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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Australian Finance Podcast · Property investing strategies (advanced) with Chris Bates · 4 Oct 2021 podcast

So the principal part of your repayment is actually your mortgage going down and you'll get that money back one day when you sell, as long as you bought an asset that went up in value, then you get that savings back.

So I think when people are looking at the move from renting versus owning, they should be comparing their rent to the interest cost.

And then the capital portion is what they're trying to save every month.

And I think that allows people to sort of navigate that repayment a bit and go, oh, you know what?

Okay, yeah, I'm moving from $3,000 a month to $5,000 a month, but I'm only really substituting my rent for my interest, which is the same.

And then the $2,000 extra is paying off my mortgage.

That makes sense because-

Sorry, Katie.

Absolutely.

And if you buy a property that's not going up, it's exactly the same thing, right?

Because you buy a million dollar property and it's still a million dollars in 10 years time and you paid all this interest.

Well, that's the same as if you just rent it and you would have had maintenance costs and you would have had repairs and

and other things that make it more expensive than renting.

And so if it's not going, that's why it's so important to buy a quality asset, because if you're not buying an asset that's going up, then rent money, interest money, it's exactly the same.

And yeah.

Did you have something, Owen?

Yeah, so I mean, one of the benefits is the strain, the property market is a big asset, right?

You're talking $9 trillion and the debt on that is around $2 trillion.

And so what Andrew spoke about in his thing was, it was the insight to say, look, it is too big to fail.

The reality is our economy is built on it.

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