Establish Wealth

About Establish Wealth

Establish Wealth is a podcast for people looking to create financial freedom through property, finance, investing and everything in between. Hosted by Tiffany and Toby, the hosts are partners in both business and life, they own a mortgage broking company and are married with two kids. they are both property investors, mortgage brokers and financial educators. They strive to empower and educate people to understand their finances, enter the property market and invest in the property market and to set themselves up for the future and establish wealth.

Publisher

Tiffany & Toby

Category

business · education

Language

en

Explicit

No

First episode

17 May 2024

Latest episode

30 Aug 2024

Latest episodes

17 episodes in the feed.

1. 

   30 Aug 2024

   Episode 15 - End Of Season 1 Entering the Property Market Recap

   End of Season 1: Entering the Property Market Recap. Description: In this final episode of our first season on Established Wealth, we’re tying together all the essential steps in purchasing a property, whether you’re a first-time listener or have been with us from the start. Hosts Tiffany and Toby provide a comprehensive recap, from laying the groundwork with financial health to crossing the finish line with settlement and beyond. Key Takeaways: Financial Foundations: The importance of establishing an emergency fund before diving into property ownership. How budgeting and developing good money habits set the stage for financial success. Borrowing and Mortgage Prep: Understanding your borrowing capacity, serviceability, and the "5 Cs of Credit" that lenders use to evaluate your loan application. The crucial role of mortgage brokers in navigating lender policies and securing the best deal. Exploring Grants and Lender Options: Insights into government schemes like the First Home Loan Deposit Scheme and guarantor loans, and how they might (or might not) benefit you. Tips for selecting the right lender based on your unique financial situation. The Homebuying Process: Setting a realistic budget, considering all costs from legal fees to moving expenses. The value of using a buyer’s agent, especially for auctions and off-market properties. Finalizing the Purchase: Navigating the settlement phase, organizing your move, and the excitement of becoming a homeowner. As we wrap up Season 1, don’t forget to send in your questions or topic suggestions for next season through our social media channels. We’ll be back with more valuable insights to help you on your path to Established Wealth. Contact Us: Website: www.establishedwealth.com.au Email: toby@establishedwealth.com.au | tiffany@establishedwealth.com.au Instagram: Toby_EstablishWealth | Tiffany_MortgageBroker Download E-Book: www.establishedwealth.com.au Australian Credit Licence: 389087 ASIC Authorised Credit Representative Number: 559315

2. 

   16 Aug 2024

   Episode 14 - Making an Offer: Navigating the Post-Acceptance Process, Cooling-Off Periods, and Special Conditions

   Making an Offer: Navigating the Post-Acceptance Process, Cooling-Off Periods, and Special Conditions Description: In this episode of Established Wealth, hosts Tiffany and Toby take you step-by-step through the crucial process of making an offer on a property, what happens once it's accepted, and the key details about cooling-off periods and special conditions that every buyer should know. Whether you're a first-time homebuyer or a seasoned investor, this episode is filled with practical insights to ensure you make informed decisions and avoid costly mistakes. Key Takeaways: Making an Offer on a Property: Tiffany and Toby kick off the episode by discussing how to make a strong, serious offer on a property. They highlight the importance of submitting an offer in writing and ensuring both parties sign a contract of sale to make it legally binding. They also explain why consulting with a solicitor early in the process is crucial to understanding your rights and obligations. Signs Your Offer Is Being Considered: The hosts share four telltale signs that indicate your offer is being seriously considered by the seller, including requests for proof of funds and counteroffers. These indicators can help you gauge where you stand in the negotiation process. Understanding the Cooling-Off Period: Delve into the complexities of the cooling-off period, a critical stage in the property buying process that allows you to back out of the deal under certain conditions. Tiffany and Toby explain how this period works, its timing, and why it's essential to have professional legal advice during this time. Real-Life Case Study: Toby shares a real-life example of a client who made an offer on a property without having pre-approval, leading to a highly stressful and risky situation. The story underscores the importance of securing pre-approval before making an offer, as well as the potential consequences of not doing so. The Role of a Mortgage Broker: The episode highlights the vital role a mortgage broker plays in guiding clients through the property buying process. From obtaining pre-approval to managing complex situations like extended cooling-off periods and special settlement conditions, Tiffany and Toby showcase how a broker's expertise can be the difference between a successful purchase and a lost deposit. Tips for a Smooth Property Purchase: Tiffany and Toby wrap up the episode with practical advice on ensuring a smooth property purchase. They emphasize the importance of early engagement with a mortgage broker, understanding the full scope of your financial capacity, and being prepared for unexpected challenges. Contact Us: Website: www.establishedwealth.com.au Email: toby@establishedwealth.com.au | tiffany@establishedwealth.com.au Instagram: Toby_MortgageBroker | Tiffany_MortgageBroker Download E-Book: Establish Wealth E-Book Australian Credit Licence: 389087 ASIC Authorised Credit Representative Number: 559315 If you have any questions or topics you'd like us to cover, feel free to reach out. Don’t forget to subscribe and leave us a review!

3. 

   9 Aug 2024

   Episode 14 - Top Performing Real Estate Agent Luke Morrison Shares Tips for Successful Property Buying and Selling.

   Top Performing Real Estate Agent Luke Morrison Shares Tips for Successful Property Buying and Selling. Description: In this episode of Established Wealth, hosts Tiffany and Toby sit down with one of Newcastle’s top estate agents, Luke Morrison, who has sold over 90 properties this year already. Luke shares his journey from starting in admin to becoming a leading agent in the competitive real estate market. The trio dives deep into the strategies that make Luke successful, offering listeners a masterclass in how to navigate the property market, whether you're buying or selling. Key Takeaways: Luke's Real Estate Journey: Luke discusses his path into real estate, starting from his early days in admin to becoming a lead agent. Hear how he overcame challenges and developed the skills that have made him a top performer. Understanding Buyers: Learn the critical importance of qualifying buyers at open homes. Luke explains the right questions to ask and how understanding buyer psychology can help in closing deals efficiently. Building Strong Buyer Relationships: Discover the strategies Luke uses to build rapport with buyers, ensuring they feel valued and understood. His approach to nurturing these relationships is key to his success. Market Trends and Buyer Behavior: Tiffany and Toby explore how market trends, such as the end-of-financial-year rush, affect buyer behavior and what agents can do to keep deals moving in slower markets. The Importance of a Strong Team: Luke highlights the benefits of working with a dedicated team that complements each other’s strengths. This synergy allows for personalized service that caters to different buyer personalities. Pre-Market and Off-Market Sales: Understand the concept of pre-market sales and how Luke uses off-market opportunities to secure deals before properties hit the broader market. Expert Tips for Buyers: Luke shares his top advice for buyers entering the property market, including how to interact with real estate agents and what to look for during inspections to make informed decisions. Join Tiffany, Toby, and Luke as they uncover the secrets behind successful property transactions, providing valuable insights for both buyers and sellers looking to navigate the real estate landscape. Contact Us: Website: www.establishwealth.com.au (http://www.establishwealth.com.au) Email: toby@establishwealth.com.au | tiffany@establishwealth.com.au Instagram: Toby_MortgageBroker | Tiffany_MortgageBroker Download E-Book: Establish Wealth E-Book (#) Australian Credit Licence: 389087 ASIC Authorised Credit Representative Number: 559315 Feel free to reach out if you have any questions or topics you'd like us to cover. Don't forget to subscribe and leave us a review! Contact Luke Morrison: Instagram: LukeMorrison_BelleProperty Email: Luke.Morrison@BelleProperty.com

4. 

   1 Aug 2024

   Episode 13 - Navigating Building Contracts and Choosing the Right Builder with Kerri Ann from Carnelian Projects

   Episode 13 - Navigating Building Contracts and Choosing the Right Builder with Kerri Ann from Carnelian Projects Welcome to another insightful episode of our podcast! Today, we are thrilled to be joined by Kerri Ann from Carnelian Projects, a trailblazer in the residential construction industry and one of the few women in Australia with her own building plans. Hosted by Tiffany and Toby, this episode dives deep into the intricacies of building contracts, offering invaluable tips for those looking to build their dream home. Kerri Ann founded Carnelian Projects in 2011 with the goal of guiding clients through the construction process, from first home buyers and investors to owner occupiers. She specializes in meticulously reviewing building contracts, ensuring clients know exactly what they're signing up for. In this episode, Kerri Ann shares her journey and expertise, discusses the common pitfalls in building contracts, and explains the importance of understanding every detail before signing. She also provides tips on selecting the right builder, the significance of having an independent building inspector, and the role of liquidated damages in protecting clients. But that's not all! Kerri Ann also gives us a glimpse into her personal life, from her love of dancing and participating in fundraisers to her passion for old buildings and her role as a mother and soon-to-be grandmother. Whether you're considering building your first home, looking to invest in property, or simply interested in the construction industry, this episode is packed with practical advice and expert insights that you won't want to miss. Tune in and empower yourself with the knowledge to navigate the complexities of building contracts and make informed decisions for your next construction project. Key Takeaways: Understanding Building Contracts: Kerri Ann explains the critical elements to look out for in building contracts and the common misconceptions that can lead to unexpected costs. Selecting the Right Builder: Learn how to choose a builder that aligns with your needs and the importance of a builder's reputation and transparency. Independent Building Inspections: The necessity of having an independent building inspector to ensure quality and adherence to standards. Liquidated Damages: What they are, how they work, and why you should ensure they're included in your contract. Personal Insights: A peek into Kerri Ann’s personal life, her passion for old buildings, and her involvement in community fundraisers. Join us for a deep dive into the world of building contracts with Kerri Ann from Carnelian Projects, and walk away with the knowledge to make your building experience as smooth and stress-free as possible. Get in touch with Kerri-Ann Instagram: CarnelianProjects Website: www.carnelianprojects.com.au Email: sales@carnelianprojects.com.au Contact Us: Website: www.establishedwealth.com.au Email: toby@establishedwealth.com.au | tiffany@establishedwealth.com.au Instagram: Toby_MortgageBroker | Tiffany_MortgageBroker Download E-Book: Establish Wealth E-Book Australian Credit Licence: 389087 ASIC Authorised Credit Representative Number: 559315

5. 

   26 Jul 2024

   Episode 12 - Unlocking Your Dream Home: A Comprehensive Guide to Buying Land and Building

   Unlocking Your Dream Home: A Comprehensive Guide to Buying Land and Building Description: In this episode of Established Wealth, hosts Tiffany and Toby delve into the intricate process of purchasing land and building a home, including the nuances of house and land packages. Whether you're an aspiring homeowner or an investor, this episode is packed with essential insights to help you navigate the complexities of construction loans, budgeting, and selecting the right builder. Key Takeaways: Introduction to Purchasing Land and Building a Home: Tiffany and Toby introduce the topic of buying land and building a home, emphasizing the benefits and potential challenges. They highlight the importance of thorough planning and understanding the various stages involved in the process. Understanding Construction Loans: Learn about the unique structure of construction loans, which are typically split into two parts: one for the land and one for the build. Tiffany and Toby explain how these loans work, including pre-approval, drawdown schedules, and interest payments during the construction phase. Budgeting and Financial Considerations: Discover the importance of setting a realistic budget for your construction project. Tiffany and Toby stress the need for contingencies to cover unexpected expenses and discuss the financial implications of paying for accommodation while also managing mortgage repayments. House and Land Packages vs. Custom Builds: Explore the differences between purchasing a house and land package and buying land to engage a builder of your choice. Learn about the pros and cons of each option, including flexibility in design, potential cost savings, and the level of control you have over the project. Professional Assessments and Contracts: Understand the significance of professional assessments, such as soil testing and site inspections, before starting your build. Tiffany and Toby highlight the importance of thoroughly reviewing contracts to ensure you know what is included and avoid hidden costs. Maximizing Return on Investment (ROI): Gain insights into calculating the ROI of your build and how to compare it with other investment opportunities. Tiffany and Toby share tips on selecting upgrades and finishes that offer the best value and help increase your property's overall worth. Tax Implications: Learn about the tax implications associated with building and selling a property. Tiffany and Toby explain the difference between revenue and capital expenditures and how these impact your financial planning. Real-Life Experiences: Hear about Tiffany and Toby’s personal experiences with building their homes, including the challenges they faced and the lessons they learned. Their stories provide valuable guidance for anyone considering a similar project. Tips for Success: Get practical advice on ensuring your construction project runs smoothly. From selecting the right builder to managing your budget effectively, Tiffany and Toby share their top tips for a successful build. Contact Us: Website: www.establishedwealth.com.au (http://www.establishedwealth.com.au) Email: toby@establishedwealth.com.au | tiffany@establishedwealth.com.au Instagram: Toby_MortgageBroker | Tiffany_MortgageBroker Download E-Book: Establish Wealth E-Book Australian Credit Licence: 389087 ASIC Authorised Credit Representative Number: 559315 Feel free to reach out if you have any questions or topics you'd like us to cover. Don't forget to subscribe and leave us a review!

6. 

   18 Jul 2024

   Episode 11 - Should You Renovate Your Property? Find Out the Secrets to Making Profitable Decisions

   Should You Renovate Your Property? Find Out the Secrets to Making Profitable Decisions Description: In this episode of Established Wealth, hosts Tiffany and Toby explore the exciting and challenging world of property renovation. Learn how to turn a fixer-upper into a profitable investment or your dream home. From understanding the pros and cons to navigating the hidden costs and maximizing return on investment, this episode is packed with valuable insights for aspiring renovators. Key Takeaways: Introduction to Property Renovation: Tiffany and Toby introduce the concept of renovating properties, highlighting the potential benefits and challenges. They emphasize the importance of having a clear renovation plan, whether you're aiming to flip the property or create your dream home. Understanding the Benefits: Discover why renovating a property can be a smart financial move. Learn how renovations can add significant value, allow customization, and provide a sense of accomplishment. Challenges and Considerations: Explore the potential pitfalls of property renovation. Toby and Tiffany discuss the importance of budgeting for hidden costs, the time commitment required, and the potential for unforeseen challenges that can impact profitability. Key Renovation Areas: Focus on the most impactful areas of a home to renovate. Learn why kitchens, bathrooms, and underutilized spaces offer the best return on investment. Understand the difference between cosmetic and in-depth renovations. Creating a Detailed Budget: Learn how to create a comprehensive budget for your renovation project. Toby and Tiffany stress the importance of including contingencies and emergency funds to cover unexpected expenses. Professional Assessments: Understand the importance of getting professional assessments before starting a renovation. Building and pest inspections are crucial to avoid costly surprises down the line. Return on Investment (ROI): Discover how to calculate your renovation's ROI and why it’s essential to compare it with other investment opportunities. Learn which renovations typically offer the best ROI and which might not be worth the expense. Tax Implications: Understand the tax implications of renovating and selling a property. Tiffany and Toby explain the difference between revenue and capital expenditures and how these impact your financial planning. Real-Life Examples: Hear about Tiffany and Toby’s own renovation experiences, including the mistakes they made and the lessons they learned. Their insights provide valuable guidance for anyone considering a renovation project. Tips for Success: Get practical tips on how to ensure your renovation project runs smoothly. From creating a detailed plan to choosing the right materials and managing your budget, Tiffany and Toby share their top advice for aspiring renovators. Contact Us: Website: www.establishwealth.com.au Email: toby@establishwealth.com.au | tiffany@establishwealth.com.au Instagram: Toby_MortgageBroker | Tiffany_MortgageBroker Download E-Book: Establish Wealth E-Book (#) Australian Credit Licence: 389087 ASIC Authorised Credit Representative Number: 559315 Feel free to reach out if you have any questions or topics you'd like us to cover. Don't forget to subscribe and leave us a review!

7. 

   12 Jul 2024

   Episode 10 - Rentvesting: Unlocking the Secret to Property Wealth While Living Your Dream Lifestyle

   Rentvesting: Unlocking the Secret to Property Wealth While Living Your Dream Lifestyle Description: In this episode of Established Wealth, hosts Tiffany and Toby delve into the increasingly popular strategy of rentvesting. Discover how renting where you live while investing in more affordable properties can offer the best of both worlds—living your desired lifestyle and building long-term wealth through property investment. Key Takeaways Introduction to Rentvesting: Tiffany and Toby introduce the concept of rentvesting and explain why it's becoming a mainstream strategy for savvy property investors. Learn how this approach allows you to balance living in desirable locations with smart property investments. The Numbers Game: Explore detailed financial scenarios comparing property prices and rental yields in cities like Sydney, Brisbane, and Melbourne. Understand how rentvesting can make owning property more achievable, even in high-cost markets. Benefits of Rentvesting: Discover the key benefits of rentvesting, including flexibility in living arrangements, the potential for higher investment returns, and the ability to build equity in more affordable markets. Real-Life Examples: Hear real-life examples and success stories of individuals who have successfully implemented the rentvesting strategy. Learn how they navigated the market and leveraged their investments for growth. The Role of Buyer’s Agents: Understand the critical role of buyer’s agents in the rentvesting process. Get insights on how they can help you find the right properties, conduct thorough research, and make informed investment decisions. Dual Occupancy Properties: Explore the advantages of dual occupancy properties, such as duplexes and dual-income homes. Learn how these can enhance your rentvesting strategy by providing additional rental income and maximizing returns. Navigating Market Trends: Stay informed about current market trends and how they impact property investment strategies. Tiffany and Toby discuss the importance of understanding rental yields, capital growth, and the overall property market cycle. Professional Advice: Receive expert advice on making the most of the rentvesting strategy, from selecting the right properties to managing your investments effectively. Tiffany and Toby share tips on how to balance lifestyle preferences with smart investment choices. Join Tiffany and Toby as they provide comprehensive insights into the rentvesting strategy, helping you unlock the potential to build wealth through property investment while living the life you desire. This episode is essential listening for anyone looking to enter the property market or optimize their investment approach. Contact Us: Website: www.establishwealth.com.au Email: toby@establishwealth.com.au | tiffany@establishwealth.com.au Instagram: Toby_MortgageBroker | Tiffany_MortgageBroker Download E-Book: Establish Wealth E-Book (#) Australian Credit Licence: 389087 ASIC Authorised Credit Representative Number: 559315 Feel free to reach out if you have any questions or topics you'd like us to cover. Don't forget to subscribe and leave us a review!

8. 

   5 Jul 2024

   Episode 9 - Dominate the Property Market Like a Boss: Top House Hunting Strategies

   Dominate the Property Market: Boss-Level House Hunting Strategies Description: In this episode of Established Wealth, hosts Toby and Tiffany guide you through the essential steps of house hunting. Whether you’re a first-time homebuyer or looking to refine your property search, this episode is packed with actionable advice on understanding property types, creating a property list, budgeting effectively, and staying informed about market trends. Key Takeaways: Introduction to House Hunting: Toby and Tiffany provide an overview of the house-hunting process, emphasizing the importance of having a clear understanding of your budget and pre-approval limits. Setting a Realistic Budget: Learn how to set a realistic budget that includes all potential costs, from legal fees to moving expenses, ensuring you stay financially secure throughout the home-buying process. Types of Properties: Understand the different types of properties available—freestanding houses, units, apartments, townhouses, multi-residential properties, and land or house and land packages. Discover the benefits and drawbacks of each type to make an informed decision. Creating a Property List: Discover the importance of creating a list of non-negotiables for your property search. This list will help you focus on properties that meet your criteria, saving time and avoiding frustration. Understanding Market Trends: Get insights into the current property market trends, including national home price increases and the impact of interest rates on property values. Learn why getting into the market sooner rather than later is advantageous. Property Types Breakdown: Freestanding Houses: More space and privacy, great for families, but higher maintenance costs. Units and Apartments: Affordable, low maintenance, ideal for singles, couples, or retirees, but with less space and potential strata fees. Townhouses: Middle ground between houses and units, offering more space and community perks. Multi-Residential Properties: Ideal for investors, offering rental income from multiple tenants but requiring more management. Land and House Packages: Option to build your dream home, but requires budgeting for construction and temporary accommodation costs. Creating Your Non-Negotiables List: Learn how to create a list that includes essential features like the number of bedrooms, location, proximity to schools or work, and land size. Use online tools to check prices and adjust your list as needed. Navigating Additional Costs: Understand the importance of factoring in legal fees, building and pest inspections, moving costs, and stamp duty when budgeting for your property purchase. Demonstrating Good Money Habits: Discover the importance of demonstrating good financial habits during the house-hunting process to ensure your pre-approval remains valid and you secure the best possible loan terms. Impact of Market Trends on Property Buying: Get insights into how different market cycles affect buying strategies and why staying informed about property market trends is crucial. Professional Advice: Hear expert advice on making informed decisions, maximizing your property investment, and navigating the property market effectively. Join Toby and Tiffany as they provide expert advice on every step of the house-hunting journey, helping you make smarter investment decisions and achieve your property ownership dreams. This episode is a must-listen for anyone looking to enter the property market or enhance their property investment strategies. Contact Us: Website: www.establishwealth.com.au Email: toby@establishwealth.com.au | tiffany@establishwealth.com.au Instagram: Toby_MortgageBroker | Tiffany_MortgageBroker Download E-Book: Establish Wealth E-Book Australian Credit Licence :389087 AFG ASIC Authorised Credit Repersentive Number: 559315 Feel free to reach out if you have any questions or topics you'd like us to cover. Don't forget to subscribe and leave us a review!

9. 

   28 Jun 2024

   Episode 8 - Unlocking Property Secrets with Buyers Agent Tim Walker from Chamberlain Brown

   Unlocking Property Secrets with Buyers Agent Tim Walker from Chamberlain Brown Description: In this episode of Established Wealth, Tiffany and Toby are joined by Tim Walker, one of Newcastle's top buyer's agents from Chamberlain Brown, to delve into the world of buyer’s agents, their growing popularity, and how they can help you navigate the property market more effectively. Learn how to leverage the expertise of a buyer’s agent to find the best properties, negotiate better deals, and avoid common pitfalls in the home-buying process. Key Takeaways: Introduction to Buyer’s Agents: Tim Walker explains the concept of buyer’s agents, how they originated from the American model, and why they're becoming increasingly popular in Australia. Benefits of Using a Buyer’s Agent: Discover the advantages of employing a buyer’s agent, from accessing off-market properties to receiving expert negotiation support and personalized service. Off-Market and Pre-Market Properties: Learn about the difference between off-market and pre-market properties and how buyer’s agents can help you get access to these exclusive deals through their extensive networks. Navigating the Newcastle Market: Tim shares insights on the current state of the Newcastle property market, the impact of Sydney buyers, and the challenges locals face. Service Offerings of a Buyer’s Agent: Explore the different service offerings available, including comprehensive end-to-end support, negotiation-only services, and auction representation. Local vs. Interstate Buyer’s Agents: Understand the importance of local market knowledge and why choosing a buyer’s agent who specializes in your target area can make a significant difference. Common Client Pain Points: Tim discusses the typical challenges clients face, such as time constraints, market knowledge, and negotiating skills, and how a buyer’s agent can solve these issues. The Importance of Property Assessment: Learn how buyer’s agents assess properties to ensure you're getting the best value and avoiding areas with potential drawbacks. Impact of Market Cycles on Property Buying: Tim provides insights into how different market cycles affect buying strategies and the role of buyer’s agents during these times. Professional Advice: Hear the best professional advice Tim has received about property investing and how it applies to making informed decisions. Join Tiffany and Toby as they provide expert advice on maximizing the benefits of using a buyer’s agent, understanding the property market, and making smarter investment decisions. This episode is a must-listen for anyone looking to enter the property market or enhance their property investment strategies. Contact Us Website - www.establishwealth.com.au Email - toby@establishwealth.com.au Email - tiffany@establishwealth.com.au Instagram - Toby_MortgageBroker Instagram - Tiffany_MortgageBroker Tim Walker Website - Tim Walker | Chamberlain Brown Property Acquisitions — Chamberlain Brown Email - tim@chamberlainbrown.com.au Instagram  - TimWalker_CB

10. 

    21 Jun 2024

    Episode 7 - Mastering Property Purchases: From Conditional Approval to Settlement

    Mastering Property Purchases: From Conditional Approval to Settlement Description: Welcome to another enlightening episode of Established Wealth with Tiffany and Toby! In this episode, we dive deep into the intricate process of purchasing a property, ensuring you’re well-prepared to make informed decisions. Whether you’re a first-time homebuyer or a seasoned investor, understanding the essential steps—from obtaining conditional approval to final settlement—can make a significant difference in your property journey. Key Takeaways: Understanding Conditional Approval: Learn what conditional approval is, why it's essential, and how it sets the foundation for your property purchase. Benefits of Conditional Approval: Discover the advantages of obtaining conditional approval and how it can boost your confidence and credibility in the property market. Navigating the Application Process: Get insights into the application process, including the documents needed and the role of your mortgage broker in securing the best loan options. House Hunting Tips: Find out how to determine your budget, shortlist properties, and understand the factors that influence property prices and suitability. Making Offers and Exchanging Contracts: Explore the process of making offers, understanding deposit requirements, and navigating the legalities of exchanging contracts. Importance of Building and Pest Inspections: Learn why thorough inspections are crucial and what to look for to avoid future headaches. Final Steps to Settlement: Understand the final steps, including organising inspections, evaluations, and the legal processes involved in completing your purchase. Post-Settlement Guidance: Hear how Established Wealth continues to support you beyond the purchase, helping you pay off your home loan faster and guiding you towards property investment. Join Tiffany and Toby as they share their expertise, real-life experiences, and practical advice to empower you on your path to financial freedom through property ownership. Tune in and take the first step towards mastering the property buying process! Contact Us Website - www.establishwealth.com.au Email - toby@establishwealth.com.au Email - tiffany@establishwealth.com.au Instagram - Toby_MortgageBroker Instagram - Tiffany_MortgageBroker

11. 

    14 Jun 2024

    Episode 6 - Guarantors & Guarantees

    Established Wealth Podcast Episode 12: Guarantor Home Loans and Genuine Savings Hosts: Tiffany & Toby Episode Overview: In this episode, Tiffany and Toby delve into the intricacies of guarantor home loans and genuine savings, exploring how these financial tools can help individuals enter the property market sooner and navigate the complexities of mortgage finance. From understanding the risks and benefits of guarantor arrangements to leveraging rental history as genuine savings, this episode equips listeners with valuable insights into property financing strategies. Key Points Covered: Introduction: Tiffany and Toby introduce the episode and their expertise as property investors, mortgage brokers, and financial educators. Understanding Guarantor Home Loans: Explaining how guarantor home loans function as a viable option for individuals with smaller deposits or no deposit at all, bypassing the need for lenders mortgage insurance (LMI). Pros and Cons of Guarantor Home Loans: Discussing the benefits of entering the property market sooner and the potential risks involved for both borrowers and guarantors. Family Guarantee Home Loans: Exploring specialized loans tailored for family members to act as guarantors, emphasizing the importance of strong relationship links and financial stability. Genuine Savings Explained: Breaking down the concept of genuine savings and its significance in demonstrating financial discipline and stability to lenders. Using Rental History as Genuine Savings: Highlighting a strategic approach for renters to bolster their home loan applications by showcasing consistent rental payments. The Role of Mortgage Brokers: Advocating for the guidance of mortgage brokers in navigating the complexities of home loan options and finding tailored solutions. Course Offerings: Promoting established wealth's free courses for first home buyers and mortgage strategy, providing actionable strategies to optimize finances. Contact Information: For personalized advice or inquiries, listeners can reach out to Tiffany and Toby. Website - www.establishwealth.com Email - toby@establishwealth.com.au  &  tiffany@establishwealth.com.au Instagram - Toby_MortgageBroker  &  Tiffany_MortgageBroker Courses - https://toby-woodroffe.mykajabi.com/MORTGAGEFREEDOM https://toby-woodroffe.mykajabi.com/FIRSTHOMEBUYERGUIDE

12. 

    7 Jun 2024

    Episode 5 - LMI (Lenders Mortgage Insurance)

    Understanding Lenders Mortgage Insurance (LMI) Introduction: Hosts: Tiffany and Toby Podcast: Established Wealth Focus: Financial freedom through property, finance, and investing Overview: Tiffany and Toby introduce themselves as property investors, mortgage brokers, and financial educators. Their goal is to empower listeners to understand finances, enter the property market, and establish wealth. Understanding LVR (Loan to Value Ratio): LVR measures loan risk; Difference Between Bank and Market Valuations: Bank valuations assess property worth conservatively. Market valuations consider current market demand and emotional factors. Lenders often calculate LVR using the lower figure between bank and market valuations. Introduction to Lenders Mortgage Insurance (LMI): LMI protects lenders if borrowers default on mortgages. Usually required for loans >80% of the property value. Non-refundable premium added to the loan amount borrowed. Benefits of LMI for Borrowers: Allows entry into the market with a smaller deposit. Example: Purchasing a $700,000 property with a 5% deposit. LMI cost is outweighed by potential property growth. Considerations Before Utilizing LMI: Evaluate individual circumstances before deciding. Seek specialized advice tailored to specific situations. Mortgage brokers offer free expert advice and access to various lenders. Conclusion: Recap of LMI benefits and cost-saving strategies. Introduction to Established Wealth's free online courses for financial education. Encouragement to consider property investment and financial freedom goals. Disclaimer: Information shared is general and for educational purposes only. Listeners should seek specialized advice before making financial decisions. Website - www.establishwealth.com Email - toby@establishwealth.com.au  &  tiffany@establishwealth.com.au Instagram - Toby_MortgageBroker  &  Tiffany_MortgageBroker LMI caculator link - LMI fee estimator. - Helia

13. 

    31 May 2024

    Episode 4 - Borrowing capacity and Serviceability

    Establish Wealth Podcast - Understanding Borrowing Capacity and Serviceability for Mortgages Introduction: Welcome to Establish Wealth, where Tiffany and Toby guide you through creating financial freedom via property, finance, and investing. Tiffany and Toby, property investors, mortgage brokers, and financial educators, empower listeners to navigate finances and build wealth. Key Topics Covered: 1. Introduction to Borrowing Capacity and Serviceability (00:21 - 03:31) Borrowing capacity: amount a lender allows for a home loan, determined by factors like income, expenses, debts, and employment status. Five Cs of credit assessment: character, capacity, capital, collateral, and conditions. 2. Understanding Serviceability (03:31 - 07:01) Serviceability: ability to repay a loan over its term, assessed with an added 2-3% on top of market rates. Factors affecting borrowing capacity: age, income, expenses, debts, and family responsibilities. 3. Income Assessment for Serviceability (07:01 - 09:08) Lenders consider various income sources, including regular jobs, rental income, and investments. Expenses, including debts and lifestyle choices, impact borrowing capacity and serviceability. 4. Calculation Methods for Serviceability (09:08 - 12:32) Lenders use ratios like net surplus, uncommitted monthly income, and debt service ratio to assess serviceability. Lenders tailor assessments to individual circumstances, using specific calculators. 5. Importance of Using a Mortgage Broker (12:32 - 14:12) Mortgage brokers facilitate the borrowing process, providing access to lenders and optimizing loan structures. Brokers prevent multiple loan applications, preserving credit scores and ensuring informed decisions. Conclusion: Seek personalized advice from professionals like mortgage brokers for optimal loan solutions. For inquiries or advice, contact Establish Wealth for tailored financial guidance. Disclaimer: Information provided is general and educational, not personalized financial advice. Listeners should consult professionals for advice tailored to their financial situation and goals. Stay Connected: Follow Establish Wealth for more insights on property, finance, and wealth creation. Reach out for personalized advice and support on your financial journey. Website - www.establishwealth.com Email - toby@establishwealth.com.au  &  tiffany@establishwealth.com.au Instagram - Toby_MortgageBroker  &  Tiffany_MortgageBroker

14. 

    29 May 2024

    Episode 3 - Government Schemes & Grants

    Established Wealth Podcast Episode Show Notes: Maximizing Government Grants and Mortgage Solutions for Property Investment Introduction: Tiffany welcomes listeners to "Established Wealth," a podcast dedicated to achieving financial freedom through property finance, investing, and more. Tiffany introduces her husband and co-host, Toby, both property investors, mortgage brokers, and financial educators. Government Grants and Schemes for Property Investment: Toby highlights the episode's focus on utilizing government grants, schemes, and lending solutions to expedite property market entry and save money. Discussion begins with Stamp Duty exemptions and concessions, outlining eligibility criteria and benefits across New South Wales, Victoria, and Queensland. First Home Buyer Grants and Schemes: Tiffany elaborates on First Home Buyer Grants, detailing the $10,000 grants available in New South Wales and Victoria, and the $15,000 grant in Queensland. Criteria for qualifying properties and the importance of ensuring eligibility before applying are emphasized. First Home Buyers Scheme: Toby discusses the First Home Buyers Scheme, emphasizing its role in facilitating home purchases with minimal deposits, avoiding Lender's Mortgage Insurance (LMI). Specialized Loan Solutions: The shared equity scheme is introduced, wherein governments contribute upfront costs and gain equity shares, reducing mortgage repayments. Toby and Tiffany delve into specialty loans tailored for healthcare professionals, providing insights into eligibility and benefits. Importance of Mortgage Brokers: The significance of working with mortgage brokers in navigating grants, schemes, and lender options is underscored. Toby and Tiffany emphasize the role of mortgage brokers in providing personalized solutions for unique financial situations and long-term financial health. Diverse Loan Structures: A detailed exploration of various loan structures, including guarantor loans, family pledge loans, and split equity loans, follows. Specialized loans for farming, acreage land, commercial spaces, and bridging finance are discussed, catering to diverse needs. Credit Scores and Financial Wellbeing: Toby and Tiffany stress the importance of credit scores and offer guidance on improving them, emphasizing responsible financial habits and debt management. Conclusion: The hosts conclude by summarizing the episode's key points, highlighting the wealth of opportunities available through government grants, specialized loans, and mortgage broker expertise. Listeners are encouraged to seek personalized advice and support from Established Wealth for their property investment journey. Website - www.establishwealth.com Email - toby@establishwealth.com.au  &  tiffany@establishwealth.com.au Instagram - Toby_MortgageBroker  &  Tiffany_MortgageBroker Debt Helpline - 1800 007 007

15. 

    23 May 2024

    Episode 2 - The importance of a Mortgage Broker and Conveyancer

    [00:21] Tiffany: Hello and welcome to established wealth. My name is Tiffany. This podcast is for people looking to create financial freedom through property, finance, investing and everything in between. I'm joined by my husband and business partner, Toby. [00:34] Toby: Hello, I'm Toby. We are both property investors, mortgage brokers and financial educators. We strive to empower and educate people to understand their finances, enter and invest in the property market, and to set themselves up for the future and establish wealth. Hello and welcome back to established wealth where we guide you through the ins and outs of finance and property. My name is Toby and I am a mortgage broker, property investor, financial educator and a property strategist. And I am joined with Tiffany, my partner in both life and business. [01:19] Tiffany: Hey, I'm also a mortgage broker, property investor and financial educator. Today we'll be speaking about the importance of mortgage brokers and conveyances and or solicitors when you're thinking about entering the property market. Let's touch on mortgage brokers first. [01:33] Toby: So why should you consider consulting a mortgage broker when thinking about entering into the property market? Or maybe you're thinking about purchasing your next property. Let's start by addressing common misconceptions. Many people believe that going directly to a bank is the best way to secure a mortgage. However, working with a mortgage broker can offer numerous advantages that you might not even get from a bank. One of the key roles of a mortgage broker is to act as your advocate. A broker works on your behalf, representing your interests and helping you navigate the complex world of mortgage lending. Let me explain how exactly the mortgage broker works. Essentially, a mortgage broker serves as a facilitator between you and various lenders, including banks, financial institutions. They assess your financial situation, discuss your goals and preferences, and then shop around to find the best mortgage options that suit your needs and that will align with your goals. [02:25] Tiffany: Now, you might be wondering how a mortgage broker gets paid. Interestingly enough, most mortgage brokers are free. As we get paid from the lender we pair you up with. We receive a commission percentage of the value of the loan paid directly from the lender to the broker and not out of the loan. This means that brokers have no incentive to steer you towards a particular bank. Instead, we're focused on finding you the best deal and on the back of that, another important aspect to consider is the best interest duty. Unlike banks, mortgage brokers are legally obligated to act in your best interest. They're not tied to any single lender and are obligated by law to find, construct and offer you the best unbiased advice tailored for your unique circumstances, but the benefits of working with a mortgage broker don't end there. Broker discounts are available for the life of the loan, saving you money over the long term. Additionally, a good mortgage broker will provide you regular check ins and comparisons to new products on the market, ensuring that you're always getting the best deal. And let's not forget about the paperwork. One of the biggest advantages of using a broker is the minimal paperwork involved. They handle the entire application process for you, saving you time and hassle. Plus, mortgage brokers have access to a wide range of banks and loan options that may not be available to every average customer. This means they can find solutions that are tailored to your specific needs and financial situation. We take your lending scenario to all the lenders on our panel and make them fight each other to produce the best deal in hopes to win you as a client. [03:53] Toby: Yeah, mortgage brokers seem pretty good, especially their expert advice is yeah, free. Now let's talk about the constraints of going directly to a bank. While banks may display that they offer convenience, they're primarily focused on their own bottom line. They're profit driven entities that may not always have your best interests at heart and do not fall under the obligations brokers do. Like the best interest duty, banks can only sell you products that they offer, which means they are not able to tailor their lending to suit your needs. Additionally, getting approval for a mortgage through a bank can often involve jumping through hoops and navigating a maze of paperwork and requirements. And perhaps the most concerning is the lack of support when going through the process and the ongoing support that you will get from a bank once your mortgage is approved. Banks dont check with you to see how youre doing. Youre left to navigate the ups and downs of home ownership all on your own. Banks also dont review your interest rate to match the current offerings. They also dont reduce the fees. If the new products they offer match yours with less or no fees. They let you continue paying the premium and hope you dont notice. So when it comes to securing your mortgage, its clear that speaking to a mortgage broker offers numerous benefits over going directly to your bank. From personalized service to access a wide range of products, a broker can help you find the right mortgage for your needs and goals and guide you through the entire process. [05:21] Tiffany: On a mortgage brokers panel will be specific lenders that do out of the box lending. So sometimes you can go to a mortgage broker if you have a bad credit score, if you have foreign income, if you have a lot of allowances in your payglo sometimes if you go directly to a bank, they don't actually take into consideration your allowances. So by using a broker they know which banks have different niches. So a niche in a bank could be that they specialize in self employed or they are great with multiple titles on the one loan. Some banks specialise in acreages and have certain specifications around that. Some lenders also have postcode restrictions, so you might be looking in a specific location that has a postcode restriction with one lender, but with another lender you can lend up to 95%. Only a broker would know that. They also have access to government grants and schemes that you may be eligible for to reduce your LMI, your stamp duty. Maybe you're in a certain profession that you can get a discount or something waived, some sort of fee waived, and brokers have access to those. If you go directly to a bank, the bank that you choose to go directly to might not even be on the panel to offer those government grants to you. [06:38] Toby: Yeah, you could really be missing out and making a huge mistake, a home loan being your biggest financial decision. I wouldn't be risking that by thinking you could do it by yourself and go and direct to a bank. [06:48] Tiffany: Now let's touch on the importance of having a good conveyancer or a solicitor. Purchasing a property is one of the biggest financial decisions that you'll ever make. It's not something that you should take lightly. Having knowledgeable and experienced conveyancer or solicitor in your team is essentially lets clarify the difference between a conveyancer and a solicitor. While both assist you in the property transactions, conveyancers specialise specifically in property law and are licensed to handle the legal aspects of property transfers. Solicitors, on the other hand, have a broader legal scope and can offer a more comprehensive legal advice beyond property matters. So why is it important to enlist the help of a conveyancer or a solicitor when purchasing a property? For starters, navigating the legalities of property transactions can be incredibly complex. Reviewing contracts to conducting title searches and ensuring all legal requirements are met. There are numerous steps involved in the process, and having a professional who understands the ins and outs of property law can save you a lot of time, stress potentially costly mistakes. A good conveyancer or solicitor will act as your advocate through the entire purchasing process. Another key reason to enlist the help of a conveyancer or solicitor is their expertise in spotting potential issues or red flags that you may overlook as a buyer. From zoning restrictions to title defects, there are numerous factors that can affect the value and legality of the property and a skilled professional will know what to look for and how to address these concerns. If they arise, they'll hand all the necessary paperwork, liaise with the relevant parties and ensure that the deadlines are met, allowing you to focus on other aspects of the transaction with confidence. [08:21] Toby: Yeah, and having a good mortgage broker aligned with a good conveyancer. It can just streamline the whole process and make it really stress free for you. [08:30] Tiffany: Mortgage brokers and conveyancers need to talk to each other and conduct business together behind the scenes to help the transaction. The property process be smooth all the way until settlement. [08:39] Toby: Yeah, and most mortgage brokers have a conveyancer that they normally work with and work well with. And most conveyancers probably have a mortgage broker that they work well with. And yeah, if you have a deadline as well, it's essential that you got both these parties that can work well with each other to really speed up the process. So in summary, when it comes to purchasing a property or entering the property market, having a good mortgage broker, broker and a conveyancer on your side is not just important, it's pretty much essential. From ensuring you're in the best financial position to actually go out there and purchase a property to all those legal requirements. You'll be provided expert guidance every step of the way. A skilled professional can make all the difference in helping you achieve a smooth, successful property transaction. [09:20] Tiffany: When you're purchasing a property, be it your first one, your next one, or your investment property, you really need to build an entire team. So your entire team will definitely consist of a mortgage broker and a conveyancer, that's for sure. But you also need to look at a few of the other people that could be involved, as in your building and pest inspection, you need to make sure that that's done thoroughly and it's not just done by your mate that's a chippy or your brother. I know there's a lot of people out there that do that. You need to make sure that if you are moving interstate or you're needing some sort of requirements when it comes to furniture, that you're looking into shipping companies or removalists, I know that on the day if something goes wrong, but you may need to dip into your emergency fund just to pay for that removalist come in a certain amount of time to help you. But if you have things planned which we will discuss in later episodes of who you need to fill out to have your perfect property team. [10:12] Toby: Because when making a property purchase, having a team that you can rely on and know that will get the job done. It just removes that stress, knowing that everything's going to be taken care of for you. [10:22] Tiffany: It can help you plan and make things a lot more cost effective for you as well. [10:25] Toby: So until next time, that's all for today. Thank you for joining us on this episode of Established wealth. [10:32] Tiffany: The information just discussed is not to be taken as advice. It is general in nature, meaning it does not take into account your own objectives, financial situation, or needs. It is purely for educational purposes only. Website: EstablishWealth.com.au Email: Toby@establishwealth.com.au Tiffany@establishwealth.com.au Instagram: Establish.Wealth Toby_MortgageBroker Tiffany_MortgageBroker

16. 

    17 May 2024

    Episode 1 - Financial Position and Budgeting

    In this episode, we explore the basics of building wealth. We'll help you understand your money situation, make a smart budget, and decide where to put extra cash. Whether you're new to money management or want to improve your skills, we've got tips to help you reach your financial goals. Tune in and start your journey to financial freedom! [00:21] Tiffany: Hello and welcome to established wealth. My name is Tiffany. This podcast is for people looking to create financial freedom through property, finance, investing and everything in between. I'm joined by my husband and business partner, Toby. [00:34] Toby: Hello, I'm Toby. We are both property investors, mortgage brokers and financial educators. We strive to empower and educate people to understand their finances, enter and invest in the property market, and to set themselves up for the future and establish wealth. Hello and welcome back to the first episode of Establish wealth and I'm joined with Tiffany, my partner in both life and business. [01:11] Tiffany: Hey, today we're kicking off our first episode, diving into the fundamentals of financial empowerment and understanding your current financial position. This episode is the foundation of building a solid financial future and establishing wealth. Whether you're aiming to enter the property market, become mortgage free, or build long term wealth through property investment, understanding your finances is fundamental, most definitely so. [01:37] Toby: Understanding your financial position allows you to know where you are financially. It highlights and helps you chart a course to where you want to go and what you will need to do to get there. It all starts with knowing your income and expenses inside out. Let's discuss how you can do this. So you start by calculating all your sources of income for the month, from your salary to any side hustles or rental income that you got and note that down. Then you need to work out your monthly expenses. This means anything from rent, mortgage payments, groceries, fuel, car rojo, dining out subscriptions, insurances, electricity, water rates and if your car reggio is a yearly payment, then you need to divide that yearly payment by twelve and work out the monthly amount. I would even go as far as working out Christmas present budget, birthday present budget and divide that number by twelve. Work everything out that you might spend your money on and put that into a monthly amount. Once you've identified your monthly income and your monthly expenses, you can now determine your monthly surplus, meaning the money that you have left over after all your expenses have been paid for. [02:40] Tiffany: So when you do this, we strongly suggest that you print out your bank statements from the last three to six months and grab a highlighter. And whilst working out your expenses, highlight those expenses that are non essential expenses. I would honestly recommend to make this a date with your partner or book in time in your calendar. Grab a bottle of wine if that's what you're into, and do this you will be blown away with the amount of non essential expenses. If you have been struggling with money, this will help you identify why you really want to think about these non essential items you're spending your money on and if it's worth your financial future, or if this spending habit aligns with your values. Do yourself a favor and calculate those non essential spends and see how much you could be saving each month. It'll blow your mind. This money you could be putting towards your financial goals. [03:24] Toby: Yes, and speaking of goals, setting them is crucial. Whether it's building an emergency fund, paying off your debt, saving for a deposit or investing for your future, clear goals keep you focused and motivated, and with those goals you can create a budget tailored to you to achieve those goals. [03:41] Tiffany: Yes, a budget. Many people think that this means restrictions or limitations of your freedom. This is a huge misconception. Budgeting is a crucial skill for anyone looking to take control of their finances and build a secure future. A budget is your roadmap to financial success. It creates freedom and does not limit you at all. It liberates you and makes managing your money stress free, as all your money is allocated for a purpose. Creating a budget is not just about tracking your expenses, it's about aligning your spending with your financial goals and values and priorities. So once you have determined your financial goals, both long term and short term, and you've noted down your expenses, you can then categorise them into fixed expenses, bills, personal expenses and get a clear picture. Fixed expenses are things like your mortgage, utilities, phone bill, carreggio, birthdays and Christmas presents, insurance subscriptions, while personal expenses include groceries, dining out, entertainment and fuel. Based on your income and expenses, set realistic limitations for each category. Be honest with yourself and what you can afford and where you need to be cutting back. And don't forget to prioritize your spending. Make sure the essentials like housing and groceries are covered first. Then allocate funds for your saving goals and discretionary spending. Make sure you budget for things like birthdays and Christmas presents. Small contributions throughout the year can make these occasions stress free as you have the funds allocated and sitting there ready to be used. You don't have to be digging into your savings or stressing over where you're going to pull the money from. [05:10] Toby: And the best advice I can give for budgeting is automate everything. Set up your bills as a direct debit. Automate your banking transfers. That way you do not have to think about it. The money is allocated, the debits are set up to pay everything on time. This will allow you to minimize the stress you have around bills and money and it will give you the freedom knowing what you have to spend without having to think about it all the time. You can also use budgeting tools. Utilize spreadsheets or apps to help you track your income, expenses and create your budget. These tools can make the process much easier and more efficient if you want. [05:43] Tiffany: And really hold yourself accountable when it comes to your budget. Delayed gratification will be your best friend. Your focus should be on maximizing your surplus. Aim to create a budget that generates a surplus at the end of the month. If you need to cut back on those non essential items, then cut back so then you can move forward financially. You will thank yourself in the next three months for giving up those small non essential items and you will forget why you even like to spend the money on them. We're not saying you can't enjoy yourself, just do it in moderation and in a financially efficient way and create a budget around what you enjoy doing instead of dining out or getting Uber eats four times a week. Maybe try to cut that down to one or two times. If you enjoy a coffee on the way to work, add that into your spending. But do you really need three coffees every day? This could save you a lot of money over the next three months and that surplus can be used to build your savings for a deposit, pay off debt faster, or invest for the future. An emergency fund is like a financial safety net, providing peace of mind and security when unexpected expenses arise. Let's talk about how you can build an emergency fund into your budget. So to begin, you need to determine how much you want to save for your emergency fund. There are a lot of different opinions on the amounts that you should be aiming for in your emergency fund. We believe your goal, individual circumstances and financial situation will be different from the next person. So this decision is very personal to you and should be a number that makes you feel comfortable. That could be three to six months worth of living expenses or possibly just having $1,000 will make you feel empowered and you can revisit and change this number as life changes. Your emergency fund goal could be a specific dollar amount, like $10,000. Whatever it may be, start working towards it by allocating funds in your budget. If this is not possible in your current situation and there is no additional money at the end of your necessities, then that is okay. Learning this now will benefit you when you're in a situation that changes. Treat saving for your emergency fund as a non negotiable expense. If you do have a surplus, even if it's only small, allocate a specific amount of money each week or month towards your emergency fund savings goals. Make it effortless by automating your savings set up automatic transfers from your account to your emergency fund account. This ensures that the portion of your income goes directly into your emergency fund without having to think about it. Building an emergency fund takes time, so be patient and consistent with your savings effort. Celebrate milestones along the way, like reaching one months worth of expenses or hitting half of your savings goal. And if you ever need to dip into your emergency fund for unexpected expenses, that's okay. This should not carry any guilt or anxiety. This is exactly what its purpose is for, to help you in these situations and not have to rely on debt. But when everything is back to normal and you can replenish your funds, make it a priority. Adjust your budget temporarily to allocate more towards your emergency fund and until it is fully replenished. Having an emergency fund not only provides a financial safety net for unexpected expenses, but can also help you stick to your budget and achieve your financial goals. [08:40] Toby: Our fridge actually died recently and we had to dip into our emergency fund and it was, yeah, stress wasn't there. You knew the funds were there and we were happy to delve into them to get a new fridge. [08:49] Tiffany: And it came at the worst time. It was just after Christmas. We definitely didn't have the budget in our spendings account for a $2,000 fridge, but our emergency fund, it was right there, ready. [09:00] Toby: So now that you got that emergency fund set up and you have decided on amount to transfer into the fund from your surplus, it's now time to allocate the remaining surplus funds from your budget toward your other financial goals. Whether your goal is to pay off debt, save for a house, deposit for a dream vacation or invest in your future, knowing how to effectively allocate your surplus funds is key. So once you've identified your goals, prioritise them based on their importance and urgency. This will keep you focused and allocate your surplus funds effectively. Take a look at your list of financial goals and decide how much money you want to allocate to each goal. Consider your priorities and timeline for achieving each goal. For example, if you have a high interest debt, you may want to allocate more of your surplus funds towards paying off your debt quickly. Once you've decided how much money you want to allocate toward each goal, set up automatic transfers from your account. For each goal, I would only suggest having maybe two accounts, one for long term goals, one for short term goals. Now, just a few things I want to touch on here in regards to saving money. For the purpose of saving money, if you have a home loan, then you should not be having this money in a savings account. You should be putting all your savings or surplus into a free unlimited redraw facility where that money can actually benefit you most. Now, for people who do not understand the purpose of a free unlimited redraw, it allows you to deposit money into your home loan that actually reduces the principal on the loan, and by doing this, you minimize the interest charged to you. This saves you a lot of money in interest. By doing so, you reduce your loan term dramatically and it being a free unlimited redraw, you can access this money whenever you want to use on things like your family holiday or weekend away. Understanding that there is a significant difference between interest earned and interest saved, you will be financially better off by minimizing the interest charged on your home loan at 6.5% and you will save more money than you could make by having it in an interest savings account earning 5% interest. I'll go into this more on another episode. [10:50] Tiffany: Also, just adding onto that, if you're using your redraw facility instead of an offset account, the way it works out better for you is if it's sitting in your redraw. Essentially that money is yours sitting in an account, but it's reducing the principal amount on that loan and the interest charged. Seeing it in an offset account will only reduce the interest charged. If it is actually 100% linked offset account, more of that money that you'll be paying back will actually go towards the principal amount of the loan, reducing that debt faster. Just by having that money sitting in your redraw account and not in an offset account. [11:26] Toby: And your offset doesn't work. If you got the account there and you're there down the shops tapping away with your card and minimizing that money anyway, so. [11:33] Tiffany: Exactly. And interest is calculated daily on your home loan and then charged monthly. So they're not looking at your bank account every single day to see what's going in or out. And if they are looking at your bank account for a snapshot, it's only a one time access that they can see what's going on in there. And have you ever actually received interest back for using an offset? [11:55] Toby: Yeah, I doubt it. I've never known of a bank crediting you money for your offset. If you have an offset and you use it like that, then I'd be rethinking your strategy with your home loan. But stay on topic with this episode and keep on going. [12:08] Tiffany: Now, if you don't have a home loan and you're wanting to still put a portion of money somewhere for long term savings. Long term savings as in you'll be consistently saving and contributing towards that for next ten plus years. Creating financial freedom or creating wealth for yourself. You could look into purchasing a different type of asset like term deposits, ETF's, shares, bonds. These types of assets usually seem a bit unattainable, but with new investment platforms and apps for your phone, investing couldn't be any easier. You can start with as little as $0.01. We will dive more into this in the future episodes. Definitely do your research before making a decision and make sure you understand what you're purchasing and comfortable with where you are putting all your money into. [12:45] Toby: So yeah, determining what financial goals you want, allocating those funds towards those two accounts. If you've got a home loan, be putting your savings into that home loan. And if you do have long term savings or you want to build a long term savings account, I'd be yeah, looking at those platforms that TIFF mentioned. [13:01] Tiffany: And a very smart man once said, if you have debt, then you don't have savings. So strategically reduce your debt before you start to save. But before that, an emergency fund needs to be there ready for you, even if you have debt to stop you from falling back into debt. So I'd still structure yourself to be creating that emergency fund as you're paying down debt, but I wouldn't be saving for a big financial goal until those debts are gone. [13:30] Toby: Yep, 100%. Thanks for joining us and we'll see you next time on establish wealth. [13:35] Tiffany: The information just discussed is not to be taken as a vice. It is general in nature, meaning it does not take into account your own objectives, financial situation or needs. It is purely for educational purposes only. Website www.establishwealth.com.au Email Toby@establishwealth.com.au Tiffany@establishwealth.com.au Instagram @Establish.Wealth @Toby_MortgageBroker @Tiffany_MortgageBroker

17. 

    17 May 2024

    Establish Wealth Introduction

    Introduction into Establish Wealth and what this podcast is about. Establish Wealth is a podcast for people looking to create financial freedom through property, finance, investing and everything in between. Hosted by Tiffany and Toby, the hosts are partners in both business and life, they own a mortgage broking company and are married with two kids. they are both property investors, mortgage brokers and financial educators. They strive to empower and educate people to understand their finances, enter the property market and invest in the property market and to set themselves up for the future and establish wealth. [00:21] Tiffany: Hello and welcome to established wealth. My name is Tiffany. This podcast is for people looking to create financial freedom through property, finance, investing and everything in between. I'm joined by my husband and business partner, Toby. [00:34] Toby: Hello, I'm Toby. We are both property investors, mortgage brokers and financial educators. We strive to empower and educate people to understand their finances, enter and invest in the property market, and to set themselves up for the future and establish wealth. [01:02] Tiffany: Welcome everyone to the very first episode of Establish wealth. I'm Tiffany and I'm here with my partner in both business and life, Toby. [01:10] Toby: Hey everyone. Yes, we are partners in both business and life. We work together in our mortgage broking business and we are also husband and wife. [01:18] Tiffany: Let's dive into what established wealth is all about. We are two young parents balancing work and life with a big goal of establishing our own wealth through property and investing, working towards our goal of financial freedom and living our best abundant life. We are both mortgage brokers, financial educators, and Toby is also a property strategist on a mission to educate and guide others to obtain and establish long term wealth for themselves. On this podcast, we'll be talking about a wide range of topics from unpacking loan applications behind the scenes of mortgage broking, unpacking our goals and how to create your own. All things relating to finance, wealth creation, property investing and everything in between. [01:56] Toby: Whether you're thinking of getting into property already in the market or just wanting to learn more about finance, or maybe you're even a seasoned investor, we've got something for you. But it's not just about the technical aspects of finance. It's about creating healthy financial habits, but still living the life and enjoying yourself along the way. We are on our own wealth creation journey. We have been in the position of being confused and feeling financially stuck. We have had the experience of overcoming the financial burdens that are holding you down and how that can change your life. We will talk about our own experiences and insights from us, purchasing property, setting and achieving financial goals and the day to day challenges of balancing work, family and our personal aspirations. Being wealthy extends far beyond finance and it's about being abundant in all aspects of your life. [02:48] Tiffany: And we won't be doing it alone. We'll be bringing in guest speakers, professionals and individuals from the property and finance industry and other others who are on this journey themselves to share their expertise and insights with you. Both of our financial wealth journeys started with listening to a podcast, learning about the fundamentals to create wealth and implementing the changes in our lives. [03:07] Toby: With starting this podcast, our goal is to inspire, empower and educate you to take control of your financial future and open you up to the possibilities that can lie ahead and start to establish wealth for yourself. Whether you're a family like us or an individual looking to build wealth for the future or simply love to learn more, we believe that with a few minor adjustments, some finance planning and a commitment to learning and growing, you can achieve your financial goals and life goals. [03:34] Tiffany: For a lot of people, finance is their biggest stress and concern. They don't fully grasp the financial concepts. So by breaking down this first and understanding your finances opens the door to other opportunities in life. So if you're ready to take the first step towards understanding your financials and creating wealth, then you're in the right place. Join us on our journey as we share our stories, our successes, and yes, even our setbacks. [03:57] Toby: Thanks everyone and we are excited and hope you join us for future episodes. If you have any questions or want us to talk about a subject that you might be struggling with or finding hard, reach out. Our links are in the information below in the show notes. [04:10] Tiffany: We're excited for what's to come in the future. Episodes come along with us on our journey to establish wealth. The information just discussed is not to be taken as a vice. It is general in nature, meaning it does not take into account your own objectives, financial situation or needs. It is purely for educational purposes only. Website www.establishwealth.com.au (http://www.establishwealth.com.au/) Email Toby@establishwealth.com.au Tiffany@establishwealth.com.au Social Media Instagram - Toby_MortgageBroker Instagram - Tiffany_MortgageBroker

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