Hello, my name is Santasha Nabananga Bamblet. I'm a proud
Order Order Kerney Whoalbury and a waddery woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on a wondery country, acknowledging the elders, the ancestors and the next generation coming through as this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow.
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She's on the Money, She's on the Money.
Hello, and welcome to She's on the Money. Do you have some millennials who want financial freedom? Today? My friends, it is Friday, which means it is time to get our ten y little team together to celebrate you, our incredible She's on the Money community today, msters Greed. She's going to be sharing some of her favorite money wins. Bexi Ed has a money win that she's stolen from Miss Jess Grici, which, honestly, I feel like you're just good at getting other people to do your homework.
Yeah, I'm really good at it.
Yeah, that's true. It's true. We have a juicy money dilemma, which this week is all about weather. You should be removing purchase conditions when you're bidding for a property to give you a better shot at home ownership. And we're gonna unpack something that you slid into our DMS about this week. You asked about accepting money with conditions, which gives me the ick and I can't wait to answer that. But before we get there, Ah, Gus Grechi, how was your birthday? We it is wonderful.
We went out for dinner, we went shopping. James bought me a jelly cat, which is very exciting.
Actually, yeah, I saw on your Instagram you went to the jelly Cat shop and I was, okay, really envious.
So cute.
I got the two little marshmallows adorable, Oh you did?
Yeah?
It was aolsome weekend, like nothing crazy, but just feeling very loved and happy. And I love hazy inside and the marshmallows.
Yeah, they're actually adorable.
How are you putting them?
I was gonna put them on my bedside table, but then on the drive hand I had them sitting like on top of my dashboard. Is their little legs were hanging over cud. Yeah, okay, they live in the car now, yeah, that's the why they're going to go.
So no, I love it.
I love it very cute.
How's your week being really nice? Actually, I know you asked me this off and I was like, I did nothing, But then I remember that I did many things. I went to the that magical like Harry Potter. It was actually really good. But I also went to LightScape like a week earlier, and I'm like, oh, it was hard on to beat, and I don't know that it fully did. But I also have never really watched Harry Potter. So I think if you had watched Harry Potter, I'm sorry.
What disgrace to millennials everywhere.
I know that's disgusting, I know, but I mean, like, what do you mean you make time for Harry Potter?
Was like this, it was one hundred fifty hours to watch.
Yeah, one hundred and fifty hours well spent.
Yes, suppose have you seen.
Those cinemas that do like every couple of years, they'll do like a marathon where you can like bring like a blanket and they do like all the episodes.
Back to back.
I have ADHD. I could never. Yeah, that's right. It is really sweet. You could do that in your house, in your made up cinema.
Yeah, totally. I was literally thinking about that.
That would be cute.
Yeah, that would be crue.
I feel like you would like Harry Potter.
Yeah, I think I would too. It's quite magical, isn't it.
Yeah, Like I think you would like it, and then I think you would get involved with the paraphernalia that comes with it, Like I think you'd be like, I want to try it, but.
It be like what I'm scared of this scale a one? Yeah? Yeah, I know what else they do sell ones?
There?
This magical thing and do they actually?
Yeah?
And I thought like if I was into this little bit more, this would be my dream. So it was really cool. Actually really Oh my gosh.
That brings flashbacks back when I was young. I would have been like twelve or thirteen. We went and we drove to Queensland for a family holiday and we went to Movie World and they had the Harry Potter World at Movie World at that point in time, and my parents bought me a wand wow, and it was like the coolest thing I ever had, and my sister got one too, and we used to fight over each other's wants. I wanted to because clearly hers was much better than mine.
Totally, it just feels magical. I can imagine holding.
A water pool, especially as a kid, like having a Harry Potter wand Harry Potter World.
Laura's a thirty year old.
Really, hey, you know what you do you let's get into today's episode even further. I want to know, mister Sakricci, if you've got some money wins all confessions from our community to share. What a coincidence.
I just so happened to have some then I prepared earlier.
I did not see that coming.
My first on this week is from Imagen, who said she had to go at making bread on the weekend. She's so happy with how it turned out. It's really easy to make and it costs her less than two bucks a loaf, so she's thinking about doing it regularly rather than buying it from the sleeper market.
And the processed with that, and there is a photo of her perfect loss.
Oh my gosh, that's perfect.
It's immaculate.
Can you try your hand and then make a perfect long Literally.
That's actually quite rude. Do you know what's a really really good money win. I mean Image, and I'm so sorry to trump you on this, but my dad has recently gotten into making bread. So now whenever I go and see my parents, I come home with a loaf of bread for free, and it's homemade and it's delicious. And he's like, I've been, you know, trying out this ryce sour dough and I'm like, no worries, I'll take whatever you're giving.
Yeah, I feel nothing.
Quite hits like fresh bread and it's wholesome, but imagen, it's so much cheaper. Even my dad was talking about how he can make like this rice sour dough for like two dollars a loaf, and now at the bakery it's like eight or nine.
Crazy very good skill from Image in there. Next, I've got a money win from Anna, who said she has a manifestation money win and that I would be proud. She said she wanted a certain bunk bed for the kids and she only had a certain budget for it, so she was manifesting a second hand one for two hundred bucks that she wanted to pay, and then they managed to find it.
Oh my god.
Apparently then normally fifteen hundred.
Dollars two hundred dollars down to two hundred dollary.
Due scored it on Facebook Marcus, well done, Anna, I am indeed proud of you. Next, I've got money win from Sophie, who said she hasn't used her credit card or her after pay, you know, for a month. Oh Queen mab well done, Sophie. That's such a hard habit to break.
Yeah, that's really awesome.
Well done to you. Vicki said she used Velocity points instead of money this month to book some flights. It would have been six hundred dollars for her daughters to fly down to Melbourne, but instead she just had to pay the taxes, which was one hundred.
And thirty four.
Oh my gosh, mry Win, well done. Like we've gone back to like the early two thousands when you could get like forty nine dollar flights. Oh do you remember those days? You'd like get on Virgin and be like yeah, this was like forty nine dollars.
Yeah, like what if only? Next, I've got money in from Hailey, who said she got a free bassinet and bouncer, as well as some baby bedding from her friend whose child had outgrown everything. Which how good is that circular economy within friendships. I know that I've said it before, but I'm so all about it. I think that is the best money when you can have and then if you get if you have another baby, they can just give.
It back one hundred percent. If you see Harvey in anything cute in the next couple of months, Thanks Steph. She dropped off all of her sons stuff that he had grown out of. I've got all this cute baby stuff. Also, babies use things for zero point two seconds, so they're basically brand new.
What the heck?
Yeah, so good.
And then on the similar vein, Tash said her friend was going away for the weekend and she gave her a heap of food that they had in their fridge that was gonna go bad while they were away.
Oh money, we didn't need to do a food chop this week.
I love that. I feel like more people should do that before they go on holiday. I'm talking to me when I say that holiday, and I was like, oh, this is so disappointing. Like there was a whole yogurt in our fridge.
No, but like the tub, like the.
That we hadn't even opened yet, and I went to have a look because like, I'm definitely I don't know about you. I know Jess would never but like I'll do the sniff test. If it smells fine, we're eating it, Jess. If the dates out like it's already out of the house, it makes me nervous. Yeah, that's fair, which is so fine. But like I sniffed the o yet, it wasn't an option.
Eating dairy for me is already risky as a lactosey tolerant girl.
That's so fair. That is so fair.
Lastly, one more money win, A simple one, but a good one from Nat. She said she's paid down three of her debts and she's got three to go, so she's officially over the halfway mark.
How exciting you're on up? How good you all?
Right?
Well those were really good money wins. But I feel like, Beg, you might have like a stolen broke tip or two.
Yeah, I've got a couple. I got a couple of stolen broke tips.
Broke tips still steal money wins.
And I'll start with two from the community. The first one comes from one of our community members who says, Hi, Beck, this is I feel like Jessic, you might like this one. It's very similar to my plane broke tip, where I say I wear.
Or Okay, I don't know where this is going. Then well this is like.
Actually a bit of a life hack but also a broke tip if you're really trying to save on Yeah, let's say, is.
This going to be funny? We're going to get a snorty laugh out of Jess because I.
Am for that.
You know it is rare. I don't know that I'll get it this time.
But this the time you wore like seven pairs fund wear onto the true that's still funny. That's still funny.
Doesn't want its magic, Jess.
You could have just put them in your pockets.
Okay, how I got for them anywhere? But wearing them feels better. It's very cushy. So these community members as following on from that episode, I just cackled about you wearing multiple clothes. You can also find like a neck pillow that has a washable sleeve. Remove the pillow and stuff it with your underwear, your socks, whatever. It's functional, and you also now have a plumped up neck pillow you can use on the plane.
Hey, that's quite smart. Such I feel like that's genius because I've seen on TikTok people suggesting that you get a quote pillow and fill it. But they're gonna pick you up on that. Like people on TikTok are saying, oh, I got caught and they measured it and they had to pay for it. In addition, they're going a pillow the neck pillow that's super.
Sillily that really just wear it around your neck. You wouldn't even notice it's a light.
And then if they say is that a pillow, be like, no, it's an accessory. That's my outfit. Yeah, what are they going to do?
Take the pillow off your neck?
Surely not.
That's a good one. That's really smart. We didn't get a snort laugh and that's quite a right. The next one comes from Nadine, who has sent me a real like and do.
You guys want me to like say, I mean, we're want the link, but tell us what happens in the real Yeah, of course, so interpretive dance as a form of showing us it's not going to work on the podcast, so you could just.
Ask true, I mean, we can put it up on stories. But it's from Nadine but she sent me this reule that is the page is the food Inbox, and this person has shown us how they've made a week's worth of food for two people for fifty dollars.
And it's a good deal.
And I know that, Like you know, obviously the listeners can't see this right now, but I'm looking at it and it looks like it's full of vegetables, fruits, really really good food. These look like really decent, generous sized portions for a whole week fifty bucks fifty So what we see the name the food Inbox?
All right, we'll go check it out.
I love saying it wrong. I love that.
Now, what is your broke tip of the week?
So my one comes from myself and maybe.
Definitely not just.
So, Jess.
You went to pancake Parlor.
So it was like that's it was like a really good time.
Sound like good times. I was like an expensive time and you were like, no, Actually, in winter, when the temperature of I'm assuming the city that you're in drops below a certain point, the winter warmer menu is half price.
How good is that?
That's really cute.
I love that, and I mean we're definitely not sponsored by pancake parlot. I'm about to say that, Yeah, same, because I can't afford to eat there, Like I feel like it is like fine dining prices nowadays. Like you go and you're like I thought the pancake parlor was like cheap, cheerful, like twenty four hours, like you can get pancakes at any time. We went a little while ago. Actually it would have been like a year or two ago.
Jess do you remember the time they dragged our entire team to the pancake parlor to watch the budget?
Oh my god, Yeah, that was so funny.
That's cute.
And I was like, oh, by everyone pancakes because I needed to find in my head something engaging to get everybody else in the team excited about watching federal budget. Turns out, no one cared. They were there for pancakes that cost me so much money because I can imagine the pancakes is like twenty five minimumcakes.
I added a side of strawberries on ones, and the side of strawberries was ten dollars. It was the next time, I'm just going to bring my own little top strawberry Like absolutely not.
I just I can't fathom it because in my head it used to be cheap and cheerful. Yeah, but it can be only if it's cold enough.
Yeah, and anytime it's under ten degrees, under ten degrees.
And it's like winter, so that's happening a lot.
Is that a high of ten or just ten at any point in the day.
I think it's when it hits ten degrees, so like morning or evening usually like we went or post dinner snack.
I like it. I'm going to check the temperature before I have a craving for pancake.
Yah.
Yeah, I mean like literally any morning in winter. I assume you can go for breakfast, but anyway, I could be wrong.
Sorry pancake parlator for the trash talking, but I mean you are really expensive for pancakes.
There.
That's what we're still going. We're still going.
We've or without the ten degree? What the call? I can't think of anyway. That's me for this week.
I hope I love that you have once again stolen a broke tip from someone called Jess.
Oh I didn't even.
It's really an ongoing thing, there really is.
So if any Jesses would like to dm Beck with a broke tip. Apparently she's only accepting them from people called Jess. Yeah, so that's fine, and I'll claim it as my own or only if your name is Jess. Yeah, everyone else fair, that's fair credit.
I love that.
All right, let's go to a really quick break because on the flip side, I'm really interested in the perfect topic of accepting money that does come with conditions, And we're also going to be chatting about whether removing purchasing conditions when you're bidding on a property at auction gives you a better chance at home ownership. So don't go anywhere, guys.
Welcome back, everybody. Let's take a listen to this week's money dilemma.
Hi, there, have you got a money dilemma you just can't solve that She's on The Money Team is here to help. Every week we tackle your dilemmas, both big and small, to answer your most burning money, career and life questions. To get involved, simply head to our website and leave us a short voice recording and you might just find yourself on the show. Now, let's take a listen to this week's money dilemma.
Hey, Victoria, me and my sister are trying to buy an apartment together. It's our first time buying a place, so we're still learning and everything. We're noticing that every time we place an offer on an apartment there's someone who is paying in cash and has like no conditions on their offer, but unfortunately we need conditions, like, in particular subject to finance.
It kind of feels like there will always.
Be wealthier people who are able to pay them for with an unconditional offer, So we're not really sure how to compete. How risky is it to remove all conditions, including subject to finance from our offers moving forward.
That's really risky and I wouldn't be considering it if you need it, which you said you did. That gives me mad amounts of anxiety, especially because you said, you know we need it to be subject to finance. Yes, you do, because if it's not subject to finance, you could literally lose your deposit and then you won't be able to buy any house in the future, which is wild.
I get it, though, like Jess is probably better at this topic than I am at the moment, because Jess, you've been going to a lot of inspections, a lot of inspection and not doing a lot of winning.
No, No, we haven't, Actually we haven't tended in an offer yet, but I completely agree. I think the other big one for me in subject to finance is subject to building a pest, which is maybe one that you can get around because some agents are a bit more flexible and they want to have as few as our listener is saying as few conditions in that offer as possible. So if you are eager to put an offer in, the two that I would not skip is building a pest and finance.
If you need it, which is a geniees sane.
You might be able to say to the agent, Hey, like we would want to get a building and pest done before we purchased, are you happy for us to do that prior to putting our offer in. So it's one less contingency that's in place, and a lot of agencies, particularly if it's not occupied or things like that, a lot of them are pretty happy to let you do that because it's one less thing that's on that offer, one easier thing for them to get that offer through
because ultimately they want to sell the house. So you might be able to do that. In terms of your subject to finance, you could look at doing a pre approval. That's something that your mortgage broker would be able.
To help you with I heard there's good mortgage brokers at Sealer Money. I have heard that they seem to be very lovely from what I've heard, what you've heard. There are many many phone calls that I've made that I've made to that team. Wow, what a conundrum.
Yeah, so your mortgage broker would be able to help you get a pre approval. You know, obviously they only last for so long, so you'd only want to get it done if you're actively making offers.
Yeah, one hundred percent. And that's where your mortgage broker can help you. So they might not submit for pre approval until you're like, yeah, I actually do have a few properties on the go, but it's important to start that conversation early. But yeah, the subject of finance one gives me anxiety.
Jah. Yeah, And having the pre approval in place might just be enough. You know, you can say, hey, like we have that subject to finance, but we have a pre approval, and that is often enough to make the vendor really comfortable knowing that it seems like it's going to go true. Rather than taking a step in the dark.
I would be cautious here providing your pre approval to the real estate agent, because hypothetically, I know that Jess, you are often pre approved for more money than what the house is, and you don't actually want the real estate agent to go, oh, well, this property is five hundred thousand and she's pre approved for five fifty. I'm going to tell them that there's another person and do
you want to go up to five fifty, Jess. So I'd be really apprehensive of providing it, but telling them that you're pre approved for the amount that you're offering is really powerful. The other thing I would say is if there seems to be some stress around that building and pest inspection, asking the real estate agent if it's been done already is really powerful as well, because if you're not the only person interested in it, there could be another party who has done it that might have
provided it to the real estate agent. And I promise the real estate agent wants to give it to you because they want your offer on the table. So it's very likely that they'll say, oh, yeah, actually one's been done, and at that point Jess might go, oh, well, can I please have a copy of it? Because that means I will not be subject to building and pest, and I don't have to make you wait for my offer
to you know, go unconditional. And at that point you'd hand it to your solicitor and say is this comprehensive enough? Like what does this look like? And they might go yep, great, don't worry about it, there's no issues, or they might go, oh, that's I don't like that building and pest. Please get your own. So definitely have that on your side. I
know it can be really disheartening though. If there are a lot of people buying cash in this market, it can make you want to do things that compromise your values. And I think that that sucks. But I don't think that you should forego to it. I don't think we risk. It's not worth the risk. It's not worth going there. Having a good relationship with a broker, though, means on that day you can call them and be like, hey, Beck, I've got this property. It's five hundred thousand dollars. Say no,
I'm pre approved, but am I okay? And your broker's going to go yeah, Beck, tell them it's fine, absolutely no worries because pre approval could be in lots of different stages. There might be you know, pre approval that happened two months ago, and they go, ah, let me just check on that and make sure that the bank hasn't moved the goalposts and then you'll be good to go. Or maybe pre approval happened two days ago and you're like,
all right, well, ready set go. So I think it's important to have that relationship with someone you can call and be like, hey, where are we at? So this person, I would say, get a good relationship with a broker, ask that broker for a recommendation for a solicitor. The reason I say ask for a recommendation is it is great if you're broker and you're solicitor or on the same page. They can go back and forth together and be like, hey, Beck, what do you reckon about? This
property just is going to get okay? No, yes, actually I noted this. Can you have a look at this in this contract? And all of those things. It makes your life so much easier if they are in contact. And the other thing I would say is holdstrong. It sucks.
It's bloody tough out there. Jess can probably agree that it is not the best thing to do, but there's no way I would be compromising on those conditions just to get your foot in the door, unless it's a very calculated risk, like you know you're pre approved and saying, oh yeah, don't worry, I can not be subject to finance because it's a guaranteed thing. It's very different than just hoping that you'll get alone for the amount that you've been sure.
The only thing I have, and obviously, like I'm not an expert in this topic, but my partner recently, actually literally yesterday, was finally accepted. She was having the same issue. Another friend of mine was having the exact same issue, and I guess, like, the only sorry, are you dating a property owner? I'm dating property so that's you know, it is a bit of a flex but yeah, I'm you know, so perspect for she was having the same issue.
She was really disheartened. The only other thing I would probably add is that if you and this might be common knowledge, if you like have the flexible ability to tell the seller that you can do a twenty day, thirty day, forty day, sixty day, whatever day, like.
A flexible settlement, that's smart pack.
That That's what she did, and they were like that kind of to grow the line I think is they.
Going to get their cash faster, They're going to dispose of the property faster, exactly, really smart exactly. So if you're flexible, just like trying to make your offer as attractive as possible, I guess that helps.
So that's all fart.
No, that's a very good addition.
I like it.
The one other tip I would have is look for off market properties because there's got to be a little to no competition on those, and so you might be able to find someone who just wants to sell their property, and if you can meet their desired range, then without those other people competing, you might be able to get your offer across the line.
With my house.
Yeah, that when I find my house.
So you can put a good word in with real estate agents. So you could go to a real estate agent and be like, hey, I know you work in this area and i'd like to purchase in this area. Here's my criteria. I actually have a pre approval. Pre approval when you're asking a real estate agent directly is really important. Otherwise they might feel like they're wasting their time and they won't call you. So making sure that you go I am actually ready to buy it now
if you found my dream property. The other thing is buyers agents. So I used a buyer's agent, and a buyer's agent here in Melbourne can cost anywhere between five and fifteen thousand dollars. And I know you go, oh, that's a lot of money, and it totally is, especially if you're purchasing your first property. But I can I don't want to guarantee it, but fifteen thousand dollars we're
at the top end. When you're paying a buyer's agent to find you an off market property that's going to move and you're not going to get in a bidding war with somebody, you could probably save more than fifteen thousand dollars on your property. It's a really good point. I saved a lot on my property when I purchased through a buyer's agent because I was offered an off market property. And I know I've spoken about this on
the podcast before. However, I was offered an off market property because I had my pre approval and we were ready to move. It had to move quickly for us to seize the opportunity, and it was done and dusted within twenty four hours of us seeing the house. Oh, amazing, but I have saved way more than fifteen thousand dollars on the purchase price because the person selling it they didn't want to stage the property. They didn't want to, you know, fix up anything that needed fixing up to
get it on real estate dot Com. They didn't want to go back and forth with people going through the house. When I viewed the house, there was a whole heap of just like personal stuff and boxes in the corners because they'd actually already moved overseas and they just wanted the property gone. So they were like, we don't want to deal with this, get rid of the property. That meant that I saved a significant amount, but I had
to move fast. So that's where it goes back to having that good relationship with a broker, thinking about what it means to engage a buyers agent. You could have a chat with someone and see what that looks like having our list. Now, go and get the pre approval so that they are ready to go, so that if a bias agent goes, hey, here's an opportunity, they're able to seize it because they're ready. Is really really powerful, and I know that it can be overwhelming. Property is expensive.
But for me having that and then also having somebody who was an expert in the area saying this is pretty goodbyeveh, I was like, Okay, I feel really confident ultimately direct movie contingencies.
They're there to protect you.
Yeah, don't do that. Yeah, terrible idea. Terrible. Have to compromise your values. And that is not what this content is about. No, it's not about it. Do you want to get into something really juicy? Oh my gosh, all right, so this week we got a DM and are you ready? It sounds like this high team. I have a listener question.
After telling my parents how much our home loan is costing us and the amount that is portioned into interest and how much is being paid off the loan, my mum and dad came back to me with an offer. Before I get to the offer, I would like to mention that they can be very emotionally manipulative and they love control. They've offered us fifty thousand dollars to go towards our home loan. Conditions are we are not allowed
to tell our siblings. I know this money would really help us, but I'm not sure if there will be more conditions to come down the track Please help me, I need advice. PS. Love your podcast.
Oh that's very nice.
That's so cute.
I love you too.
I don't love emotionally manipulative parents.
No, no, no.
That gives me a lot of anxiety. And I mean, there are a lot of things that you could or couldn't do back what would you do?
I think it's really I don't know, like I feel like it's not worth the struggle, the stress, I think, and also like you're kind of like risking the relationship in general, like but you know, your family bond, whatever. But I just think like the stress and the potential I don't know, future complications. I just like I probably would just kind of like go on my own journey, be on my own journey and only rely on my I don't know, you do know what I'm saying.
Yeah, fifty thousand dollars is a lot of money, and it would mean that you have a lower interest payment on that mortgage, which would take off some financial stress. And I get them being like, oh, don't tell your siblings, And I mean I don't love that. Like I'm the type of person where if there is a secret and you're keeping a secret, it means that you know you're doing the wrong thing, like and I just think that
that's not okay. Like in any situation if someone has told you to not tell anybody about something, I feel like that means that they know that they're in the wrong, and I just go okay. So clearly your siblings wouldn't like that. But that aside, if you're happy with that condition, and there's only one condition and you're happy with it, that's none of my business. It's not for me to judge. Your concern is they might add conditions down the track. And that's where I go, oh, I don't like other
people having me that way. I think, sorry to jumping again, but I just exactly what you're saying. And it's also the feeling you're kind of hiding something from someone and if you can just never mention it, like even in casual discussion, like it's constantly they're like, that's so exciting, do you thing?
I don't know.
I just don't think I would be thinking about it all the time. Yeah, I don't think I could go and hang out with my sister and then it would, yeah, just be in my head because that's significant, Like not that you need to tell them.
Yeah, it's not part of the conversation, but like, like I don't know, I just be shaking and be like, what.
I'm gonna do?
Yeah, it's so hard I couldn't.
It comes out at a random time, They're like, can you pass the tomatoes?
And you're like, just shoot out at a random moment?
Why we all like that?
Not cool?
Jess what would you do?
I think I personally agree with that it's the giving of power. And I think particularly because our listener has said emotional manipulation historically has been a problem. Yeah, I personally think it is not worth that. However, I acknowledge that that's a very privileged thing to say, and that you know, if that fifty thousand dollars potentially could change your life and you really need it, and you know, you just feel like it's going to make a huge
difference to you. The way that I would maybe go about it is setting up an offset and depositing the fifty thousand dollars into an offset.
So that's so smart.
Gets to love this, thank you, I'm not even needed here.
I think like if it gets to a point where they're adding on different rules or it's becoming very uncomfortable or the relationship with your siblings is getting strained.
You can just give it straight back.
Yeah, you can just pull it out, no.
Issues, give it back to them and say thank you so much for the help that you've given me, but I think it's not worth it.
Correct, And so you can.
Do that in the same day. Yeah, oh can you there?
You go, yeah, I feel like that's a good middle ground.
Maybe I feel like that's the best ground. That's actually quite smart. In fact, anytime you are taking money from someone else for something like that, I would recommend it being in an offset, because if you pay it off your loan, there's no guarantee that you could access it later down the track. Even in a draw. The bank could turn around and say, oh, well, we're not letting you redraw that money because you know your loan's over
a certain percentage or whatnot, and that is stressful. Imagine if your parents then said, oh, Jess, we actually need that cash back, and you go, I can't give it back right now, like you said, I could have it for three years, and they go, oh yeah, things have changed. You go, well I can't access it, like yeah, I will have to sell my house so I think that
the offset is the smartest thing. And then I would also ask for a contract like, let's establish a proper loan agreement with any term so you can sit down and say, hey, like, I'm happy to put all these terms in, and I'm actually even happy to sign that I won't tell my siblings, Like, let's put that that I'm happy to even sign and say that I won't tell my siblings. What else? Like, go away, guys, have
a think. Obviously, I don't think that there should be any other stipulations, but you let me know if there's anything else that needs to be in that contract, because like ha haha, neither of us want to add stuff later down the track, so that it can all be kind of agreed to and in writing if you're really worried about it. And then I think offset idea is a really good one.
Chess, Thanks, What did everybody else have to say?
Oh my gosh. So we asked the community first question. We said, would you accept the money if it had conditions you had to follow? And twenty eight percent of you said yeah, it would be a really big help, But seventy two percent said nut doesn't sit right with me, which I think is fair. Like I feel like each to their own.
Though.
Our next question was would you be okay with the condition of having to lie to your siblings about money? Twenty seven percent of you said yep, I could do it. Three percent said nut couldn't do it. I was born to yap.
Yeah, I'm really sorry.
It's going to come out like I did. Just is like I can keep your secrets back, Like you could tell me anything and I'd be like, cool, I'm not telling anybody. Second I have anything about me, I'm like, jess, guess what what what? Like, here's my secret? Tell me more, here's my secret. Like I just can't keep it to myself. I wake up some mornings and I'm like, I'm going to be elusive. I'm not going to tell everybody my life story. And then twenty minutes into my life story,
I'm like, maybe tomorrow. We then asked you, guys, what do you think about this gift that the parents have offered. Eighty one percent said a genuine gift wouldn't come with conditions, and nineteen percent of you said they want to help. I wouldn't overthink it. I don't think that's for us to decide. Though, because only you know your.
Parents and the situation. Like I can see how I guess from the parents' perspective on purely the siblings thing. You know, if maybe they weren't in the position to help kids, you know, who were younger and now it's a bit later in their life. Maybe they've accessed their retirement funds and they have the money, but they don't want to create, you know, a feeling of inequity or whatever. I can understand that, Like, that's not necessarily the flag
for me. It's the history of you say, it's hard to know.
I don't know why you're not saying that, because like you could have one sibling who's really financially responsible and that's you, and your parents want to help you out even more financially with your mortgage because they're really proud of that, and another who just is not financially responsible, and they're like, I really don't want to give that kid access to the same loan which I would feel obligated to because I know they're not going to make
good decisions with that. Ye. So I can kind of understand that, but we don't know the situation. Yeah, context is missing here. We then asked, you guys, obviously it was your two cents, what do you reckon? And you guys had some colorful opinions. So I'm going to go through a couple now. Someone asked, is there any case law about gifts like this, meaning parents can make claims on the house?
Oh?
Good point.
Interesting, but also no, because if it's a gift and they're not on the mortgage, that's where it ends. So I mean they could try, but it would have to involve a lot of legal fees, it would have to involve a lot. I'd be interested to see if there was anything, but I think in Australia it's pretty cut
and dry. If you're not on the mortgage, you're not entitled to it, if you're not a dependent, like if you're not a significant other and you're like a de facto Someone said, how is this condition different to any other contractual obligation? Sign it or don't, And I think that that's a good point. I mean, we're probably putting our morals into this question where they not need it. But it's so it's a complex one.
It's complex because there's no emotion tied to a bank. There's no emotion tied to any like a payday loan for example. Like there's no history and there's no attachments and there's no but if someone that you have a whole history, with an emotional history with and all of this kind of stuff, it's so different. Yeah, you just don't know what that'll turn into.
Yeah. So someone else said, my mum actually gave me sixty thousand dollars to place in my overdrawer account to bring my interest down. Then part two, I will give her that money back when she needs it. But it's been a huge help with decreasing my payable interest, which I think is really smart. The only thing I have there is that's a really good point. But maybe think about putting it in an offset instead of an overdraw to make sure that you can access that. Someone else said,
absolutely not protect your emotional peace. It's not worth fifty grand I promise. Someone else said that's a red flag. Having siblings can be so good if you can don't risk your relationship with them. Yeah, which is true, because you could be risking your relationship. Someone else said, take the money. You don't know anything to your siblings. Someone else said, people say no conditions and then they add
them down. The track, it's not worth the risk. And then the last one I'm going to read out is trust your gut feeling. If it doesn't feel right, it probably isn't. And I feel like that's my favorite one because at the end of the day.
Got trust your gut.
I always say this to everybody, like, trust your gut. If you don't think you should be doing it, don't. But it doesn't matter what it is. I feel like too often we say things like I should have trusted my gut. Yeah, And as somebody who often doesn't trust her gut, historically, trust your gut.
And on that note, let's go.
Let's go. I hope you have a beautiful week and we will see you. Guys bright nearly from Monday. Money Diaries by Guys Bye. The advice shared on She's on the Money is general in nature and does not consider your individual circumstances. She's on the Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product.
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