{"id":14242,"date":"2017-10-06T01:00:12","date_gmt":"2017-10-05T14:00:12","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=14242"},"modified":"2017-10-06T01:00:12","modified_gmt":"2017-10-05T14:00:12","slug":"can-apra-get-tougher-buy-a-brick-and-become-an-investor-borrowers-band-together-to-lower-rates","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/can-apra-get-tougher-buy-a-brick-and-become-an-investor-borrowers-band-together-to-lower-rates\/","title":{"rendered":"Can APRA get tougher? + Buy a brick and become an investor + Borrowers band together to lower rates"},"content":{"rendered":"<p><strong><em><u>Highlights from this week: <\/u><\/em><\/strong><\/p>\n<ul>\n<li>Finance expert says \u201cGet ready for it to get tougher to get finance\u201d<\/li>\n<li>How anyone can become a property investor<\/li>\n<li>The role of the quantity surveyor<\/li>\n<li>The HashChing property finance investment model and how it can save you thousands<\/li>\n<li>How to make sure your investible debt or your deductible debt is working for you<\/li>\n<li>Why electronic conveyancing is now the norm in most states of Australia except for Queensland<\/li>\n<li>Property investing like buying shares<\/li>\n<\/ul>\n<p><strong>Transcripts:<\/strong><\/p>\n<h2>Can APRA get any tougher? &#8211; Andrew Mirams<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 I did a video recently with Andrew Mirams from Intuitive Finance, and we talked about the changes with APRA, more changes on the way, even getting tougher for property investors. I\u2019m going to continue that conversation in today\u2019s show. Andrew joins me once again. I want to talk about financial buffers.<br \/>\nGood day, Andrew. How are you doing?<br \/>\n<strong>Andrew:<\/strong>\u00a0 I\u2019m doing really well, Kevin, thank you. And you?<br \/>\n<strong>Kevin:<\/strong>\u00a0 Good, mate. Fine, thank you. As we said in that video, things are likely to get a bit tougher. Do we need to be thinking more about increasing that financial buffer? And maybe you might just describe what it is, Andrew.<br \/>\n<strong>Andrew:<\/strong>\u00a0 Yes, I think that\u2019s a great point. Firstly, what is a financial buffer? We hear that thrown around quite regularly, and I think the average investor, someone doing it for themselves or thinking they know what they\u2019re doing, probably doesn\u2019t set themselves up correctly with these sort of things.<br \/>\nAny business, anyone running inventory or stock and things like that, has an overdraft that they trade through. It allows them to buy and sell their stock and deal with short-term cash flows and things like that.<br \/>\nIn property investing, that\u2019s exactly what a financial buffer is. When you\u2019re buying investment properties and buying properties, it\u2019s time that makes you money. The asset will make you money, but it only makes that over time. So, you want to buy time, and that\u2019s exactly what a financial buffer really is.<br \/>\n<strong>Kevin:<\/strong>\u00a0 How big should that buffer be?<br \/>\n<strong>Andrew:<\/strong>\u00a0 That\u2019s a great question, Kevin. Everyone\u2019s situation is very different. You have your first-timers starting and they might be in one position, and you have your mid-tier investors and then your student investors.<br \/>\nBut whenever someone has enough equity to at least buy a property or another property or something like that, I always try and look at what their rent is going to be and then what their costs might be.<br \/>\nLet\u2019s say they\u2019re going to earn $20,000 a year in rent but their costs are going to be $30,000. There\u2019s a tax consequence and everything like that. We don\u2019t talk about that; we just look at the net cash flow there of $10,000 a year.<br \/>\nWe\u2019d always like to try and have at least half of a property cycle. We talk about a property cycle being that seven to ten years, so always at three and a half to five years as a minimum. Hopefully that\u2019s bought us enough time for the property to improve, and then we re-evaluate from there.<br \/>\nIt\u2019s costing you $10,000 a year, depending on your properties or whatever, and we do a little bit of analysis around that. It depends on what state you\u2019re in, what rent yield, what your overheads are, and what type of property it is \u2013 body corporates versus a house and things like that. There might be maintenance.<br \/>\nWe try and factor all of those things in and do a little bit of a back of an envelope and say \u201cIt\u2019s going to cost you X amount. Now let\u2019s try and multiply that by five times.\u201d I think that\u2019s probably a pretty good buffer to have. If you didn\u2019t have to worry about your property for the next five years because you had the resource there to fund that, I think that\u2019s probably a pretty good position.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Over that five-year period, too, that situation, you would think it\u2019s going to get a little bit better \u2013 wouldn\u2019t you \u2013 as you pay down a bit of that debt, as well. So that buffer, while you wouldn\u2019t change it, becomes even better the longer you keep it.<br \/>\n<strong>Andrew:<\/strong>\u00a0 Yes, it should do. Really, any client who has a home loan and then they\u2019re buying an investment property for the first time, you want to make sure your personal exertion income is still going towards reducing the non-deductible debt, and you want to make sure your investible debt or your deductible debt is working for you.<br \/>\nWhile one might be coming down, the other one might be going up. But at the end of the day, what we\u2019re trying to do is base it from your personal circumstances, making sure you have a personal buffer, that if you want to go on a holiday or there are some urgent repairs to home or your car needs to be replaced or something like that, that you have sufficient personal resources.<br \/>\nThen where we can, we want to make sure we also have\u2026 We don\u2019t want to buy a property and then in a year, we\u2019ve put someone in jeopardy that they have to sell because you won\u2019t make money necessarily in a year. It\u2019s over the journey that you really make money. By buying the right asset and then giving it time to grow is where you\u2019ll make your money in property.<br \/>\n<strong>Kevin:<\/strong>\u00a0 At the opening of this chat, I mentioned about the Skype interview that you and I did, the video about APRA. Go back and have a look at that, too. It\u2019s simply called \u201cAre There More Changes on the Way from APRA?\u201d Have a look at that because inside there, we talk about how the banks will start to look at you. You need to be looking at your disposable income.<br \/>\nI would imagine, too, Andrew, if you\u2019re going to go to a bank and you talk intelligently about your buffer and you talk about what you\u2019re suggesting, they\u2019re going to have a lot more confidence in you as a borrower, aren\u2019t they?<br \/>\n<strong>Andrew:<\/strong>\u00a0 Yes, if you\u2019re a little bit more astute, you set yourself up well, and you get to the right people who can explain and articulate that, then yes, you\u2019re going to get a far greater hearing because there is a lot more scrutiny on living expenses, there is going to be a lot more work around that.<br \/>\nThere\u2019s a lot of work being done to make sure that people aren\u2019t over-extending themselves. So, by having yourself well-resourced with the right buffer in these times, it\u2019s going to buy you that time.<br \/>\nWe are going into a bit of a credit contraction. We started it a couple of years ago, and we\u2019re still going through it where we have two markets \u2013 Melbourne and Sydney, particularly \u2013 over-heating and the regulators have some concerns there. They\u2019re just trying to slow the markets down to a more normal pace, which from your and my perspective, Kevin, makes good sense.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It does.<br \/>\n<strong>Andrew:<\/strong>\u00a0 We want slow and steady growth, not the boom\/bust cycles because that\u2019s not good for anyone. We don\u2019t want to over-expose people and so probably, we haven\u2019t been doing enough analysis around clients\u2019 living expenses, people\u2019s living expenses. Let\u2019s get that right and then look at what their borrowing capacity is.<br \/>\nMake sure you have an adequate buffer in place. You\u2019re better to have it and not need it, in my opinion, because when you need it the most is when you\u2019re least likely to get it.<br \/>\n<strong>Kevin:<\/strong>\u00a0 As I\u2019ve said a few times in here, it\u2019s how you look to the bank. You could be even smarter than that. You could go and talk to Andrew and his team at Intuitive Finance who will take care of all of that for you and make sure you do look good when you talk to the bank.<br \/>\nAndrew Mirams from Intuitive Finance, one of our regulator contributors. By the way, if you have a regular question for Andrew, fire it in through the website. I\u2019ll pass it on to him, and we\u2019ll make sure that we answer it in one of our forthcoming shows.<br \/>\nAndrew Mirams, Intuitive Finance, thanks for your time, mate.<br \/>\n<strong>Andrew:<\/strong>\u00a0 Thanks, Kevin. We\u2019d love to speak to anyone who thinks they could do with our assistance, and appreciate your time.<\/p>\n<h2>Is there a QS on your team? &#8211;\u00a0Brad Beer<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 One of our regular guests on the show is Brad Beer from BMT Tax Depreciation. Today, I\u2019m going to talk to Brad about the role of a quantity surveyor \u2013 and Brad has mentioned this on a number of occasions \u2013 and find out a little bit more about what they actually do.<br \/>\nBrad, welcome to the show. Thanks for your time.<br \/>\n<strong>Brad:<\/strong>\u00a0 Thanks, Kevin. Great to be here.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Brad, tell me exactly what is a quantity surveyor?<br \/>\n<strong>Brad:<\/strong>\u00a0 Kevin, a quantity surveyor is essentially someone who specializes in the measurement and estimating of buildings. I did a construction management degree or building degree, and I come out of that learning some quantity surveying skills.<br \/>\nWe\u2019re guys who can get the plans of a building and we can measure up the amount of concrete, the amount of steel, we can count the bricks and count the tiles if necessary based on a set of plans, and then from that, work out what it actually costs to build that building in the place it\u2019s being built. We take the materials, we measure how much of them there is, we can cost them, and then actually get in there and building a building out of them.<br \/>\nPeople think when you say surveyor, you\u2019re one of those guys standing on the side of the road but it\u2019s a different science. It\u2019s measurement and estimating to do construction.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Quantity surveyors, it seems to me, can choose to get involved at any stage of the construction process. BMT\u2019s focus is in tax depreciation. What is the reason behind that? Why did you choose that part?<br \/>\n<strong>Brad:<\/strong>\u00a0 We started back 20-odd years ago now in a wider range of quantity surveying. One of my original partners actually came out of a traditional quantity surveying firm, and they get involved in cost plans at early stages, working with the builders, and working with the banks.<br \/>\nBut this area of tax depreciation, which is one of the areas that BMT is focused on, having seen the traditional quantity surveyors don\u2019t focus or put so much energy into that niche area of the market and learn the tax rules as well as they possibly could and should meant that we started a business in tax depreciation schedules just specializing solely on that by just marrying the quantity surveying skills with some tax expertise as well, which are the two skills you really need to marry together to get the maximum deductions out of those properties.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Brad, is there any guiding legislation under which quantity surveyors are recognized?<br \/>\n<strong>Brad:<\/strong>\u00a0 Yes. For the purpose of depreciation, Taxation Ruling 9725, if you really want to read it up\u2026<br \/>\n<strong>Kevin:<\/strong>\u00a0 That\u2019s heavy.<br \/>\n<strong>Brad:<\/strong>\u00a0 \u2026Says where the construction costs are not available for the purpose of depreciation, then the tax office will accept a relevant estimate done by a professional such as a quantity surveyor. It doesn\u2019t say a quantity surveyor is the only guy who can do it, and it never mentions one particular quantity surveyor or anything like that.<br \/>\nThe ATO or the government won\u2019t legislate a particular organization, but they\u2019ll recognize our costs where those costs aren\u2019t available because we\u2019re the guys who normally count bricks and tell you how much they should cost. These claims are related to a portion of those costs, and because we know how to estimate costs, they accept those numbers.<br \/>\n<strong>Kevin:<\/strong>\u00a0 I would imagine, from what you\u2019re telling me, that it would be advisable to get involved with a quantity surveyor fairly early in the construction process, almost at the planning stage.<br \/>\n<strong>Brad:<\/strong>\u00a0 It depends. On large projects, quantity surveyors get involved more to make sure and check on the construction costs, but for the purpose of depreciation, just having that question at the start is really good to see is there anything we can change that is going to help to maximize those deductions?<br \/>\nThere is not a massive amount of things to change in a residential house or a unit. And with a unit, you\u2019re not making those decisions \u2013 someone who you\u2019re buying it off is a lot of the time. But knowing and crunching these numbers prior to building these things, and if there are any decisions to be made, then talking early doesn\u2019t cost you anything and is definitely a good idea.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Who monitors quantity surveyors? Is there an industry body to govern them?<br \/>\n<strong>Brad:<\/strong>\u00a0 We have, like most industries, the Australian Institute of Quantity Surveyors, or the AIQS, of which I\u2019m an associate member and a number of the staff here are. Also members of the Royal Institute of Chartered Surveyors, which is wider in the surveying world, and I\u2019m also a member of the Auctioneers and Valuers Association, which is not so much monitoring there, but we\u2019re valuers for the purpose of plant and equipment valuation, just to make sure we understand those methodologies.<br \/>\nOn top of that, as a quantity surveyor that does a depreciation schedule, the Tax Practitioners Board We have to be registered tax agents, which I am and the business is. The idea of that is in order to do a deprecation schedule, you need some tax knowledge and experience, as well, so you have to go through a process to make sure you\u2019re registered as a tax agent to do a depreciation schedule for a property investor.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Brad Beer, BMT Tax Depreciation, thank you very much for your time.<br \/>\n<strong>Brad:<\/strong>\u00a0 Thanks, Kevin. Always great to be here. Thank you.<\/p>\n<h2>Buy a brick and become an investor &#8211;\u00a0Anthony Millet<\/h2>\n<p><strong>Kevin:<\/strong>\u00a0 Several months ago, I interviewed the CEO for BRICKX. I told you about that company. Well, here we are 12 months down the track. They are still going. Not only are they still going, but they\u2019re absolutely booming. Anthony Millet joins me. He is the CEO for BRICKX.<br \/>\nCongratulations. Happy birthday, too, Anthony, by the way.<br \/>\n<strong>Anthony:<\/strong>\u00a0 Thanks very much, Kevin. It\u2019s great to be back.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Twelve months. A fascinating model. Just walk me through again how the model actually works and how people can become involved in it.<br \/>\n<strong>Anthony:<\/strong>\u00a0 The BRICKX website is available to everyone. They can go online, sign up very easily, and they can invest in residential real estate \u2013 currently in Sydney, Melbourne, and Adelaide \u2013 for under $100. The average portfolio is $2200, so they\u2019re a lot bigger than that, but you can get in for under $100.<br \/>\nThe way it works is our expert buying team finds existing properties in highly desirable locations within Sydney, Melbourne, and Adelaide at the moment. We put them into an individual trust, so one property per trust, which is split into 10,000 units, or bricks, as we call them. Investors can then buy anything from one up to 500 bricks, or 5% of the property.<br \/>\nAll the properties are rented out, and when the rental income comes in, the professional property managers pay the water, the council, the strata, and all the other expenses, etc. The rental income that remains is then distributed amongst all of the brick-holders on a monthly basis. So every month, every brick-holder will get their share of the rental income.<br \/>\nIn addition, investors can make money from the capital growth of the property, and as the property changes in value, we update that brick price, which shows you the uplift \u2013 or if the property goes down in value, it could be a downward fall in the value of the property.<br \/>\nWhat\u2019s also quite unique on our platform is the ability for an investor to be able to put their bricks up for sale at any time they want. So, you\u2019re not investing on anyone else\u2019s time horizon. You put up your brick when you want, when it suits you.<br \/>\n<strong>Kevin:<\/strong>\u00a0 The properties, you mentioned there you have an expert group who actually seek these properties out. How successful has that been? In other words, what is the percentage of properties that have improved as opposed to those that have fallen back?<br \/>\n<strong>Anthony:<\/strong>\u00a0 We haven\u2019t had anything that\u2019s fallen back yet. We\u2019re invested in Sydney and Melbourne mostly, so we\u2019ve been in some pretty strong markets there. The best performing asset that we\u2019ve had over the last 12 months was a house in Annandale in Sydney that is up 22% since a year ago. And we\u2019ve been pretty successful at being able to acquire assets.<br \/>\nThe great thing about our property team is that we\u2019re focused on value assets and we\u2019re not emotional buyers, so we\u2019re generally not going to auctions because we never win at auction. We\u2019re looking for those properties where we can get a really good deal that represents what we think is good fair market value for our investors.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Anthony, what have you learned about the profile of your average investor?<br \/>\n<strong>Anthony:<\/strong>\u00a0 We have those at the age of 18 to 30 who are entering the property market for the first time \u2013 some just dabbling, others saving their housing deposit in line with the market \u2013 to those over 35 and upwards who are generally using this as a diversification strategy, now able to invest some of their savings in high-quality residential real estate alongside shares and cash, etc., whereas they may have been excluded from buying this asset class before.<br \/>\n<strong>Kevin:<\/strong>\u00a0 Of those people who have decided to sell for whatever reason, has that been a difficult process? How does that actually happen?<br \/>\n<strong>Anthony:<\/strong>\u00a0 One of the key benefits of the BRICKX platform is the ability to be able to put your bricks up for sale at a time that you choose \u2013 and also at a price that you choose. That mechanism and that process has worked really well since we launched.<br \/>\nWe\u2019ve had about 25% turnover of the investments on the platform, and that has been across a median time of 12 hours. So, it\u2019s taken a median time of 12 hours for someone to be able to sell their position in residential real estate, which is obviously a lot quicker than it would take you to sell an entire home.<br \/>\n<strong>Kevin:<\/strong>\u00a0 It\u2019s a bit like having a share portfolio in a way, isn\u2019t it?<br \/>\n<strong>Anthony:<\/strong>\u00a0 It\u2019s similar, but you\u2019re building a portfolio of units within individual different properties. We find that in terms of the ease of the process, people are able to access the website via any kind of device and it\u2019s very easy to buy and sell bricks.<\/p>\n<h2>Queensland solicitors have had enough &#8211;\u00a0Peter Maloney<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>Electronic conveyancing is now the norm in most states of Australia except for Queensland. Frustrated Queensland property lawyers are seeking answers from the Queensland government after repeated attempts for clarity on the timeframe of the formal introduction of electronic conveyancing have been ignored.<br \/>\nAccording to legal technology firm GlobalX, 84% of Queensland lawyers and conveyancers support the move to electronic conveyancing. So why the holdup? I asked GlobalX CEO Peter Maloney.<br \/>\n<strong>Peter:\u00a0 <\/strong>Well, Kevin, it really is a result of a lack of action from the Queensland government. We have one government in Australia that has passed the national laws to enable electronic conveyancing, passed the revenue laws to enable electronic conveyancing, but it\u2019s the only state in Australia that is left to announce a pathway for the industry to make the change.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Is Queensland the last state to convert?<br \/>\n<strong>Peter:\u00a0 <\/strong>It is of all the major states. I\u2019ll give you a scenario. In Western Australia, Victoria, New South Wales, South Australia, the only way to lodge a standalone discharge on a mortgage is electronically. That\u2019s for consumers, for commercial transactions. By the end of this year, every state will have refinances electronically lodged. By the middle of next year, every state will have caveats lodged electronically, and by the end of July 2019, every state will be doing full financial settlements on property transfers electronically.<br \/>\nAnd Queensland is the only state that hasn\u2019t made any announcements for any instruments to be conducted electronically.<br \/>\n<strong>Kevin:\u00a0 <\/strong>So, what is the impact of the delay? I imagine it\u2019s having a big impact on some firms that are across borders.<br \/>\n<strong>Peter:\u00a0 <\/strong>That\u2019s right. You take a legal practice that\u2019s operating in the Tweed Heads region, and those solicitors are operating across both New South Wales and Queensland, so it\u2019s two states, two systems.<br \/>\nOr you have the scenario where you have major law firms around Australia implementing significant process changes to cater for electronic conveyancing, and they\u2019re having to do that in the absence of their Queensland office. Their Queensland office \u2013 to be up front with you, Kevin \u2013 is just being left behind, because the government is not providing the direction.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Of course, we have a lot of cross-border purchasing, too \u2013 people out of Queensland buying property in New South Wales and vice versa. I imagine that\u2019s further complicating the issue, isn\u2019t it?<br \/>\n<strong>Peter:\u00a0 <\/strong>It is. The industry is trying to transition really smoothly, instrument by instrument, to the digital world, and it\u2019s very difficult if you have all the other major Australian states providing industry guidance and you have one that\u2019s remaining silent on the topic.<br \/>\n<strong>Kevin:\u00a0 <\/strong>The current paper-based process in Queensland means that five separate documents have to be fully signed. Just one missing signature \u2013 as I know \u2013 can completely derail a settlement. That\u2019s certainly enough reason to make the change, I would have thought.<br \/>\n<strong>Peter:\u00a0 <\/strong>That\u2019s right, and this is where the Queensland Law Society has to step up, has to be providing advisory services on behalf of the solicitors of Queensland to say \u201cIt\u2019s enough.\u201d<br \/>\n<strong>Kevin:\u00a0 <\/strong>Is that where the holdup is? Is it with the Law Society?<br \/>\n<strong>Peter:\u00a0 <\/strong>The Law Society made statements, certainly. I\u2019m not sure they\u2019re driving as hard as they could into government to force the government to come to the table and have a discussion about a smooth implementation timeline.<br \/>\nBut back to the documentation, the paper-based process, if you miss one signature or have an incorrectly spelled name on a transfer of title or a mortgage instrument, that property settlement will fall over, and for the consumer at that moment, they will not be able to move into the house they thought they had bought until settlement is rescheduled.<br \/>\n<strong>Kevin:\u00a0 <\/strong>I was going to ask you what the move to electronic conveyancing has meant to consumers. It\u2019s obviously a smoother process.<br \/>\n<strong>Peter:\u00a0 <\/strong>Absolutely. In every other state, the benefits are being reaped. For example, even forgetting about a transfer of title, say for example, you have an urgent family law matter that requires a caveat to be assigned to a property. In every other state bar Queensland, it\u2019s done via the computer and it\u2019s lodged on the title within seconds.<br \/>\nIn Queensland, the solicitor is filling out a caveat notice, printing it, signing it, and walking it down and lodging it over the counter with the Register of Titles. It is lunacy. And that\u2019s why instrument by instrument, the change is needed.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Are there any concerns about security, doing all of this over the Internet?<br \/>\n<strong>Peter:\u00a0 <\/strong>No, there is nothing different in Queensland that would raise an issue around security that the other states haven\u2019t already done. And the irony of it, Kevin, is that Queensland state government is one of the largest shareholders of the electronic conveyancing platform PEXA. They own 5.5% of the actual platform and were one of the early seed funders into the development of the platform.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Was that under the current Labor government, or was that the previous government?<br \/>\n<strong>Peter:\u00a0 <\/strong>That would have been under the previous government. So, it came out of COAG in 1996, and capital would have been raised between 1996 and 2010.<br \/>\n<strong>Kevin:\u00a0 <\/strong>There are certainly a lot of questions to be asked here of the state government but also probably of the Queensland Law Society, as well.<br \/>\n<strong>Peter:\u00a0 <\/strong>Often, one of the issues that\u2019s raised in Queensland by both of those parties is if we lay down a timeline for the introduction of electronic conveyancing, there is only one electronic platform in the market, which is PEXA, and that might therefore cause competition issues.<br \/>\nBut the reality is in the Australian economy, PEXA have invested $300 million in developing the platform, which is owned by state governments and by the banks, and under that structure, there is no other private business that has $300 million to spend on building another platform.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, a lot of questions to be answered here. Peter, we\u2019ll follow this with interest. We\u2019ll try and make some contact to the state government in Queensland and also to the Queensland Law Society to try to get some answers, as well. But Peter, thank you very much for your time.<br \/>\n<strong>Peter:\u00a0 <\/strong>Terrific to be with you again, Kevin.<\/p>\n<h2>Borrowers band together to save &#8211;\u00a0Mandeep Sodhi<\/h2>\n<p><strong>Kevin:\u00a0 <\/strong>There\u2019s a lot of talk about financing currently in the property market. I\u2019m going to talk now to a gentleman I haven\u2019t spoken to for a little while, but it\u2019s good to have him back on the show, Mandeep Sodhi from HashChing.com.au.<br \/>\nMandeep, thank you so much for your time. Good to be talking again.<br \/>\n<strong>Mandeep:\u00a0 <\/strong>Thank you, Kevin, for having me on your show.<br \/>\n<strong>Kevin:\u00a0 <\/strong>My pleasure. Tell me about HashChing and how you can help us get some finance for property.<br \/>\n<strong>Mandeep:\u00a0 <\/strong>On HashChing, we have two models. One is do it yourself, which is using the group buy concept. We\u2019ve just recently launched it a week ago for consumers who are pretty much residing in their own place, which is owner-occupied, looking to refinance above $500,000.<br \/>\nWe get them to join a group of borrowers with similar characteristics. Let\u2019s say we get ten applicants who join a book of $5 million. Once we collect all the information about them, then we ask the banks or participating lenders to bid on the book. Right now, we have four lenders: Switzer, Mortgage Ezy, Pepper Group, and Gateway Credit Union who are trialing it. Once the book is completed, they start bidding on your whole book.<br \/>\nWe believe that the group buy concept has been around \u2013 it has been tried on getting a good value on your electricity bills and also through the Groupon website \u2013 but no one has done it properly for home loans, so we\u2019re now trialing it for the first time in the home loan space.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Yes, it\u2019s a fascinating concept, and I can see \u2013 as you say \u2013 it\u2019s working well in other areas. Let\u2019s talk about financing, because financing is rather personal. You get different people at different levels, so you\u2019ll have a different group of people in the book. How do you work out \u201cOh, I might have a good credit rating but then I don\u2019t want to be lumped with someone who\u2019s not, because that\u2019s going to affect how much I pay\u201d?<br \/>\n<strong>Mandeep:\u00a0 <\/strong>We do have some strict criteria. You can only join a book if you have a minimum of 510 credit score. And don\u2019t worry; we\u2019ll do that check on your behalf, and it\u2019s not recorded on your file. We also allow only those borrowers who have been with their current bank for a minimum of three years. So, as you can see, there is a strict criteria to join that book, because we want all the borrowers to have similar characteristics, and then only the banks would bid on it.<br \/>\nBut in any case, if you don\u2019t fit the criteria, then we pass you on to a broker in your local area who\u2019s registered and verified by us, and they will look after your circumstances and still get you a better rate.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Have you got a feeling for how much someone is going to save by joining one of these books?<br \/>\n<strong>Mandeep:\u00a0 <\/strong>On our platform right now, we have rates starting from 3.56%. So, the pressure is back on the lenders who personally can see the rates that are being advertised by the brokers, but also consumers have now expectations that \u201cHey, I can see 3.56% on the HashChing website, so I\u2019d better be getting a better deal from the lenders if I\u2019m joining a group and waiting for five days for lenders to bid on my book.\u201d<br \/>\n<strong>Kevin:\u00a0 <\/strong>When I join a book and if the successful bank comes in and we all agree in the book \u2013 or you agree, whatever the case may be \u2013 that we\u2019re going to go with that particular bank, does that bank then have an association with me as an individual, or is it that overall book?<br \/>\n<strong>Mandeep:\u00a0 <\/strong>The bank has to firstly place a bid on the whole book. You as a customer do not have to go with that lender. If you feel that another lender out of the participating lenders has a better value but they\u2019re not the cheapest, that\u2019s fine as well. You can still go with the other lenders. But 50% of the book has to go with the winning lender to be able to get that rate.<br \/>\nWe then connect you to that lender and they will discuss with you in person how they can proceed and get you that rate.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Have you got some history here, Mandeep? Has there been a book that\u2019s been successfully completed?<br \/>\n<strong>Mandeep:\u00a0 <\/strong>No, we\u2019re running the first book now. We only opened it last week. We\u2019ve already received $1.12 million worth of applications out of the $5 million. So, there are two applicants. We\u2019re just waiting for another four applicants.<br \/>\nSaying that, we\u2019ve already received 22 registrations, so they are still in the process of uploading documents. As I mentioned, it\u2019s a do-it-yourself process, so the consumers will have to upload all the documents themselves. But if you need some assistance from a mortgage broker, then we can connect you to the mortgage broker as well. But then you\u2019ll have to move out of the book.<br \/>\n<strong>Kevin:\u00a0 <\/strong>It\u2019s a fascinating concept, and it\u2019s a going to be interesting to watch. Have you got a feeling for when the first book is going to be complete or ready to have an offer taken?<br \/>\n<strong>Mandeep:\u00a0 <\/strong>We only need seven more applicants now to join the book, and as I mentioned we already have 22 applicants in the registration process who are just uploading the documents now. So we are expecting it to finish by the end of this week.<br \/>\nYou have to hurry up if you want to join the book, but that\u2019s fine; we have the next book starting as soon as the first book closes. The second book opens up straight way once the first book is closed, so it\u2019s not that you\u2019re missing out on the book.<br \/>\n<strong>Kevin:\u00a0 <\/strong>Okay. You can get all the details at the website HashChing.com.au.<br \/>\n<strong>Mandeep:\u00a0 <\/strong>Correct. You can either go to <a href=\"http:\/\/www.HashChing.com.au\" rel=\"nofollow\">http:\/\/www.HashChing.com.au<\/a>, or you can directly go to groupbuy.HashChing.com.au and you\u2019ll get more information there.<br \/>\n<strong>Kevin:\u00a0 <\/strong>There you go, HashChing.com.au or groupbuy.HashChingcom.au. Mandeep, thank you so much for your time. Congratulations on what you\u2019re doing, and would love to get an update once you get that first book going.<br \/>\n<strong>Mandeep:\u00a0 <\/strong>Thank you, Kevin. Thanks again for having me on the show.<br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights from this week: Finance expert says \u201cGet ready for it to get tougher to get finance\u201d How anyone can become a property investor The role of the quantity surveyor The HashChing property finance investment model and how it can save you thousands How to&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":14285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,24],"tags":[101],"class_list":["post-14242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-shows","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Can APRA get tougher? 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