Amy Lunardi

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1,235 appearances 4 recordings 1 series first heard May 2020 last heard Dec 2022

Amy Lunardi’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Is Now The Best Time to Buy a House? Guest: Amy Lunardi · 3 May 2020 podcast

or dealing with these surprising things that come up.

So with any first home buyer, having that buffer in place or knowing you've got an emergency contingency plan, like borrowing money from your parents, I know people don't want to do that, but you need to know that that's there in the background.

In terms of costs that can come up, you've got these things like furniture and moving trucks.

I feel like that's one of the smaller costs.

Your hot water system blows and that's going to be a couple of grand.

But some things like owners' corporations, so people who are buying into blocks with OCs, we always make phone calls to the owners' corporation before we purchase to say, is there anything that's come up since the last meeting that requires possibly a special levy or some other cost that's not reflected in the minutes?

Because the bigger the block you are, generally the more things you might have like lifts or pools, they do get costly to maintain over time.

Even older blocks, oh, gosh, plaiting.

Make sure, you know, if you're buying, I would never recommend doing it, but I still see people buying with plaiting.

But, you know, that not only can be a big cost, but that's a safety issue that's very relevant at the moment.

When you're buying off the plan, I am not.

of buying off the plan for many, many reasons, which we don't have time to go into right now.

But one big risk here is, well, first of all, you don't know what your outgoings are gonna be until completion, but also there's a big risk of bank valuation shortfall.

And what that means is just say you buy off the plan now and you spend 500,000 in one or two or three years when that property settles, the bank might value it at $450,000.

You have to come up with that 50 grand shortfall somehow to settle.

A lot of people don't realise that that can also happen with an established property.

So whenever we're buying for clients that do have a higher LVR, we always run through the contingency plans there.

If that happens, I don't see it happen very often with us because we do a lot of research.

But that's a totally hidden cost that not a lot of people think about.

And I'll quickly bring up guarantor loans because you were talking about ways for first-time buyers to get legs up through the government.

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