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Episode 277 | Coronavirus & Property FAQ

There’s been a lot of questions coming in about the coronavirus and its implications to the property market, the finance sector and the economy at large — particularly in direct response to the higher levels of social distancing regulations we’re now seeing and its flowon effect to unemployment and how we transact property. 

Sotoday we’re answering a whole heap of Frequently Asked Questions (FAQs) about how COVID-19 affects you as a property investor, a home owner, a first home buyeror someone who’s in fortunate circumstances to take action on the opportunity. 

‘Cos, let’s be real folks… if youre dining out on the news cycleits a very scary place out there!! 

Again, we must repeat… our message of calm remains…. but we’re going to dig even deeper into what we’re starting to see as this pandemic unfolds. 

As well as answering a whole lot of your questions (all of them listed below), we’re ALSO going to give you some Frameworks and Tips to support you during this time so you’re prepared, have the RIGHT knowledge behind you and can navigate the “new world” we’re all now living through! 

We touch on it in today’s episode, but just in case you need a recap… folks are likely to fall into ONE of TWO categories during this time… 

  1. Take Action Club – This is a small percentage of folks who are ready to take action based on their individual circumstances (please seek professional advice before you do this) 
  1. Money Management” Club – The vast majority of folks will sit here and during this moment-in-time of uncertainty, should focus on the gaps in their money management 

  

Free Resources Mentioned 

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And here are the Questions!

Question about “Investor & Tenant Relief” from Greg: 
Any talk from the banks/government on providing relief to Investors on investment lending so as to enable them to provide relief to tenants who find themselves in financial trouble? For many owners they would have tenants they don’t want to lose and would like to assist (if required) but may not be in a position to do that themselves 

 

Question about “The Six-Month Freeze” from Jake 
Points to consider for the six-month freeze 🥶 on home loans?  Ie. how is the loan recalculated after six months? Will interest still be required to be paid during the freeze? And could this result in household having higher repayments on completion of the six-month freeze? Will it impacted your credit file? Cheers 🤙  

 

Question from about Property Prices Dropping from Nicole 
I just heard that Economists are predicting a 20% drop in house values. Would love your thoughts on this? If one is to take up the banks offer of 6months “off” from the mortgage — besides extending the loan time frame, how will it affect households and do you advise it in what circumstances? 

 
Question from about Waiting To Buy from James 
My partner and I are looking to buy in Queensland later this year. But are we better to wait until next year to buy?  

 
Question about “What the market will look like next year” from Jarrad 

What will the market look like next year? Would it be a good time to buy if I was planning to buy my first property? Could it be a good time to get a great priced asset? Thanks guys 

 

Question about Offset Account Protection from Matt 
Are offset accounts protected by the government up to 250k? Should I move funds above that to a different offset account, or should I use it to pay down principal on the loan? Would this then secure these funds in the hopefully unlikely event that a bank failed. Note that this is not a big 4 bank. 

 

Question About Accessing The 10k Out of Superannuation” from Daniel 
If we have money in an offset account, can the bank access it to reduce their exposure?
Also, not sure if you can answer, what are the new rules around accessing your super? If you’re a couple can you both access the $10k per FY? Is it means or asset tested? 

 

Question about Finding a Remote Property Investment Advisor from Aaron 
Was about to redo mortgage and borrow additional funds for deposit on 1st investment property (which we are not really sure on the process, have to talk to mortgage broker),but now that everything is closing down not sure what our next steps are. Can we find a property investment advisor completely remotely? Is it a good time for a newbie investor to try and get into the market, when our only knowledge comes from the podcast and your book? 

 

Question About What To Do If Tenants Can’t Make Rent from Rebecca 
I am a single Mum with no family support … I have two investment properties but if tenants asked for ‘free rent’ don’t they realise that the landlord might be in a similar situation to them??? That this doesn’t make sense for tenants to ask for a pause on rent when mortgage payments still need to be made. I realise that some banks have waived the repayments for 3-6 months but I am actually not with the BIG banks who are doing this (WOW – it is impressive that it IS the big banks who are offering this support – makes me wants to transfer to one of them!)… any thoughts? 

 

Question from Andrew 
 it would be great for you guys to canvass the current situation around landlords insurance and what policies will and will not cover in terms of loss of rent due to coronavirus circumstancesie .Actually getting Coronavirus and not being able to work vs being laid off because of economic difficulties. I can see this being a bit of a snake pit in terms of insurance policies and wordings associated with ‘pandemics’. 

 

Additional Helpful Resources on COVID-19

National Update: Click here

State Update:

 

One Final Word…

And please… Just a (not so gentle) reminder. Stay at home if you don’t need to go out. Download our Isolate + Chill Pack if you want to use this self-isolation time to learn new things!

Free resources: Isolate + Chill

Fill in the form below and we'll email you all the playlist links and bonus resources right away! 😉
  • Do you also want to take this chance and have a better understanding of your cashflow position via our Money SMARTS Platform?

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Episode 040 | Q&A – Line of Credit, NRAS Program, Fixing a Broken Portfolio, Conducting a Due Diligence and Insurances

Introducing the first episode of our summer series! Let’s kick start with a Q&A episodes. If you have a property related question that you couldn’t solve or needs an opinion on, please do not hesitate to let us know here. In this episode, Bryce Holdaway and Ben Kingsley will be addressing some topics on:

  • Line of Credit (LOC) question from Brad : Firstly, love the podcast, but have to agree that the sports commentary should be left out. ( 😥 from TPC Hosts). I have a finance related question, specifically about the intricacies of Lines Of Credit. All the articles I can find say you should get a LOC, which I get, but none drill down deeper into the intricacies of using the LOC. I understand that you would use your LOC for investing costs, such as a deposit on new property, or the levies or rates for a property. My uncertainty is whether I am then able to claim the interest charged on the LOC for these expenses. To make things more complicated, what if you were to pay your investment loans off using this LOC. Surely you couldn’t then claim the interest on the LOC as well as the investment mortgage? That would be double-dipping, right? Please do a segment on your show (which I listen to religiously) that explains more how to use the LOC tax effectively and legally.
  • NRAS questions from Cesar : What is your view on the NRAS program? From everything I hear from you it is probably a no go, but would be nice to hear more as many spruikers are heavily promoting NRAS to investors.
  • Property Portfolio question from Sandy : Guys, love the podcast and wish I had listened to it a few years ago. My suggestion is to discuss the strategy to fix a “broken” portfolio ie a number of under performing properties (pretty much all the things you have explained to avoid) that were spruiked.
  • Due Diligence and Research from Daniel : You always hear from professionals in their podcasts that you need to do due diligence and do your research into finding a property. I’m a first time investor, but this question could be used for every investor. What resources do you need and what do you have to look for in conducting due diligence? I wouldn’t know where to begin. Could you please elaborate on who one can achieve this?
  • Property Insurance from Daniel : Advice on what’s the best type of insurance to have on your investment property?

 

Free resources mentioned in this podcast:

 

If you like this Q&A episode, don’t forget to rate us at our iTunes channel (The Property Couch Podcast) and our Facebook page. Any questions or ideas? Feel free to drop us your thoughts here: http://tpcaustralia.wpengine.com/topics/

Episode 006 | Four Pillars of Mastery – Defence

In this episode, Bryce Holdaway and Ben Kingsley shares the last part of the Four Pillars of Mastery : Defence. Previously, they have spoken about Cash Flow Management, Borrowing Power and Asset Selection. If Asset Selection is the favourite part of the Four Pillars of Mastery, Defence is definitely the least favorite part. Most investors are always on the lookout for new investments or new ventures to go into, but the most important asset is actually the investor themselves.

So, what kind of Defence do you need to put in place?

Firstly, you need to know where your money is going and how much you used? Through that, you would have a starting point on what you should be defending. Listen to this episode to find out what other questions to you need to ask and who you should ask these questions to. If you like this Insider’s Guide to Property Investing, don’t forget to rate us at our iTunes channel (The Property Couch Podcast) and our Facebook page. If you have any questions or ideas, feel free to drop us your thoughts here: http://tpcaustralia.wpengine.com/topics/

 

ps: Happy Easter everyone!

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