You're listening to the Weekend Collective podcast from News Talk SEDB.

You're listening to the Weekend Collective podcast from News Talk SEDB.

Dreaming Ovel Chris just like hearing me as well. Welcome back to the show. I'm Tim Beveridge and this is the Weekend Collective on the seventh of December, coming up right now, the one roof radio show. And actually we are with my guest Nicole Lewis is on her way, but she has been a little bit held up in traffic. But what we're going to talk about is the new research from Kiwibank that's found that one in three first home buyers in New Zealand has got a boost from the Bank of Mum and Dad. So we'll be taking your calls on eight hundred and eighty ten eighty text nine nine two.

Dreaming Ovel Chris just like hearing me as well. Welcome back to the show. I'm Tim Beveridge and this is the Weekend Collective on the seventh of December, coming up right now, the one roof radio show. And actually we are with my guest Nicole Lewis is on her way, but she has been a little bit held up in traffic. But what we're going to talk about is the new research from Kiwibank that's found that one in three first home buyers in New Zealand has got a boost from the Bank of Mum and Dad. So we'll be taking your calls on eight hundred and eighty ten eighty text nine nine two.

Oh.

Oh.

By the way, if you missed the panel, a nice panel. We had a fun panel with Irene Gardner and Simon Wilson. If you miss any of the hours, you can go to wherever you podcasts and basically just look for the Weekend Collective and dial it up and there we'll be. But yes, back to the Bank of Mum and Dad. So I mean, I guess am I surprised that it's one in three first time buyers. You might have heard Simon Wilson said that when it comes to gen X, it's something like sixty percent of first home buyers got a boost from the Bank of Mum and Dad. Actually, I'm just trying to think, oh no, we didn't get a boost in the Bank of Mum and Dad when we bought ours. Although when you when your parents pass away, it does help you pay off some people will be paying off a chunk of their mortgage, which is what we did with ours as well. But with the cost of living and rising interest rates, there'd be a lot of parents who are thinking, you know, how on earth are we going to help our kids? I would be one of them, to be honest, I'd be thinking how on earth can I ever? That is something that's actually on my mind as a parent, is being in a position to help my kids into a house, because you know, the pressures of just paying off your own mortgage and the cost of the cost of retiring and all that sort of thing. So we want to actually want to We want to have your calls as well one hundred ten eighty on how are you planning to help at your kids? Or did you get help into your first house. What was it that actually helped you become a first home buyer because with the amount of well the cost of houses. Although I will I've had plenty of guests over the years who say, look, it's always been tough to get into property for whatever. Maybe the capital prices as a percentage of income were lower, and I think think that is actually quite a significant thing. But there also have been times, as you will hear when we talk about these things, truckloads of well, there have been people paying to truckloads. When it comes to the interest rates, the good old ah, they were fleeting, I think, but remember the days of eighteen percent mortgage rates. Anyway, we're gonna have a chat about that. And to join me is in the studio. He's my way through the traffic is Nicole Lewis. Hello, how are you?

By the way, if you missed the panel, a nice panel. We had a fun panel with Irene Gardner and Simon Wilson. If you miss any of the hours, you can go to wherever you podcasts and basically just look for the Weekend Collective and dial it up and there we'll be. But yes, back to the Bank of Mum and Dad. So I mean, I guess am I surprised that it's one in three first time buyers. You might have heard Simon Wilson said that when it comes to gen X, it's something like sixty percent of first home buyers got a boost from the Bank of Mum and Dad. Actually, I'm just trying to think, oh no, we didn't get a boost in the Bank of Mum and Dad when we bought ours. Although when you when your parents pass away, it does help you pay off some people will be paying off a chunk of their mortgage, which is what we did with ours as well. But with the cost of living and rising interest rates, there'd be a lot of parents who are thinking, you know, how on earth are we going to help our kids? I would be one of them, to be honest, I'd be thinking how on earth can I ever? That is something that's actually on my mind as a parent, is being in a position to help my kids into a house, because you know, the pressures of just paying off your own mortgage and the cost of the cost of retiring and all that sort of thing. So we want to actually want to We want to have your calls as well one hundred ten eighty on how are you planning to help at your kids? Or did you get help into your first house. What was it that actually helped you become a first home buyer because with the amount of well the cost of houses. Although I will I've had plenty of guests over the years who say, look, it's always been tough to get into property for whatever. Maybe the capital prices as a percentage of income were lower, and I think think that is actually quite a significant thing. But there also have been times, as you will hear when we talk about these things, truckloads of well, there have been people paying to truckloads. When it comes to the interest rates, the good old ah, they were fleeting, I think, but remember the days of eighteen percent mortgage rates. Anyway, we're gonna have a chat about that. And to join me is in the studio. He's my way through the traffic is Nicole Lewis. Hello, how are you?

Hello? And no, very good. It's like peak traffic on Saturday.

Hello? And no, very good. It's like peak traffic on Saturday.

What what was going on? Oh it was Christmas, let's.

What what was going on? Oh it was Christmas, let's.

Call it Christmas shopping. Well, I don't know.

Call it Christmas shopping. Well, I don't know.

You just haven't walked in here from next door, have you? I mean, actually, how did you get into your first home?

You just haven't walked in here from next door, have you? I mean, actually, how did you get into your first home?

I sold my car to buy a house. There you go, what sort of car? Was, well, it was. It was a nice car, that was true. Mer No, no, no, no, it's actually what was it?

I sold my car to buy a house. There you go, what sort of car? Was, well, it was. It was a nice car, that was true. Mer No, no, no, no, it's actually what was it?

It was?

It was?

It was a Toyoda. It was an m R two, which was pretty cool back then. It was about forty five thousand, I think, which was wow, enough enough to get a house. And then we bought this little bomb for two grand that was so rusty you could put your finger through it.

It was a Toyoda. It was an m R two, which was pretty cool back then. It was about forty five thousand, I think, which was wow, enough enough to get a house. And then we bought this little bomb for two grand that was so rusty you could put your finger through it.

How how long ago was I mean, we don't like it.

How how long ago was I mean, we don't like it.

It was No, that was a long time ago.

It was No, that was a long time ago.

That's a car, then, isn't it.

That's a car, then, isn't it.

That would have been thirty years ago, so you must have been you could borrow ninety percent?

That would have been thirty years ago, so you must have been you could borrow ninety percent?

Wow, Actually that is That is a major thing as well for your first home buyers. In fact, do you think what what is the biggest barrier to first time buyers buying a house? Is it the cost of the house or is it the amount that they have put up? Because not everyone can get a you know, mortgage of ninety percent these days, can they? No?

Wow, Actually that is That is a major thing as well for your first home buyers. In fact, do you think what what is the biggest barrier to first time buyers buying a house? Is it the cost of the house or is it the amount that they have put up? Because not everyone can get a you know, mortgage of ninety percent these days, can they? No?

Look, ninety percent mortgages a few and far between. Most of the time they've got to put up twenty percent, which is a lot. And house prices are a lot more expensive than when I bought mine. Thirty years ago as well. So you know, if you're paying seven hundred thousand dollars for a house in Auckland and you've got to put on twenty percent one hundred and forty thousand, there's a lot of savings.

Look, ninety percent mortgages a few and far between. Most of the time they've got to put up twenty percent, which is a lot. And house prices are a lot more expensive than when I bought mine. Thirty years ago as well. So you know, if you're paying seven hundred thousand dollars for a house in Auckland and you've got to put on twenty percent one hundred and forty thousand, there's a lot of savings.

I'll switch my microphone on now. I switched it off for sking to cleanuth. Right. Actually, so I'm just I'm hung up on that. How much you got for your car second hands, that's that's a good deal. But did you get into property quite early when you Because we know your journey is that you had your ups and then you had incredible downs and now you're back into it.

I'll switch my microphone on now. I switched it off for sking to cleanuth. Right. Actually, so I'm just I'm hung up on that. How much you got for your car second hands, that's that's a good deal. But did you get into property quite early when you Because we know your journey is that you had your ups and then you had incredible downs and now you're back into it.

So I did. I got into property when I was young. Definitely got my first property when I was in my early twenties, but then had to start all over again really in my mid thirties. So I've done it to first time twice, and yeah, I think I think saving that deposit is definitely tricky.

So I did. I got into property when I was young. Definitely got my first property when I was in my early twenties, but then had to start all over again really in my mid thirties. So I've done it to first time twice, and yeah, I think I think saving that deposit is definitely tricky.

How did you do the second time? How did that ride?

How did you do the second time? How did that ride?

Well? Interesting?

Well? Interesting?

I see what we knew. We sold horse poo.

I see what we knew. We sold horse poo.

We know that, yes, and then I used property to make money to buy property. In fact, it prompted me. I've just finished my second book called No Money Deals. It's at the printers now release.

We know that, yes, and then I used property to make money to buy property. In fact, it prompted me. I've just finished my second book called No Money Deals. It's at the printers now release.

The last one's property property Quadrants.

The last one's property property Quadrants.

So this one's all about quadrant three, how to do property with no money, and it's going to get released in New Zealand in March. It's crime again and that's what inspired it. It was like, how do these people that the percentage that don't have the bank of mom and dad? How do they get into property? And I did it with no money, That's how I did it. So that's it's a used property to make money because you can make one hundred thousand dollars from property quicker than you can save it from your wages.

So this one's all about quadrant three, how to do property with no money, and it's going to get released in New Zealand in March. It's crime again and that's what inspired it. It was like, how do these people that the percentage that don't have the bank of mom and dad? How do they get into property? And I did it with no money, That's how I did it. So that's it's a used property to make money because you can make one hundred thousand dollars from property quicker than you can save it from your wages.

That sounds like chicken in the egg. In fact, we'll dig into that in just a moment. We've got some calls to get into first. So Ellie, hello, oh.

That sounds like chicken in the egg. In fact, we'll dig into that in just a moment. We've got some calls to get into first. So Ellie, hello, oh.

There, I'm driving on the motorway. I'm heading to Hamilton. But you're talking about the bank of mom and Dad. I know that's been highlighted a lot this week, and it is. It's a real thing, and I've done it.

There, I'm driving on the motorway. I'm heading to Hamilton. But you're talking about the bank of mom and Dad. I know that's been highlighted a lot this week, and it is. It's a real thing, and I've done it.

What which was as as the mum and dad or as the as the child of mum and dad?

What which was as as the mum and dad or as the as the child of mum and dad?

Well the child, well we are the parents and help our daughter. Well, basically they had a deposit by the house. My son Will had a really good job, but however, my daughter daughter's job is just part time, and the broker said there wasn't enough income for them to get this loan, and so what they actually did is they had to deposit, but they had to come up with a little bit more, and also they had to bring their sister in as another full time income earner, so it would be you know, a really good look on the loan documents because she was full time. So basically, as a mart appearance, we were on paper legally through the lawyer had to throw up and we put down six thousand dollars to top up what they did.

Well the child, well we are the parents and help our daughter. Well, basically they had a deposit by the house. My son Will had a really good job, but however, my daughter daughter's job is just part time, and the broker said there wasn't enough income for them to get this loan, and so what they actually did is they had to deposit, but they had to come up with a little bit more, and also they had to bring their sister in as another full time income earner, so it would be you know, a really good look on the loan documents because she was full time. So basically, as a mart appearance, we were on paper legally through the lawyer had to throw up and we put down six thousand dollars to top up what they did.

Ye are you are you also listed as owners co owners of the property?

Ye are you are you also listed as owners co owners of the property?

No?

No?

No, no, no. This is how we did it, and I don't know if we got around it anyway.

No, no, no. This is how we did it, and I don't know if we got around it anyway.

So you can give them the deposit.

So you can give them the deposit.

Yes, but we had to sign the tables, yes, right, yes, but my daughter paid it back in the end. Yes, to get the loan, we had.

Yes, but we had to sign the tables, yes, right, yes, but my daughter paid it back in the end. Yes, to get the loan, we had.

To give the yes, exactly.

To give the yes, exactly.

Okay, So that was how they got into their house. But they also had his sister who.

Okay, So that was how they got into their house. But they also had his sister who.

Had no money.

Had no money.

He surely had a qui saver. She was a wrecking girl. She's only what twenty two. She came in on the mortgage doctor as in half owners and she's got half equity in that property. Now Magoola has no money in the bank's doing Okay.

He surely had a qui saver. She was a wrecking girl. She's only what twenty two. She came in on the mortgage doctor as in half owners and she's got half equity in that property. Now Magoola has no money in the bank's doing Okay.

Yeah, yeah, exactly. I mean, as you're two keys, doesn't it Deposit and income they're the two things you've got to use to keep the bank happy.

Yeah, yeah, exactly. I mean, as you're two keys, doesn't it Deposit and income they're the two things you've got to use to keep the bank happy.

So that's how we got around that.

So that's how we got around that.

Can I also, can I just say, is everyone happy with that arrangement? Is that working out? Okay?

Can I also, can I just say, is everyone happy with that arrangement? Is that working out? Okay?

How we did it? Yes, it did, but we made it quite clear it was going to have to come back that we did that personally on the side, and they just sorted it back to us. But you know, here and there. But I was just saying that, you know how with these loans and these banks, you are actually you're discriminated if you have children when you apply for these loans. Because when I when my daughter, her and her husband were working, they moved in with us to say to their house, and they thought that she was paying child's care, so they had to factor that cost into the expenses and they said, oh no, no, no, Mom, and mom's looking after baby, which I was, and that was during COVID because she took her job home and she still sent her from home. So it was a good arrangement. M the house, you know what I mean. Otherwise they look they look at stuff like that, you know, like and if you've got if she was, if she had another child.

How we did it? Yes, it did, but we made it quite clear it was going to have to come back that we did that personally on the side, and they just sorted it back to us. But you know, here and there. But I was just saying that, you know how with these loans and these banks, you are actually you're discriminated if you have children when you apply for these loans. Because when I when my daughter, her and her husband were working, they moved in with us to say to their house, and they thought that she was paying child's care, so they had to factor that cost into the expenses and they said, oh no, no, no, Mom, and mom's looking after baby, which I was, and that was during COVID because she took her job home and she still sent her from home. So it was a good arrangement. M the house, you know what I mean. Otherwise they look they look at stuff like that, you know, like and if you've got if she was, if she had another child.

Yeah, they certainly do. Number of dependents.

Yeah, they certainly do. Number of dependents.

Yes, my daughter in law in Australia, she didn't tell them that she was pregnant with number two, which.

Yes, my daughter in law in Australia, she didn't tell them that she was pregnant with number two, which.

They wouldn't have got there alone.

They wouldn't have got there alone.

It's sad, isn't it.

It's sad, isn't it.

Well it's tough. Yeah, hey, thanks, we call Elie. So getting getting back to you the the no money something or get when when you got back into property once you lost everything and you did work to save up and I've joked about the horsepoof sort of thing, but it's true you did sell horsepoo. Yes, yes, I'm not sure how much you raised through selling the horse purpose.

Well it's tough. Yeah, hey, thanks, we call Elie. So getting getting back to you the the no money something or get when when you got back into property once you lost everything and you did work to save up and I've joked about the horsepoof sort of thing, but it's true you did sell horsepoo. Yes, yes, I'm not sure how much you raised through selling the horse purpose.

Well look I've probably made about a whole thousand dollars yeah, oh okay, impressive.

Well look I've probably made about a whole thousand dollars yeah, oh okay, impressive.

So did you How did you get into it again?

So did you How did you get into it again?

Then?

Then?

Once I haven't been.

Once I haven't been.

Out Okay, Well, to start with, I knew what I was doing, so I did start property, yeah, and did very well in property, but got caught in the global financial crisis and lost a lot of money. So I knew what I was doing and I knew the mistakes. So both of those it's just as important to know what not to do as it is to know what to do. So really, after being after losing everything, it was a mindset battle get my head back in the game and get ready for round two of property, and then I knew what to do and I knew what to avoid. So that was simply what I did. Because the thing is too if you if you make money in property, not only you're ticking both boxes. So you're ticking the box of I'm raising the deposit for the bank, and you're taking the box of I'm making some income. So it helps in two ways there.

Out Okay, Well, to start with, I knew what I was doing, so I did start property, yeah, and did very well in property, but got caught in the global financial crisis and lost a lot of money. So I knew what I was doing and I knew the mistakes. So both of those it's just as important to know what not to do as it is to know what to do. So really, after being after losing everything, it was a mindset battle get my head back in the game and get ready for round two of property, and then I knew what to do and I knew what to avoid. So that was simply what I did. Because the thing is too if you if you make money in property, not only you're ticking both boxes. So you're ticking the box of I'm raising the deposit for the bank, and you're taking the box of I'm making some income. So it helps in two ways there.

So how would you advise someone who's really struggling on the deposit side. I mean, a lot of the time they're going to have to rely on mom and dad, aren't they, or some other form of.

So how would you advise someone who's really struggling on the deposit side. I mean, a lot of the time they're going to have to rely on mom and dad, aren't they, or some other form of.

Look, there's a certain portion of people that can rely on mom and dad because mum and dad have got either equity or cash or an income that they're happy to guarantee with But there's also a huge proportion of the population out there that can't rely on mom and dad because the number of our renters are actually increasing. So I wanted to think how do we help those people? And it really is just bucking the traditional thinking. The traditional thinking is we get our job, we save until we've got a deposit. Now, yes, key, we save. It is a massive help which we didn't have years ago, but it still takes a lot of time. So I looked at it thinking, well, how do we use property? Basically, that's how I did it. So I'd go and i'd buy a property. I would go and meet property investors that might want to do a flip or they might want a property to put into their portfolio. I'd find out what type of property did they want, and then I'd make it my business to go and look for it for them.

Look, there's a certain portion of people that can rely on mom and dad because mum and dad have got either equity or cash or an income that they're happy to guarantee with But there's also a huge proportion of the population out there that can't rely on mom and dad because the number of our renters are actually increasing. So I wanted to think how do we help those people? And it really is just bucking the traditional thinking. The traditional thinking is we get our job, we save until we've got a deposit. Now, yes, key, we save. It is a massive help which we didn't have years ago, but it still takes a lot of time. So I looked at it thinking, well, how do we use property? Basically, that's how I did it. So I'd go and i'd buy a property. I would go and meet property investors that might want to do a flip or they might want a property to put into their portfolio. I'd find out what type of property did they want, and then I'd make it my business to go and look for it for them.

Oh so you did it by okay, so finding? Yeah, okay, finding you need to okay, carry on interrupted you, but.

Oh so you did it by okay, so finding? Yeah, okay, finding you need to okay, carry on interrupted you, but.

That's all right. So I'd go and find them the property that they wanted, and then I'd settle it contemporaneously. In other words, back to back. I was so I'd be the buyer and one contract and the seller and another contract, and I'd make maybe fifteen twenty thousand dollars in between. Wow, And then I started making more and more. Best one I've ever done is two hundred thousand, So that's not bad. Now you've got to pack tax on that, of course, because it's incomes.

That's all right. So I'd go and find them the property that they wanted, and then I'd settle it contemporaneously. In other words, back to back. I was so I'd be the buyer and one contract and the seller and another contract, and I'd make maybe fifteen twenty thousand dollars in between. Wow, And then I started making more and more. Best one I've ever done is two hundred thousand, So that's not bad. Now you've got to pack tax on that, of course, because it's incomes.

But nevertheless, sorry, how would you You'd find someone? You'd find the house, yes, and you'd find it at a price where you would think, okay, this is a great house. But then you'd say, listen, I found a house. How did you stay the middle person there?

But nevertheless, sorry, how would you You'd find someone? You'd find the house, yes, and you'd find it at a price where you would think, okay, this is a great house. But then you'd say, listen, I found a house. How did you stay the middle person there?

Because it's well, it's simple, and it's simple and it's difficult. You need two things in order to make those no money deals work. You need the property and the person.

Because it's well, it's simple, and it's simple and it's difficult. You need two things in order to make those no money deals work. You need the property and the person.

And the nouse and the hotspa.

And the nouse and the hotspa.

Not correct, Yeah, correct, that's true. That's true. So you start off going, well, where's your person that's going to buy it off you? Well, they're in the property investor world. So you go and you join those property investor groups and you get to meet those people. And I have to say that the key to making it work is to genuinely want to help them, not to be trying to grab money for yourself. You know, whenever I was desperate, and oh my goodness, there were plenty of times desperate for money, I tend to repel buyers and nobody wanted anything. But when I got to the point where it's like, oh, okay, well it'll be nice if this works, but it's okay if it doesn't, then everything falls into place. And I know it's easier said than done. It is to drive me nuts. When you listen to the books of the rich, do worry about money?

Not correct, Yeah, correct, that's true. That's true. So you start off going, well, where's your person that's going to buy it off you? Well, they're in the property investor world. So you go and you join those property investor groups and you get to meet those people. And I have to say that the key to making it work is to genuinely want to help them, not to be trying to grab money for yourself. You know, whenever I was desperate, and oh my goodness, there were plenty of times desperate for money, I tend to repel buyers and nobody wanted anything. But when I got to the point where it's like, oh, okay, well it'll be nice if this works, but it's okay if it doesn't, then everything falls into place. And I know it's easier said than done. It is to drive me nuts. When you listen to the books of the rich, do worry about money?

Well, that's the adage as well. That's I mean, success does breed success. The more success you have, the more comfortable you are with and there's a certain certain relaxation I guess of I'm not sure what it is, but when you're really desperate, it's almost like everyone can smell it. Yes, and it puts people.

Well, that's the adage as well. That's I mean, success does breed success. The more success you have, the more comfortable you are with and there's a certain certain relaxation I guess of I'm not sure what it is, but when you're really desperate, it's almost like everyone can smell it. Yes, and it puts people.

Off exactly exactly. But I think the other key fact and when you're desperate, is not to be greedy. I mean, you know, when I was making my first million for the second time, as I call it, my first deal made me two thousand dollars and I was over the moon. I made two grand. Yeah, I look back now and go, what did I discount it for? It was dumb, but you've got to be happy with every success.

Off exactly exactly. But I think the other key fact and when you're desperate, is not to be greedy. I mean, you know, when I was making my first million for the second time, as I call it, my first deal made me two thousand dollars and I was over the moon. I made two grand. Yeah, I look back now and go, what did I discount it for? It was dumb, but you've got to be happy with every success.

So how did you How did that first deal play out for you?

So how did you How did that first deal play out for you?

So I'd gone and I'd met a person at a property group that wanted a rental property in a certain areas. I went and found one, got that property under contract, rang them up, and I said, I found it, and I can't remember the details, but say I bought it for five hundred thousand.

So I'd gone and I'd met a person at a property group that wanted a rental property in a certain areas. I went and found one, got that property under contract, rang them up, and I said, I found it, and I can't remember the details, but say I bought it for five hundred thousand.

Oh so I get it. Sorry, yes, being a bit vague. So you would you put something under contract conditional correct, and you would go say, look, I've got it. Do you want to take this over? And my fee is.

Oh so I get it. Sorry, yes, being a bit vague. So you would you put something under contract conditional correct, and you would go say, look, I've got it. Do you want to take this over? And my fee is.

X well to a degree, because that's assigning the deal and that's illegal. So you'd have to settle it what they call contemporaneously. So I've bought it for five hundred thousand, I'm going to sell it to him for five hundred and ten thousand as such, and then the two contracts settle on the same day, a couple of minutes apart.

X well to a degree, because that's assigning the deal and that's illegal. So you'd have to settle it what they call contemporaneously. So I've bought it for five hundred thousand, I'm going to sell it to him for five hundred and ten thousand as such, and then the two contracts settle on the same day, a couple of minutes apart.

God, that's that's quite ballsy. That would tear it.

God, that's that's quite ballsy. That would tear it.

Really, it's just now it's a strategy and if you've got the right condition in there, this is where you use a due diligence, you've got no risk, you can walk away zero risk. So it's just a strategy of.

Really, it's just now it's a strategy and if you've got the right condition in there, this is where you use a due diligence, you've got no risk, you can walk away zero risk. So it's just a strategy of.

Gosh, that's fascinating. That's actually you were saying that's quadrant three or something, whether your book your property quadrants, which has been burning a hole in my backpack. Actually, look, we want to hear from you as well. But before we go to the break, are there any bits of advice you'd give two parents as because one of the means that they might help their kids into a house is Okay, let's say your parents have owned it. They've basically got maybe let's say they've got ninety percent equity or they've got a truckload of equity. They can use that equity. Can't they to help their kids buy a house?

Gosh, that's fascinating. That's actually you were saying that's quadrant three or something, whether your book your property quadrants, which has been burning a hole in my backpack. Actually, look, we want to hear from you as well. But before we go to the break, are there any bits of advice you'd give two parents as because one of the means that they might help their kids into a house is Okay, let's say your parents have owned it. They've basically got maybe let's say they've got ninety percent equity or they've got a truckload of equity. They can use that equity. Can't they to help their kids buy a house?

Yes?

Yes?

And what would what would the pitfalls of that be? I guess the kid's not making the mortgage payments.

And what would what would the pitfalls of that be? I guess the kid's not making the mortgage payments.

Well, don't forget the two things the bank want to see is the deposit and the income. So if the parents give them, it depends how they do it. If the parents go to the bank and borrow against their house and then give it to the kids, then the two properties are separate as far as the banker is concerned, but the parents have now got a mortgage, so they'd have to have the ability to service that as far as the bank is concerned. In some cases the parents might be retired, they can't borrow, so they say to the kids, use my equity. In that case, the bank will blanket the security, they'll take security over.

Well, don't forget the two things the bank want to see is the deposit and the income. So if the parents give them, it depends how they do it. If the parents go to the bank and borrow against their house and then give it to the kids, then the two properties are separate as far as the banker is concerned, but the parents have now got a mortgage, so they'd have to have the ability to service that as far as the bank is concerned. In some cases the parents might be retired, they can't borrow, so they say to the kids, use my equity. In that case, the bank will blanket the security, they'll take security over.

To so they'll basically just say, look, we're going to take a mortgage of a mum and dad's property. So if anything goes wrong, mum and dadda in the game direct that's sounds potentially worse. Or are they both the same?

To so they'll basically just say, look, we're going to take a mortgage of a mum and dad's property. So if anything goes wrong, mum and dadda in the game direct that's sounds potentially worse. Or are they both the same?

They're both the same really when you think about it, Mum and Dad's properties at risk either way if they do it that way.

They're both the same really when you think about it, Mum and Dad's properties at risk either way if they do it that way.

I guess. So if they borrow it and give it, they are only in the gun for what they've borrowed, correct. Whereas if they give a blanket surety with their property for their for their children, and look, there'd be some parents who for that That is an absolute no brain. It's because my kids are amazing and I know what sort of people they are, and I know they're going to make sure that they look after this. Whereas it would you would end up in trouble where you've given you money to maybe the errant child and the family who goes off and ruins everything, and then you're ruined your screw.

I guess. So if they borrow it and give it, they are only in the gun for what they've borrowed, correct. Whereas if they give a blanket surety with their property for their for their children, and look, there'd be some parents who for that That is an absolute no brain. It's because my kids are amazing and I know what sort of people they are, and I know they're going to make sure that they look after this. Whereas it would you would end up in trouble where you've given you money to maybe the errant child and the family who goes off and ruins everything, and then you're ruined your screw.

I mean, look, solicitors always see risk. Socilicitors always point out all the pitfalls and advise against those. But if you talk to the banks, like risk department, there's a very minuscule percentage of properties in general that end up at mortgage, let alone properties that mum and dad have helped. So if you've got a tight knit family, and usually you do because mum and dad aren't going to lend if you don't, it's really a massive risk there.

I mean, look, solicitors always see risk. Socilicitors always point out all the pitfalls and advise against those. But if you talk to the banks, like risk department, there's a very minuscule percentage of properties in general that end up at mortgage, let alone properties that mum and dad have helped. So if you've got a tight knit family, and usually you do because mum and dad aren't going to lend if you don't, it's really a massive risk there.

We love your calls on this. How did you get into your first property? And if you're if you are the bank of mum and dads yourselves, how did you deal with that in terms of well, just it's a business deal that you don't want to go wrong and it's with people you love. How did you set the ground rules and the expectations or was it easy because you love your kids and your kids love you, and everyone's going to play by the rules. It doesn't always happen that way though. Just look at the arguments over deceased to states, to see families fall apart, but that's a different topic altogether. We want your calls. Eight hundred eighty ten eighty text nine two. It's twenty five past four News Talks V news Talks there B. This is one who've radio show my guests Nicole Lewis. She is a property investor and also author, And we're talking about the bank of mum and dad. How how do you help your kids into a house when in fact, sometimes mum and dad might be like, well, hell, we're still struggling to pay off our own mortgage. But if you texts here, we love your cause. On one hundred and eighty ten eighty we helped our daughter into a house. However their marriage failed, he left and the house went to mortgages's sale. That sounds problematic, doesn't it. I guess if you are lending to you've got to make sure you spell out. Oh that is complicated, isn't it.

We love your calls on this. How did you get into your first property? And if you're if you are the bank of mum and dads yourselves, how did you deal with that in terms of well, just it's a business deal that you don't want to go wrong and it's with people you love. How did you set the ground rules and the expectations or was it easy because you love your kids and your kids love you, and everyone's going to play by the rules. It doesn't always happen that way though. Just look at the arguments over deceased to states, to see families fall apart, but that's a different topic altogether. We want your calls. Eight hundred eighty ten eighty text nine two. It's twenty five past four News Talks V news Talks there B. This is one who've radio show my guests Nicole Lewis. She is a property investor and also author, And we're talking about the bank of mum and dad. How how do you help your kids into a house when in fact, sometimes mum and dad might be like, well, hell, we're still struggling to pay off our own mortgage. But if you texts here, we love your cause. On one hundred and eighty ten eighty we helped our daughter into a house. However their marriage failed, he left and the house went to mortgages's sale. That sounds problematic, doesn't it. I guess if you are lending to you've got to make sure you spell out. Oh that is complicated, isn't it.

Yeah, Look, that is unfortunate. There are ways. There are ways to protect it, Like we've set up a trust where our kids trusts are the beneficiary of the trust. Therefore, if anything happens that a marriage splits is protected by the trust. But laws keep changing around trust protection, and you don't necessarily end up as protected as you think you are, but you do try to foresee these potential things in the future.

Yeah, Look, that is unfortunate. There are ways. There are ways to protect it, Like we've set up a trust where our kids trusts are the beneficiary of the trust. Therefore, if anything happens that a marriage splits is protected by the trust. But laws keep changing around trust protection, and you don't necessarily end up as protected as you think you are, but you do try to foresee these potential things in the future.

I've completely forgotten about that. Of course. Often when you're trying to help your kids out, they are married to someone else and hopefully that works out. If that doesn't work out, then that can call well, that can cause properties to go under go for sale and all of a sudden, the bank's looming.

I've completely forgotten about that. Of course. Often when you're trying to help your kids out, they are married to someone else and hopefully that works out. If that doesn't work out, then that can call well, that can cause properties to go under go for sale and all of a sudden, the bank's looming.

Yeah, I mean mortgage e sale. Obviously sounds like they couldn't pay the mortgage, so that was unfortunate. I mean, if mum and dad could we could step in and pay the mortgage, I'm sure they would have.

Yeah, I mean mortgage e sale. Obviously sounds like they couldn't pay the mortgage, so that was unfortunate. I mean, if mum and dad could we could step in and pay the mortgage, I'm sure they would have.

Unfortunately, that's where the text finishes, so we don't actually know what actually happened, because from mum and Dad's point of view, they really want to make sure that they don't get ruined in the process of the marriage.

Unfortunately, that's where the text finishes, so we don't actually know what actually happened, because from mum and Dad's point of view, they really want to make sure that they don't get ruined in the process of the marriage.

Yeah, correct, because mortgage sale is when the obviously, when the payments can't get made any more normally even three months and arrears and the banks deep in you have got right up to the fall of the hammer on the auction under mortgage to pay it off, and it gets withdrawn. But yeah, that is a potential pitfall if the main income owner leaves the situation.

Yeah, correct, because mortgage sale is when the obviously, when the payments can't get made any more normally even three months and arrears and the banks deep in you have got right up to the fall of the hammer on the auction under mortgage to pay it off, and it gets withdrawn. But yeah, that is a potential pitfall if the main income owner leaves the situation.

Yeah. Another one. This is another one that touches on another topic where we want to sort of just include. In the hour from Karen, she said she says housing in New Zealand is not worth it now, shoddy old stock and new ones lacking character. And the reason I read that out is because there has I think there was an opinion I saw from a property writer saying that don't get into property quite yet because interest rates are still going to come down. But the non expert who is me but who has hosted and talked to a lot of property experts, says that that's a bogus argument because if the property prices are cheaper, I mean cheaper, interest rates are not going to mean that property prices get cheaper. It just means your repayment's going to be cheaper. And I would have thought that if you have the wherewithal to buy now, is exactly the right time. Just set a very short time if you think interest rates are going to come down, and get in because the capital numbers could change reasonably significantly. Is that right?

Yeah. Another one. This is another one that touches on another topic where we want to sort of just include. In the hour from Karen, she said she says housing in New Zealand is not worth it now, shoddy old stock and new ones lacking character. And the reason I read that out is because there has I think there was an opinion I saw from a property writer saying that don't get into property quite yet because interest rates are still going to come down. But the non expert who is me but who has hosted and talked to a lot of property experts, says that that's a bogus argument because if the property prices are cheaper, I mean cheaper, interest rates are not going to mean that property prices get cheaper. It just means your repayment's going to be cheaper. And I would have thought that if you have the wherewithal to buy now, is exactly the right time. Just set a very short time if you think interest rates are going to come down, and get in because the capital numbers could change reasonably significantly. Is that right?

I totally agree. Look, the property market is cyclical. Typically it's on a seven year cycle, peak in twenty twenty one in Auckland to the rest of the country follows at various times. And then we had our bottom in twenty twenty three.

I totally agree. Look, the property market is cyclical. Typically it's on a seven year cycle, peak in twenty twenty one in Auckland to the rest of the country follows at various times. And then we had our bottom in twenty twenty three.

Mind you, we did have COVID, which is sort of but.

Mind you, we did have COVID, which is sort of but.

It doesn't matter. I mean, I've got one hundred year history on the property cycles and.

It doesn't matter. I mean, I've got one hundred year history on the property cycles and.

What they've personally.

What they've personally.

Obviously, well you're the one person who didn't get COVID.

Obviously, well you're the one person who didn't get COVID.

Who anyways, Sorry, So.

Who anyways, Sorry, So.

We've had our bottom of the market and now the market is definitely turning and I see it. I mean, I've been outbit at about six octions this week. Properties are going to multi off. I'm still managing to get some but it's definitely different to what it was six months ago. So, and interest rates have come down, they're not as high as they were. So a lot of my clients are now going, oh, I wish I bought six months ago, and I'm like, don't worry, don't worry, you haven't missed it. We're at the bottom.

We've had our bottom of the market and now the market is definitely turning and I see it. I mean, I've been outbit at about six octions this week. Properties are going to multi off. I'm still managing to get some but it's definitely different to what it was six months ago. So, and interest rates have come down, they're not as high as they were. So a lot of my clients are now going, oh, I wish I bought six months ago, and I'm like, don't worry, don't worry, you haven't missed it. We're at the bottom.

But also let's i mean, don't beat yourself up up. But six months ago the property market was pretty tough to get into. Interest rates for very high. There wasn't a lot of excitement going on. There's still not a huge amount of cis something at the moment, it's not.

But also let's i mean, don't beat yourself up up. But six months ago the property market was pretty tough to get into. Interest rates for very high. There wasn't a lot of excitement going on. There's still not a huge amount of cis something at the moment, it's not.

Exactly that's when you buy, You buy when no one else is. But the interesting thing about it is, you know, when the market's at the bottom, typically interest rates are really high, typically inflation's really high. Banks don't want to lend. They look for they're very risk averse, and it's very hard to get an approval. And yet when you're at the top of the market, typically interest rates is really low, inflation is really low. The banks are paying you to bring business to them, and it's really simple. They go the world as a wash with cash. So, if you know, sometimes these factors of whether you can borrow or not are a huge determination as to whether you can buy. But if you certainly can buy now, it's definitely the time to do it right.

Exactly that's when you buy, You buy when no one else is. But the interesting thing about it is, you know, when the market's at the bottom, typically interest rates are really high, typically inflation's really high. Banks don't want to lend. They look for they're very risk averse, and it's very hard to get an approval. And yet when you're at the top of the market, typically interest rates is really low, inflation is really low. The banks are paying you to bring business to them, and it's really simple. They go the world as a wash with cash. So, if you know, sometimes these factors of whether you can borrow or not are a huge determination as to whether you can buy. But if you certainly can buy now, it's definitely the time to do it right.

Let's take some more calls Tom, Hello, Hi.

Let's take some more calls Tom, Hello, Hi.

There, How are you going good?

There, How are you going good?

How you doing?

How you doing?

Yeah?

Yeah?

Good? Speaking from experience, my advice for any parent lending money to their adult children to buy a property would be make sure the child has skin in the game, Like if they want to deposit, say yep, I'll give you a half because it makes them more accountable. They've had to save that money over several years. Because what happened with me and my family, my dad met my brother a large summer money into a property. It all went pair shaped and my brother had no skin in the game. It all went pair shaped and we had to sell half of our farm. So it's like a major Yeah.

Good? Speaking from experience, my advice for any parent lending money to their adult children to buy a property would be make sure the child has skin in the game, Like if they want to deposit, say yep, I'll give you a half because it makes them more accountable. They've had to save that money over several years. Because what happened with me and my family, my dad met my brother a large summer money into a property. It all went pair shaped and my brother had no skin in the game. It all went pair shaped and we had to sell half of our farm. So it's like a major Yeah.

So I think that's a good advice, and that sounds incredibly sound advice because I mean it's advice for probably every sort of parenting decision if your kids. If you don't an investment and an outcome, then yeah, yeah.

So I think that's a good advice, and that sounds incredibly sound advice because I mean it's advice for probably every sort of parenting decision if your kids. If you don't an investment and an outcome, then yeah, yeah.

Because I get the feeling. Sometimes some young people roll out of bed one day and they think, oh, I want to buy a house, and they just go to mom and dad, here you go, and then yea, it may work fine, but it's a life lesson to go to work every day and save that money and sacrifice for it takes a few years, Like it took me a few years. I did it all by myself, and then it's just that much sweeter in the end when you get it.

Because I get the feeling. Sometimes some young people roll out of bed one day and they think, oh, I want to buy a house, and they just go to mom and dad, here you go, and then yea, it may work fine, but it's a life lesson to go to work every day and save that money and sacrifice for it takes a few years, Like it took me a few years. I did it all by myself, and then it's just that much sweeter in the end when you get it.

That must have been pretty for your family, not just on the financial side.

That must have been pretty for your family, not just on the financial side.

Yeah, it's it's torn the family apart. It's an absolute mess. But I wish my dad had just, instead of just giving the handout of all this money, he had just said, Yep, I'll give you half, but you've got to go out and get the other half. And it might take a few years. And then over that time my brother might have thought about it. Yes, might've taken a different track. But yeah, it's just a unthought. Like life gives us lessons, and that's in them. I just look at it as a really good lesson.

Yeah, it's it's torn the family apart. It's an absolute mess. But I wish my dad had just, instead of just giving the handout of all this money, he had just said, Yep, I'll give you half, but you've got to go out and get the other half. And it might take a few years. And then over that time my brother might have thought about it. Yes, might've taken a different track. But yeah, it's just a unthought. Like life gives us lessons, and that's in them. I just look at it as a really good lesson.

It's a tough leason for you and your family. Tom. Actually, you know, now that you say it, it sounds like almost it should be the number one rule that you just don't give people stuff for nothing when it comes to your livelihood and your mortgage and your own you'd agree with that when you're Nicole. Thanks Tom, Yeah, have skin in the game.

It's a tough leason for you and your family. Tom. Actually, you know, now that you say it, it sounds like almost it should be the number one rule that you just don't give people stuff for nothing when it comes to your livelihood and your mortgage and your own you'd agree with that when you're Nicole. Thanks Tom, Yeah, have skin in the game.

Oh look, we've thought about this. My son's twenty and he's just finished his degree this year, Bachelor of Business, and I thought, okay, is it time for him to get his first house. I'm not going to hand him anything. I'm going to show him how to make his deposit through property and then he will then have enough income to buy because they the kids have to want it, they have to appreciate it, and they have to realize that it's not easy, it's work.

Oh look, we've thought about this. My son's twenty and he's just finished his degree this year, Bachelor of Business, and I thought, okay, is it time for him to get his first house. I'm not going to hand him anything. I'm going to show him how to make his deposit through property and then he will then have enough income to buy because they the kids have to want it, they have to appreciate it, and they have to realize that it's not easy, it's work.

Yeah, let's take some let's take some more calls on that I've written. Not that I'm going to be helping my kids into your house, but I always write down a good point when somebody makes it and make sure they've got skin in the game. It's probably a lesson for life anyway, I think if you want to doom your kids to having lackluster lives and just give everything to them and yeah, anyway, right, let's carry out bear all high.

Yeah, let's take some let's take some more calls on that I've written. Not that I'm going to be helping my kids into your house, but I always write down a good point when somebody makes it and make sure they've got skin in the game. It's probably a lesson for life anyway, I think if you want to doom your kids to having lackluster lives and just give everything to them and yeah, anyway, right, let's carry out bear all high.

Hello there, Tim, how you haven't spoken to you for a while.

Hello there, Tim, how you haven't spoken to you for a while.

I'm good, thank you for asking you.

I'm good, thank you for asking you.

I'm very pleased. Please to hear your produce and put your voice on a couple of times singing, which is a bit different from hearing your talking.

I'm very pleased. Please to hear your produce and put your voice on a couple of times singing, which is a bit different from hearing your talking.

Yes, well, yes, thank you for that. Probably one time one time too many, too many for me. But anyway, what do you want to talk about with the helping your kids?

Yes, well, yes, thank you for that. Probably one time one time too many, too many for me. But anyway, what do you want to talk about with the helping your kids?

Probably suggest another way that hasn't come up, and it probably has come up, but not on this conversation. Another what's then.

Probably suggest another way that hasn't come up, and it probably has come up, but not on this conversation. Another what's then.

If your gain it's Nicole Lewis Nicole.

If your gain it's Nicole Lewis Nicole.

Another way of helping out is if you get if you don't really want to give up the equity and your property, you could have you know, your children move in with you and share the house and they could save that way if you didn't want them using equity.

Another way of helping out is if you get if you don't really want to give up the equity and your property, you could have you know, your children move in with you and share the house and they could save that way if you didn't want them using equity.

In your house, save them, save them all the rent money that otherwise be paying us.

In your house, save them, save them all the rent money that otherwise be paying us.

Where you mean absolutely, And also another way, doing as you can't perhaps stand your son's partner or maybe your daughter's husband or whatever, you could buy them a sort of a caravan to put on the back of your property, and you know they might have to use the laundry occasionally, but they could buy one of those little cylinder gas stoves, you know, you know, you could shove something out there for them to cook on and let them use your laundry. There are ways around it, ways of.

Where you mean absolutely, And also another way, doing as you can't perhaps stand your son's partner or maybe your daughter's husband or whatever, you could buy them a sort of a caravan to put on the back of your property, and you know they might have to use the laundry occasionally, but they could buy one of those little cylinder gas stoves, you know, you know, you could shove something out there for them to cook on and let them use your laundry. There are ways around it, ways of.

Having them as tenants even if you can't stand there other Okay, that's an interesting thought. You've got anything on that one, Beryl, I'm sorry I was looking at Bill Nichols.

Having them as tenants even if you can't stand there other Okay, that's an interesting thought. You've got anything on that one, Beryl, I'm sorry I was looking at Bill Nichols.

Well, look, if your kids live in a similar area to you, it's certainly an option. I don't know how practical it is long term, because it does still take a few years to save up that deposit, But it certainly is an option if the kids are local to where you are and they haven't got their own family. But I think lifestyle comes into it as well. I think we've all got to live a good lifestyle. So for some people that would work beautifully. Other people perhaps wouldn't quite work out for them.

Well, look, if your kids live in a similar area to you, it's certainly an option. I don't know how practical it is long term, because it does still take a few years to save up that deposit, But it certainly is an option if the kids are local to where you are and they haven't got their own family. But I think lifestyle comes into it as well. I think we've all got to live a good lifestyle. So for some people that would work beautifully. Other people perhaps wouldn't quite work out for them.

Actually, somebody's texted us as saying, you guys are a little bit tough. I think it's perfectly reasonable to actually give away some money, perhaps ten thousand dollars to your child who wants to buy a house. It just helps them get into a house and for everyone's benefit. And look, I don't think any of us would have a problem with a small amount of money like that. I think we were telling this well. Tom was telling the story of the family farm being lost, and I think there's a there's a helping hand, and ten thousand dollars is still going to mean your kid's going to have skin in the game Causette's only getting them a fraction of the way there, isn't it.

Actually, somebody's texted us as saying, you guys are a little bit tough. I think it's perfectly reasonable to actually give away some money, perhaps ten thousand dollars to your child who wants to buy a house. It just helps them get into a house and for everyone's benefit. And look, I don't think any of us would have a problem with a small amount of money like that. I think we were telling this well. Tom was telling the story of the family farm being lost, and I think there's a there's a helping hand, and ten thousand dollars is still going to mean your kid's going to have skin in the game Causette's only getting them a fraction of the way there, isn't it.

Yeah, I understood Tom's story as if the brother's going, look, I want a million dollar house, and dad going shores a million dollars or the full two hundred thousands. I who could borrow the rest? That's the way I understood the story. But I totally agree a proportion to your children to help them.

Yeah, I understood Tom's story as if the brother's going, look, I want a million dollar house, and dad going shores a million dollars or the full two hundred thousands. I who could borrow the rest? That's the way I understood the story. But I totally agree a proportion to your children to help them.

Absolutely, we'd love to have he from you one hundred eighty ten eighty. What rules would you follow and when it comes to helping your kids get into a property, so you don't end up being a story like Tom just shared with us of the family farm being basically lost. It is twenty to five news Talk, said b it's a world world the cat Steven's there to lead usten to it. Not even a Christmas song. My producer must be having just a moment of hiatus on the Christmas Right, Let's carry on with the calls on the bank of Mum and Dad, Andy High, good day, how are you doing good? Thanks?

Absolutely, we'd love to have he from you one hundred eighty ten eighty. What rules would you follow and when it comes to helping your kids get into a property, so you don't end up being a story like Tom just shared with us of the family farm being basically lost. It is twenty to five news Talk, said b it's a world world the cat Steven's there to lead usten to it. Not even a Christmas song. My producer must be having just a moment of hiatus on the Christmas Right, Let's carry on with the calls on the bank of Mum and Dad, Andy High, good day, how are you doing good? Thanks?

I'm a mortgage advisor by trade, so interesting discussing too. I don't know if it's been discussed because they joined halfway through. But what I've helped many of my first time buyers in using mum and Dad as the bankstop is what they call in the trader deed of acknowledgment, which effectively is they give a depositive amount, say one hundred thousand, and you med certificate to the bank for saying when the house fells, they appearent get one hundred thousand dollars back from from the proceeds. There's no interest s having on it, and there's no repayments demanded on it. So essentially the money's gisted to them. But when they come to sell their house, their parents get back the one hundred thousand dollars in the short deposit. They can also put an interest charge at the end if they want, but they just saves the parents from giving the money and getting it back at the end in case they want to retire themselves.

I'm a mortgage advisor by trade, so interesting discussing too. I don't know if it's been discussed because they joined halfway through. But what I've helped many of my first time buyers in using mum and Dad as the bankstop is what they call in the trader deed of acknowledgment, which effectively is they give a depositive amount, say one hundred thousand, and you med certificate to the bank for saying when the house fells, they appearent get one hundred thousand dollars back from from the proceeds. There's no interest s having on it, and there's no repayments demanded on it. So essentially the money's gisted to them. But when they come to sell their house, their parents get back the one hundred thousand dollars in the short deposit. They can also put an interest charge at the end if they want, but they just saves the parents from giving the money and getting it back at the end in case they want to retire themselves.

What do you reckon the car?

What do you reckon the car?

Yeah, yeah, absolutely, I mean you definitely want to have some sort of acknowledgment deed of acknowledgment or blind trust agreement or joint venture agreement or loan agreement on the side between the parents and the kids is sensible.

Yeah, yeah, absolutely, I mean you definitely want to have some sort of acknowledgment deed of acknowledgment or blind trust agreement or joint venture agreement or loan agreement on the side between the parents and the kids is sensible.

How often are you arranging mum and dad out for the first time buyers?

How often are you arranging mum and dad out for the first time buyers?

Andy, Oh, well, yeah, yeah, I'd say about four out of five. Ye, there's a lot up here, and there's a lot of parents wanting to help us. Fantastic and especially. I mean I'm in the upland so yeah, you pain, you know, nearly a million billow marks no matter where you are. And I've found a lot of people unfortunately you know they've got it saving, but they're just not anywhere near the one hundred thousand marks which you need for everything deposit. So if they come in and go, well, you know some and some in partner saved up fifty k each, here's another one hundred, these two hundred, that means they can get twenty percent deposit all the bout and whistles from the bank. They can have a property relationship agreement thing you know he's put more of the posit than she has. And you know we all those little things and that's part of as a as a more advisor as we independed all the banks, but we also give them that type of guidance on how to actually structure and do things where you don't you don't need you to get there at the bank the bank stuff I tell you to get a need of acknowledgment or this is how you do it. And then the other other Robson was well TV bank call it co owned, but you can do it for any other banks. We just have multiple people buying, and so brother and sister and another brother and sister in their parts they all buy. So you can all put in fifty k in each, prayed a relations agreement and then buy it out. And like you say, only five years seven years is the recycle terms. And yeah, it's all doable. It's just a different way of doing.

Andy, Oh, well, yeah, yeah, I'd say about four out of five. Ye, there's a lot up here, and there's a lot of parents wanting to help us. Fantastic and especially. I mean I'm in the upland so yeah, you pain, you know, nearly a million billow marks no matter where you are. And I've found a lot of people unfortunately you know they've got it saving, but they're just not anywhere near the one hundred thousand marks which you need for everything deposit. So if they come in and go, well, you know some and some in partner saved up fifty k each, here's another one hundred, these two hundred, that means they can get twenty percent deposit all the bout and whistles from the bank. They can have a property relationship agreement thing you know he's put more of the posit than she has. And you know we all those little things and that's part of as a as a more advisor as we independed all the banks, but we also give them that type of guidance on how to actually structure and do things where you don't you don't need you to get there at the bank the bank stuff I tell you to get a need of acknowledgment or this is how you do it. And then the other other Robson was well TV bank call it co owned, but you can do it for any other banks. We just have multiple people buying, and so brother and sister and another brother and sister in their parts they all buy. So you can all put in fifty k in each, prayed a relations agreement and then buy it out. And like you say, only five years seven years is the recycle terms. And yeah, it's all doable. It's just a different way of doing.

Yep, no, good stuff. I appreciate your calling any thanks so much, Glenn.

Yep, no, good stuff. I appreciate your calling any thanks so much, Glenn.

Hi, how are you going to them?

Hi, how are you going to them?

Yeah?

Yeah?

Good, yeah, very much agree with Andy. A good call there.

Good, yeah, very much agree with Andy. A good call there.

I'm a father who and obviously my wife would lent money to our son to buy his second enlistment property. Now, so he's brought two properties on the believer like Nicole at the proper and cycles very much at the bottom. And why we're need jumping now. So we've actually helped him out twice. He's put a little bit of himself and we've basically did what Andy said and just gave them some fun, gave him some funds to get a couple of loans and mortgages.

I'm a father who and obviously my wife would lent money to our son to buy his second enlistment property. Now, so he's brought two properties on the believer like Nicole at the proper and cycles very much at the bottom. And why we're need jumping now. So we've actually helped him out twice. He's put a little bit of himself and we've basically did what Andy said and just gave them some fun, gave him some funds to get a couple of loans and mortgages.

Good stuff and fantastic. Yeah, so all play out quite well.

Good stuff and fantastic. Yeah, so all play out quite well.

Yeah, Well, he's overseas at the moment, he's enjoying Europe, but it was really about him before he left a few months ago, getting on the property ladder yep, and just yeah, but I think like that other guy who said, you know, they lost half.

Yeah, Well, he's overseas at the moment, he's enjoying Europe, but it was really about him before he left a few months ago, getting on the property ladder yep, and just yeah, but I think like that other guy who said, you know, they lost half.

The family farm, I've sort of put everything. Well, my son's put everything in his name, so it's up to him to pay rates and insurance, which is a contribution to the city, I guess, and you know it gets in trouble. I'm sure. I'm happy to help, but it's his responsibility and I think that's where he's going to learn from.

The family farm, I've sort of put everything. Well, my son's put everything in his name, so it's up to him to pay rates and insurance, which is a contribution to the city, I guess, and you know it gets in trouble. I'm sure. I'm happy to help, but it's his responsibility and I think that's where he's going to learn from.

Well, I think you've made I think you made an important point there that yeah, the parents have it in the kid's name, but not in their name. Then at least if it's not blanketed by the bank, there's no comeback on them. They're not going to lose half the fun.

Well, I think you've made I think you made an important point there that yeah, the parents have it in the kid's name, but not in their name. Then at least if it's not blanketed by the bank, there's no comeback on them. They're not going to lose half the fun.

Yeah, thanks for cole mate. I really appreciate it. LEVI goodayah, how are you going good? Thanks?

Yeah, thanks for cole mate. I really appreciate it. LEVI goodayah, how are you going good? Thanks?

Yeah, I just thought a bit of a full up. I'm pretty young. I'm twenty one years old, and I'm kind of starting the process of looking at possibly buying a property in the next kind of a few years. So I've talked to kind of family about the process and what we should kind of be doing with it, and I think we've kind of came to an agreement. Obviously, I think it is a very case by case situation, but I think a real good way to do it is for the younger person, the kid or whatever it is, set a goal, set a savings goal of how you've got to hit this, and then I'll put it in money do I think the idea of a direct handout is probably where it gets bad, where it's like, oh, I had what I'll give you a hundred thousand dollars, but you know, if you save one hundred thousand dollars, I'll put in a hundred, or if you save one hundred, I'll put in ten.

Yeah, I just thought a bit of a full up. I'm pretty young. I'm twenty one years old, and I'm kind of starting the process of looking at possibly buying a property in the next kind of a few years. So I've talked to kind of family about the process and what we should kind of be doing with it, and I think we've kind of came to an agreement. Obviously, I think it is a very case by case situation, but I think a real good way to do it is for the younger person, the kid or whatever it is, set a goal, set a savings goal of how you've got to hit this, and then I'll put it in money do I think the idea of a direct handout is probably where it gets bad, where it's like, oh, I had what I'll give you a hundred thousand dollars, but you know, if you save one hundred thousand dollars, I'll put in a hundred, or if you save one hundred, I'll put in ten.

Yeah, yep, I think that's a very good idea.

Yeah, yep, I think that's a very good idea.

Yeah. Yeah, I mean it's just basically getting the buying of your kids as well, so it's not not a handout.

Yeah. Yeah, I mean it's just basically getting the buying of your kids as well, so it's not not a handout.

And does that motivate you? So does that motivate you to get in there and reach your goal and reach your savings knowing that that help Mum and Dad are going to help when you get to that point.

And does that motivate you? So does that motivate you to get in there and reach your goal and reach your savings knowing that that help Mum and Dad are going to help when you get to that point.

Yeah, one hundred percent. Because for me, I mean, like you know, I'd probably be looking at like where we will kind of made. The agreement was that I would get to one hundred and she would be able to put a ten towards for me.

Yeah, one hundred percent. Because for me, I mean, like you know, I'd probably be looking at like where we will kind of made. The agreement was that I would get to one hundred and she would be able to put a ten towards for me.

Yeah, I think that that's kind.

Yeah, I think that that's kind.

Of a perfect going. You know though it is only you know, ten percent of what I'm actually saving, it's still a big push because you know, every kind of dollar counts when it comes to buying a house like that.