Chris Bates
speaker
1,659 appearances
5 recordings
1 series
first heard Jun 2021
last heard Dec 2022
Chris Bates’s voice in public audio — every appearance, attributed to the second.
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Appearances
You don't need to pay a big lender's mortgage insurance.
And it doesn't really cost your parents anything ongoing.
You pay all the mortgage and you can sort of, the biggest thing and mistake people make with a guarantor though is they buy a poor quality asset.
So they go to mom and dad, I'm going to use your equity in your place to protect myself.
And so I don't need a paid lenders mortgage insurance.
And then they go buy an off the plane apartment or they go buy an investment property in a regional town and just hope for the best.
So you've got to buy a quality asset.
And you've got to think through how to best protect your family.
Big caveat though, I don't want to go on about this forever, but big caveat with guarantor loans is you've got to take a personal responsibility that your parents are doing you a favor and you've got to try to get rid of it.
And so I would say, you know, within three to five years, you've got to come to them with a plan prior to asking, like, this is how it works.
This is the type of quality property I'm going to get.
And this is how I'm going to get rid of it.
Do that research first before you have a conversation with your parents about it, because that's what they really care about is, is you taking action once they help you.
Absolutely.
If you've got an older brother or sister or family or friends or could do it, I would say that 99% of the time it's the parents because a lot of the brothers and sisters either want to use that equity for themselves because they want to upgrade or have investments, et cetera.
So parents are usually the ones who do it.
Look, I would say right now it's, you know, we've had a big boom in 2021, 2022.
There's lots of fear around rising interest rates and the media are going to start playing on this a lot.
You know, you've already seen all the banks come out with big forecasts on property price falls.
You've had, you know, respected commentators like Chris Joy call for four big falls.
Showing 421–440 of 1,659 · page 22 of 83
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