Is now your time to make a move? Business lending tips.

The transcription is about the Business Huddle, a show focusing on local business stories in Gippsland. Host Melanie Kahane discusses topics like property, lending, and finance with guest Jason Lowe, a mortgage broker. They talk about current challenges in the market, including high interest rates affecting buyers and investors. Jason advises that the perfect time to buy a property is when you can afford it, mentioning various government schemes available for first-home buyers and single parents. The discussion also covers deposit amounts and different lending options. Overall, the conversation provides insights into navigating the real estate market in Gippsland amidst economic changes and government initiatives. Get ready for the insider's guide to local business stories. Welcome to the Business Huddle, your weekly fast forward into Gippsland's most inspiring businesses. Real conversations, real challenges, real local legends. Let's look at the game plan and get started. And welcome back to the Business Huddle. I'm your host Melanie Kahane. Thank you for joining me today. Did you know that the Business Huddle is now on demand? Simply head over to the Gippsland FM website, check the program guide, scroll down to the Business Huddle and you can view all of our previous episodes there. And that's all thanks to Energy Australia. If you're new to the show, the Business Huddle is where we huddle up every week to tackle the messy, exciting and ever-changing world of business. We dive into the trends that matter, the hurdles we're all facing and get real insights from our guests. So we are deep in finance month here on the Business Huddle. Last week we were talking tax and end of financial year survival with the team at Macmillan's and today we're shifting across to property and lending which is a topic I know is front in mind for a lot of people right now. Whether you're a first home buyer wondering if you've missed the boat, a business owner thinking about property as a wealth building strategy or someone who hasn't looked at their mortgage since interest rates started moving again, today's conversation is definitely for you. My guest is Jason Lowe who's the Director of Jason Lowe Mortgage Broking in Taralgon. Jason has been helping people navigate home loans, investment finance and refinancing across the Latrobe Valley for over 20 years and if you've ever dealt with a big bank and feel like you're just a number, I think you're going to appreciate what it means to have someone genuinely local in your corner who knows this market inside out. Now Jason and I have crossed paths before so I'm really glad to finally get him on the show. I know this is going to be a really practical no jargon conversation that gives you some real clarity on where things are sitting right now. But before we head over to meet Jason, we are going to play or get us in the mood with a bit of Eye of the Tiger by Survivor. Rising up, back on the street, did my time, took my chances, went the distance, now I'm back on my feet, just a man and his will to survive. So many times, it happens too fast, you trade your passion for glory. Don't lose your grip on the streets of the past, you must fight just to keep them alive. Can't you see, Eye of the Tiger is the thrill of the fight, rising up to the challenge of our rival. And the last known survivor, so she's spreading the light, and she's watching us all with the Eye of the Tiger. Face to face, out in the heat, hand to hand, face to face. They've backed me up till we get to the street, so we'll kill with the will to survive. Can't you see, Eye of the Tiger is the thrill of the fight, rising up to the challenge of our rival. And the last known survivor, so she's spreading the light, and she's watching us all with the Eye of the Tiger. Rising up, still to the top, every girl's got the glory. Went the distance, now I'm not gonna stop, just a man and his will to survive. Can't you see, Eye of the Tiger is the thrill of the fight, rising up to the challenge of our rival. And the last known survivor, so she's spreading the light, and she's watching us all with the Eye of the Tiger. The Eye of the Tiger. The Eye of the Tiger. The Eye of the Tiger. The Eye of the Tiger. And welcome back to the Business Huddle. Just before the Eye of the Tiger there by Survivor, I introduced Jason Lowe from Jason Lowe Mortgage Broking, who is joining us as our guest today. Jason, welcome to the Business Huddle. Thank you. Jason, you've been helping people navigate, I guess, mortgages and finance here in La Trobe Valley for over 20 years. You might have seen some pretty wild things in the market in that time. How does right now compare to other periods you've worked through? It is a challenging time at the moment for buyers, with a few different factors at play. Interest rates are getting high due to inflation and world events, and speculation rates may need to go higher. What's a speculation rate? Speculation is that they may need to go higher. Higher rates mean people are cautious, as cost of living is high and interest rates are getting high, that makes people slow down a little, and people's borrowing capacity is lower when rates are high. Because there's less money in the bank. Yes, for sure. So that can be limiting for first-home buyers and investors. Their capacity changes quite a bit when rates are high. During COVID times, for a different example, interest rates were really low. You could borrow money at 2%, and people's capacity was much higher and had a lot more activity because people had higher capacity. What are they sitting at around now? Around 6.15, 6.2 is the average rate at the moment. During COVID it was 2%. Yeah, crazy. Yeah, very different. And COVID wasn't that long ago, was it? No, a couple of years ago. Well, I mean, it feels like it was just yesterday, but there you go. So, Jason, let's set the scene, I guess, for our listeners. Where do things actually sit right now with the interest rates and the property market here in Gippsland or the Latrobe Valley? Because I think there's a lot of noise out there, and people really aren't sure what to believe. Yeah. Interest rates are being affected by inflation. So world events that are happening are causing interest rates to be high because government needs to try and get inflation in check. So they put interest rates up to slow us down and stop spending money. Yeah, yeah. Hopefully, though, we're getting towards the top of the rate cycle. So hopefully, different economists have got different opinions, but hopefully we're getting towards the top of the rate raising cycle and we may get some relief in the near future, hopefully. Yeah. Conversations I've had with local agents have said that there's buyers' advocates from interstate and all around the country snapping up properties in Gippsland. Oh, wow. Because they believe them to be budget and well-priced and good return. Yeah. And that's caused troubles for local first-home buyers and anyone trying to buy a property in the lower end of the market because they're getting snapped up by other people. Interstate. Which means there's less stock for the locals. Yeah. Things may ease a little now with negative gearing changes. So the recent changes that the government have announced have meant that existing properties may not be as attractive to investors anymore. So that may head investors down the path of new properties where they can still get their tax benefits. Right. And that might ease up some stock for young people trying to buy a property around Gippsland. Yeah, yep. Yeah, that's interesting. If the government doesn't want us to spend money, that's probably really hard on businesses. Very much so. If people aren't spending their money and businesses are relying on people to spend money, it's sort of a two-sided coin there, isn't it? Absolutely. Absolutely. Bugger. Jason, so I'm just thinking here. There's a group of people, I guess, who've been sitting on the fence about buying, maybe waiting for the rates to go down further. You just mentioned before they were down at 2% just a couple of years ago. And maybe they're just feeling uncertain. So what's your sort of advice for people right now? Picking the perfect time is very hard. Yeah. We have the crystal ball. Yeah, crystal ball stuff. Property prices are fairly steady. They tend not to fluctuate huge amounts. Yeah. So property prices usually ease a little when interest rates are high, which is where we are now. Yeah. And then they may rise again when rates go down and competition picks up and activity picks up. That'll potentially cause properties to go up a little bit in value. Yeah. So my advice is the sooner people buy the property, the sooner they can stop paying rent and move forward thinking like that. Yeah, yeah. Just to not have an idea. So there isn't a certain time that's good to buy. When you can afford to. That's my advice. As soon as you can afford to, the sooner you get in, the better. It's not the perfect time. I don't know that it exists. It doesn't exist. When you can afford it is the perfect time. Yeah. And I guess with the deposit amounts varying so wildly. I was watching the news this morning and some lenders want a 40% deposit and some will take a 5% deposit, and that is based on their interest rates being lower if you've got a 40% deposit. What about for some people? I'm wondering whether you see many people with a 40% deposit for a house. Not many. Not many. Yeah. That's usually someone selling a house and buying another one. They'll have a bit of equity. Right. But there are a lot of good government schemes around at the moment to help people, first-home buyers and others. Yeah. Plenty of good schemes around at the moment. Probably the best time I've ever seen in my time of being a broker. Yeah. All the incentives that are around at the moment for first-home buyers, single parents, even not first-home buyers. There's Help to Buy schemes. There's all sorts of good schemes going around at the moment that brokers need to keep aware of because people will ask us. Definitely. Yeah. We need to know what's going on with them. And is there any certain banks that are sort of offering these schemes, like to say a single parent scheme? Does it matter if you've owned a house before but are now a single parent? And can you only get it through certain institutions? They only give it to certain institutions. Yeah. So some of the first-home guarantee scheme, which is the 95% first-home buyer one, on the panel of lenders, I've got the 20-odd lenders. I've only got four lenders that have access to that scheme. Right. And then the Help to Buy scheme is even more limited than that. What's the Help to Buy scheme? The Help to Buy scheme is where the government will take an equity share in your property. Right. And they'll take an equity share of up to 40%. So if it's a new property, they'll take up to 40% equity. And if it's an existing property, up to 30% equity. Yeah. And that is something which means that the borrower has to borrow less now. Right. But later on down the track, if you ever sell the property, then the government will get their money back then. The same amount or 40% of what the property is worth when you sell it? Yep, when you sell it. Ah, of course. The increased value. Yeah. Yeah, well, you know, he's thinking that they're going to help us out there. But, I mean, it's great if you wanted to get your foot in the door again. To get in the door, yeah, without a deposit. Without a deposit or without a massive deposit. Without a massive deposit. But you've just got to make sure that if they've borrowed 40% and you go to sell it, you're not going to get all of that equity back. You've got to give the government back. So I'm very smart. There you go. You're listening to the Business Huddle on Gippsland FM and today we are talking to Jason Lowe from Jason Lowe Mortgage Broking in Turalgon. Now, Jason, what about the people who already have a mortgage? Is the end of financial year a good time to be looking at refinancing and what kind of difference can that actually make? Reviewing your finance is always beneficial to see where you can save a dollar and better use your money any time of the year. So end of financial year or any other time, I would suggest any time where you can make your savings a good time. Yeah. Reviewing your loans, for example, if you have a $500,000 mortgage and you can get the rate dropped by 1%, which can happen over time. If you don't contact your bank, rates go up and they don't necessarily come back down. They don't always pass on the drop. Yeah. If you've got a $500,000 loan and you can save 1%, that will save you $5,000 a year. Yeah, that's huge. $100 a week in interest saving. Yeah. That would be interesting to anyone. Yeah. And I help people do that regularly. Property investors can get busy and don't look at their loans. And over time, a review, I have good meetings with people and they get very excited when I show them how much we can save by negotiating with their bank or refinancing. So is that something that mortgage brokers typically do, like you can work with the bank to negotiate on behalf of your client? That's right. So if we introduce the loan, if I did the loan for that client, then the bank will talk with me. Yeah. If it's a loan that's not written by the broker, then the banks will only talk to the customer. So if you're dealing with a broker, I guess you've got someone else on your side to negotiate who knows what to do and what to ask for. Yeah. In that regard. Also, consolidating debts and saving interest on loan, it's as good as cash in the pocket. Right. So it can only benefit you. Yeah. Banks will very rarely, if ever, ring a client and say, off and off, to drop their interest rate. They make unreal profits by doing that. Yeah. As opposed to a broker who's there to work in the client's best interest and make sure you have a good deal. Yeah. So is that something that you would facilitate as well, like just consolidating? God, there's a lot of big words here today. Consolidating people's debt and then managing that with the bank to try and get a better deal for your client. Absolutely. That can help lower payments and lower their outgoing monthly commitments. And if it's worthwhile, and there has to be a benefit for the customer, so we won't just do that to keep us busy. Yeah. We have to show a benefit and there's a lot of regulation around that to make sure that the customer does get a benefit if we do that. Right. God, that's all. And when you say reviewing your finances, so people should be reviewing their finances, I guess, not just at end of financial year. I mean, I think that's when most people are thinking about their finances. I'm not thinking about finances in December. I'm thinking about Christmas presents and how I'm going to manage the kids being off school for so long. But you're saying looking at that all year round? Yeah. My customers get a review invite at least once a year, if not twice. Yeah. So I just send out an email. It's a free service. If they want to come in and have a chat, they're welcome to do that. As brokers, we get paid an ongoing commission by the banks to provide service to our clients. Right. So it's in our best interest to make people happy, but also we've got an obligation to do that. Yeah. And do something for the money that we get. So that's once or twice a year you could have a meeting with a client and say, look, here's where we are now. Whatever your bank is, they've had two rate drops in the last 12 months and they've only passed on this amount. Maybe we can get you something a little bit better. And just that, maybe one free meeting with you could save thousands of dollars. Absolutely. Oh, gosh. Okay. I'll have to pick up the phone when you call. Easy done. Easy done. So let's head over to property investment. And I think that's something a lot of Gippsland business owners in particular think about as a wealth building sort of strategy. What do they need to understand about how investment lending works differently to, say, a standard home loan? The main difference between investment lending and home lending is slightly higher interest rate. So about 0.2 of a percent. So it's not huge, just slightly higher. Banks will consider it slightly riskier. So they pass that on to us consumers. With investment lending, lenders prove capacity based on your income plus any income from the investment. If you're buying a rental property, they'll include the rental income to help you qualify. Right. What about if it's a commercial property? Yep. Anything with rent or interest or dividends or whatever, any asset you buy as an investment loan, they'll include the income from that purchase. Right. And investment home loans could be used for property purchase or any other income producing asset or commercial whatever. So if I wanted to buy a warehouse to stock my stock. Yep. Oh God, I'm getting really technical today. Can I do that as a business? Is that still classed as an investment loan or is that a business loan then? If I'm going to use it. It depends on the property. So if it's a commercial property, it'll be some sort of commercial loan. Yep. If it's a residential property that could be used for residential, you could do it as an investment property. Right. Okay. So there's different types of loans here especially for the business owner depending on what their needs are. Yep. Absolutely. Yeah. Okay. That's interesting. You're listening to the Business Huddle and I'm talking to Jason Lowe from Jason Lowe Mortgage Broking. We're talking all things lending I guess you could say and maybe even we've sort of touched a little bit on investment property as a wealth building strategy for business owners as well. Jason, for self-employed borrowers this must be a big one and I think there are a lot of them in our listening community. They might find it harder to get finance. Is that still the case and what can they do to put themselves I guess in the best position to get finance? Self-employed people just need to show that they're profitable. So showing that you're profitable will give the bank more comfort. Yep. That you can afford to borrow more money. Yeah. If businesses are showing losses it's very hard for a bank to justify how they can afford to take on more debt like a purchase of a property. Right. So showing a profit and being able to pay yourself a wage within your business is important because obviously there's living costs as well. Yeah. And just showing a profit is a starting point. I speak to lots of self-employed people and they can tend to get fixated on not paying any tax which is awesome. It's good not to pay tax but if you're not paying any tax you probably won't have any capacity to borrow. So if you want to buy a property or invest in something for the business. You've got to pay the tax. Yeah. You've got to be paying tax and showing that you're earning money to be able to lend. Right. And brokers have access to lenders that specialise in self-employed people. So if you go to a bank and they aren't able to help you talk to a mortgage broker and we have access to lenders that aren't big banks. Yeah. That specialise in the self-employed and they have alternative document solutions where I can talk to people and show them other options if the banks are saying no. That's interesting. But are these sort of alternative lenders, if they're big banks, are they at the higher rate or are they pretty competitive with what a bank can offer considering maybe the guidelines are, you know, they're a little bit more lenient? Yeah. They can be a very big range. Yeah. So one of the lenders I deal with for self-employed people are only about half a percent above a big bank. Yeah, wow. Which is pretty good. Yeah. They can range for anything up to several percent higher. So better to, again, talk to a broker. It sounds like I'm rattling on about brokers. No, no. That's why you're here. But it's better to talk to a broker who's got access to a lot of lenders. Yeah. And we can show you some comparisons and show you how it works and hopefully get you a better choice and get you what you want. A better deal. Yeah. Yeah, that sounds about the right thing to do. So first thing is self-employed, pay your tax if you want to get a loan. Yeah. I know we don't like paying tax. We don't like paying tax. Nobody likes paying tax. But I guess if you want to be put in a position where a bank would feel or a lender would feel comfortable in lending you money, you need to show that you are paying some tax and giving yourself some money. Yeah. Jason, we're going to leave it there for this bit and we will be back right after the news with Jason Lowe from Jason Lowe Mortgage Broking in Toralgon. See you later. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. Bye. 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