah, and you can use"},{"speaker":"Victor Lagos","startTime":2126.4,"endTime":2132.46,"body":"that property as a security and"},{"speaker":"Victor Lagos","startTime":2126.4,"endTime":2132.46,"body":"and use a future income and and"},{"speaker":"Victor Lagos","startTime":2132.46,"endTime":2134.38,"body":"to start a business basically."},{"speaker":"Andrew Bean","startTime":2134.89,"endTime":2138.31,"body":"Yes, yeah, well"},{"speaker":"Andrew Bean","startTime":2134.89,"endTime":2138.31,"body":"with a with a startup. So say  I"},{"speaker":"Andrew Bean","startTime":2138.31,"endTime":2142.33,"body":"have a business venture or I"},{"speaker":"Andrew Bean","startTime":2138.31,"endTime":2142.33,"body":"have a business idea. And you"},{"speaker":"Andrew Bean","startTime":2142.33,"endTime":2144.91,"body":"know, obviously, I can"},{"speaker":"Andrew Bean","startTime":2142.33,"endTime":2144.91,"body":"demonstrate that, you know,"},{"speaker":"Andrew Bean","startTime":2144.91,"endTime":2147.79,"body":"either I have knowledge in that"},{"speaker":"Andrew Bean","startTime":2144.91,"endTime":2147.79,"body":"industry or you know, I have"},{"speaker":"Andrew Bean","startTime":2147.79,"endTime":2153.46,"body":"some experience in the industry."},{"speaker":"Andrew Bean","startTime":2147.79,"endTime":2153.46,"body":"Is it is it usual or like common"},{"speaker":"Andrew Bean","startTime":2153.46,"endTime":2158.77,"body":"practice for a bank sooner banks"},{"speaker":"Andrew Bean","startTime":2153.46,"endTime":2158.77,"body":"to lend on that forecasted"},{"speaker":"Andrew Bean","startTime":2158.77,"endTime":2161.41,"body":"business plan for you? And maybe"},{"speaker":"Andrew Bean","startTime":2158.77,"endTime":2161.41,"body":"they can you don't have any"},{"speaker":"Andrew Bean","startTime":2161.41,"endTime":2165.1,"body":"property? Maybe they can"},{"speaker":"Andrew Bean","startTime":2161.41,"endTime":2165.1,"body":"securitize, you know, the lease,"},{"speaker":"Andrew Bean","startTime":2165.1,"endTime":2168.28,"body":"like if you have a 10 year lease"},{"speaker":"Andrew Bean","startTime":2165.1,"endTime":2168.28,"body":"or something like that, is that"},{"speaker":"Andrew Bean","startTime":2168.28,"endTime":2170.11,"body":"common practice to happen?"},{"speaker":"Victor Lagos","startTime":2171.76,"endTime":2176.68,"body":"No, they're gonna,"},{"speaker":"Victor Lagos","startTime":2171.76,"endTime":2176.68,"body":"they're gonna want to, they're"},{"speaker":"Victor Lagos","startTime":2176.68,"endTime":2180.67,"body":"going to want to take some"},{"speaker":"Victor Lagos","startTime":2176.68,"endTime":2180.67,"body":"security over. So it depends on"},{"speaker":"Victor Lagos","startTime":2180.73,"endTime":2184.12,"body":"the amount you're after, as"},{"speaker":"Victor Lagos","startTime":2180.73,"endTime":2184.12,"body":"well. So banks are willing to do"},{"speaker":"Victor Lagos","startTime":2184.12,"endTime":2187.99,"body":"some unsecured lending, there's"},{"speaker":"Victor Lagos","startTime":2184.12,"endTime":2187.99,"body":"no problem with that they're"},{"speaker":"Victor Lagos","startTime":2187.99,"endTime":2191.89,"body":"willing to. But if you need if"},{"speaker":"Victor Lagos","startTime":2187.99,"endTime":2191.89,"body":"you're buying a business, or you"},{"speaker":"Victor Lagos","startTime":2191.89,"endTime":2196.72,"body":"need to borrow enough to cover"},{"speaker":"Victor Lagos","startTime":2191.89,"endTime":2196.72,"body":"all the costs, to set that"},{"speaker":"Victor Lagos","startTime":2196.72,"endTime":2200.77,"body":"business up, and you've got no"},{"speaker":"Victor Lagos","startTime":2196.72,"endTime":2200.77,"body":"property, just the forecast,"},{"speaker":"Victor Lagos","startTime":2201.07,"endTime":2203.41,"body":"alone in a business plan is not"},{"speaker":"Victor Lagos","startTime":2201.07,"endTime":2203.41,"body":"going to get you the whole"},{"speaker":"Victor Lagos","startTime":2203.41,"endTime":2206.2,"body":"amount is not enough in that"},{"speaker":"Victor Lagos","startTime":2203.41,"endTime":2206.2,"body":"there's not there's still too"},{"speaker":"Victor Lagos","startTime":2206.2,"endTime":2211.39,"body":"much risk, experience. And"},{"speaker":"Victor Lagos","startTime":2206.2,"endTime":2211.39,"body":"industry definitely adds to"},{"speaker":"Victor Lagos","startTime":2211.39,"endTime":2216.04,"body":"that. But they want it they want"},{"speaker":"Victor Lagos","startTime":2211.39,"endTime":2216.04,"body":"some collateral. And if you're,"},{"speaker":"Victor Lagos","startTime":2217.27,"endTime":2222.1,"body":"you know, if you've got chattels"},{"speaker":"Victor Lagos","startTime":2217.27,"endTime":2222.1,"body":"or some sort of assets like"},{"speaker":"Victor Lagos","startTime":2222.7,"endTime":2226.51,"body":"vehicles or machinery, something"},{"speaker":"Victor Lagos","startTime":2222.7,"endTime":2226.51,"body":"like that, they'll look at that"},{"speaker":"Victor Lagos","startTime":2226.51,"endTime":2229.6,"body":"a security that helps them to"},{"speaker":"Victor Lagos","startTime":2226.51,"endTime":2229.6,"body":"even though it's a depreciating,"},{"speaker":"Victor Lagos","startTime":2229.63,"endTime":2232.57,"body":"depreciating asset that helps"},{"speaker":"Victor Lagos","startTime":2229.63,"endTime":2232.57,"body":"them. But if it's, if it's"},{"speaker":"Victor Lagos","startTime":2232.57,"endTime":2236.38,"body":"literally nothing else, digital"},{"speaker":"Victor Lagos","startTime":2232.57,"endTime":2236.38,"body":"assets, there's no, the only"},{"speaker":"Victor Lagos","startTime":2236.38,"endTime":2242.23,"body":"security they get is a is a"},{"speaker":"Victor Lagos","startTime":2236.38,"endTime":2242.23,"body":"security, a GSA, which is a"},{"speaker":"Victor Lagos","startTime":2242.23,"endTime":2244.87,"body":"general security agreement over"},{"speaker":"Victor Lagos","startTime":2242.23,"endTime":2244.87,"body":"the actual trading business"},{"speaker":"Victor Lagos","startTime":2244.87,"endTime":2248.68,"body":"itself, for future income that"},{"speaker":"Victor Lagos","startTime":2244.87,"endTime":2248.68,"body":"it can generate. But that that"},{"speaker":"Victor Lagos","startTime":2248.68,"endTime":2250.36,"body":"doesn't really mean anything"},{"speaker":"Victor Lagos","startTime":2248.68,"endTime":2250.36,"body":"because it doesn't make any"},{"speaker":"Victor Lagos","startTime":2250.36,"endTime":2252.94,"body":"money, they get nothing. So"},{"speaker":"Victor Lagos","startTime":2250.36,"endTime":2252.94,"body":"there's nothing that they can"},{"speaker":"Victor Lagos","startTime":2252.94,"endTime":2256.48,"body":"immediately sell. The stock is"},{"speaker":"Victor Lagos","startTime":2252.94,"endTime":2256.48,"body":"nothing they have control over"},{"speaker":"Victor Lagos","startTime":2256.48,"endTime":2259.6,"body":"to sell to pay back the bad"},{"speaker":"Victor Lagos","startTime":2256.48,"endTime":2259.6,"body":"debt. If you don't make your"},{"speaker":"Victor Lagos","startTime":2259.6,"endTime":2263.77,"body":"repayments. That's what they"},{"speaker":"Victor Lagos","startTime":2259.6,"endTime":2263.77,"body":"look for. So a good example was"},{"speaker":"Victor Lagos","startTime":2263.8,"endTime":2267.13,"body":"myself a few years ago, I set up"},{"speaker":"Victor Lagos","startTime":2263.8,"endTime":2267.13,"body":"a business mortgage broking"},{"speaker":"Victor Lagos","startTime":2267.13,"endTime":2270.37,"body":"business, it didn't go well"},{"speaker":"Victor Lagos","startTime":2267.13,"endTime":2270.37,"body":"failed, actually, the first one"},{"speaker":"Victor Lagos","startTime":2270.37,"endTime":2274.42,"body":"my first attempt, but I had a"},{"speaker":"Victor Lagos","startTime":2270.37,"endTime":2274.42,"body":"property. And one of the banks"},{"speaker":"Victor Lagos","startTime":2274.42,"endTime":2278.95,"body":"was able to refinance my"},{"speaker":"Victor Lagos","startTime":2274.42,"endTime":2278.95,"body":"existing residential law and"},{"speaker":"Victor Lagos","startTime":2278.98,"endTime":2283.42,"body":"work have forecasted income to"},{"speaker":"Victor Lagos","startTime":2278.98,"endTime":2283.42,"body":"service the loan. And they gave"},{"speaker":"Victor Lagos","startTime":2283.42,"endTime":2287.77,"body":"me a startup overdraft of like"},{"speaker":"Victor Lagos","startTime":2283.42,"endTime":2287.77,"body":"60 grand in a business credit"},{"speaker":"Victor Lagos","startTime":2287.77,"endTime":2293.02,"body":"card. Well, I had industry"},{"speaker":"Victor Lagos","startTime":2287.77,"endTime":2293.02,"body":"experience, but I didn't have"},{"speaker":"Victor Lagos","startTime":2293.02,"endTime":2298.33,"body":"business experience. But some"},{"speaker":"Victor Lagos","startTime":2293.02,"endTime":2298.33,"body":"mistakes, and I ended up using"},{"speaker":"Victor Lagos","startTime":2298.33,"endTime":2302.26,"body":"all that money and not getting a"},{"speaker":"Victor Lagos","startTime":2298.33,"endTime":2302.26,"body":"return on it immediately. So I"},{"speaker":"Victor Lagos","startTime":2302.26,"endTime":2305.5,"body":"ended up making my own decision"},{"speaker":"Victor Lagos","startTime":2302.26,"endTime":2305.5,"body":"to sell that property to clear"},{"speaker":"Victor Lagos","startTime":2305.5,"endTime":2309.61,"body":"the debt. They didn't enforce"},{"speaker":"Victor Lagos","startTime":2305.5,"endTime":2309.61,"body":"that. But they could have, if I"},{"speaker":"Victor Lagos","startTime":2309.61,"endTime":2314.83,"body":"let the loan, you know, going to"},{"speaker":"Victor Lagos","startTime":2309.61,"endTime":2314.83,"body":"raise and get into bad debt,"},{"speaker":"Victor Lagos","startTime":2314.95,"endTime":2317.68,"body":"they could have sold my property"},{"speaker":"Victor Lagos","startTime":2314.95,"endTime":2317.68,"body":"and clear, and then I would have"},{"speaker":"Victor Lagos","startTime":2317.68,"endTime":2320.77,"body":"got whatever was left after"},{"speaker":"Victor Lagos","startTime":2317.68,"endTime":2320.77,"body":"legal legal costs, and I would"},{"speaker":"Victor Lagos","startTime":2320.77,"endTime":2325.24,"body":"have had bad credit. So you"},{"speaker":"Victor Lagos","startTime":2320.77,"endTime":2325.24,"body":"know, it can be a risky game."},{"speaker":"Victor Lagos","startTime":2325.45,"endTime":2328.87,"body":"That was a perfect example. They"},{"speaker":"Victor Lagos","startTime":2325.45,"endTime":2328.87,"body":"took their risks, but they had"},{"speaker":"Victor Lagos","startTime":2328.87,"endTime":2331.87,"body":"the property. So they'll happily"},{"speaker":"Victor Lagos","startTime":2328.87,"endTime":2331.87,"body":"give me the money. I took the"},{"speaker":"Victor Lagos","startTime":2331.87,"endTime":2334.33,"body":"risk, didn't have the"},{"speaker":"Victor Lagos","startTime":2331.87,"endTime":2334.33,"body":"experience, but I made that"},{"speaker":"Victor Lagos","startTime":2334.33,"endTime":2338.5,"body":"decision. Now it's time to get"},{"speaker":"Victor Lagos","startTime":2334.33,"endTime":2338.5,"body":"out and clear the debt. So you"},{"speaker":"Victor Lagos","startTime":2338.5,"endTime":2340.63,"body":"know, people out there, they"},{"speaker":"Victor Lagos","startTime":2338.5,"endTime":2340.63,"body":"want to do some risky stuff,"},{"speaker":"Victor Lagos","startTime":2341.02,"endTime":2345.52,"body":"too. But if they've got no"},{"speaker":"Victor Lagos","startTime":2341.02,"endTime":2345.52,"body":"property or no big cash to chip"},{"speaker":"Victor Lagos","startTime":2345.52,"endTime":2348.22,"body":"in, don't expect that a bank is"},{"speaker":"Victor Lagos","startTime":2345.52,"endTime":2348.22,"body":"gonna lend you all the money."},{"speaker":"Victor Lagos","startTime":2348.4,"endTime":2349.48,"body":"It's just doesn't happen to"},{"speaker":"Andrew Bean","startTime":2350.65,"endTime":2353.35,"body":"you. That's right."},{"speaker":"Andrew Bean","startTime":2350.65,"endTime":2353.35,"body":"And I bet just from that, that"},{"speaker":"Andrew Bean","startTime":2353.35,"endTime":2357.55,"body":"failed adventure or that first"},{"speaker":"Andrew Bean","startTime":2353.35,"endTime":2357.55,"body":"try, you probably learned so"},{"speaker":"Andrew Bean","startTime":2357.55,"endTime":2360.7,"body":"many lessons. So you basically"},{"speaker":"Andrew Bean","startTime":2357.55,"endTime":2360.7,"body":"paid for, you know, your"},{"speaker":"Andrew Bean","startTime":2360.7,"endTime":2364.33,"body":"education into how to how things"},{"speaker":"Andrew Bean","startTime":2360.7,"endTime":2364.33,"body":"are run, and how you know,"},{"speaker":"Andrew Bean","startTime":2364.33,"endTime":2367.99,"body":"things should and the processes"},{"speaker":"Andrew Bean","startTime":2364.33,"endTime":2367.99,"body":"and things like that. And that's"},{"speaker":"Andrew Bean","startTime":2367.99,"endTime":2370.54,"body":"why you've got a flourishing,"},{"speaker":"Andrew Bean","startTime":2367.99,"endTime":2370.54,"body":"you know, mortgage broking"},{"speaker":"Andrew Bean","startTime":2370.54,"endTime":2373.15,"body":"business now, from that first"},{"speaker":"Andrew Bean","startTime":2370.54,"endTime":2373.15,"body":"mistake, because you learn so"},{"speaker":"Andrew Bean","startTime":2373.15,"endTime":2376.09,"body":"much from your mistakes. Like if"},{"speaker":"Andrew Bean","startTime":2373.15,"endTime":2376.09,"body":"you hadn't had success"},{"speaker":"Andrew Bean","startTime":2376.09,"endTime":2380.62,"body":"straightaway. Success isn't a"},{"speaker":"Andrew Bean","startTime":2376.09,"endTime":2380.62,"body":"great teacher. Failure is the"},{"speaker":"Andrew Bean","startTime":2380.62,"endTime":2382.45,"body":"true like the great teacher."},{"speaker":"Victor Lagos","startTime":2383.62,"endTime":2387.1,"body":"Yeah, and you"},{"speaker":"Victor Lagos","startTime":2383.62,"endTime":2387.1,"body":"know, the word failure. You"},{"speaker":"Victor Lagos","startTime":2387.1,"endTime":2391.84,"body":"know, the truth is you don't"},{"speaker":"Victor Lagos","startTime":2387.1,"endTime":2391.84,"body":"really, truly fail unless you"},{"speaker":"Victor Lagos","startTime":2391.84,"endTime":2395.5,"body":"give up unless you quit. Yeah,"},{"speaker":"Victor Lagos","startTime":2391.84,"endTime":2395.5,"body":"yeah, lets you quit unless"},{"speaker":"Victor Lagos","startTime":2395.5,"endTime":2398.32,"body":"you're fully out of the game."},{"speaker":"Victor Lagos","startTime":2395.5,"endTime":2398.32,"body":"But if you're around in the"},{"speaker":"Victor Lagos","startTime":2398.32,"endTime":2401.14,"body":"lesson, I'll give you a If"},{"speaker":"Victor Lagos","startTime":2398.32,"endTime":2401.14,"body":"you're going through that"},{"speaker":"Victor Lagos","startTime":2401.14,"endTime":2404.41,"body":"experience, and you learn"},{"speaker":"Victor Lagos","startTime":2401.14,"endTime":2404.41,"body":"through those experiences, you"},{"speaker":"Victor Lagos","startTime":2404.41,"endTime":2407.08,"body":"keep going. And that's what"},{"speaker":"Victor Lagos","startTime":2404.41,"endTime":2407.08,"body":"happened with me. So you're"},{"speaker":"Victor Lagos","startTime":2407.08,"endTime":2410.2,"body":"right, I'm in a much different"},{"speaker":"Victor Lagos","startTime":2407.08,"endTime":2410.2,"body":"position now. And it was just an"},{"speaker":"Victor Lagos","startTime":2410.2,"endTime":2413.59,"body":"expensive lesson. Yeah, that's"},{"speaker":"Victor Lagos","startTime":2410.2,"endTime":2413.59,"body":"it, I had a few expensive"},{"speaker":"Victor Lagos","startTime":2413.59,"endTime":2414.49,"body":"lessons myself."},{"speaker":"Andrew Bean","startTime":2416.65,"endTime":2419.41,"body":"So make another one"},{"speaker":"Andrew Bean","startTime":2416.65,"endTime":2419.41,"body":"I wanted to actually talk about,"},{"speaker":"Andrew Bean","startTime":2419.5,"endTime":2423.1,"body":"which is something that you and"},{"speaker":"Andrew Bean","startTime":2419.5,"endTime":2423.1,"body":"I have also spoken about is how"},{"speaker":"Andrew Bean","startTime":2423.1,"endTime":2427.06,"body":"you have to have your accountant"},{"speaker":"Andrew Bean","startTime":2423.1,"endTime":2427.06,"body":"on board with your property"},{"speaker":"Andrew Bean","startTime":2427.06,"endTime":2431.05,"body":"plan. And this has beat me in"},{"speaker":"Andrew Bean","startTime":2427.06,"endTime":2431.05,"body":"the ass just recently, and I"},{"speaker":"Andrew Bean","startTime":2431.05,"endTime":2435.64,"body":"wanted to basically let you talk"},{"speaker":"Andrew Bean","startTime":2431.05,"endTime":2435.64,"body":"about how the accountant really"},{"speaker":"Andrew Bean","startTime":2435.64,"endTime":2439.12,"body":"needs to be working with you on"},{"speaker":"Andrew Bean","startTime":2435.64,"endTime":2439.12,"body":"your team, and potentially even"},{"speaker":"Andrew Bean","startTime":2439.12,"endTime":2441.88,"body":"be connected, you know, with the"},{"speaker":"Andrew Bean","startTime":2439.12,"endTime":2441.88,"body":"mortgage broker, you know, on"},{"speaker":"Andrew Bean","startTime":2441.88,"endTime":2444.82,"body":"your team to make sure the goals"},{"speaker":"Andrew Bean","startTime":2441.88,"endTime":2444.82,"body":"are aligned."},{"speaker":"Victor Lagos","startTime":2447.04,"endTime":2449.44,"body":"Yet super"},{"speaker":"Victor Lagos","startTime":2447.04,"endTime":2449.44,"body":"important, because an"},{"speaker":"Victor Lagos","startTime":2449.44,"endTime":2455.83,"body":"accountant, you know, they some"},{"speaker":"Victor Lagos","startTime":2449.44,"endTime":2455.83,"body":"of them are not really pro"},{"speaker":"Victor Lagos","startTime":2455.83,"endTime":2459.01,"body":"property focused, some of them"},{"speaker":"Victor Lagos","startTime":2455.83,"endTime":2459.01,"body":"don't own property that I"},{"speaker":"Victor Lagos","startTime":2459.13,"endTime":2461.62,"body":"understand property and that"},{"speaker":"Victor Lagos","startTime":2459.13,"endTime":2461.62,"body":"I've tried to help customers"},{"speaker":"Victor Lagos","startTime":2461.62,"endTime":2465.37,"body":"build the property portfolio,"},{"speaker":"Victor Lagos","startTime":2461.62,"endTime":2465.37,"body":"some of them do some of the"},{"speaker":"Victor Lagos","startTime":2465.37,"endTime":2467.95,"body":"understand the limitations of"},{"speaker":"Victor Lagos","startTime":2465.37,"endTime":2467.95,"body":"borrowing capacity, they"},{"speaker":"Victor Lagos","startTime":2467.95,"endTime":2471.55,"body":"understand that you're going to"},{"speaker":"Victor Lagos","startTime":2467.95,"endTime":2471.55,"body":"need to be sometimes creative,"},{"speaker":"Victor Lagos","startTime":2472.45,"endTime":2477.43,"body":"to have a balance of tax"},{"speaker":"Victor Lagos","startTime":2472.45,"endTime":2477.43,"body":"reduction, as well as, you know,"},{"speaker":"Victor Lagos","startTime":2477.46,"endTime":2481.48,"body":"borrowing capacity improvement."},{"speaker":"Victor Lagos","startTime":2477.46,"endTime":2481.48,"body":"So working with the right"},{"speaker":"Victor Lagos","startTime":2481.48,"endTime":2485.02,"body":"accountant who gets that is"},{"speaker":"Victor Lagos","startTime":2481.48,"endTime":2485.02,"body":"going to help you along the way"},{"speaker":"Victor Lagos","startTime":2485.05,"endTime":2487.57,"body":"along the journey. And it's"},{"speaker":"Victor Lagos","startTime":2485.05,"endTime":2487.57,"body":"going to be times where you need"},{"speaker":"Victor Lagos","startTime":2487.57,"endTime":2491.32,"body":"them to write up letters and"},{"speaker":"Victor Lagos","startTime":2487.57,"endTime":2491.32,"body":"declarations for you. When you"},{"speaker":"Victor Lagos","startTime":2491.32,"endTime":2493.78,"body":"hit your ceilings of borrowing"},{"speaker":"Victor Lagos","startTime":2491.32,"endTime":2493.78,"body":"capacity, and then you end up"},{"speaker":"Victor Lagos","startTime":2493.78,"endTime":2497.89,"body":"going to a non bank do like an"},{"speaker":"Victor Lagos","startTime":2493.78,"endTime":2497.89,"body":"out doc or a low doc loan. So"},{"speaker":"Victor Lagos","startTime":2497.89,"endTime":2500.29,"body":"having the right accountant,"},{"speaker":"Victor Lagos","startTime":2497.89,"endTime":2500.29,"body":"it's super important to have in"},{"speaker":"Victor Lagos","startTime":2500.29,"endTime":2503.17,"body":"your teeth. And you know,"},{"speaker":"Victor Lagos","startTime":2500.29,"endTime":2503.17,"body":"sometimes you have to let go"},{"speaker":"Victor Lagos","startTime":2503.2,"endTime":2507.13,"body":"they all count the whole family"},{"speaker":"Victor Lagos","startTime":2503.2,"endTime":2507.13,"body":"account or the h\u0026r block around"},{"speaker":"Victor Lagos","startTime":2507.13,"endTime":2509.41,"body":"the corner to upgrade to 10."},{"speaker":"Andrew Bean","startTime":2510.85,"endTime":2515.11,"body":"So just explain to"},{"speaker":"Andrew Bean","startTime":2510.85,"endTime":2515.11,"body":"me how an accountant can screw"},{"speaker":"Andrew Bean","startTime":2515.11,"endTime":2516.64,"body":"up your borrowing capacity."},{"speaker":"Victor Lagos","startTime":2520.03,"endTime":2523.45,"body":"Well, I guess they"},{"speaker":"Victor Lagos","startTime":2520.03,"endTime":2523.45,"body":"can, you know, bring down your"},{"speaker":"Victor Lagos","startTime":2523.93,"endTime":2527.65,"body":"taxable income so low, that has"},{"speaker":"Victor Lagos","startTime":2523.93,"endTime":2527.65,"body":"nothing left to help the"},{"speaker":"Victor Lagos","startTime":2527.65,"endTime":2530.05,"body":"borrower. So in their in their"},{"speaker":"Victor Lagos","startTime":2527.65,"endTime":2530.05,"body":"mind, they're like, I want to"},{"speaker":"Victor Lagos","startTime":2530.05,"endTime":2533.8,"body":"get you to pay less tax, that's"},{"speaker":"Victor Lagos","startTime":2530.05,"endTime":2533.8,"body":"great. But then when you want to"},{"speaker":"Victor Lagos","startTime":2533.8,"endTime":2536.08,"body":"get borrowed to buy a property,"},{"speaker":"Victor Lagos","startTime":2533.8,"endTime":2536.08,"body":"there's no income left to"},{"speaker":"Victor Lagos","startTime":2536.08,"endTime":2538.93,"body":"borrow. So that's how they can"},{"speaker":"Victor Lagos","startTime":2536.08,"endTime":2538.93,"body":"screwed. They think they're"},{"speaker":"Victor Lagos","startTime":2538.93,"endTime":2541.99,"body":"helping you. But they're"},{"speaker":"Victor Lagos","startTime":2538.93,"endTime":2541.99,"body":"actually hindering your"},{"speaker":"Victor Lagos","startTime":2541.99,"endTime":2543.16,"body":"financial journey."},{"speaker":"Andrew Bean","startTime":2544.33,"endTime":2546.82,"body":"Yeah, 100%. And"},{"speaker":"Andrew Bean","startTime":2544.33,"endTime":2546.82,"body":"I've actually seen this a couple"},{"speaker":"Andrew Bean","startTime":2546.82,"endTime":2550.54,"body":"of times with profit and losses"},{"speaker":"Andrew Bean","startTime":2546.82,"endTime":2550.54,"body":"on self storage facilities,"},{"speaker":"Andrew Bean","startTime":2550.78,"endTime":2553.9,"body":"where the the operator,"},{"speaker":"Andrew Bean","startTime":2550.78,"endTime":2553.9,"body":"obviously the accountant is"},{"speaker":"Andrew Bean","startTime":2553.9,"endTime":2557.23,"body":"working to minimize their tax,"},{"speaker":"Andrew Bean","startTime":2553.9,"endTime":2557.23,"body":"like, it's clearly obvious,"},{"speaker":"Andrew Bean","startTime":2557.23,"endTime":2561.67,"body":"because you can see that the"},{"speaker":"Andrew Bean","startTime":2557.23,"endTime":2561.67,"body":"facility itself has definitely a"},{"speaker":"Andrew Bean","startTime":2561.67,"endTime":2565.69,"body":"higher income, but they're all"},{"speaker":"Andrew Bean","startTime":2561.67,"endTime":2565.69,"body":"like all these, you know, crazy"},{"speaker":"Andrew Bean","startTime":2565.69,"endTime":2568.72,"body":"things that he's being charged,"},{"speaker":"Andrew Bean","startTime":2565.69,"endTime":2568.72,"body":"he's taxing and deducting and"},{"speaker":"Andrew Bean","startTime":2568.72,"endTime":2570.88,"body":"things like that. So it makes it"},{"speaker":"Andrew Bean","startTime":2568.72,"endTime":2570.88,"body":"looks like at the end of the"},{"speaker":"Andrew Bean","startTime":2570.88,"endTime":2575.2,"body":"day, he's owning such a small"},{"speaker":"Andrew Bean","startTime":2570.88,"endTime":2575.2,"body":"amount that, you know, it"},{"speaker":"Andrew Bean","startTime":2575.2,"endTime":2578.05,"body":"doesn't stack up when you're"},{"speaker":"Andrew Bean","startTime":2575.2,"endTime":2578.05,"body":"trying to sell this property. So"},{"speaker":"Andrew Bean","startTime":2578.05,"endTime":2581.35,"body":"like if you're owning a property"},{"speaker":"Andrew Bean","startTime":2578.05,"endTime":2581.35,"body":"or an asset, like a self storage"},{"speaker":"Andrew Bean","startTime":2581.35,"endTime":2584.71,"body":"facility that you want to sell,"},{"speaker":"Andrew Bean","startTime":2581.35,"endTime":2584.71,"body":"you have to prepare that like a"},{"speaker":"Andrew Bean","startTime":2584.71,"endTime":2588.07,"body":"year before, you know, before"},{"speaker":"Andrew Bean","startTime":2584.71,"endTime":2588.07,"body":"you want to sell it because"},{"speaker":"Andrew Bean","startTime":2588.07,"endTime":2590.14,"body":"you've got profit and losses"},{"speaker":"Andrew Bean","startTime":2588.07,"endTime":2590.14,"body":"that are getting generated by"},{"speaker":"Andrew Bean","startTime":2590.14,"endTime":2593.65,"body":"your accountant. It's a"},{"speaker":"Andrew Bean","startTime":2590.14,"endTime":2593.65,"body":"different focus between them,"},{"speaker":"Andrew Bean","startTime":2593.74,"endTime":2598.27,"body":"you know, trying to save you"},{"speaker":"Andrew Bean","startTime":2593.74,"endTime":2598.27,"body":"money in taxes to showing like"},{"speaker":"Andrew Bean","startTime":2598.9,"endTime":2602.38,"body":"income from that property to get"},{"speaker":"Andrew Bean","startTime":2598.9,"endTime":2602.38,"body":"you the highest price for you"},{"speaker":"Andrew Bean","startTime":2602.38,"endTime":2605.08,"body":"know that sale. So it's really"},{"speaker":"Andrew Bean","startTime":2602.38,"endTime":2605.08,"body":"important to talk to these"},{"speaker":"Andrew Bean","startTime":2605.08,"endTime":2607.06,"body":"accountants and make sure"},{"speaker":"Andrew Bean","startTime":2605.08,"endTime":2607.06,"body":"they're doing or that the"},{"speaker":"Andrew Bean","startTime":2607.06,"endTime":2610.03,"body":"objectives are the same. Or"},{"speaker":"Andrew Bean","startTime":2607.06,"endTime":2610.03,"body":"they're in line with your goals."},{"speaker":"Victor Lagos","startTime":2611.47,"endTime":2613.63,"body":"Yeah, exactly"},{"speaker":"Victor Lagos","startTime":2611.47,"endTime":2613.63,"body":"right. And everyone knows"},{"speaker":"Victor Lagos","startTime":2613.63,"endTime":2616.63,"body":"someone in business. And it's"},{"speaker":"Victor Lagos","startTime":2613.63,"endTime":2616.63,"body":"always good to ask them who they"},{"speaker":"Victor Lagos","startTime":2616.63,"endTime":2619.9,"body":"use and why they work with their"},{"speaker":"Victor Lagos","startTime":2616.63,"endTime":2619.9,"body":"accountant. That's how you just"},{"speaker":"Victor Lagos","startTime":2619.9,"endTime":2622.6,"body":"get the introduction and"},{"speaker":"Victor Lagos","startTime":2619.9,"endTime":2622.6,"body":"upgrade, have the right"},{"speaker":"Victor Lagos","startTime":2622.6,"endTime":2625.78,"body":"conversations, because that's"},{"speaker":"Victor Lagos","startTime":2622.6,"endTime":2625.78,"body":"what's going to help you get to"},{"speaker":"Victor Lagos","startTime":2625.78,"endTime":2628.72,"body":"the next stage, whether it's for"},{"speaker":"Victor Lagos","startTime":2625.78,"endTime":2628.72,"body":"business, or whether it's for"},{"speaker":"Victor Lagos","startTime":2628.72,"endTime":2629.17,"body":"property."},{"speaker":"Andrew Bean","startTime":2629.53,"endTime":2632.62,"body":"Yeah. 100%. So"},{"speaker":"Andrew Bean","startTime":2629.53,"endTime":2632.62,"body":"Mike, can you just share a few"},{"speaker":"Andrew Bean","startTime":2632.62,"endTime":2635.92,"body":"actionable tips that maybe the"},{"speaker":"Andrew Bean","startTime":2632.62,"endTime":2635.92,"body":"listeners can can take away?"},{"speaker":"Andrew Bean","startTime":2636.1,"endTime":2639.55,"body":"And, you know, use to"},{"speaker":"Andrew Bean","startTime":2636.1,"endTime":2639.55,"body":"potentially like increase their"},{"speaker":"Andrew Bean","startTime":2639.55,"endTime":2641.62,"body":"borrowing capacity somewhat"},{"speaker":"Andrew Bean","startTime":2639.55,"endTime":2641.62,"body":"quickly?"},{"speaker":"Victor Lagos","startTime":2643.93,"endTime":2646.9,"body":"Yeah, so some of"},{"speaker":"Victor Lagos","startTime":2643.93,"endTime":2646.9,"body":"the immediate things they can do"},{"speaker":"Victor Lagos","startTime":2646.93,"endTime":2651.04,"body":"is actually to reduce their"},{"speaker":"Victor Lagos","startTime":2646.93,"endTime":2651.04,"body":"personal debts. So if they can"},{"speaker":"Victor Lagos","startTime":2651.73,"endTime":2656.71,"body":"close their credit cards, if"},{"speaker":"Victor Lagos","startTime":2651.73,"endTime":2656.71,"body":"they can, you know, consolidate"},{"speaker":"Victor Lagos","startTime":2657.01,"endTime":2661.33,"body":"loans, such as car loans or hex"},{"speaker":"Victor Lagos","startTime":2657.01,"endTime":2661.33,"body":"debt, that's going to actually"},{"speaker":"Victor Lagos","startTime":2661.36,"endTime":2664.99,"body":"improve that straightaway. If"},{"speaker":"Victor Lagos","startTime":2661.36,"endTime":2664.99,"body":"they own property, if they can"},{"speaker":"Victor Lagos","startTime":2664.99,"endTime":2668.38,"body":"increase the rent the outside of"},{"speaker":"Victor Lagos","startTime":2664.99,"endTime":2668.38,"body":"the lease, they can increase the"},{"speaker":"Victor Lagos","startTime":2668.38,"endTime":2672.16,"body":"rent, go ahead and do that. It's"},{"speaker":"Victor Lagos","startTime":2668.38,"endTime":2672.16,"body":"going to improve your income. If"},{"speaker":"Victor Lagos","startTime":2672.16,"endTime":2675.4,"body":"you've got existing loans that"},{"speaker":"Victor Lagos","startTime":2672.16,"endTime":2675.4,"body":"have got short terms, 10 years,"},{"speaker":"Victor Lagos","startTime":2675.43,"endTime":2681.19,"body":"15 years, 20 years, refinance"},{"speaker":"Victor Lagos","startTime":2675.43,"endTime":2681.19,"body":"them, and reset the terms to 30"},{"speaker":"Victor Lagos","startTime":2681.19,"endTime":2684.82,"body":"years. Having a longer term"},{"speaker":"Victor Lagos","startTime":2681.19,"endTime":2684.82,"body":"means yes, you're gonna pay more"},{"speaker":"Victor Lagos","startTime":2684.82,"endTime":2687.7,"body":"interest, but you're increasing"},{"speaker":"Victor Lagos","startTime":2684.82,"endTime":2687.7,"body":"your borrowing capacity by doing"},{"speaker":"Victor Lagos","startTime":2687.7,"endTime":2690.64,"body":"that. And then the other thing"},{"speaker":"Victor Lagos","startTime":2687.7,"endTime":2690.64,"body":"you can do is with your expenses"},{"speaker":"Victor Lagos","startTime":2690.64,"endTime":2694.87,"body":"is review them and talk to your"},{"speaker":"Victor Lagos","startTime":2690.64,"endTime":2694.87,"body":"mortgage broker who can tell you"},{"speaker":"Victor Lagos","startTime":2694.87,"endTime":2698.8,"body":"what the hemorrhage htm for your"},{"speaker":"Victor Lagos","startTime":2694.87,"endTime":2698.8,"body":"household and bring your"},{"speaker":"Victor Lagos","startTime":2698.8,"endTime":2702.25,"body":"expenses in line with him. And"},{"speaker":"Victor Lagos","startTime":2698.8,"endTime":2702.25,"body":"so that way you below that are"},{"speaker":"Victor Lagos","startTime":2702.25,"endTime":2704.8,"body":"in line with it so that way"},{"speaker":"Victor Lagos","startTime":2702.25,"endTime":2704.8,"body":"you're not above it, that will"},{"speaker":"Victor Lagos","startTime":2704.8,"endTime":2707.35,"body":"increase your brand capacity."},{"speaker":"Victor Lagos","startTime":2704.8,"endTime":2707.35,"body":"And there's other things you can"},{"speaker":"Victor Lagos","startTime":2707.35,"endTime":2712.18,"body":"do, which I don't suggest to"},{"speaker":"Victor Lagos","startTime":2707.35,"endTime":2712.18,"body":"anyone to, to under insure"},{"speaker":"Victor Lagos","startTime":2712.18,"endTime":2715.39,"body":"yourself, it's important to have"},{"speaker":"Victor Lagos","startTime":2712.18,"endTime":2715.39,"body":"the right insurances, but just"},{"speaker":"Victor Lagos","startTime":2715.39,"endTime":2720.76,"body":"so you're aware, life insurance,"},{"speaker":"Victor Lagos","startTime":2715.39,"endTime":2720.76,"body":"and health insurance, income"},{"speaker":"Victor Lagos","startTime":2720.76,"endTime":2724.87,"body":"protection, all of that falls"},{"speaker":"Victor Lagos","startTime":2720.76,"endTime":2724.87,"body":"outside of him. So if you're"},{"speaker":"Victor Lagos","startTime":2724.87,"endTime":2727.96,"body":"paying for those insurances,"},{"speaker":"Victor Lagos","startTime":2724.87,"endTime":2727.96,"body":"it's actually impacting your"},{"speaker":"Victor Lagos","startTime":2727.96,"endTime":2734.59,"body":"work capacity. And also, private"},{"speaker":"Victor Lagos","startTime":2727.96,"endTime":2734.59,"body":"school fees. So if you're paying"},{"speaker":"Victor Lagos","startTime":2734.59,"endTime":2736.78,"body":"for private school, well, I"},{"speaker":"Victor Lagos","startTime":2734.59,"endTime":2736.78,"body":"don't want to tell you what to"},{"speaker":"Victor Lagos","startTime":2736.78,"endTime":2739.72,"body":"do, take your kids out of"},{"speaker":"Victor Lagos","startTime":2736.78,"endTime":2739.72,"body":"private, put them in public, but"},{"speaker":"Victor Lagos","startTime":2739.72,"endTime":2742.96,"body":"that can actually impact your"},{"speaker":"Victor Lagos","startTime":2739.72,"endTime":2742.96,"body":"barn quite a bit. So those are"},{"speaker":"Victor Lagos","startTime":2742.96,"endTime":2744.79,"body":"things that you can do"},{"speaker":"Victor Lagos","startTime":2742.96,"endTime":2744.79,"body":"immediately, that will, that"},{"speaker":"Victor Lagos","startTime":2744.79,"endTime":2747.31,"body":"will boost your borrowing"},{"speaker":"Victor Lagos","startTime":2744.79,"endTime":2747.31,"body":"capacity. And then obviously,"},{"speaker":"Victor Lagos","startTime":2747.31,"endTime":2751.81,"body":"the most important one is get a"},{"speaker":"Victor Lagos","startTime":2747.31,"endTime":2751.81,"body":"pay raise. So you can either ask"},{"speaker":"Victor Lagos","startTime":2751.81,"endTime":2755.17,"body":"your boss for a pay increase, or"},{"speaker":"Victor Lagos","startTime":2751.81,"endTime":2755.17,"body":"a bonus that's gonna help you."},{"speaker":"Victor Lagos","startTime":2755.44,"endTime":2757.48,"body":"And then if you're self"},{"speaker":"Victor Lagos","startTime":2755.44,"endTime":2757.48,"body":"employed, work with your"},{"speaker":"Victor Lagos","startTime":2757.48,"endTime":2760.84,"body":"accountant, that can I can"},{"speaker":"Victor Lagos","startTime":2757.48,"endTime":2760.84,"body":"actually help you to, you know,"},{"speaker":"Victor Lagos","startTime":2760.84,"endTime":2764.35,"body":"show a bit more profit. You"},{"speaker":"Victor Lagos","startTime":2760.84,"endTime":2764.35,"body":"know, so you can use for help"},{"speaker":"Victor Lagos","startTime":2764.35,"endTime":2765.73,"body":"you helping you borrow more?"},{"speaker":"Andrew Bean","startTime":2766.33,"endTime":2770.26,"body":"Yeah, yeah, it's"},{"speaker":"Andrew Bean","startTime":2766.33,"endTime":2770.26,"body":"interesting, because on the the"},{"speaker":"Andrew Bean","startTime":2770.26,"endTime":2774.28,"body":"term sheets, or the, you know,"},{"speaker":"Andrew Bean","startTime":2770.26,"endTime":2774.28,"body":"the in your portal that I filled"},{"speaker":"Andrew Bean","startTime":2774.28,"endTime":2778.66,"body":"out, and, uh, you gave me the"},{"speaker":"Andrew Bean","startTime":2774.28,"endTime":2778.66,"body":"output back, and I'm doing some"},{"speaker":"Andrew Bean","startTime":2778.66,"endTime":2781.96,"body":"borrowing, obviously, with my"},{"speaker":"Andrew Bean","startTime":2778.66,"endTime":2781.96,"body":"fiance's involved as well. And"},{"speaker":"Andrew Bean","startTime":2782.2,"endTime":2785.65,"body":"she's got a $25,000 hex debt,"},{"speaker":"Andrew Bean","startTime":2782.2,"endTime":2785.65,"body":"and like hex debt, what the hell"},{"speaker":"Andrew Bean","startTime":2785.65,"endTime":2791.47,"body":"is this? This is mine. Now"},{"speaker":"Andrew Bean","startTime":2785.65,"endTime":2791.47,"body":"$25,000, Hextech. That's"},{"speaker":"Andrew Bean","startTime":2791.47,"endTime":2795.46,"body":"apparently, like, lumped with"},{"speaker":"Andrew Bean","startTime":2791.47,"endTime":2795.46,"body":"my, you know, my borrowing. So"},{"speaker":"Andrew Bean","startTime":2795.46,"endTime":2798.91,"body":"I've got it, we got to take care"},{"speaker":"Andrew Bean","startTime":2795.46,"endTime":2798.91,"body":"of that. To get to the same"},{"speaker":"Andrew Bean","startTime":2798.91,"endTime":2802.57,"body":"household, right? Yeah, this is,"},{"speaker":"Andrew Bean","startTime":2798.91,"endTime":2802.57,"body":"I didn't sign up for that, you"},{"speaker":"Andrew Bean","startTime":2802.57,"endTime":2802.78,"body":"know?"},{"speaker":"Victor Lagos","startTime":2809.5,"endTime":2810.31,"body":"Very defining,"},{"speaker":"Andrew Bean","startTime":2810.46,"endTime":2813.31,"body":"yeah. So when"},{"speaker":"Andrew Bean","startTime":2810.46,"endTime":2813.31,"body":"you're finding a partner, make"},{"speaker":"Andrew Bean","startTime":2813.31,"endTime":2816.37,"body":"sure you got to ask them about"},{"speaker":"Andrew Bean","startTime":2813.31,"endTime":2816.37,"body":"their hex debt? What what hex"},{"speaker":"Andrew Bean","startTime":2816.37,"endTime":2819.34,"body":"debt? Do they have, you know, is"},{"speaker":"Andrew Bean","startTime":2816.37,"endTime":2819.34,"body":"it you know, good or bad or"},{"speaker":"Andrew Bean","startTime":2819.37,"endTime":2825.94,"body":"ugly? So, maybe when, what about"},{"speaker":"Andrew Bean","startTime":2819.37,"endTime":2825.94,"body":"like, mistakes, I want to know,"},{"speaker":"Andrew Bean","startTime":2825.97,"endTime":2828.91,"body":"I'm sure you see a lot of"},{"speaker":"Andrew Bean","startTime":2825.97,"endTime":2828.91,"body":"mistakes that people make with,"},{"speaker":"Andrew Bean","startTime":2828.94,"endTime":2833.5,"body":"you know, putting in their their"},{"speaker":"Andrew Bean","startTime":2828.94,"endTime":2833.5,"body":"applications, or like mistakes"},{"speaker":"Andrew Bean","startTime":2833.5,"endTime":2836.74,"body":"with their finance, what are the"},{"speaker":"Andrew Bean","startTime":2833.5,"endTime":2836.74,"body":"really big ones that you've"},{"speaker":"Andrew Bean","startTime":2836.74,"endTime":2840.46,"body":"seen, that maybe the listeners"},{"speaker":"Andrew Bean","startTime":2836.74,"endTime":2840.46,"body":"can avoid to help them, you"},{"speaker":"Andrew Bean","startTime":2840.46,"endTime":2842.35,"body":"know, not make that mistake and"},{"speaker":"Andrew Bean","startTime":2840.46,"endTime":2842.35,"body":"increase their borrowing"},{"speaker":"Andrew Bean","startTime":2842.35,"endTime":2842.92,"body":"capacity?"},{"speaker":"Victor Lagos","startTime":2844.87,"endTime":2847.69,"body":"Yeah, it's,"},{"speaker":"Victor Lagos","startTime":2844.87,"endTime":2847.69,"body":"there's definitely a lot of"},{"speaker":"Victor Lagos","startTime":2847.72,"endTime":2851.83,"body":"mistakes that people can make, I"},{"speaker":"Victor Lagos","startTime":2847.72,"endTime":2851.83,"body":"think talking to a broker is now"},{"speaker":"Victor Lagos","startTime":2851.86,"endTime":2854.74,"body":"done one thing that you can do,"},{"speaker":"Victor Lagos","startTime":2851.86,"endTime":2854.74,"body":"rather than going to the bank,"},{"speaker":"Victor Lagos","startTime":2855.1,"endTime":2859.63,"body":"and go to the bank, well, it's a"},{"speaker":"Victor Lagos","startTime":2855.1,"endTime":2859.63,"body":"mistake to go to the bank"},{"speaker":"Victor Lagos","startTime":2859.63,"endTime":2866.74,"body":"directly, at times, because what"},{"speaker":"Victor Lagos","startTime":2859.63,"endTime":2866.74,"body":"you say can't be unset. Alright."},{"speaker":"Victor Lagos","startTime":2867.31,"endTime":2871.36,"body":"Whereas talking to a broker will"},{"speaker":"Victor Lagos","startTime":2867.31,"endTime":2871.36,"body":"understand your situation, and"},{"speaker":"Victor Lagos","startTime":2871.36,"endTime":2874.45,"body":"help you navigate it in a way"},{"speaker":"Victor Lagos","startTime":2871.36,"endTime":2874.45,"body":"that's going to allow you to"},{"speaker":"Victor Lagos","startTime":2874.45,"endTime":2878.32,"body":"achieve your achieve your"},{"speaker":"Victor Lagos","startTime":2874.45,"endTime":2878.32,"body":"objectives. So it's typically"},{"speaker":"Victor Lagos","startTime":2878.41,"endTime":2881.92,"body":"somewhat confidential he talked"},{"speaker":"Victor Lagos","startTime":2878.41,"endTime":2881.92,"body":"about, because at the end of the"},{"speaker":"Victor Lagos","startTime":2881.92,"endTime":2885.07,"body":"day, you're trying to figure out"},{"speaker":"Victor Lagos","startTime":2881.92,"endTime":2885.07,"body":"a solution for each other. So"},{"speaker":"Victor Lagos","startTime":2885.4,"endTime":2888.85,"body":"that would be I think, a common"},{"speaker":"Victor Lagos","startTime":2885.4,"endTime":2888.85,"body":"mistake is, you know, providing"},{"speaker":"Victor Lagos","startTime":2888.85,"endTime":2893.35,"body":"way too much information upfront"},{"speaker":"Victor Lagos","startTime":2888.85,"endTime":2893.35,"body":"directly to the bank. Yep. Talk"},{"speaker":"Victor Lagos","startTime":2893.35,"endTime":2897.46,"body":"to your broker first, to get a,"},{"speaker":"Victor Lagos","startTime":2893.35,"endTime":2897.46,"body":"you know, a more broader picture"},{"speaker":"Victor Lagos","startTime":2897.46,"endTime":2902.8,"body":"as to what's possible for your"},{"speaker":"Victor Lagos","startTime":2897.46,"endTime":2902.8,"body":"circumstances. Another mistake"},{"speaker":"Victor Lagos","startTime":2902.8,"endTime":2908.2,"body":"would be debts. So a lot of"},{"speaker":"Victor Lagos","startTime":2902.8,"endTime":2908.2,"body":"people don't talk about the fact"},{"speaker":"Victor Lagos","startTime":2908.2,"endTime":2910.66,"body":"that they had, you know, you're"},{"speaker":"Victor Lagos","startTime":2908.2,"endTime":2910.66,"body":"talking about hex, but you might"},{"speaker":"Victor Lagos","startTime":2910.66,"endTime":2914.35,"body":"have had some mis payments in"},{"speaker":"Victor Lagos","startTime":2910.66,"endTime":2914.35,"body":"the past or old default that you"},{"speaker":"Victor Lagos","startTime":2914.35,"endTime":2917.35,"body":"had on your credit file, and you"},{"speaker":"Victor Lagos","startTime":2914.35,"endTime":2917.35,"body":"know, in the back in mind, that"},{"speaker":"Victor Lagos","startTime":2917.35,"endTime":2921.7,"body":"could still be there. But you"},{"speaker":"Victor Lagos","startTime":2917.35,"endTime":2921.7,"body":"try to hide it, or ignore it,"},{"speaker":"Victor Lagos","startTime":2922.3,"endTime":2925.21,"body":"thinking that no one's going to"},{"speaker":"Victor Lagos","startTime":2922.3,"endTime":2925.21,"body":"find out about it. And then you"},{"speaker":"Victor Lagos","startTime":2925.21,"endTime":2928.12,"body":"apply for the loan. And, you"},{"speaker":"Victor Lagos","startTime":2925.21,"endTime":2928.12,"body":"know, everyone spends time"},{"speaker":"Victor Lagos","startTime":2928.12,"endTime":2931.15,"body":"getting it all together. And"},{"speaker":"Victor Lagos","startTime":2928.12,"endTime":2931.15,"body":"then you find out later, the"},{"speaker":"Victor Lagos","startTime":2931.15,"endTime":2934.12,"body":"bank finds out because they do"},{"speaker":"Victor Lagos","startTime":2931.15,"endTime":2934.12,"body":"their checks, the mortgage"},{"speaker":"Victor Lagos","startTime":2934.12,"endTime":2936.7,"body":"broker finds out but you knew"},{"speaker":"Victor Lagos","startTime":2934.12,"endTime":2936.7,"body":"deep down so that's a mistake, I"},{"speaker":"Victor Lagos","startTime":2936.7,"endTime":2941.41,"body":"think you need to be transparent"},{"speaker":"Victor Lagos","startTime":2936.7,"endTime":2941.41,"body":"with your credit history. And"},{"speaker":"Victor Lagos","startTime":2941.41,"endTime":2944.32,"body":"look for remedies around it."},{"speaker":"Victor Lagos","startTime":2941.41,"endTime":2944.32,"body":"There are ways to clean Everyone"},{"speaker":"Victor Lagos","startTime":2944.32,"endTime":2947.56,"body":"makes mistakes, no one's got"},{"speaker":"Victor Lagos","startTime":2944.32,"endTime":2947.56,"body":"perfect, squeaky clean credit"},{"speaker":"Victor Lagos","startTime":2947.56,"endTime":2951.19,"body":"history, some people do but, you"},{"speaker":"Victor Lagos","startTime":2947.56,"endTime":2951.19,"body":"know, for the most part, there's"},{"speaker":"Victor Lagos","startTime":2951.19,"endTime":2953.74,"body":"people out there that made some"},{"speaker":"Victor Lagos","startTime":2951.19,"endTime":2953.74,"body":"mistakes, and there's, there's"},{"speaker":"Victor Lagos","startTime":2953.74,"endTime":2956.77,"body":"ways to remedy it to still help"},{"speaker":"Victor Lagos","startTime":2953.74,"endTime":2956.77,"body":"you borrow. I'd say those are"},{"speaker":"Victor Lagos","startTime":2956.77,"endTime":2961.9,"body":"probably the biggest ones."},{"speaker":"Victor Lagos","startTime":2956.77,"endTime":2961.9,"body":"borrowing capacity wise, the end"},{"speaker":"Victor Lagos","startTime":2961.9,"endTime":2964.09,"body":"of the day, what you owe"},{"speaker":"Victor Lagos","startTime":2961.9,"endTime":2964.09,"body":"actually, now there is another"},{"speaker":"Victor Lagos","startTime":2964.09,"endTime":2968.68,"body":"big that just occurred to me"},{"speaker":"Victor Lagos","startTime":2964.09,"endTime":2968.68,"body":"when you go and start your own"},{"speaker":"Victor Lagos","startTime":2968.68,"endTime":2972.85,"body":"business or you become a"},{"speaker":"Victor Lagos","startTime":2968.68,"endTime":2972.85,"body":"contractor. Lot of people want"},{"speaker":"Victor Lagos","startTime":2972.85,"endTime":2975.88,"body":"to go out and invoice because"},{"speaker":"Victor Lagos","startTime":2972.85,"endTime":2975.88,"body":"they're gonna get paid more, but"},{"speaker":"Victor Lagos","startTime":2975.88,"endTime":2978.7,"body":"they go do that. And then they"},{"speaker":"Victor Lagos","startTime":2975.88,"endTime":2978.7,"body":"go apply for a loan. They need"},{"speaker":"Victor Lagos","startTime":2978.7,"endTime":2981.52,"body":"two years of training history."},{"speaker":"Victor Lagos","startTime":2978.7,"endTime":2981.52,"body":"So you want to get the loan"},{"speaker":"Victor Lagos","startTime":2981.52,"endTime":2985.75,"body":"while you're still PAYG. Once"},{"speaker":"Victor Lagos","startTime":2981.52,"endTime":2985.75,"body":"you got the loan, you can make"},{"speaker":"Victor Lagos","startTime":2985.75,"endTime":2989.08,"body":"decisions for your for your"},{"speaker":"Victor Lagos","startTime":2985.75,"endTime":2989.08,"body":"household. So that would be a"},{"speaker":"Victor Lagos","startTime":2989.08,"endTime":2990.52,"body":"common mistake a lot of people"},{"speaker":"Victor Lagos","startTime":2989.08,"endTime":2990.52,"body":"do."},{"speaker":"Andrew Bean","startTime":2991.75,"endTime":2994.63,"body":"So the mistake is"},{"speaker":"Andrew Bean","startTime":2991.75,"endTime":2994.63,"body":"quitting your job first and"},{"speaker":"Andrew Bean","startTime":2994.66,"endTime":2998.62,"body":"you're taking you're doing your"},{"speaker":"Andrew Bean","startTime":2994.66,"endTime":2998.62,"body":"new venture, and then trying to"},{"speaker":"Andrew Bean","startTime":2998.62,"endTime":3002.55,"body":"get the loan after you've quit."},{"speaker":"Andrew Bean","startTime":2998.62,"endTime":3002.55,"body":"Yeah, your PAYG job is"},{"speaker":"Andrew Bean","startTime":3002.55,"endTime":3004.35,"body":"substituted exactly like first"},{"speaker":"Andrew Bean","startTime":3002.55,"endTime":3004.35,"body":"year."},{"speaker":"Victor Lagos","startTime":3006.27,"endTime":3008.97,"body":"First, yeah, while"},{"speaker":"Victor Lagos","startTime":3006.27,"endTime":3008.97,"body":"you've still got the recurring"},{"speaker":"Victor Lagos","startTime":3008.97,"endTime":3011.82,"body":"income, if you plan on setting"},{"speaker":"Victor Lagos","startTime":3008.97,"endTime":3011.82,"body":"up a bit, so starting a"},{"speaker":"Victor Lagos","startTime":3011.82,"endTime":3015.84,"body":"business, well, obviously you"},{"speaker":"Victor Lagos","startTime":3011.82,"endTime":3015.84,"body":"want to make sure that it's the"},{"speaker":"Victor Lagos","startTime":3015.84,"endTime":3019.56,"body":"right move for you. But even if"},{"speaker":"Victor Lagos","startTime":3015.84,"endTime":3019.56,"body":"it is secure, well, the bank or"},{"speaker":"Victor Lagos","startTime":3019.56,"endTime":3021.66,"body":"the lender moneyless, you got"},{"speaker":"Victor Lagos","startTime":3019.56,"endTime":3021.66,"body":"two years of history to prove"},{"speaker":"Victor Lagos","startTime":3021.66,"endTime":3025.2,"body":"that. So keep that in mind"},{"speaker":"Victor Lagos","startTime":3021.66,"endTime":3025.2,"body":"before you quit your job."},{"speaker":"Andrew Bean","startTime":3025.62,"endTime":3027.51,"body":"Yeah, if you need"},{"speaker":"Andrew Bean","startTime":3025.62,"endTime":3027.51,"body":"finance anytime soon, that's a"},{"speaker":"Andrew Bean","startTime":3027.51,"endTime":3030.66,"body":"good one. Yeah, cuz when when we"},{"speaker":"Andrew Bean","startTime":3027.51,"endTime":3030.66,"body":"when you first started answering"},{"speaker":"Andrew Bean","startTime":3030.66,"endTime":3033.27,"body":"that question, I said, What are"},{"speaker":"Andrew Bean","startTime":3030.66,"endTime":3033.27,"body":"the mistakes? And you said,"},{"speaker":"Andrew Bean","startTime":3033.6,"endTime":3036.33,"body":"talking to a mortgage broker?"},{"speaker":"Andrew Bean","startTime":3033.6,"endTime":3036.33,"body":"And I'm like, I thought you were"},{"speaker":"Andrew Bean","startTime":3036.33,"endTime":3038.52,"body":"leading into that same mistake."},{"speaker":"Andrew Bean","startTime":3036.33,"endTime":3038.52,"body":"And that's not a mistake."},{"speaker":"Victor Lagos","startTime":3044.34,"endTime":3044.82,"body":"I thought it was."},{"speaker":"Andrew Bean","startTime":3046.11,"endTime":3050.82,"body":"So make terms of"},{"speaker":"Andrew Bean","startTime":3046.11,"endTime":3050.82,"body":"like trots. I've heard a lot"},{"speaker":"Andrew Bean","startTime":3050.85,"endTime":3055.92,"body":"about like, how you can use"},{"speaker":"Andrew Bean","startTime":3050.85,"endTime":3055.92,"body":"trusts and other entities to"},{"speaker":"Andrew Bean","startTime":3055.92,"endTime":3058.86,"body":"increase your borrowing"},{"speaker":"Andrew Bean","startTime":3055.92,"endTime":3058.86,"body":"capacity. And I think this is a"},{"speaker":"Andrew Bean","startTime":3058.86,"endTime":3062.97,"body":"really interesting one. Because"},{"speaker":"Andrew Bean","startTime":3058.86,"endTime":3062.97,"body":"if this is actually like, really"},{"speaker":"Andrew Bean","startTime":3062.97,"endTime":3066.84,"body":"workable, it could definitely"},{"speaker":"Andrew Bean","startTime":3062.97,"endTime":3066.84,"body":"change the game for a lot of"},{"speaker":"Andrew Bean","startTime":3066.84,"endTime":3071.61,"body":"people. So how can how can you"},{"speaker":"Andrew Bean","startTime":3066.84,"endTime":3071.61,"body":"use trusts or entities to to"},{"speaker":"Andrew Bean","startTime":3071.61,"endTime":3074.55,"body":"dramatically change your"},{"speaker":"Andrew Bean","startTime":3071.61,"endTime":3074.55,"body":"borrowing capacity?"},{"speaker":"Victor Lagos","startTime":3077.37,"endTime":3079.41,"body":"Yeah, a lot of"},{"speaker":"Victor Lagos","startTime":3077.37,"endTime":3079.41,"body":"people think that by having a"},{"speaker":"Victor Lagos","startTime":3079.41,"endTime":3084.21,"body":"trust that you can increase your"},{"speaker":"Victor Lagos","startTime":3079.41,"endTime":3084.21,"body":"borrowing. It's not necessarily"},{"speaker":"Victor Lagos","startTime":3084.21,"endTime":3088.98,"body":"that increases it, it can help"},{"speaker":"Victor Lagos","startTime":3084.21,"endTime":3088.98,"body":"you to not limit it, limit your"},{"speaker":"Victor Lagos","startTime":3088.98,"endTime":3092.13,"body":"borrowing. And what I mean by"},{"speaker":"Victor Lagos","startTime":3088.98,"endTime":3092.13,"body":"that is, by setting up a new"},{"speaker":"Victor Lagos","startTime":3092.13,"endTime":3096.12,"body":"entity, you're the guarantor. So"},{"speaker":"Victor Lagos","startTime":3092.13,"endTime":3096.12,"body":"you and your partner, for"},{"speaker":"Victor Lagos","startTime":3096.12,"endTime":3099.69,"body":"example. So service ability is"},{"speaker":"Victor Lagos","startTime":3096.12,"endTime":3099.69,"body":"based on your income and your"},{"speaker":"Victor Lagos","startTime":3099.69,"endTime":3104.43,"body":"expenses. And the rental income"},{"speaker":"Victor Lagos","startTime":3099.69,"endTime":3104.43,"body":"that that entity is that"},{"speaker":"Victor Lagos","startTime":3104.43,"endTime":3108.06,"body":"property that the entity is"},{"speaker":"Victor Lagos","startTime":3104.43,"endTime":3108.06,"body":"buying is going to generate. But"},{"speaker":"Victor Lagos","startTime":3108.84,"endTime":3112.29,"body":"it's called a special purpose"},{"speaker":"Victor Lagos","startTime":3108.84,"endTime":3112.29,"body":"vehicle. So it's not a trading"},{"speaker":"Victor Lagos","startTime":3112.29,"endTime":3114.81,"body":"business, it is set up"},{"speaker":"Victor Lagos","startTime":3112.29,"endTime":3114.81,"body":"specifically to own the"},{"speaker":"Victor Lagos","startTime":3114.81,"endTime":3118.38,"body":"property. So the income is still"},{"speaker":"Victor Lagos","startTime":3114.81,"endTime":3118.38,"body":"going to be based on you guys"},{"speaker":"Victor Lagos","startTime":3118.68,"endTime":3123.75,"body":"use the guarantors work and not"},{"speaker":"Victor Lagos","startTime":3118.68,"endTime":3123.75,"body":"hinder you in the future, is"},{"speaker":"Victor Lagos","startTime":3123.75,"endTime":3126.9,"body":"that because it's a commercial"},{"speaker":"Victor Lagos","startTime":3123.75,"endTime":3126.9,"body":"debt, and not residential, and"},{"speaker":"Victor Lagos","startTime":3126.9,"endTime":3130.95,"body":"it's under a commercial entity,"},{"speaker":"Victor Lagos","startTime":3126.9,"endTime":3130.95,"body":"then it can be excluded from"},{"speaker":"Victor Lagos","startTime":3130.95,"endTime":3133.71,"body":"your personal borrowing"},{"speaker":"Victor Lagos","startTime":3130.95,"endTime":3133.71,"body":"capacity, as long as your"},{"speaker":"Victor Lagos","startTime":3133.71,"endTime":3136.65,"body":"accountant is willing to write a"},{"speaker":"Victor Lagos","startTime":3133.71,"endTime":3136.65,"body":"letter to say that it's"},{"speaker":"Victor Lagos","startTime":3136.65,"endTime":3139.95,"body":"profitable and able to meet its"},{"speaker":"Victor Lagos","startTime":3136.65,"endTime":3139.95,"body":"financial commitments. If they"},{"speaker":"Victor Lagos","startTime":3139.95,"endTime":3142.53,"body":"write that, you know, they're"},{"speaker":"Victor Lagos","startTime":3139.95,"endTime":3142.53,"body":"not going to stress test that"},{"speaker":"Victor Lagos","startTime":3142.53,"endTime":3144.81,"body":"commercial mortgage. So you"},{"speaker":"Victor Lagos","startTime":3142.53,"endTime":3144.81,"body":"could have a million dollar"},{"speaker":"Victor Lagos","startTime":3144.81,"endTime":3147.12,"body":"mortgage, and we talked about"},{"speaker":"Victor Lagos","startTime":3144.81,"endTime":3147.12,"body":"earlier that they're going to"},{"speaker":"Victor Lagos","startTime":3147.15,"endTime":3151.32,"body":"stress tested at 3%, about the"},{"speaker":"Victor Lagos","startTime":3147.15,"endTime":3151.32,"body":"interest rate. Right? If it's"},{"speaker":"Victor Lagos","startTime":3151.32,"endTime":3156.15,"body":"7%, commercial rate, stress"},{"speaker":"Victor Lagos","startTime":3151.32,"endTime":3156.15,"body":"tested at 10% that kill the"},{"speaker":"Victor Lagos","startTime":3156.15,"endTime":3160.38,"body":"deal. But if the rent is"},{"speaker":"Victor Lagos","startTime":3156.15,"endTime":3160.38,"body":"covering the mortgage, and the"},{"speaker":"Victor Lagos","startTime":3160.38,"endTime":3163.95,"body":"expenses, well, we can exclude"},{"speaker":"Victor Lagos","startTime":3160.38,"endTime":3163.95,"body":"her altogether, we're going to"},{"speaker":"Victor Lagos","startTime":3163.95,"endTime":3167.79,"body":"Kerala. But if it's your name,"},{"speaker":"Victor Lagos","startTime":3163.95,"endTime":3167.79,"body":"and you buy in your name, you"},{"speaker":"Victor Lagos","startTime":3167.79,"endTime":3170.19,"body":"can't get an account loan for"},{"speaker":"Victor Lagos","startTime":3167.79,"endTime":3170.19,"body":"that, it will show up on your"},{"speaker":"Victor Lagos","startTime":3170.19,"endTime":3172.5,"body":"credit file, and you must"},{"speaker":"Victor Lagos","startTime":3170.19,"endTime":3172.5,"body":"declare, and we need and the"},{"speaker":"Victor Lagos","startTime":3172.5,"endTime":3176.97,"body":"bank's going to stress tested"},{"speaker":"Victor Lagos","startTime":3172.5,"endTime":3176.97,"body":"for what it is. So that's why"},{"speaker":"Victor Lagos","startTime":3177.0,"endTime":3181.86,"body":"having a trust or commercial"},{"speaker":"Victor Lagos","startTime":3177.0,"endTime":3181.86,"body":"trust specifically. So keep that"},{"speaker":"Victor Lagos","startTime":3181.86,"endTime":3184.74,"body":"in mind has to be a corporate"},{"speaker":"Victor Lagos","startTime":3181.86,"endTime":3184.74,"body":"trustee of the trust, not the"},{"speaker":"Victor Lagos","startTime":3184.74,"endTime":3188.82,"body":"individual trustee. And then it"},{"speaker":"Victor Lagos","startTime":3184.74,"endTime":3188.82,"body":"can be excluded. So that's,"},{"speaker":"Victor Lagos","startTime":3188.82,"endTime":3191.13,"body":"that's where it can help you. So"},{"speaker":"Victor Lagos","startTime":3188.82,"endTime":3191.13,"body":"similar to a self managed super"},{"speaker":"Victor Lagos","startTime":3191.13,"endTime":3194.43,"body":"fund, that doesn't impact your"},{"speaker":"Victor Lagos","startTime":3191.13,"endTime":3194.43,"body":"personal borrowing capacity,"},{"speaker":"Victor Lagos","startTime":3194.43,"endTime":3198.42,"body":"because it is a separate entity"},{"speaker":"Victor Lagos","startTime":3194.43,"endTime":3198.42,"body":"outside of your personal and"},{"speaker":"Victor Lagos","startTime":3198.42,"endTime":3202.08,"body":"it's excluded when calculating"},{"speaker":"Victor Lagos","startTime":3198.42,"endTime":3202.08,"body":"borrowing capacity. So that"},{"speaker":"Victor Lagos","startTime":3202.08,"endTime":3205.14,"body":"that's really powerful. And then"},{"speaker":"Victor Lagos","startTime":3202.08,"endTime":3205.14,"body":"in the future work and help you"},{"speaker":"Victor Lagos","startTime":3205.14,"endTime":3209.1,"body":"borrow is when it becomes super"},{"speaker":"Victor Lagos","startTime":3205.14,"endTime":3209.1,"body":"profitable. So say you've got a"},{"speaker":"Victor Lagos","startTime":3209.1,"endTime":3212.13,"body":"new entity and say, two, three"},{"speaker":"Victor Lagos","startTime":3209.1,"endTime":3212.13,"body":"years later, it's actually"},{"speaker":"Victor Lagos","startTime":3212.16,"endTime":3215.61,"body":"generating you know, 50 grand"},{"speaker":"Victor Lagos","startTime":3212.16,"endTime":3215.61,"body":"profit every year. Well, that"},{"speaker":"Victor Lagos","startTime":3215.61,"endTime":3220.89,"body":"profit can now then be added to"},{"speaker":"Victor Lagos","startTime":3215.61,"endTime":3220.89,"body":"your income to help you borrow"},{"speaker":"Victor Lagos","startTime":3221.4,"endTime":3225.33,"body":"without stress testing the"},{"speaker":"Victor Lagos","startTime":3221.4,"endTime":3225.33,"body":"mortgage that you are on. So it"},{"speaker":"Victor Lagos","startTime":3225.33,"endTime":3229.5,"body":"can actually just be added to"},{"speaker":"Victor Lagos","startTime":3225.33,"endTime":3229.5,"body":"your net profit can be added to"},{"speaker":"Victor Lagos","startTime":3229.5,"endTime":3232.59,"body":"your to your income, and have"},{"speaker":"Victor Lagos","startTime":3229.5,"endTime":3232.59,"body":"you gone. So yeah, it can be"},{"speaker":"Victor Lagos","startTime":3232.59,"endTime":3234.39,"body":"really powerful tool, if you"},{"speaker":"Victor Lagos","startTime":3232.59,"endTime":3234.39,"body":"don't properly."},{"speaker":"Andrew Bean","startTime":3234.9,"endTime":3237.3,"body":"So that's, that's,"},{"speaker":"Andrew Bean","startTime":3234.9,"endTime":3237.3,"body":"that's really cool. So you can"},{"speaker":"Andrew Bean","startTime":3237.3,"endTime":3240.78,"body":"it's basically like you're"},{"speaker":"Andrew Bean","startTime":3237.3,"endTime":3240.78,"body":"sheltering that debt. So you're"},{"speaker":"Andrew Bean","startTime":3240.78,"endTime":3244.17,"body":"basically sheltering that debt"},{"speaker":"Andrew Bean","startTime":3240.78,"endTime":3244.17,"body":"from going on to your personal"},{"speaker":"Andrew Bean","startTime":3244.17,"endTime":3248.4,"body":"name or your personal borrowing"},{"speaker":"Andrew Bean","startTime":3244.17,"endTime":3248.4,"body":"capacity, because it's its own"},{"speaker":"Andrew Bean","startTime":3248.4,"endTime":3251.73,"body":"standalone entity. And I guess"},{"speaker":"Andrew Bean","startTime":3248.4,"endTime":3251.73,"body":"that is essentially why you have"},{"speaker":"Andrew Bean","startTime":3251.73,"endTime":3254.49,"body":"a trust or you are you have a"},{"speaker":"Andrew Bean","startTime":3251.73,"endTime":3254.49,"body":"business account. So our"},{"speaker":"Andrew Bean","startTime":3254.49,"endTime":3257.52,"body":"business entity, because you"},{"speaker":"Andrew Bean","startTime":3254.49,"endTime":3257.52,"body":"don't want to be using your"},{"speaker":"Andrew Bean","startTime":3257.52,"endTime":3261.06,"body":"personal name and your personal"},{"speaker":"Andrew Bean","startTime":3257.52,"endTime":3261.06,"body":"like assets to won't be liable."},{"speaker":"Andrew Bean","startTime":3261.72,"endTime":3265.38,"body":"So you basically can set up"},{"speaker":"Andrew Bean","startTime":3261.72,"endTime":3265.38,"body":"trust after trust just after"},{"speaker":"Andrew Bean","startTime":3265.38,"endTime":3271.14,"body":"trust and shelter the debt, and"},{"speaker":"Andrew Bean","startTime":3265.38,"endTime":3271.14,"body":"then potentially you could not"},{"speaker":"Andrew Bean","startTime":3271.17,"endTime":3274.65,"body":"when you're assessing, you know,"},{"speaker":"Andrew Bean","startTime":3271.17,"endTime":3274.65,"body":"borrowing capacity from the"},{"speaker":"Andrew Bean","startTime":3274.65,"endTime":3277.74,"body":"bank. If you're doing that in"},{"speaker":"Andrew Bean","startTime":3274.65,"endTime":3277.74,"body":"your personal name or a new"},{"speaker":"Andrew Bean","startTime":3277.74,"endTime":3281.88,"body":"entity, then that doesn't take"},{"speaker":"Andrew Bean","startTime":3277.74,"endTime":3281.88,"body":"into account those original"},{"speaker":"Andrew Bean","startTime":3281.88,"endTime":3283.35,"body":"loans. Is that right?"},{"speaker":"Victor Lagos","startTime":3284.64,"endTime":3286.44,"body":"Yeah, as long as"},{"speaker":"Victor Lagos","startTime":3284.64,"endTime":3286.44,"body":"the account it allows you to"},{"speaker":"Victor Lagos","startTime":3286.44,"endTime":3291.15,"body":"exclude it. So if, if not, the"},{"speaker":"Victor Lagos","startTime":3286.44,"endTime":3291.15,"body":"bank is going to ask for"},{"speaker":"Victor Lagos","startTime":3291.15,"endTime":3293.94,"body":"financials and they're gonna"},{"speaker":"Victor Lagos","startTime":3291.15,"endTime":3293.94,"body":"they're gonna include that. So"},{"speaker":"Victor Lagos","startTime":3293.94,"endTime":3299.01,"body":"if it's running at a loss, and"},{"speaker":"Victor Lagos","startTime":3293.94,"endTime":3299.01,"body":"they see that they will put the"},{"speaker":"Victor Lagos","startTime":3299.01,"endTime":3302.76,"body":"loss against you and It will"},{"speaker":"Victor Lagos","startTime":3299.01,"endTime":3302.76,"body":"impact your bar. So if you do,"},{"speaker":"Victor Lagos","startTime":3302.79,"endTime":3304.77,"body":"that's why having a good"},{"speaker":"Victor Lagos","startTime":3302.79,"endTime":3304.77,"body":"accountant is super important."},{"speaker":"Victor Lagos","startTime":3304.8,"endTime":3306.57,"body":"They know that you're the"},{"speaker":"Victor Lagos","startTime":3304.8,"endTime":3306.57,"body":"journey that you're on, and"},{"speaker":"Victor Lagos","startTime":3306.57,"endTime":3309.99,"body":"they're willing to write letters"},{"speaker":"Victor Lagos","startTime":3306.57,"endTime":3309.99,"body":"for you to help you. But if you"},{"speaker":"Victor Lagos","startTime":3309.99,"endTime":3312.99,"body":"need that income to help you"},{"speaker":"Victor Lagos","startTime":3309.99,"endTime":3312.99,"body":"service, like, if you say, Oh, I"},{"speaker":"Victor Lagos","startTime":3312.99,"endTime":3315.36,"body":"get all this commercial rental"},{"speaker":"Victor Lagos","startTime":3312.99,"endTime":3315.36,"body":"income, I want to use that to"},{"speaker":"Victor Lagos","startTime":3315.36,"endTime":3317.28,"body":"help me borrow, well, then"},{"speaker":"Victor Lagos","startTime":3315.36,"endTime":3317.28,"body":"you're gonna have to disclose"},{"speaker":"Victor Lagos","startTime":3317.28,"endTime":3320.91,"body":"the debt as well. It's only"},{"speaker":"Victor Lagos","startTime":3317.28,"endTime":3320.91,"body":"later when it's showing a strong"},{"speaker":"Victor Lagos","startTime":3320.91,"endTime":3324.27,"body":"profit. If it's a very little"},{"speaker":"Victor Lagos","startTime":3320.91,"endTime":3324.27,"body":"amount of profit. In the"},{"speaker":"Victor Lagos","startTime":3324.27,"endTime":3327.24,"body":"beginning, you're better off"},{"speaker":"Victor Lagos","startTime":3324.27,"endTime":3327.24,"body":"excluding it altogether. But if"},{"speaker":"Victor Lagos","startTime":3327.24,"endTime":3330.36,"body":"it's running at a significant"},{"speaker":"Victor Lagos","startTime":3327.24,"endTime":3330.36,"body":"loss, well, your accountant is"},{"speaker":"Victor Lagos","startTime":3330.36,"endTime":3332.55,"body":"most likely not going to write a"},{"speaker":"Victor Lagos","startTime":3330.36,"endTime":3332.55,"body":"letter for you to say it's"},{"speaker":"Victor Lagos","startTime":3332.55,"endTime":3337.65,"body":"profitable. But say it was an IT"},{"speaker":"Victor Lagos","startTime":3332.55,"endTime":3337.65,"body":"lead, they can was able to write"},{"speaker":"Victor Lagos","startTime":3337.65,"endTime":3341.04,"body":"that it can be excluded, and you"},{"speaker":"Victor Lagos","startTime":3337.65,"endTime":3341.04,"body":"can keep growing your personal"},{"speaker":"Victor Lagos","startTime":3341.67,"endTime":3345.27,"body":"borrowing and by your PPO or"},{"speaker":"Victor Lagos","startTime":3341.67,"endTime":3345.27,"body":"without that affecting you or,"},{"speaker":"Andrew Bean","startTime":3346.05,"endTime":3348.9,"body":"you know, well, so"},{"speaker":"Andrew Bean","startTime":3346.05,"endTime":3348.9,"body":"is this is it just accounting to"},{"speaker":"Andrew Bean","startTime":3348.9,"endTime":3352.26,"body":"accountant, you ask that letter?"},{"speaker":"Andrew Bean","startTime":3348.9,"endTime":3352.26,"body":"And then they provide it to you"},{"speaker":"Andrew Bean","startTime":3352.26,"endTime":3354.84,"body":"or like the the mortgage broker?"},{"speaker":"Andrew Bean","startTime":3352.26,"endTime":3354.84,"body":"Is that how it works?"},{"speaker":"Victor Lagos","startTime":3355.89,"endTime":3358.05,"body":"Yeah, that's"},{"speaker":"Victor Lagos","startTime":3355.89,"endTime":3358.05,"body":"right, well, the customer has to"},{"speaker":"Victor Lagos","startTime":3358.05,"endTime":3361.92,"body":"ask for it. And then the"},{"speaker":"Victor Lagos","startTime":3358.05,"endTime":3361.92,"body":"accountant will write it, and"},{"speaker":"Victor Lagos","startTime":3361.92,"endTime":3365.22,"body":"then it's sent to the bank, the"},{"speaker":"Victor Lagos","startTime":3361.92,"endTime":3365.22,"body":"bank will just happily exclude"},{"speaker":"Victor Lagos","startTime":3365.22,"endTime":3367.59,"body":"because the bank will always do"},{"speaker":"Victor Lagos","startTime":3365.22,"endTime":3367.59,"body":"a credit check. And any"},{"speaker":"Victor Lagos","startTime":3367.59,"endTime":3370.77,"body":"directorships you have will show"},{"speaker":"Victor Lagos","startTime":3367.59,"endTime":3370.77,"body":"up on your credit file. So"},{"speaker":"Victor Lagos","startTime":3370.77,"endTime":3373.65,"body":"they're going to want a letter"},{"speaker":"Victor Lagos","startTime":3370.77,"endTime":3373.65,"body":"for any directorship. They're"},{"speaker":"Victor Lagos","startTime":3373.65,"endTime":3376.2,"body":"not going to do credit checks"},{"speaker":"Victor Lagos","startTime":3373.65,"endTime":3376.2,"body":"against every single company"},{"speaker":"Victor Lagos","startTime":3376.2,"endTime":3378.3,"body":"that you have, because then"},{"speaker":"Victor Lagos","startTime":3376.2,"endTime":3378.3,"body":"you're not borrowing in that"},{"speaker":"Victor Lagos","startTime":3378.3,"endTime":3380.85,"body":"company, you're applying under"},{"speaker":"Victor Lagos","startTime":3378.3,"endTime":3380.85,"body":"your name for this particular"},{"speaker":"Victor Lagos","startTime":3380.85,"endTime":3383.67,"body":"loan in the future. So they"},{"speaker":"Victor Lagos","startTime":3380.85,"endTime":3383.67,"body":"don't have the right to just do"},{"speaker":"Victor Lagos","startTime":3383.67,"endTime":3386.52,"body":"credit checks and all these"},{"speaker":"Victor Lagos","startTime":3383.67,"endTime":3386.52,"body":"other companies. So that's why"},{"speaker":"Victor Lagos","startTime":3386.52,"endTime":3391.08,"body":"they need an accountant letter"},{"speaker":"Victor Lagos","startTime":3386.52,"endTime":3391.08,"body":"or financials, tax returns. One"},{"speaker":"Victor Lagos","startTime":3391.08,"endTime":3393.24,"body":"or the other. It's a tax return"},{"speaker":"Victor Lagos","startTime":3391.08,"endTime":3393.24,"body":"show profit, you don't need to"},{"speaker":"Victor Lagos","startTime":3393.24,"endTime":3396.39,"body":"account for anything. But just"},{"speaker":"Victor Lagos","startTime":3393.24,"endTime":3396.39,"body":"be mindful that then the bank"},{"speaker":"Victor Lagos","startTime":3396.39,"endTime":3399.51,"body":"may then stress test the"},{"speaker":"Victor Lagos","startTime":3396.39,"endTime":3399.51,"body":"mortgages and exist. So that"},{"speaker":"Victor Lagos","startTime":3399.51,"endTime":3402.21,"body":"might not help you. So it's"},{"speaker":"Victor Lagos","startTime":3399.51,"endTime":3402.21,"body":"better to exclude it altogether."},{"speaker":"Andrew Bean","startTime":3402.81,"endTime":3405.03,"body":"Yeah, cool. And I"},{"speaker":"Andrew Bean","startTime":3402.81,"endTime":3405.03,"body":"like the fact that you can, you"},{"speaker":"Andrew Bean","startTime":3405.03,"endTime":3408.0,"body":"know, exclude it. And then later"},{"speaker":"Andrew Bean","startTime":3405.03,"endTime":3408.0,"body":"on when you want to borrow, you"},{"speaker":"Andrew Bean","startTime":3408.0,"endTime":3411.66,"body":"can use the income as you know,"},{"speaker":"Andrew Bean","startTime":3408.0,"endTime":3411.66,"body":"to help you. That's cool. So"},{"speaker":"Andrew Bean","startTime":3411.69,"endTime":3413.01,"body":"like you get the best of both"},{"speaker":"Andrew Bean","startTime":3411.69,"endTime":3413.01,"body":"worlds."},{"speaker":"Victor Lagos","startTime":3414.36,"endTime":3416.4,"body":"Exactly. Yeah."},{"speaker":"Victor Lagos","startTime":3414.36,"endTime":3416.4,"body":"Just timeline right. In the"},{"speaker":"Victor Lagos","startTime":3416.4,"endTime":3418.89,"body":"beginning excluded when it comes"},{"speaker":"Victor Lagos","startTime":3416.4,"endTime":3418.89,"body":"more and more than you use it."},{"speaker":"Andrew Bean","startTime":3419.28,"endTime":3422.73,"body":"Yeah. Nice. All"},{"speaker":"Andrew Bean","startTime":3419.28,"endTime":3422.73,"body":"right, mate. Last question. You"},{"speaker":"Andrew Bean","startTime":3422.73,"endTime":3427.17,"body":"have, obviously a large, you"},{"speaker":"Andrew Bean","startTime":3422.73,"endTime":3427.17,"body":"know, view on all these"},{"speaker":"Andrew Bean","startTime":3427.17,"endTime":3430.74,"body":"different banks. Which ones"},{"speaker":"Andrew Bean","startTime":3427.17,"endTime":3430.74,"body":"right now particularly Are you"},{"speaker":"Andrew Bean","startTime":3430.74,"endTime":3434.43,"body":"liking that you're able to"},{"speaker":"Andrew Bean","startTime":3430.74,"endTime":3434.43,"body":"squeeze the most out of the most"},{"speaker":"Andrew Bean","startTime":3434.43,"endTime":3437.01,"body":"out of like borrowing capacity"},{"speaker":"Andrew Bean","startTime":3434.43,"endTime":3437.01,"body":"for people, other specific ones,"},{"speaker":"Andrew Bean","startTime":3437.01,"endTime":3440.76,"body":"that you you like that you favor"},{"speaker":"Andrew Bean","startTime":3437.01,"endTime":3440.76,"body":"or have better lending terms"},{"speaker":"Andrew Bean","startTime":3440.76,"endTime":3442.71,"body":"right now that you you like,"},{"speaker":"Victor Lagos","startTime":3444.75,"endTime":3446.55,"body":"oh, actually, I"},{"speaker":"Victor Lagos","startTime":3444.75,"endTime":3446.55,"body":"touched on it earlier, we talked"},{"speaker":"Victor Lagos","startTime":3446.55,"endTime":3450.39,"body":"about non banks. So the non"},{"speaker":"Victor Lagos","startTime":3446.55,"endTime":3450.39,"body":"banks that are kind of more"},{"speaker":"Victor Lagos","startTime":3450.39,"endTime":3454.17,"body":"generous with their borrowing"},{"speaker":"Victor Lagos","startTime":3450.39,"endTime":3454.17,"body":"capacity, paper money, liberty,"},{"speaker":"Victor Lagos","startTime":3454.17,"endTime":3458.67,"body":"financial offers Mac, they're"},{"speaker":"Victor Lagos","startTime":3454.17,"endTime":3458.67,"body":"kind of the well known ones. But"},{"speaker":"Victor Lagos","startTime":3458.67,"endTime":3462.6,"body":"there are a couple of others out"},{"speaker":"Victor Lagos","startTime":3458.67,"endTime":3462.6,"body":"there that I'm sort of starting"},{"speaker":"Victor Lagos","startTime":3462.6,"endTime":3465.75,"body":"to connect with and learning"},{"speaker":"Victor Lagos","startTime":3462.6,"endTime":3465.75,"body":"more about their policies. So"},{"speaker":"Victor Lagos","startTime":3465.75,"endTime":3467.97,"body":"I'm not going to tell you who"},{"speaker":"Victor Lagos","startTime":3465.75,"endTime":3467.97,"body":"they are yet, just because I"},{"speaker":"Victor Lagos","startTime":3467.97,"endTime":3471.93,"body":"don't know them well enough. So"},{"speaker":"Victor Lagos","startTime":3467.97,"endTime":3471.93,"body":"of course, that's what I'm here"},{"speaker":"Victor Lagos","startTime":3471.93,"endTime":3474.9,"body":"to do. So if customers do want"},{"speaker":"Victor Lagos","startTime":3471.93,"endTime":3474.9,"body":"to reach out to me, I can always"},{"speaker":"Victor Lagos","startTime":3475.65,"endTime":3478.2,"body":"look at their circumstances, and"},{"speaker":"Victor Lagos","startTime":3475.65,"endTime":3478.2,"body":"then connect with these new"},{"speaker":"Victor Lagos","startTime":3478.2,"endTime":3480.99,"body":"lenders and see if, if they're"},{"speaker":"Victor Lagos","startTime":3478.2,"endTime":3480.99,"body":"willing to help. Because"},{"speaker":"Victor Lagos","startTime":3480.99,"endTime":3482.73,"body":"remember, these lenders will"},{"speaker":"Victor Lagos","startTime":3480.99,"endTime":3482.73,"body":"give you more, but they're gonna"},{"speaker":"Victor Lagos","startTime":3482.73,"endTime":3485.49,"body":"charge you more. So just be"},{"speaker":"Victor Lagos","startTime":3482.73,"endTime":3485.49,"body":"prepared for that higher fees,"},{"speaker":"Victor Lagos","startTime":3486.0,"endTime":3488.28,"body":"and higher interest rates, but"},{"speaker":"Victor Lagos","startTime":3486.0,"endTime":3488.28,"body":"they'll lend you more money."},{"speaker":"Andrew Bean","startTime":3488.94,"endTime":3490.86,"body":"Yeah, but it's all"},{"speaker":"Andrew Bean","startTime":3488.94,"endTime":3490.86,"body":"about getting the deal done,"},{"speaker":"Andrew Bean","startTime":3490.86,"endTime":3494.04,"body":"isn't it? So if you can just get"},{"speaker":"Andrew Bean","startTime":3490.86,"endTime":3494.04,"body":"the deal done. You know, even if"},{"speaker":"Andrew Bean","startTime":3494.04,"endTime":3496.38,"body":"you can pay it, you're paying a"},{"speaker":"Andrew Bean","startTime":3494.04,"endTime":3496.38,"body":"little bit higher interest rate,"},{"speaker":"Andrew Bean","startTime":3496.41,"endTime":3499.8,"body":"you know, your wells can grow a"},{"speaker":"Andrew Bean","startTime":3496.41,"endTime":3499.8,"body":"lot from getting that deal done,"},{"speaker":"Andrew Bean","startTime":3499.8,"endTime":3503.61,"body":"rather than just like, you know,"},{"speaker":"Andrew Bean","startTime":3499.8,"endTime":3503.61,"body":"trying to find the best interest"},{"speaker":"Andrew Bean","startTime":3503.61,"endTime":3506.07,"body":"rate possible because at the end"},{"speaker":"Andrew Bean","startTime":3503.61,"endTime":3506.07,"body":"of the day, that little gap"},{"speaker":"Andrew Bean","startTime":3506.07,"endTime":3508.41,"body":"between the interest rate"},{"speaker":"Andrew Bean","startTime":3506.07,"endTime":3508.41,"body":"doesn't make you make you"},{"speaker":"Andrew Bean","startTime":3508.77,"endTime":3513.0,"body":"wealthy that buying the property"},{"speaker":"Andrew Bean","startTime":3508.77,"endTime":3513.0,"body":"and potentially having cash flow"},{"speaker":"Andrew Bean","startTime":3513.0,"endTime":3515.94,"body":"and then the capital growth of"},{"speaker":"Andrew Bean","startTime":3513.0,"endTime":3515.94,"body":"that behind it does so"},{"speaker":"Andrew Bean","startTime":3516.27,"endTime":3518.58,"body":"definitely worth worth shopping"},{"speaker":"Andrew Bean","startTime":3516.27,"endTime":3518.58,"body":"around."},{"speaker":"Victor Lagos","startTime":3519.9,"endTime":3520.74,"body":"Yeah, great."},{"speaker":"Andrew Bean","startTime":3521.76,"endTime":3524.19,"body":"All right, man."},{"speaker":"Andrew Bean","startTime":3521.76,"endTime":3524.19,"body":"That pretty much wraps up"},{"speaker":"Andrew Bean","startTime":3524.67,"endTime":3530.37,"body":"episode three, cracking the what"},{"speaker":"Andrew Bean","startTime":3524.67,"endTime":3530.37,"body":"is it? And what have I got? Yep."},{"speaker":"Andrew Bean","startTime":3530.55,"endTime":3534.69,"body":"All right. All right. Made that"},{"speaker":"Andrew Bean","startTime":3530.55,"endTime":3534.69,"body":"pretty much wraps up the episode"},{"speaker":"Andrew Bean","startTime":3534.69,"endTime":3540.21,"body":"three cracking the lending code."},{"speaker":"Andrew Bean","startTime":3534.69,"endTime":3540.21,"body":"So where can the listeners go to"},{"speaker":"Andrew Bean","startTime":3540.21,"endTime":3544.23,"body":"find out more about you find out"},{"speaker":"Andrew Bean","startTime":3540.21,"endTime":3544.23,"body":"which banks you like and help"},{"speaker":"Andrew Bean","startTime":3544.26,"endTime":3550.05,"body":"you for to you? Oh, my God. So"},{"speaker":"Andrew Bean","startTime":3544.26,"endTime":3550.05,"body":"where can you like because it's"},{"speaker":"Andrew Bean","startTime":3550.05,"endTime":3552.45,"body":"blank face like you did not"},{"speaker":"Andrew Bean","startTime":3550.05,"endTime":3552.45,"body":"laugh at all when I stuffed up."},{"speaker":"Andrew Bean","startTime":3556.02,"endTime":3558.21,"body":"All right. Game face."},{"speaker":"Victor Lagos","startTime":3559.44,"endTime":3560.25,"body":"All right. So"},{"speaker":"Andrew Bean","startTime":3560.28,"endTime":3563.13,"body":"where can listeners"},{"speaker":"Andrew Bean","startTime":3560.28,"endTime":3563.13,"body":"go to find out more about you"},{"speaker":"Andrew Bean","startTime":3563.13,"endTime":3564.33,"body":"and your services made?"},{"speaker":"Victor Lagos","startTime":3566.13,"endTime":3569.58,"body":"They can come to"},{"speaker":"Victor Lagos","startTime":3566.13,"endTime":3569.58,"body":"us. They can hit contact us and"},{"speaker":"Victor Lagos","startTime":3569.58,"endTime":3572.43,"body":"they can do an inquiry or they"},{"speaker":"Victor Lagos","startTime":3569.58,"endTime":3572.43,"body":"can book in a call directly in"},{"speaker":"Victor Lagos","startTime":3572.43,"endTime":3576.84,"body":"my calendar. And we will reach"},{"speaker":"Victor Lagos","startTime":3572.43,"endTime":3576.84,"body":"out we'll set up a time. Well"},{"speaker":"Victor Lagos","startTime":3576.84,"endTime":3578.76,"body":"that could be our time setting"},{"speaker":"Victor Lagos","startTime":3576.84,"endTime":3578.76,"body":"up and we'll go through"},{"speaker":"Victor Lagos","startTime":3578.76,"endTime":3581.1,"body":"circumstances and see what we"},{"speaker":"Victor Lagos","startTime":3578.76,"endTime":3581.1,"body":"can do."},{"speaker":"Andrew Bean","startTime":3584.88,"endTime":3588.63,"body":"Fantastic night."},{"speaker":"Andrew Bean","startTime":3584.88,"endTime":3588.63,"body":"This has been financial expert"},{"speaker":"Andrew Bean","startTime":3588.63,"endTime":3593.16,"body":"Victor Lagos and Andrew been on"},{"speaker":"Andrew Bean","startTime":3588.63,"endTime":3593.16,"body":"the financial series. Thanks"},{"speaker":"Andrew Bean","startTime":3593.16,"endTime":3593.64,"body":"guys."},{"speaker":"Andrew Bean","startTime":3593.91,"endTime":3599.94,"body":"That your face so but I want to"},{"speaker":"Andrew Bean","startTime":3593.91,"endTime":3599.94,"body":"leave my eyes with no"},{"speaker":"Victor Lagos","startTime":3599.94,"endTime":3606.96,"body":"Stan why it's good"},{"speaker":"Unknown","startTime":3609.54,"endTime":3609.96,"body":"yeah"}]}