She's On The Money - Would You Accept Cash With a Catch?

Episode Date: July 18, 2024

The team is back together this Friday and celebrate your money wins and confessions and share some broke tips. Plus today's Money Dilemma is whether removing purchase conditions when bidding for your property will give you a better shot at home ownership. And, have you ever accepted money from someone with conditions? Well tune in for a JUICY D.M on today's show. Acknowledgement of Country By Natarsha Bamblett aka Queen Acknowledgements. The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs.  Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708,  AFSL - 451289.See omnystudio.com/listener for privacy information.

Hello, my name is Natasha Nabanunga-Bamblett. I'm a proud Yorta Yorta, Kernai, Wolperi and Awadjeri woman. And before we get started on She's on the Money podcast, I would like to acknowledge the traditional custodians of the land of which this podcast is recorded on Awadjeri country, acknowledging the elders, the ancestors and the next generation coming through. As this podcast is about connecting, empowering, knowledge sharing and the storytelling of you to make a difference for today and lasting impact for tomorrow. Let's get into it. She's on the money. She's on the money.

hello and welcome to she's on the money the podcast for millennials who want financial freedom today my friends it is friday which means it is time to get our teeny little team together to celebrate you, our incredible She's On The Money community. Today, Ms. Desgrici is going to be sharing some of her favorite money wins. Bex Syed has a money win that she's stolen from Ms. Desgrici, which honestly, I feel like you're just good at getting other people to do your homework. Yeah, I'm really good at it. And it's true, it's true. We have a juicy money dilemma, which this week is all about whether you should be removing purchase conditions when you're bidding for a property to give you a better shot at home ownership. And we're going

to unpack something that you slid into our DMs about this week. You asked about accepting money with conditions, which gives me the ick and I can't wait to answer that. But before we get there, how was your birthday week? It was wonderful. We went out for dinner. We went shopping. James bought me a jelly cat, which is very exciting. Oh, did he actually? Yeah. I saw on your Instagram that you went to the jelly cat shop and I was like a really envious so cute I got the two little marshmallows adorable and oh you did yeah it was just a very wholesome weekend like nothing crazy but just feeling very loved and happy and I love it crazy inside and the marshmallows are really sweet yeah they're actually adorable where are you putting them

I was gonna put them on my bedside table but then on the drive home I had them sitting like on top of my dashboard where my little screen thing is and their little legs were hanging over and I was like, this is so cute. Yeah, okay, they live in the car now. Yeah, that's where they're going to go, so we'll see. No, I love it. I love it. That is so cute.

How's your week been? Really nice, actually. I know you asked me this off air and I was like, I did nothing, but then I remembered that I did many things. I went to that magical, like, Harry Potter. Oh, my God, was it good? How was it? It was actually really good, but I also went to Lightscape,

like, a week earlier and I'm like, it was hard on to beat and I don't know that it fully did, but I also have never really watched Harry Potter, So I think if you had watched Harry Potter. I'm sorry, what? I know, I know. A disgrace to millennials everywhere. I know, seriously.

Bec, that's disgusting. I know, but I mean, like, when do you have time? What do you mean? You make time for Harry Potter. It was like 150 hours to watch. Yeah, 150 hours well spent. Yes, pose. Have you seen those cinemas that do, like, every couple of years,

they'll do, like, a marathon where you can, like, bring, like, a blanket and they do like all the episodes back to back i have adhd i could never yeah that's like that's not gonna work yeah it's really sweet you could do that in your house in your made-up cinema yeah totally i was literally thinking about that that would be cute yeah that would be cute i feel like you would like harry potter yeah i think i would too it's quite magical isn't it yeah like i think you would like it and then i think you would get involved with the paraphernalia that comes with it like i think you'd be like i want to try a butter beer like that's what i'm scared of yeah this girl a wand yeah yeah I know but I was looking they do sell wands there this magical

forest do they actually yeah and I thought like if I was into this a little bit more this would be my dream so it is really cool it actually is really cool oh my gosh that brings flashbacks back when I was young I would have been like 12 or 13 we went and we drove to Queensland for a family holiday and we went to movie world and they had the Harry Potter world at movie world at that point in time, and my parents bought me a wand. Wow. And it was like the coolest thing I ever had, and my sister got one too, and we used to fight over each other's wands.

It was real. I wanted a turn of hers because clearly hers was much better than mine. Yeah, totally. It just feels magical. I can imagine holding a wand. Especially as a kid, like having a Harry Potter wand from Harry Potter World. Or as a 30-year-old. Either way.

Either way. You know what? You do you. Let's get into today's episode even further. I want to know, Miss Jessica Ricci, have you got some money wins or confessions from our community to share? What a coincidence. I just so happen to have some that I prepared earlier.

I did not see that coming. My first one this week is from Imogen, who said she had a go at making bread on the weekend. She's so happy with how it turned out. It's really easy to make and it costs her less than two bucks a loaf. So she's thinking about doing it regularly rather than buying it from the supermarket. again. I am obsessed with that. And there is a photo of her perfect loaf. Oh my gosh, that's perfect. It looks immaculate. How do you try your hand and then make a perfect loaf? Literally.

That's actually quite rude. Do you know what's a really, really good money win? I mean, Imogen, I'm so sorry to trump you on this, but my dad has recently gotten into making bread. So now whenever I go and see my parents, I come home with a loaf of bread for free and it's homemade and it's delicious. And he's like, I've been, you know, trying out this rice sourdough. And I'm like, no worries, I'll take whatever you're giving. Yeah. I feel like nothing quite hits like fresh bread, like homemade bread. And it's wholesome. But Imogen, it's so much cheaper. Even my dad was talking about how he can make like this rice sourdough for like $2 a loaf. And now at the bakery, it's like $8 or $9. Crazy. That's really cool. Very good skill from Imogen

there. Next, I've got a money win from Anna who said she has a manifestation money win and that I would be proud. She said she wanted a certain bunk bed for the kids and she only had a certain budget for it. So she was manifesting a second-hand one for $200 that she wanted to pay and then they managed to find it. Oh, my gosh. Apparently, they're normally $1,500 brand new.

$1,500 down to $200-y-dos. Scored it on Facebook Marketplace. That's sick. We love a marketplace win. Well done, Anna. I am indeed proud of you. Next, I've got a money win from Sophie who said she hasn't used her credit card or her Afterpay in over a month.

Oh, that's so good. Queen behaviour. Well done, Sophie. That's such a hard habit to break. Yeah, seriously. That's really awesome. Well done to you. Vicky said she used velocity points instead of money this month

to book some flights. It would have been $600 for her daughters to fly down to Melbourne, but instead she just had to pay the taxes, which was $134. Oh, my gosh. Mighty win. Well done. It's like we've gone back to, like, the early 2000s when you could get, like, $49 flights.

Oh, those were the days. Do you remember those days? You'd, like, get on Virgin and be like, yeah, this one's, like, $49. Yeah. Like, what? If only. Next, I've got a money win from Hayley who said she got a free bassinet and bouncer as well as some baby bedding from her friend

whose child had outgrown everything. Oh, how good is that? Circular economy within friendships. I know that I've said it before, but I'm so all about it. I think that is the best money win you can have. And then if you have another baby, they can just give it back. A hundred percent. If you see Harvey in anything cute in the next couple of months,

thanks, Steph. She dropped off all of her son's stuff that he had grown out of. I've got all this cute baby stuff. Also, babies use things for like 0.2 seconds, so they're basically brand new. What the heck? Yeah, so good. And then on a similar vein, Tash said her friend was going away for the weekend and she gave her a heap of food that they had in their fridge that was going to go bad while

they were away. Oh, money wins. So she didn't need to do a food shop this week. I love that. I feel like more people should do that before they go on holiday. I'm talking to me when I say that. I came home from our holiday and I was like, oh, this is so disappointing. Like there was a whole yogurt in our fridge.

A whole yogurt. No, but like the tub, like the one kilo tub that we hadn't even opened yet. And I went to have a look because like I'm definitely, I don't know about you. I know Jess would never, but like I'll do the sniff test. If it smells fine, we're eating it. Jess, if the date's out, like it's already out the house. It makes me nervous. Yeah.

That's fair. Which is so fine, but like I sniffed the yogurt. It wasn't an option. Eating dairy for me is already risky as a lactose intolerant girly, so we're really not adding on. It's not happening. We're not rolling the dice on that one. That's so fair.

That is so fair. Lastly, one more money win, a simple one but a good one from Nat. She said she's paid down three of her debts and she's got three to go, so she's officially over the halfway mark. How exciting is that? That feels so good. Well done, Nat. You're on the up.

You're on the up. How good. Good for you. All right. Well, those were really good money wins, but I feel like, Bec, you might have like a stolen broke tip or two yeah i've got a couple i've got a couple of stolen broke tips broke tips still still money wins now i'll start with two from the community the first one comes from uh one of our community members who says hi beck this is i feel like jess you

might like this one it's very similar to my plain broke tip where i say i wear all my underwear okay i don't know where this is going then well this is like actually a bit of a life hack but also a broke tip if you're really trying to save on yeah let's say is this gonna be funny are we gonna get a snotty laugh out of Jess because I am for that you know it is rare I don't know that I'll get it this time but um this community member says the time you wore like seven pairs of underwear onto the pool yeah true that's still funny still funny still funny this hasn't lost its magic Jess you could have just put them in your pocket okay I mean I could put them anywhere but wearing them feels better. It's very cushy. So this community member says, following on from that episode where

Jess cackled about you wearing multiple clothes, you can also find like a neck pillow that has a washable sleeve. Remove the pillow and stuff it with your underwear, your socks, whatever. It's functional. And you also now have a plumped up neck pillow you can use on the plane. Hey, that's quite smart. Isn't that such a good idea? I feel like that's genius because I've seen on TikTok people suggesting that you get a, quote, pillow and fill it, but they're going to pick you up on that.

Like people on TikTok are saying, oh, I got caught and they measured it and I had to pay for it in addition. The neck pillow, that's super smooth. That is genius. You just wear it around your neck. You wouldn't even notice that it's lumpy. And then if they say, is that a pillow, you'd be like, no, it's an accessory.

It's my outfit. Yeah. What are they going to do, take the pillow off your neck? Surely not. They're not going to touch you. Surely not. That's a good one. I really like that.

That's really smart. We didn't get a snort laugh and that's quite all right. The next one comes from Nadine who has sent me a reel. Do you guys want me to send you the link? I mean, we want the link, but tell us what happens in the reel. Yeah, of course. Interpretive dance as a form of showing us is not going to work on the podcast, so you could just tell us.

Oh, true. I mean, we could put it up on stories. It's from Nadine, but she sent me this reel that is the page is the food inbox and this person has shown us how they've made a week's worth of food for two people for $50. That's a good deal. And I know that, like, you know, obviously the listeners can't see this right now, but I'm looking at it and it looks like it's full of vegetables, fruits,

really, really good food. These look like really decent, generous-sized portions for a whole week. For $50. $50. That's so good. So what was the username? The Food Inbox. All right, we'll go check it out.

I love that. I love that. Now, what is your broke tip of the week? So my one comes from myself and maybe Jessica Ricci. Definitely not Jessica Ricci. So, Jess, you went to Pancake Parlor. And Bec was like, that sounds like a really good time. Sounds like a good time.

Sounds like an expensive time. But you were like, no, actually, in winter, when the temperature of, I'm assuming, the city that you're in drops below a certain point, the winter warmer menu is half price. How good is that? That's really cute. I love that. And I mean, we're definitely not sponsored by Pancake Parlour because I'm about to say that, yeah, same, because I can't afford to eat there. Like I feel like it is like fine dining prices nowadays. Like you go and you're like, I thought the Pancake Parlour was like cheap, cheerful, like 24 hours. Like you can get pancakes at any time. We went a little while ago,

actually, it would have been like a year or two ago. Jess, do you remember the time I dragged our entire team to the Pancake Parlour to watch the budget? Oh my God, yeah. That was so funny. That's cute. And I was like, I'll buy everyone pancakes because I, like, needed to find in my head something engaging to get everybody else in the team excited about watching Federal Budget. Turns out no one cared they were there for pancakes. Ah, I see.

That cost me so much money. Yeah, I can imagine. Because the pancakes is, like, $25 minimum for some pancakes. I added a side of strawberries on ones and the side of strawberries was $10. No, it wasn't. I was like, next time I'm just going to bring my own little Tupperware container of strawberries. Like absolutely not. I just, I can't fathom it because in my head it used to be cheap and

cheerful, but it can be only if it's cold enough. Yeah. Anytime it's under 10 degrees. Under 10 degrees. And it's like winter. So that's happening a lot. Is that a high of 10 or just 10 at any point in the day? I think it's when it hits 10 degrees. So like morning or evening, usually like we went for a little post dinner snack. Oh, I like it. I'm going to check the temperature before I have a craving for pancakes. Yeah. I mean like literally any morning in winter i assume you can go for breakfast but anyway i could be wrong sorry pancake parlor for the trash talking but i mean you are really expensive for pancakes we're still going we're still going we were without the 10 degree uh what's it called

anyway that's me for this week i hope that i love that i love that you have once again stolen a broke tip from someone called jess oh i didn't even it's really an ongoing theme it really is it really is. So if any Jesses would like to DM Bec with a broke tip, like apparently she's only accepting them from people called Jess. So that's fine. And I'll claim it as my own only if your name is Jess. Yeah. That's fair. That's fair. I love that. All right. Let's go to a really quick break because on the flip side, I'm really interested in the pervy topic of accepting money that does come with conditions. And we're also going to be chatting about whether removing purchasing conditions when you're bidding on a property at auction gives you a better chance

at home ownership. So don't go anywhere, guys. Welcome back, everybody. Let's take a listen to this week's money dilemma. Hi there. Have you got a money dilemma you just can't solve? The She's on the Money team is here to help. Every week we tackle your dilemmas, both big and small, to answer your most burning money, career and life questions. To get involved, simply head to our website and leave us a short voice recording and you might just find yourself on the show. Now let's take a listen to this week's Money Dilemma. Hey Victoria, me and my sister are trying to buy an apartment together. It's our first time buying a place so we're still learning and everything. We're noticing that every time

we place an offer on an apartment, there's someone who is paying in cash and has like no conditions on their offer. But unfortunately, we need conditions like in particular subject to finance. It kind of feels like they'll always be wealthier people who are able to pay in full with an unconditional offer. So we're not really sure how to compete. How risky is it to remove all conditions, including subject to finance from our offers moving forward? That's really risky and I wouldn't be considering it if you need it, which you said you did. That gives me mad amounts of anxiety, especially because you said, you know, we need it to be subject to finance. Yes, you do. Because if it's not subject to finance, you could literally lose your deposit and then you won't be

able to buy any house in the future, which is wild. I get it though. Like Jess is probably better at this topic than I am at the moment because Jess, you've been going to a lot of inspections. A lot of inspections. And not doing a lot of winning. no no we haven't actually we haven't tended an offer yet but i completely agree i think the other big one for me in addition to subject to finance is subject to building and pest yes which is maybe one that you can get around because some agents are a bit more flexible and they want to have as few as our listener was saying as few conditions in that offer as possible so if you are eager to

put an offer in the two that i would not skip is building and pest and finance if you need it which you said you did. You might be able to say to the agent, hey, we would want to get a building and pest done before we purchased. Are you happy for us to do that prior to putting our offer in? So it's one less contingency that's in place. And a lot of agencies, particularly if it's not occupied or things like that, a lot of them are pretty happy to let you do that because it's one less thing that's on that offer, one easier thing for them to get that offer through because ultimately they want to sell the house. So you might be able to do that. In terms of your subject to finance, you could look at doing a pre-approval. That's something that your mortgage broker would

be able to help you with. I heard there's good mortgage brokers that sell the money. I have heard that. They seem to be very lovely from what I've heard. What you've heard? In the many, many phone calls that I've made to that team. Wow, what a conundrum. Yeah. So, your mortgage broker would be able to help you get a pre-approval. Obviously, they only last for so long. So, you'd only want to get it done if you're actively making offers. Yeah, 100%. And that's where your

mortgage broker can help you. So, they might not submit for pre-approval until you're like, yeah, I actually do have a few properties on the go, but it's important to start that conversation early. But yeah, the subject to finance one gives me anxiety, Jess. Yeah. And having the pre-approval in place might just be enough for, you know, you can say, hey, like we have that subject to finance, but we have a pre-approval. And that is often enough to make the vendor really comfortable knowing that it seems like it's going to go through rather than taking a stab in the dark. I would be cautious here providing your pre-approval to the real estate agent because hypothetically, I know that Jess, you are often pre-approved for more money

than what the house is and you don't actually want the real estate agent to go, oh, well, this property is $500,000 and she's pre-approved for $550,000. I'm going to tell them that there's another person and do you want to go up to $550,000, Jess? So, I'd be really apprehensive of providing it, but telling them that you're pre-approved for the amount that you're offering is really powerful. The other thing I would say is if there seems to be some stress around that building and pest inspection, asking the real estate agent if it's been done already is really powerful as well. Because if you're not the only person interested in it, there could be another party who has done it that might have provided it to the real estate agent. And I promise the

real estate agent wants to give it to you because they want your offer on the table. So it's very likely that they'll say, oh yeah, actually one's been done. And at that point, Jess might go, oh, well, can I please have a copy of it? Because that means I will not be subject to building and pest and I don't have to make you wait for my offer to go unconditional. And at that point, you'd hand it to your solicitor and say, is this comprehensive enough? What does this look like? And they might go, yep, great. Don't worry about it. There's no issues. Or they might go, oh, I don't like that building and pest. Please get your own. So, definitely have that on your side. I know it can be really disheartening though. If there are a lot of people buying cash

in this market, it can make you want to do things that compromise your values. And I think that that sucks, but I don't think that you should forego to it. It's not worth the risk. It's not worth the risk. It's not worth going there. Having a good relationship with a broker though means on that day, you can call them and be like, hey, Bec, I've got this property. It's $500,000. I know I'm pre-approved, but am I okay? And your broker's going to go, yeah, Bec, tell them it's fine. Absolutely. No worries. Because pre-approval could be in lots of different stages. There might be, you know, pre-approval that happened two months ago and

they go, ah, let me just check on that and make sure that the bank hasn't moved the goalposts and then you'll be good to go. Or maybe pre-approval happened two days ago and you're like, all right, well, ready, set, go. So, I think it's important to have that relationship with someone you can call and be like, hey, where are we at? So, this person, I would say, get a good relationship with a broker. Ask that broker for a recommendation for a solicitor. The reason I say ask for a recommendation is it is great if your broker and your solicitor are on the same page. They can go back and forth together and you'd be like, hey, Bec, what do you reckon about this property Jess is going to get? Okay, no, yes, actually, I noted this. Can you have a

look at this in this contract? And all of those things, it makes your life so much easier if they are in contact. And the other thing I would say is hold strong. It sucks. It's bloody tough out there. Jess can probably agree that it is not the best thing to do, but there's no way I would be compromising on those conditions just to get your foot in the door, unless it's a very calculated risk. Like, you know, you're pre-approved and saying, oh yeah, don't worry. I can not be subject to finance because it's a guaranteed thing. It's very different than just hoping that you'll get a loan for the amount that you've bid. Sure. The only thing I have, and obviously like I'm not an expert in this topic, but my partner

recently, actually, literally yesterday, was finally accepted. Oh, really? Why she? That's so moody. She was having the same issue. Another friend of mine was having the exact same issue. And I guess like the only... I'm sorry, are you dating a property owner? Yeah, I'm dating a property owner. Oh, wow.

So, you know, it is a bit of a flex. But yeah, I'm so stoked for her. She was having the same issue. She was really disheartened. The only other thing I would probably add is that if you and this might be common knowledge, if you like have the flexibility to tell the seller that you can do a 20-day, 30-day, 40-day, 60-day, whatever day settlement. Oh yeah, like a flexible settlement.

That's smart, Bec. That's what she did. And they were like, that kind of took her over the line, I think. Yeah, because they're going to get their cash faster. They're going to dispose of the property faster. That might be really smart. Exactly. So if you're flexible, just like try to make your offer as attractive as possible. I guess that helps. So, that's all I thought about. No, that's a very good addition. I like it. Thank you. Thank you so much. The one other tip I would have is look for off-market properties because there's going to be little to no competition on those. And so, you might be able to find someone who just wants to sell their property. And if you can meet their desired range, then without those other

people competing, you might be able to get your offer across the line with contingencies in place. That's how I got my house. Yeah, that's how I got my house. So you can put a good word in with real estate agents. So you could go to a real estate agent and be like, hey, I know you work in this area and I'd like to purchase in this area. Here's my criteria. I actually have a pre-approval. Pre-approval when you're asking a real estate agent directly is really important. Otherwise, they might feel like they're wasting their time and they won't call you. So making sure that you go, I am actually ready to buy now if you found my dream property. The other thing is buyer's agents. So I used a buyer's agent and a buyer's

agent here in Melbourne can cost anywhere between $5,000 and $15,000. And I know you go, that's a lot of money. And it totally is, especially if you're purchasing your first property. But I don't want to guarantee it, but $15,000, we're at the top end. When you're paying a buyer's agent to find you an off-market property that's going to move and you're not going to get in a bidding war with somebody, you could probably save more than $15,000 on your property. That's a really good point. I saved a lot on my property when I purchased through a buyer's agent because I was offered an off-market property. And I know I've spoken about this on the podcast before. However, I was offered an off-market property and because

I had my pre-approval and we were ready to move, it had to move quickly for us to like seize the opportunity. And it was done and dusted within 24 hours of us seeing the house. Oh, amazing. But I have saved way more than $15,000 on the purchase price because the person selling it, they didn't want to stage the property. They didn't want to fix up anything that needed fixing up to get it on realestate.com. They didn't want to go back and forth with people going through the house. When I viewed the house, there was a whole heap of just like personal stuff and boxes in the corners because they'd actually already moved overseas and they just wanted the property gone. So they were like, we don't want to deal with this. Get rid of the

property, that meant that I saved a significant amount, but I had to move fast. So that's where it goes back to having that good relationship with the broker, thinking about what it means to engage a buyer's agent. You could have a chat with someone and see what that looks like. Having our listener go and get the pre-approval so that they are ready to go so that if a buyer's agent goes, hey, here's an opportunity, they're able to seize it because they're ready is really, really powerful. And I know that it can be overwhelming. Property is expensive, but for me, having that and then also having somebody who was an expert in the area saying this is a pretty good buy, I was like, okay, I feel really confident. Ultimately, don't remove your

contingencies. They're there to protect you. Yeah. Don't do that. Terrible idea. Terrible idea. It's like being asked to compromise your values. And that is not what this content is about. No, not about it. Do you want to get into something really juicy? Yes, please. Oh my gosh. All right. So this week we got a DM and are you ready? It sounds like this. Hi team. I have a listener question. After telling my parents how much our home loan is costing us and the amount that is portioned into interest and how much is being paid off the loan, my mum and dad came back to me with an offer. Before I get to the offer, I would like to mention that they can be very emotionally manipulative and they love control. They've offered us $50,000 to go towards our home

loan. Conditions are we are not allowed to tell our siblings. I know this money would really help us, but I'm not sure if there will be more conditions to come down the track. Please help me. I need advice. P.S. Love your podcast. Oh, that's so cute. We love you too. I don't love emotionally manipulative parents. No, no, no, no. That gives me a lot of anxiety. And I mean, there are a lot of things that you could or couldn't do. Bec, what would you do? I think it's really, I don't know, like I feel like it's not worth the struggle, the stress, I think. And also like you're kind of like risking the relationship in general, like your family bond, whatever. But I just think like the stress and the potential, I don't know, future complications. I just like I probably would just kind of like go on my own journey, be on my own journey and only rely on my, I don't know. You know what I'm saying? Yeah. $50,000 is a lot of money and it would mean that you have a lower interest payment on that mortgage, which would take off some financial stress. And I get them being like,

oh, don't tell your siblings. And I mean, I don't love that. Like I'm the type of person where if there is a secret and you're keeping a secret, it means that, you know, you're doing the wrong thing. Like, and I just think that that's not okay. Like in any situation, if someone has told you to not tell anybody about something, I feel like that means that they know that they're in the wrong and I just go okay so clearly your siblings wouldn't like that but that aside if you're happy with that condition and there's only one condition and you're happy with it that's none of my business it's not for me to judge your concern is they might add conditions down the track and that's where I go oh I don't like other people having me that way yeah sorry to jump in

again but I just exactly what you're saying and it's also the feeling you know when you're kind of hiding something from someone and if you can just never mention it like even in casual discussion like it's constantly there like that's so anxiety inducing I don't know I just don't think I would be thinking about it all the time yeah I don't think I could like go and hang out with my sister and then it would yeah just be in my head because that's significant like not that you need to tell them yeah it's not part of the conversation but like like you I don't know I'd just be shaking and be like, I don't know what I'm going to do. Yeah. It's so hard. I couldn't. And it comes out at a random time. They're like, can you pass the tomatoes? And you're like,

I took away from my dad. Yeah, exactly. We'll just shoot out at some random moment. Why we all like that though. Not cool. Jess, what would you do? I think I personally agree with Bec. It's the giving of power. And I think particularly because our listener has said emotional manipulation historically has been a problem. Yeah. I personally think it is not worth that. However, I acknowledge that that's a very privileged thing to say and that, you know, if that $50,000 potentially could change your life and you really need it and, you know, you just feel like it's going to make a huge difference to you, the way that I would maybe go about it is setting up an offset and depositing the $50,000

into an offset so that if it gets to... You're so smart. I love this. Thank you. I'm not even needed here. I think like if it gets to a point where they're adding on different rules or it's becoming very uncomfortable or the relationship with your siblings is getting strained. You can just give it straight back. Yeah. You can just pull it out. No issues. Give it back to them and say, thank you so much for the help that you've given me. But I think- It's not worth it.

Correct. And so I guess- And you can do that in the same day. Yeah. Oh, can you? There you go. Yeah. Yeah. I feel like that's a good middle ground maybe. I feel like that's the best ground. That's actually quite smart. In fact, anytime you are taking money from someone else for something like that, I would recommend it being in an offset. Because if you pay it off your loan, there's no guarantee that you could

access it later down the track. Even in a redraw, the bank could turn around and say, oh, well, we're not letting you redraw that money because your loan's over a certain percentage or whatnot. And that is stressful. Imagine if your parents then said, oh, Jess, we actually need that cash back. And you go, I can't give it back right now. Like you said, I could have it for three years. And they go, oh, yeah, things have changed. And you go, well, I can't access it. Like I will have to sell my house. So I think that the offset is the smartest thing. And then I would also ask for a contract. Like let's establish a proper loan agreement with any terms so you can sit down and say, hey, like I'm happy to put all these terms in and I'm actually

even happy to sign that I won't tell my siblings. Like let's put that there. I'm happy to even sign and say that I won't tell my siblings. What else? Like go away, guys. Have a think. Obviously, I don't think that there should be any other stipulations, but you let me know if there's anything else that needs to be in that contract. Because like, ha, ha, ha, neither of us want to add stuff later down the track so that it can all be kind of agreed to and in writing if you're really worried about it. And then I think the offset idea is a really good one, Jess. Thanks. What did everybody else have to say? Oh my gosh. So we asked the community, first question, we said, would you accept the money if it had conditions you had to follow?

And 28% of you said, yeah, it would be a really big help. But 72% said, no, it doesn't sit right with me, which I think is fair. Like, I feel like each to their own, though. Our next question was, would you be okay with the condition of having to lie to your siblings about money? 27% of you said, yep, I could do it. 73% said, no, couldn't do it. I was born to yap.

Yeah. I mean, I'm sorry. It's going to come out. It's going to come out. Like, it just is. like I can keep your secrets back like you could tell me anything and I'd be like cool I'm not telling anybody second I have anything about me I'm like Jess guess what what what like here's my secret tell me more here's my secret like I just can't keep it to myself I wake up some mornings

and I'm like I'm gonna be elusive I'm not gonna tell everybody my life story and then 20 minutes into my life story I'm like maybe tomorrow we then asked you guys what do you think about this gift that the parents have offered. 81% said a genuine gift wouldn't come with conditions. And 19% of you said they want to help. I wouldn't overthink it. I don't think that's for us to decide though, because only you know your parents. And the situation, like I can see how, I guess, from the parents' perspective on purely the siblings thing, you know, if maybe they weren't in the position to help kids, you know, who were younger and now it's a bit later in their life. Maybe they've accessed their retirement funds and they have the money, but they don't

want to create, you know, a feeling of inequity or whatever. I can understand that. Like that's not necessarily the flag for me. It's the history of, you know, so it's hard to know without knowing. I don't know why you're not saying that because like you could have one sibling who's really financially responsible and that's you and your parents want to help you out even more financially with your mortgage because they're really proud of that. And another who just is not financially responsible and they're like, I really don't want to give that kid access to the same loan, which I would feel obligated to because I know they're not going to make good decisions with that. So, like, I can kind of understand that, but we don't know the situation.

Yeah, totally. Context is missing here. We then asked you guys, obviously, what's your two cents? What do you reckon? And you guys had some colourful opinions. So, I'm going to go through a couple now. Someone asked, is there any case law about gifts like this, meaning parents can make claims on the house. Oh, good point. Interesting. But also no, because if it's a gift and they're not on the mortgage, that's where it ends. So, I mean, they could try, but it would have to involve a lot of legal fees. It would have to involve a lot. I'd be interested to see if there was anything, but I think in Australia, it's pretty cut and dry. If you're not on the mortgage,

you're not entitled to it. If you're not a dependent, like if you're not a significant other and you're like a de facto. Someone said, how is this condition different to any other contractual obligation? Sign it or don't. And I think that that's a good point. I mean, we're probably putting our morals into this question where they don't need it, but it's so, it's a complex one. It's complex because there's no emotion tied to a bank. There's no emotion tied to any, like a payday loan, for example, like there's no history and there's no attachment and there's no, but if someone that you have a whole history with and an emotional history with and all of this kind of stuff, it's so different. You just don't know what that'll turn into.

Yeah. So someone else said, my mom actually gave me $60,000 to place in my overdrawer account to bring my interest down. Then part two, I will give her that money back when she needs it, but it's been a huge help with decreasing my payable interest, which I think is really smart. The only thing I have there is that's a really good point, but maybe think about putting it in an offset instead of an overdraw to make sure that you can access that. Someone else said, absolutely not protect your emotional peace. It's not worth 50 grand, I promise. Someone else said, that's a red flag. Having siblings can be so good. If you can, don't risk your relationship with them. Yeah. Which is true because you could be risking your relationship. Someone else said,

take the money. You don't owe anything to your siblings. Y'all are wild. Someone else said people say no conditions and then they add them down the track. It's not worth the risk. And then the last one I'm going to read out is trust your gut feeling. If it doesn't feel right, it probably isn't. And I feel like that's my favorite one. Yeah. Because at the end of the day, got to trust your gut. I always say this to everybody, like trust your gut. If you don't think you should be doing it, don't. It doesn't matter what it is. I feel like too often we say things like, I should have trusted my gut. And as somebody who often doesn't trust her gut historically, trust your gut. And on that note. Let's go. Let's go. I hope you have a beautiful

weekend and we will see you guys bright and early for a Monday Money Diaries. Bye guys. Bye. the advice shared on she's on the money is general in nature and does not consider your individual circumstances she's on the money exists purely for educational purposes and should not be relied upon to make an investment or financial decision if you do choose to buy a financial product read the pds tmd and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN 321 649 27708 AFSL 451 289.