Welcome to How Do They Afford That? The podcast that peaks into the financial lives of everyday Australians. I'm Michael Thompson. I'm an author and the co host of the podcast Fear and Greed business news. As always, I'm with Canna Campbell, financial planner, founder at Sugar Mummer TV, the financial literacy platform covering YouTube, podcast books, Instagram, threads, TikTok and more. Hello, Canna.

Welcome to How Do They Afford That? The podcast that peaks into the financial lives of everyday Australians. I'm Michael Thompson. I'm an author and the co host of the podcast Fear and Greed business news. As always, I'm with Canna Campbell, financial planner, founder at Sugar Mummer TV, the financial literacy platform covering YouTube, podcast books, Instagram, threads, TikTok and more. Hello, Canna.

Hello.

Hello.

Every time I introduce you, I remember the time that I accidentally said sugar Mummy TV and I nearly make myself laugh.

Every time I introduce you, I remember the time that I accidentally said sugar Mummy TV and I nearly make myself laugh.

You know a lot of people have done that.

You know a lot of people have done that.

Oh really, it just flows. I'm sorry anyway, that is why I sounded like I was about to laugh just then. Today a serious topic actually, but hopefully one that we can provide a bit of inspiration on because we've got property prices. They just keep rising and if you're not already on the property ladder, it might feel like it is just getting further and further out of reach. So today we are doing one of my favorite things. We are putting together a list and this is a list of ten ideas to help you get on the property ladder. So it's quite a it's quite a challenge. Ten.

Oh really, it just flows. I'm sorry anyway, that is why I sounded like I was about to laugh just then. Today a serious topic actually, but hopefully one that we can provide a bit of inspiration on because we've got property prices. They just keep rising and if you're not already on the property ladder, it might feel like it is just getting further and further out of reach. So today we are doing one of my favorite things. We are putting together a list and this is a list of ten ideas to help you get on the property ladder. So it's quite a it's quite a challenge. Ten.

I love a challenge. I'm not afraid of a challenge. Bring it on.

I love a challenge. I'm not afraid of a challenge. Bring it on.

Who was this? Four? Who is this? And obviously this is this is None of this is financial advice. You need to get professional advice that suits your own circumstances. This is just maybe some ideas to kickstart conversations and to kickstart your own research. But who is this? Episode? Four?

Who was this? Four? Who is this? And obviously this is this is None of this is financial advice. You need to get professional advice that suits your own circumstances. This is just maybe some ideas to kickstart conversations and to kickstart your own research. But who is this? Episode? Four?

Okay, So I like to think from my heart, this is predominantly for first home buyers. So you know, obviously, once you put your foot in on the property ladder, it's so much easier to state on it. However, also, I'm including single parents and here, whether they've owned a home before or not, and any for anyone really that's just trying to put a roof over their heads that they can call their own, and if it's just for their own sense of stability in life.

Okay, So I like to think from my heart, this is predominantly for first home buyers. So you know, obviously, once you put your foot in on the property ladder, it's so much easier to state on it. However, also, I'm including single parents and here, whether they've owned a home before or not, and any for anyone really that's just trying to put a roof over their heads that they can call their own, and if it's just for their own sense of stability in life.

And it's funny when we say first home buyers, you kind of have this image that like you got someone who's like twenty two or something. That's not the case that I know a lot of people in their thirties who are exactly like this. Going you see the rising prices, the average the median house price is going up every month faster than I can save a deposit, and that must be so overwhelming.

And it's funny when we say first home buyers, you kind of have this image that like you got someone who's like twenty two or something. That's not the case that I know a lot of people in their thirties who are exactly like this. Going you see the rising prices, the average the median house price is going up every month faster than I can save a deposit, and that must be so overwhelming.

Oh, that's exactly what happens. And you know, you're left with a situation where if you can't keep up, which ninety nine point nine percent of people can't, you are having to buy a smaller place or a different area that you originally started, or you're completely priced out of the market, which is so heartbreaking, it really is.

Oh, that's exactly what happens. And you know, you're left with a situation where if you can't keep up, which ninety nine point nine percent of people can't, you are having to buy a smaller place or a different area that you originally started, or you're completely priced out of the market, which is so heartbreaking, it really is.

So that's why we want to come up with these ideas, ten of them. You say that you are up for the challenge. Let's get into the list with idea number one. Obviously, we'll start at number one.

So that's why we want to come up with these ideas, ten of them. You say that you are up for the challenge. Let's get into the list with idea number one. Obviously, we'll start at number one.

Let's start with the government ones, because there's a lot of different ones, and I think people get a bit overwhelmed as to how many options there are and what might be right for them.

Let's start with the government ones, because there's a lot of different ones, and I think people get a bit overwhelmed as to how many options there are and what might be right for them.

Please.

Please.

The first, obviously is the first home guarantee. So this is where the government acts as you're guarantee so that you don't necessarily need that you know, twenty percent deposit, and it means you can avoid lender's mortgage Insurance l MII, so in some circumstances you can five as little as five percent and the cost of mortgage insurance can easily be between ten to thirty thousand dollars. The substantial savings right there.

The first, obviously is the first home guarantee. So this is where the government acts as you're guarantee so that you don't necessarily need that you know, twenty percent deposit, and it means you can avoid lender's mortgage Insurance l MII, so in some circumstances you can five as little as five percent and the cost of mortgage insurance can easily be between ten to thirty thousand dollars. The substantial savings right there.

And do you just want to explain what lender's mortgage insurance is for people who have heard that term LMI, just explain what it actually is.

And do you just want to explain what lender's mortgage insurance is for people who have heard that term LMI, just explain what it actually is.

So it's a financial product that essentially protects the banks if you can't service your loan, and it does it for a particular period of time, you know, to protect you from defaulting before the property is sold. So it's a safety net not for you, but you pay for it. It's for the bank.

So it's a financial product that essentially protects the banks if you can't service your loan, and it does it for a particular period of time, you know, to protect you from defaulting before the property is sold. So it's a safety net not for you, but you pay for it. It's for the bank.

Okay, Yeah, So it's insurance for them, and they built into your payments, and it is because you don't have enough of a deposit, you don't have enough equity in the property that if they were to have to sell it in a hurry, they wouldn't necessarily recover all of exactly the money that they've loaned to you. Yes, okay, sorry, I well and truly interrupted you while you were.

Okay, Yeah, So it's insurance for them, and they built into your payments, and it is because you don't have enough of a deposit, you don't have enough equity in the property that if they were to have to sell it in a hurry, they wouldn't necessarily recover all of exactly the money that they've loaned to you. Yes, okay, sorry, I well and truly interrupted you while you were.

I was getting like launching into my.

I was getting like launching into my.

List, you were getting some momentum up. So that's the federal government, isn't it. Yes, first time guarantee.

List, you were getting some momentum up. So that's the federal government, isn't it. Yes, first time guarantee.

And that's you know, Obviously there are income caps that apply, and there are property caps as well. The next one is the First Home Super Savor scheme.

And that's you know, Obviously there are income caps that apply, and there are property caps as well. The next one is the First Home Super Savor scheme.

Is this number two? This is number two First Home.

Is this number two? This is number two First Home.

FHSSS super Scheme.

FHSSS super Scheme.

Who names these things to you?

Who names these things to you?

There is such a mouthful, but this is actually one of my least favorite ones. But it's been to fifty thousand dollars. There are very strict rules involved. You've got to get quality advice. If you change your mind, it is lightly disastrous because you can't get that money out, and you've got to be meticulous with your timing because you have to apply to get the money out.

There is such a mouthful, but this is actually one of my least favorite ones. But it's been to fifty thousand dollars. There are very strict rules involved. You've got to get quality advice. If you change your mind, it is lightly disastrous because you can't get that money out, and you've got to be meticulous with your timing because you have to apply to get the money out.

So how does it work? Is it sorry that you are when it says super in there and does that that's not referring to your super anyway?

So how does it work? Is it sorry that you are when it says super in there and does that that's not referring to your super anyway?

Yes, So you can look at making extra contributions into your superannuation, which includes salary sacrificing in order to get money into your super which you can then pull up to fifty thousand dollars out. Okay to buy a property, but there's particular it's quite a complicated process and the timings. You know, you get approval with that approval on your lasts for twelve months, so if you haven't settled on your property within that timeframe, you potentially lose it. So you need a mortgage broker that actually specializes in the FHSS scheme. Now, it can be really good though for people who plan on buying a property saying five years time. But we almost need to do an episode completely dedicated to this because there's I feel like there's a lot of traps with this and things you need to be super careful with that no one really talks about. But that is definitely a way of I guess if you don't have much self control with money, it is, it can be quite a helpful tool because it keeps that money away from you know, being distracted and going, well, am I just going blow it on a trip to Europe?

Yes, So you can look at making extra contributions into your superannuation, which includes salary sacrificing in order to get money into your super which you can then pull up to fifty thousand dollars out. Okay to buy a property, but there's particular it's quite a complicated process and the timings. You know, you get approval with that approval on your lasts for twelve months, so if you haven't settled on your property within that timeframe, you potentially lose it. So you need a mortgage broker that actually specializes in the FHSS scheme. Now, it can be really good though for people who plan on buying a property saying five years time. But we almost need to do an episode completely dedicated to this because there's I feel like there's a lot of traps with this and things you need to be super careful with that no one really talks about. But that is definitely a way of I guess if you don't have much self control with money, it is, it can be quite a helpful tool because it keeps that money away from you know, being distracted and going, well, am I just going blow it on a trip to Europe?

Yeah? It's well and truly locked away, isn't it until all of a sudden you are able to access it for this But that definitely feels like one of those ones where you would not do it without knowing that it is right for you, without getting some advice on it.

Yeah? It's well and truly locked away, isn't it until all of a sudden you are able to access it for this But that definitely feels like one of those ones where you would not do it without knowing that it is right for you, without getting some advice on it.

And reading the fine print, like the devil is in the details.

And reading the fine print, like the devil is in the details.

Okay, So that's that was number two first home super Savor Scheme.

Okay, So that's that was number two first home super Savor Scheme.

So next is obviously the stamp duty concessions and exemption, so they're not obviously as sexy as a grant, but it does help your overall costs, and they obviously vary from state to state and depending on the size of the property and so.

So next is obviously the stamp duty concessions and exemption, so they're not obviously as sexy as a grant, but it does help your overall costs, and they obviously vary from state to state and depending on the size of the property and so.

And stamp duty is really you know what stamp.

And stamp duty is really you know what stamp.

Duty is a it's my blood boil.

Duty is a it's my blood boil.

Absolute nonsense. It is the most inefficient tax in this country because it is this tax that is just attached to the price of selling buying a home. And what it does is it discourages people from downsizing and changing homes because they suddenly hit with this with stamp duty, when really it doesn't serve a purpose except for revenue.

Absolute nonsense. It is the most inefficient tax in this country because it is this tax that is just attached to the price of selling buying a home. And what it does is it discourages people from downsizing and changing homes because they suddenly hit with this with stamp duty, when really it doesn't serve a purpose except for revenue.

Exactly. I can't go in that, so start, I won't stop. So we are going to take a deep breath.

Exactly. I can't go in that, so start, I won't stop. So we are going to take a deep breath.

I think you and I are aligned in our anger over something. Really, it's you getting angry and me going, oh, come on, Canna, it's me getting angry, and you go, you don't know what you're talking about. But today we are united. It's a nice feeling, isn't it.

I think you and I are aligned in our anger over something. Really, it's you getting angry and me going, oh, come on, Canna, it's me getting angry, and you go, you don't know what you're talking about. But today we are united. It's a nice feeling, isn't it.

Mark the date?

Mark the date?

I will okay, So stamp duty concessions and grants, they do as you say, very though, state to state, territory to territory.

I will okay, So stamp duty concessions and grants, they do as you say, very though, state to state, territory to territory.

Next is the Family Home Guarantee. This one I think is really important and I love this and I just wish there was more of this and it was a little bit better. But it's for single parents, so you can buy a home with as little as a two percent deposit, and there are limited spots, so I think that about maybe five thousand spots each year. There's an income cap up to one hundred and twenty five thousand dollars a year, and there's no LMI so and you don't even actually have to be a first home buyer to qualify for this. So it is a great way for single parents to help put a roof over their children's heads and create a sense of stability and safety, particularly when you know, you look at what's going on the rental market and how you know people are being having to move all the time, and then that impacts kids and having to change schools, change friends, very you know, it can really impact, you know, a little person's life. So I love this one. I just wish there was more behind it, But this is a.

Next is the Family Home Guarantee. This one I think is really important and I love this and I just wish there was more of this and it was a little bit better. But it's for single parents, so you can buy a home with as little as a two percent deposit, and there are limited spots, so I think that about maybe five thousand spots each year. There's an income cap up to one hundred and twenty five thousand dollars a year, and there's no LMI so and you don't even actually have to be a first home buyer to qualify for this. So it is a great way for single parents to help put a roof over their children's heads and create a sense of stability and safety, particularly when you know, you look at what's going on the rental market and how you know people are being having to move all the time, and then that impacts kids and having to change schools, change friends, very you know, it can really impact, you know, a little person's life. So I love this one. I just wish there was more behind it, But this is a.

Federal government scheme, I'm assuming.

Federal government scheme, I'm assuming.

And there is a danger though as well. So whilst I love it, I think it's great, You've also got to bear in mind you've got a single parent taking on a really big mortgage. If they're taking if you've got to say, a two percent deposit, that's a huge mortgage to be wearing on your own shoulders on one soul income. That's also looking after, you know, financial dependence, like young children.

And there is a danger though as well. So whilst I love it, I think it's great, You've also got to bear in mind you've got a single parent taking on a really big mortgage. If they're taking if you've got to say, a two percent deposit, that's a huge mortgage to be wearing on your own shoulders on one soul income. That's also looking after, you know, financial dependence, like young children.

And with all of these there would be a bunch of criteria that you need to meet in order to be eligible.

And with all of these there would be a bunch of criteria that you need to meet in order to be eligible.

Yes, income cap and so forth.

Yes, income cap and so forth.

Yeah, yeah, absolutely, got to have children. Yeah, actually that's probably important for that. But you're right that that feels like there is a real social purpose behind that one, rather than just the noble goal of helping people to get into the market. This feels like it is it does have that social value as well of giving kids the stability of a home that the family owns.

Yeah, yeah, absolutely, got to have children. Yeah, actually that's probably important for that. But you're right that that feels like there is a real social purpose behind that one, rather than just the noble goal of helping people to get into the market. This feels like it is it does have that social value as well of giving kids the stability of a home that the family owns.

I think it's a big step in the right direction. But there is lots of space for us to do better here.

I think it's a big step in the right direction. But there is lots of space for us to do better here.

Wow, that is amazing. So that's number four, the family Home Guarantee. At number five.

Wow, that is amazing. So that's number four, the family Home Guarantee. At number five.

The simple first home owner grant. Ah that o. Yeah, so I remember I got mine. I was so satisfied it was only a little back then. But this is a once off cash payment and it's for new builds now and obviously off the plan properties.

The simple first home owner grant. Ah that o. Yeah, so I remember I got mine. I was so satisfied it was only a little back then. But this is a once off cash payment and it's for new builds now and obviously off the plan properties.

Okay. And that is a federal yes, so it applies around the country. Again, criteria would apply and you can only get it once sally, Yes, you're a first home buyer once okay. And that has changed over the years because I remember it used to be quite large, and it used to be for any property up to a certain value, and so clearly it changes based on well really also what the government I suppose is also trying to achieve with it as well by kind of pushing people into new builds as well, it kind of freeze up older.

Okay. And that is a federal yes, so it applies around the country. Again, criteria would apply and you can only get it once sally, Yes, you're a first home buyer once okay. And that has changed over the years because I remember it used to be quite large, and it used to be for any property up to a certain value, and so clearly it changes based on well really also what the government I suppose is also trying to achieve with it as well by kind of pushing people into new builds as well, it kind of freeze up older.

Storm Lady building construction market.

Storm Lady building construction market.

So okay, so they're our first five.

So okay, so they're our first five.

I have one more for government support.

I have one more for government support.

Oh really yes? Oh okay, go for it.

Oh really yes? Oh okay, go for it.

So this is the Shared Equity scheme.

So this is the Shared Equity scheme.

Oh yes, yes, this is an interesting one state based.

Oh yes, yes, this is an interesting one state based.

So this is where the government contributes up to twenty five percent towards the cost of your property. So it means you're taking out up to you know, twenty five percent smaller mortgage. There are very strict rules, like it cannot be rented out you've got to live in it. The downside is that you're carrying all those ongoing costs. So the government are kind of free loading off those ongoing expenses because they still get to benefit in any gain of the property by up to twenty five percent. But yet you're paying for all of it and just even just even actually adding value or doing any sort of work to that property. You're thinking about just you know, strato insurance, water, electricity, wear and tear. You're wearing all of those costs while they benefit from this. So it's definitely an option that I think could help a lot of people, depending on their goals.

So this is where the government contributes up to twenty five percent towards the cost of your property. So it means you're taking out up to you know, twenty five percent smaller mortgage. There are very strict rules, like it cannot be rented out you've got to live in it. The downside is that you're carrying all those ongoing costs. So the government are kind of free loading off those ongoing expenses because they still get to benefit in any gain of the property by up to twenty five percent. But yet you're paying for all of it and just even just even actually adding value or doing any sort of work to that property. You're thinking about just you know, strato insurance, water, electricity, wear and tear. You're wearing all of those costs while they benefit from this. So it's definitely an option that I think could help a lot of people, depending on their goals.

Okay, and so the shared equity scheme that does vary from state to state, there might not be equivalents in every state, correct, Okay, So really this is one of those things where governments of all varieties have done something that they have got kind of different versions of similar schemes, and you really need this is where this is where a mortgage broker can help you. Right that you can go along as a first home buy a tool mortgage broker and say hey, can you help me understand what I am eligible for?

Okay, and so the shared equity scheme that does vary from state to state, there might not be equivalents in every state, correct, Okay, So really this is one of those things where governments of all varieties have done something that they have got kind of different versions of similar schemes, and you really need this is where this is where a mortgage broker can help you. Right that you can go along as a first home buy a tool mortgage broker and say hey, can you help me understand what I am eligible for?

Yes, And you need someone who's actually specialized in this area because not all mortgage brokers know how to do this correctly, and it is speaking to mortgage brokers about this particular process. With these various different government options there is it is a little bit fitly.

Yes, And you need someone who's actually specialized in this area because not all mortgage brokers know how to do this correctly, and it is speaking to mortgage brokers about this particular process. With these various different government options there is it is a little bit fitly.

Okay, all right, so they're the first six. They are all government based. Can I have schemes?

Okay, all right, so they're the first six. They are all government based. Can I have schemes?

Just put my two cents worth in before we take a quick break.

Just put my two cents worth in before we take a quick break.

Of course, I have never ever stopped you from sharing an opinion on this podcast.

Of course, I have never ever stopped you from sharing an opinion on this podcast.

All right, So government schemes absolutely, you can give you a massive leg up. And for some people there are really the only way they're going to be able to get into the property market. And I think this is something we should all be really grateful for and hopefully, you know what, we appreciate, appreciate, so hopefully they're only geting to get better here. But at the end of the day, they're never substitutes for the hard work, the discipline, the patients, and the serious self control and responsibility that comes with budgeting. So that you can benefit from this. This is one of many great stepping stones in your financial journey. And you know this allows you to buy a home, but also allows you to build and grow financial harmony in your life long term.

All right, So government schemes absolutely, you can give you a massive leg up. And for some people there are really the only way they're going to be able to get into the property market. And I think this is something we should all be really grateful for and hopefully, you know what, we appreciate, appreciate, so hopefully they're only geting to get better here. But at the end of the day, they're never substitutes for the hard work, the discipline, the patients, and the serious self control and responsibility that comes with budgeting. So that you can benefit from this. This is one of many great stepping stones in your financial journey. And you know this allows you to buy a home, but also allows you to build and grow financial harmony in your life long term.

Yeah, okay, So it is the government doing what you would expect of a government, which is providing support to people who need it, but it doesn't replace the importance of the hard work in the first place. Don't think anyone kind of goes into it expecting these support schemes to do all of the heavy lifting for them. That really you're just doing it knowing that, Hey, I'm doing everything I can to save a deposit. I know that I can serve as a mortgage. I just need some help to kind of hit that minimum.

Yeah, okay, So it is the government doing what you would expect of a government, which is providing support to people who need it, but it doesn't replace the importance of the hard work in the first place. Don't think anyone kind of goes into it expecting these support schemes to do all of the heavy lifting for them. That really you're just doing it knowing that, Hey, I'm doing everything I can to save a deposit. I know that I can serve as a mortgage. I just need some help to kind of hit that minimum.

And then pay that mortgage off.

And then pay that mortgage off.

Yeah, indeed. Okay, so we have got our first six on the list. We are sixty percent of the way through it. We will take a quick break and get the final four because you've got something that aren't related at all to government. These are other ideas altogether, right, correct, A very exciting We'll be back in a second cana. We are talking about ideas ten ideas to help get on the property ladder. So far, there's been a lot of government support and it was actually really useful to hear you go through those because you hear a lot of those the terminology thrown around to actually understand kind of how they all work together or which ones you might be eligible for, is really really useful. Can you give us four more ways, four more ideas to help get on the property ladder starting with number seven.

Yeah, indeed. Okay, so we have got our first six on the list. We are sixty percent of the way through it. We will take a quick break and get the final four because you've got something that aren't related at all to government. These are other ideas altogether, right, correct, A very exciting We'll be back in a second cana. We are talking about ideas ten ideas to help get on the property ladder. So far, there's been a lot of government support and it was actually really useful to hear you go through those because you hear a lot of those the terminology thrown around to actually understand kind of how they all work together or which ones you might be eligible for, is really really useful. Can you give us four more ways, four more ideas to help get on the property ladder starting with number seven.

Actually this is going to be a ten point ten list. So the next tip number seven, I'm actually going to combine two into one, So that is group renting and co op housing. So living with friends that are also saving up for a home. You know, you say, three friends, we all want to buy our own homes. Cost of living is really challenging find a place together. You're all motivated, you can keep each other accountable, you're all on the same similar budgets, and you can also support each other for when you know there are setbacks and challenges that come through. So that's a way of, you know, I guess, being in alignment with each other and you know, you've got three brains instead of one just focusing on one goal and you can all sort of get through there together.

Actually this is going to be a ten point ten list. So the next tip number seven, I'm actually going to combine two into one, So that is group renting and co op housing. So living with friends that are also saving up for a home. You know, you say, three friends, we all want to buy our own homes. Cost of living is really challenging find a place together. You're all motivated, you can keep each other accountable, you're all on the same similar budgets, and you can also support each other for when you know there are setbacks and challenges that come through. So that's a way of, you know, I guess, being in alignment with each other and you know, you've got three brains instead of one just focusing on one goal and you can all sort of get through there together.

I suppose that would be beneficial if you are trying to live a very low cost lifestyle, where if you are with two other people that are doing exactly the same thing, you certainly don't have that kind of haves and have not division within your household. Then because you're all in the same boat, you're all working towards the same goal. You just hope that you don't all end up competing for the same same place at auction.

I suppose that would be beneficial if you are trying to live a very low cost lifestyle, where if you are with two other people that are doing exactly the same thing, you certainly don't have that kind of haves and have not division within your household. Then because you're all in the same boat, you're all working towards the same goal. You just hope that you don't all end up competing for the same same place at auction.

I hadn't thought about that, but look, what I'm trying to say is like energy is contagious. So if you go and surround yourself with people who are focused and driven and inspired, is probably going to rub off on you. Okay, just like my financial advice drops off on you.

I hadn't thought about that, but look, what I'm trying to say is like energy is contagious. So if you go and surround yourself with people who are focused and driven and inspired, is probably going to rub off on you. Okay, just like my financial advice drops off on you.

It does. It rubs off very very slowly. It's like a glacier like wax on. So that is number seven group renting, co op housing, co op housing.

It does. It rubs off very very slowly. It's like a glacier like wax on. So that is number seven group renting, co op housing, co op housing.

This is we're still in number seven.

This is we're still in number seven.

Don't don't right rush me, trying to wrap you up.

Don't don't right rush me, trying to wrap you up.

So there was an interesting article that came out, i think, on the ab C the other weekend talking about this sort of taking off and this could potentially be a solution to obviously the housing short So cop is where a group of people together get a block of land and they put lots of small homes on the one particular block, and your rent is capped and it's but it's capped against your income can't be more than I think twenty five percent of your income. Now, this obviously allows people to actually start saving as well, but they're all because it's a cop you're all responsible for taking care of the wear and tear of the property.

So there was an interesting article that came out, i think, on the ab C the other weekend talking about this sort of taking off and this could potentially be a solution to obviously the housing short So cop is where a group of people together get a block of land and they put lots of small homes on the one particular block, and your rent is capped and it's but it's capped against your income can't be more than I think twenty five percent of your income. Now, this obviously allows people to actually start saving as well, but they're all because it's a cop you're all responsible for taking care of the wear and tear of the property.

You look very skeptical. Yes, yes, ah, this just feels fraught with problems. Number one, this is huge in Europe, okay, but we have got very very strict laws in Australia about kind of the properties, what you can do with a particular property, and having multiple small dwellings on a place feels like you would need counsel approval for multiple developments on there. Trying to cap rents to be what did you say.

You look very skeptical. Yes, yes, ah, this just feels fraught with problems. Number one, this is huge in Europe, okay, but we have got very very strict laws in Australia about kind of the properties, what you can do with a particular property, and having multiple small dwellings on a place feels like you would need counsel approval for multiple developments on there. Trying to cap rents to be what did you say.

Of twenty five percent of your income?

Of twenty five percent of your income?

Okay, it feels as though it's actually something that you wouldn't be able to do with your friends. You would actually need a company that is running this to come in and set it up. They would deal with local government or state government in terms of the approvals for this project, and then you could just come in and that would require companies with a social.

Okay, it feels as though it's actually something that you wouldn't be able to do with your friends. You would actually need a company that is running this to come in and set it up. They would deal with local government or state government in terms of the approvals for this project, and then you could just come in and that would require companies with a social.

Conscience, Yes, absolutely.

Conscience, Yes, absolutely.

Which does exist. So I didn't mean to sound kind of skeptical about that. Because there are a lot of companies that are doing a lot of good work in kind of social housing, low cost housing and trying to help people to get into the market. But it does feel like this is one of those ones that actually needs bigger support because we do have a lot of rules around what you can and can't do with property in Australia exactly.

Which does exist. So I didn't mean to sound kind of skeptical about that. Because there are a lot of companies that are doing a lot of good work in kind of social housing, low cost housing and trying to help people to get into the market. But it does feel like this is one of those ones that actually needs bigger support because we do have a lot of rules around what you can and can't do with property in Australia exactly.

But it's definitely an idea and for young families, you know, this could be something that helps create that stability without having to necessarily go and buy.

But it's definitely an idea and for young families, you know, this could be something that helps create that stability without having to necessarily go and buy.

For my too negative. Sometimes I was.

For my too negative. Sometimes I was.

Quite taken aback. I thought it would have pricked up with curiosity.

Quite taken aback. I thought it would have pricked up with curiosity.

I think my big problem would be just living with other people.

I think my big problem would be just living with other people.

Oh yeah, you could not do it.

Oh yeah, you could not do it.

No, no, I'm not really a people person.

No, no, I'm not really a people person.

No you're not. Thanks, Okay, no, okay.

No you're not. Thanks, Okay, no, okay.

Fine, let's move on to number wow, number eight. What's on the list?

Fine, let's move on to number wow, number eight. What's on the list?

Okay, this again, I've combined three into one. But it's a combination of house sitting, dog sitting, being a boarding master, or o pairing. So we've had tom My Partner on the show before and he shared that he was actually a boarding master for a local school in Sydney and he lived there. I think for a year or two. His rent was provided and his food was covered and he had minimal outgoings and he was able to save up his deposit for his first home. We have an pair living with us at the moment, and you know, she's actually working as well. She's a pe teacher. But it works really well for her because she doesn't have to worry about having to pay rent and you know, pay for expensive food, and she can actually save up money whilst living with us, but also is helping us out as well with three young children and the madness of our houses. I also met another couple, and this was a while ago, but I met them at the dog park and they are professional dog and house sitters and they're a couple so that if they get booked for two different houses, they can just you know, separate for the week or the month, whatever it may be. And they work remotely from the houses that they sit in, so the animals are taking care of the gardens, are taking care of the houses safe and secure. They're actually getting paid as well, but they have minimal outgoings.

Okay, this again, I've combined three into one. But it's a combination of house sitting, dog sitting, being a boarding master, or o pairing. So we've had tom My Partner on the show before and he shared that he was actually a boarding master for a local school in Sydney and he lived there. I think for a year or two. His rent was provided and his food was covered and he had minimal outgoings and he was able to save up his deposit for his first home. We have an pair living with us at the moment, and you know, she's actually working as well. She's a pe teacher. But it works really well for her because she doesn't have to worry about having to pay rent and you know, pay for expensive food, and she can actually save up money whilst living with us, but also is helping us out as well with three young children and the madness of our houses. I also met another couple, and this was a while ago, but I met them at the dog park and they are professional dog and house sitters and they're a couple so that if they get booked for two different houses, they can just you know, separate for the week or the month, whatever it may be. And they work remotely from the houses that they sit in, so the animals are taking care of the gardens, are taking care of the houses safe and secure. They're actually getting paid as well, but they have minimal outgoings.

You would need to be very well organized for that, because if you've got a week here and a week there, like what are you doing in the three days in between? For instance? Do you need a home base that you can kind of keep coming back to and are you paying rent on that when you're not there?

You would need to be very well organized for that, because if you've got a week here and a week there, like what are you doing in the three days in between? For instance? Do you need a home base that you can kind of keep coming back to and are you paying rent on that when you're not there?

So, God, I'm doing it, you are, okay? So they put all their stuff into storage, okay, and when they're stuck in between, they just use an airbnb if they're in between properties. But they said it really happens there. They're in such high demand because people know that their pets have been taken care of us are away. And of course stop boarding is really expensive, so sometimes it can actually be cheaper.

So, God, I'm doing it, you are, okay? So they put all their stuff into storage, okay, and when they're stuck in between, they just use an airbnb if they're in between properties. But they said it really happens there. They're in such high demand because people know that their pets have been taken care of us are away. And of course stop boarding is really expensive, so sometimes it can actually be cheaper.

Okay, all right, Well they're good ideas that give you somewhere to live while you're saving money. We can kind of group them together under that category at number nine. Have we've got two more to go? Numbers nine and ten?

Okay, all right, Well they're good ideas that give you somewhere to live while you're saving money. We can kind of group them together under that category at number nine. Have we've got two more to go? Numbers nine and ten?

Nine and ten. Yes.

Nine and ten. Yes.

So I will promise that I will not be negative about anything that you say.

So I will promise that I will not be negative about anything that you say.

Now you're going to be really negative about number nine.

Now you're going to be really negative about number nine.

But I've just promised.

But I've just promised.

God, I just set myself up with failure, all right, returning to live with parents or other family members whilst you save aggressively.

God, I just set myself up with failure, all right, returning to live with parents or other family members whilst you save aggressively.

Why would I be negative about that? See, you don't know me at all, do you. I think, like I'm already thinking ahead to when kind of my kids have left home. I would gladly welcome them back. They can stay and live for a couple of years. I'm at that point where I'm very clean and I never never want to let them go. But no, that does make sense. And if you are fortunate enough you go to be to have that relationship, to have the relationship, to have family that live in an area that you're able to get to, and it's it's kind of compatible with your work, then why wouldn't you, like, why wouldn't you make the most of that? And also it might be a pretty kind of precious time exactly.

Why would I be negative about that? See, you don't know me at all, do you. I think, like I'm already thinking ahead to when kind of my kids have left home. I would gladly welcome them back. They can stay and live for a couple of years. I'm at that point where I'm very clean and I never never want to let them go. But no, that does make sense. And if you are fortunate enough you go to be to have that relationship, to have the relationship, to have family that live in an area that you're able to get to, and it's it's kind of compatible with your work, then why wouldn't you, like, why wouldn't you make the most of that? And also it might be a pretty kind of precious time exactly.

And I have four really close friends who did this, and two of which were you know, in relationships, married and with kids. And it was great and they had an extra set of hands to help up with bathtime and dinner time. It was a really beautiful bonding moment. And you know, it allowed them to obviously focus on saving up as much as possible, and they're now they are now homeowners, and you know, it's not forever, it's just a stepping stone, but it is definitely something that's worthwhile. Considering and if it's not necessarily your parents, perhaps it's an aunt or uncle or a good parent or you know, someone else in that family network.

And I have four really close friends who did this, and two of which were you know, in relationships, married and with kids. And it was great and they had an extra set of hands to help up with bathtime and dinner time. It was a really beautiful bonding moment. And you know, it allowed them to obviously focus on saving up as much as possible, and they're now they are now homeowners, and you know, it's not forever, it's just a stepping stone, but it is definitely something that's worthwhile. Considering and if it's not necessarily your parents, perhaps it's an aunt or uncle or a good parent or you know, someone else in that family network.

Okay, I like that one. No negativity here, Cana number ten.

Okay, I like that one. No negativity here, Cana number ten.

So this is the I won't saying this is it political, but it's considered working overseas? Ah, yes, so depending on you know where you move to and you know what can be included as part of your contract. You know, some people go agree to go and work overseas, especially when their accommodation is paid for, and some organizations will even pay for children's education as well as you know transportation costs, flights, and if you're moving to another country with a different tax system, you know, like Singapore or Hong Kong, it actually can be a huge opportunity to save up a substantial deposit. And I know people who've done this and they're not only have they bought a place that actually paid the place off.

So this is the I won't saying this is it political, but it's considered working overseas? Ah, yes, so depending on you know where you move to and you know what can be included as part of your contract. You know, some people go agree to go and work overseas, especially when their accommodation is paid for, and some organizations will even pay for children's education as well as you know transportation costs, flights, and if you're moving to another country with a different tax system, you know, like Singapore or Hong Kong, it actually can be a huge opportunity to save up a substantial deposit. And I know people who've done this and they're not only have they bought a place that actually paid the place off.

Oh wow, yeah that is amazing.

Oh wow, yeah that is amazing.

Yeah, it's life changing, and it's now meant that they're freed up to be actually focused on investing, not just chasing the tail with a mortgage your payment.

Yeah, it's life changing, and it's now meant that they're freed up to be actually focused on investing, not just chasing the tail with a mortgage your payment.

Okay, all right, that is ten.

Okay, all right, that is ten.

It's actually technically fifteen if you really want to go and add up all the individual ones. Oh, what's that saying? Under promise over deliver you.

It's actually technically fifteen if you really want to go and add up all the individual ones. Oh, what's that saying? Under promise over deliver you.

I have certainly over delivered today. So that is ten slash fifteen somewhere in that there's an abundance of ideas. We can just say that, right. So you had the first home guarantee, the first Home super Saver scheme, stamp duty concessions, Family home guarantee, first home owner grant, the shared equity scheme, and then into the non government ones, your group renting and co op housing and your house sitting, dog sitting, various other kind of ones where you are looking here pairing being a house master or a boarding master, living with parents, living with family, or potentially working overseas and just investigating those options. So there are really these are kind of grouped into two. You've got your government support and then you've got your ways to reduce your living costs while you are saving for that saving for that deposit, because that is the hard part here, trying to get that deposit together to get into the market, because it just keeps on.

I have certainly over delivered today. So that is ten slash fifteen somewhere in that there's an abundance of ideas. We can just say that, right. So you had the first home guarantee, the first Home super Saver scheme, stamp duty concessions, Family home guarantee, first home owner grant, the shared equity scheme, and then into the non government ones, your group renting and co op housing and your house sitting, dog sitting, various other kind of ones where you are looking here pairing being a house master or a boarding master, living with parents, living with family, or potentially working overseas and just investigating those options. So there are really these are kind of grouped into two. You've got your government support and then you've got your ways to reduce your living costs while you are saving for that saving for that deposit, because that is the hard part here, trying to get that deposit together to get into the market, because it just keeps on.

Climbing, exactly. I just never feel like you get there. And this gives you a bit of a respite to kind of catch up again.

Climbing, exactly. I just never feel like you get there. And this gives you a bit of a respite to kind of catch up again.

Yeah, absolutely, Okay, how do we find you if we want more information?

Yeah, absolutely, Okay, how do we find you if we want more information?

The best place to contact me is through Sugar Mama on Instagram or Canna Campbell Official.

The best place to contact me is through Sugar Mama on Instagram or Canna Campbell Official.

And you can hear me every day with Sean Aylmer on Fear and Greed daily business news for people who make their own decisions. Thank you for listening to how do they afford that? Remember to follow on the podcast. That is absolutely crucial, And the very best thing that you can do to help spread the word is to tell somebody else about this episode. Send them the link if you think they might be interested in hearing some of these ideas. Thank you very much for your company. Join us again next week

And you can hear me every day with Sean Aylmer on Fear and Greed daily business news for people who make their own decisions. Thank you for listening to how do they afford that? Remember to follow on the podcast. That is absolutely crucial, And the very best thing that you can do to help spread the word is to tell somebody else about this episode. Send them the link if you think they might be interested in hearing some of these ideas. Thank you very much for your company. Join us again next week