{"id":11529,"date":"2017-04-30T03:00:32","date_gmt":"2017-04-29T17:00:32","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=11529"},"modified":"2017-04-30T03:00:32","modified_gmt":"2017-04-29T17:00:32","slug":"a-breakthrough-in-funding-for-young-people-greg-dickason","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/a-breakthrough-in-funding-for-young-people-greg-dickason\/","title":{"rendered":"A breakthrough in funding for young people \u2013 Greg Dickason"},"content":{"rendered":"

Technology is coming to the rescue of making properties more affordable in Australia especially for first home buyers. \u00a0Greg Dickason<\/strong> from Core Logic tells us about sofi.com.
\nTranscript:<\/strong>
\nKevin:<\/b>\u00a0 \u201cHousing affordability\u201d are two words probably on the lips of most people right now \u2013 people talking about \u201cHow can we make our houses more affordable for Australian property purchasers?\u201d Joining me now to talk about this, Greg Dickason from CoreLogic.
\nGreg, what sort of products are coming out now that deal with affordability, and what can we do about this?
\nGreg:<\/b>\u00a0 Kevin, I think there are quite a few coming out, especially in the fintech space \u2013 and \u201cfintech\u201d stands for \u201cfinancial technology.\u201d There are a lot of start-ups around the country and from the U.S. that are coming in that are looking at new ways in which they can use financial products that make houses more affordable for us.
\nSome of those are looking at things like when you\u2019re downsizing, do you need to sell your whole house or can you sell parts of it and rent it back and allow your new starters or first-home buyers to buy a portion of your house, for example? Others are looking at as a first-home buyer, are there new ways in which I can get into the market ready to buy a unit or a house or portions of a house?
\nThere are lots of different technologies coming out there, especially ones that are also looking at credit and how they can actually look at your credit and novel ways in which they can score you as a borrower.
\nKevin:<\/b>\u00a0\u00a0Could you give me some examples of some of these sites that we can have a look at?
\nGreg:<\/b>\u00a0 Absolutely. One of the sites from the U.S. looks at your academic record, Kevin, and from the back of your academic record, they will lend to you. This is before you even have a credit history. That enables people coming out of university, for example, to get credit early and potentially to buy into the housing market very early.
\nKevin:<\/b>\u00a0 Greg, what\u2019s the name of the website?
\nGreg:<\/b>\u00a0 Kevin, it\u2019s called SoFi, which stands for Social Finance \u2013 that\u2019s SoFi.com. It\u2019s really interesting because they have started to really understand their market, which is students or people who have just graduated, and they have lent to them and worked out that they\u2019re much lower credit risks than you\u2019d otherwise think. They\u2019ve started with personal loans but they\u2019ve moved into mortgages. You can expect them to come to Australia soon. They have a large amount of capital to do that.
\nKevin:<\/b>\u00a0 This I imagine will be a great boost for first-time buyers and particularly students.
\nGreg:<\/b>\u00a0 Absolutely. If you think about it, you may be a hard working student who\u2019s achieved very well but you\u2019re still very much starting out in life. So for somebody like SoFi to come along and say, \u201cHey, work with us. We\u2019ll lend you money because we trust that your work ethic is going to mean you\u2019re going to be successful in life.\u201d That\u2019s a great start.
\nKevin:<\/b>\u00a0 Watch out for it. It\u2019s called SoFi.com.
\nJust while I have you there too, Greg, I\u2019ve quite often heard about the number of bedrooms that are available around Australia or vacant. Is that an opportunity for us to maybe take up some of this accommodation and make it a little bit more affordable?
\nGreg:<\/b>\u00a0 I think that it is, Kevin, and I think that\u2019s where the sharing economy with things like Airbnb but other newer technology platforms are going to make a real difference. There are 27 million bedrooms in Australia, so considering there are 24 million Australians, that means there are three million more bedrooms than there are Australians in our country, never mind the fact that some people share a bedroom. That really opens up do we have a supply problem or do we just have an allocation problem?
\nKevin:<\/b>\u00a0 I did see a recent survey, and we mentioned it in the show, too. A Trip Advisor survey showed that 67% of travelers plan to stay in a vacation rental in 2016, and this is largely on the back of things like Airbnb. It certainly is a growing industry, isn\u2019t it?
\nGreg:<\/b>\u00a0 It is. And if you look further than that, there are 7 million garages, and if we ever get to the point where cars are self-driving and they don\u2019t need to park at home and they just go out and earn you money when you\u2019re not using them, what are we going to do with our 7 million garages?
\nKevin:<\/b>\u00a0 It\u2019s interesting you say that because I also had a talk to someone else out of the States who was telling me that now it\u2019s quite common for them also to lease out driveways \u2013 accommodation places for cars. So we\u2019re seeing a lot more of this happen, this community sharing and this opportunity to earn a bit of extra income as well, Greg.
\nGreg:<\/b>\u00a0 Yes, exactly. It\u2019s pretty exciting, and I think it may be some of the ways we answer our first-home buyer supply problems in our country.
\nKevin:<\/b>\u00a0 Absolutely.
\nGreg Dickason from CoreLogic. Thank you so much for your time.
\nGreg:<\/b>\u00a0 Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

Technology is coming to the rescue of making properties more affordable in Australia especially for first home buyers. \u00a0Greg Dickason from Core Logic tells us about sofi.com. Transcript: Kevin:\u00a0 \u201cHousing affordability\u201d are two words probably on the lips of most people right now \u2013 people…<\/p>\n","protected":false},"author":176692471,"featured_media":11532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,34,10,11,13,36,25],"tags":[101],"class_list":["post-11529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nA breakthrough in funding for young people \u2013 Greg Dickason - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/a-breakthrough-in-funding-for-young-people-greg-dickason\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A breakthrough in funding for young people \u2013 Greg Dickason - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Technology is coming to the rescue of making properties more affordable in Australia especially for first home buyers. \u00a0Greg Dickason from Core Logic tells us about sofi.com. 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