Personal Finance with Ravi Sharma | Australian Finance & Property Podcast · First Crash, Then Boom? | Australian Property Price Predictions!
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uses a mortgage broker instead of going directly to a single bank, gaining access to a pool of ~50 million lenders
50 million
“At 5.3% for a 30-year mortgage… $1 million mortgage is a $2 million repayment… if the bank of mom and dad gives you $100,000 you only need a $900,000 mortgage… you saved $200,000”
“My very first day, I spent the first three hours literally just writing down every single mortgage broker and financial plan on the beach. So I could just go calling them one after the other.”
“You don't necessarily have to use the same value for the bank for stamp duty and for capital gains tax purposes. The bank may value a property at a million dollars, but you might sell it for $900,000.”
“Ask your pool administrator directly whether anyone's already done the legwork... a shared training, or a model policy built, once helps everybody in the pool.”
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