The Unhinged Money Podcast

The 20% deposit is a myth. It doesn't exist. And it's probably stopping you from buying.

We break down the four actual ways to get into the property market, explain why everyone is stuck in 2005, and answer whether Ross is delusional for thinking he can buy with just 5%.

We cover:

✓ Where the 20% deposit myth came from✓ Four pathways to property ownership 

✓ The 5% government scheme explained 

✓ Family guarantees and zero-deposit options✓ Lenders mortgage insurance: when it makes sense✓ Ellie’s first home story

About your hosts

• Ellie King: Mortgage broker, mum & founder of Elevate Financial Lending

https://elliethebroker.com.au/

• Evan Reed: Mortgage broker, Founder or Neo Finance Group, 14 years in big four banks

https://neofinancegroup.com.au/

This is general information, not advice for your situation. But you WILL understand the four actual pathways, why the 20% is a myth, and why you’re not behind in your property buying journey, even if you’re in your 30’s and 40’s

For Listener Questions: Send a voice memo to @unhingedmoneypod on Instagram. Start with "Am I unhinged?" and tell us what's on your mind.

Follow us on Instagram:

https://www.instagram.com/unhingedmoneypod/

Listen on Spotify:

https://open.spotify.com/show/11or5PAmNCzuuK5grLKS0Z?si=d268500e4b464e0d

Listen on Apple:

https://podcasts.apple.com/au/podcast/the-unhinged-money-podcast/id6811329397

If you've ever typed a money question into Google at 11pm because you were too embarrassed to ask a real person, this show is for you.

Join mortgage brokers, Ellie King; a Sydney mortgage broker and director of Elevate Financial Lending, and Evan Reid, founder of Neo Finance Group in Newcastle with seventeen years in lending, who are funny about money and serious about getting it right.

Resources:

• ASIC Broker Register: https://asic.gov.au 

• NSW 5% Deposit Scheme: https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/home-buying-assistance

  
  

The Unhinged Money Podcast is an Australian money show for people in their 20s and 30s. Hosted by two mortgage brokers who are funny about money and serious about getting it right. New episodes weekly

Chapter Markers 

0:00 Intro

1:15 The 20% Deposit Myth 

3:00 Ross's Question: "Am I unhinged?"

5:30 The Four Pathways to Buying Property

5:35 Pathway 1

8:30 Pathway 2

10:15 Ellie's Property Journey 

12:45 Pathway 3: 

13:00 Pathway 4:

18:45 Is Ross Actually Unhinged? 

19:15 Your Action Item

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• 5 percent deposit scheme

• family guarantee property

• lenders mortgage insurance

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• property market australia

• real estate advice

• can i buy a house with less than 20 percent deposit

• 5 percent government scheme property australia

• family guarantee real estate australia

• how much deposit do i need to buy a house

• first home buyer 5 percent deposit

• zero deposit property purchase australia

In this episode, we hear from Georgia who wants to know if she’s unhinged to think she can buy her first home this year. 

You’ll hear exactly what banks actually look at when you want to buy a home, whether first-time buyers with credit cards are delusional, and why you should talk to a broker before you talk to Uncle Bob.

We cover:

✓ What a healthy relationship with your bank account actually looks like (and what toxic looks like)

✓ The 5-stage bank approval framework

✓ The rent-to-mortgage gap test (and why it matters more than you think)

✓ Why your credit card kills your borrowing power

✓ The must have emergency fund rule

✓ How to choose a mortgage broker

✓ Is Georgia delusional for wanting to buy this year?

About your hosts

Ellie King: Mortgage broker, mum & founder of Elevate Financial Lending

https://elliethebroker.com.au/

Evan Reed: Mortgage broker, Founder or Neo Finance Group, 14 years in big four banks

https://neofinancegroup.com.au/

This isn't advice for your specific situation. We give general information. But what you WILL understand is the actual framework lenders use, the myths about mortgages that are completely wrong, and whether you're actually ready to buy or if you need to build your habits first.

For Listener Questions: Send a voice memo to @unhingedmoneypod on Instagram. Start with "Am I unhinged?" and tell us what's going on.

Resources:

ASIC Broker Register: https://www.asic.gov.au/online-services/search-asic-registers/professional-registers-search#searchtheprofessionalregisters

The Unhinged Money Podcast is an Australian money show for people in their 20s and 30s. Hosted by two mortgage brokers who are funny about money and serious about getting it right. New episodes weekly

Chapters:

0:00 Intro

0:45 Meet your brokers

2:15 What's a Healthy Bank Account Relationship?

5:30 Georgia's Question

7:45 The 5-Stage Bank Approval Framework

8:00 Stage 1: Savings & Saving Habits

12:00 Stage 2: Income Type & Consistency

14:30 Stage 3: Liabilities (The Credit Card Trap)

18:30 Stage 4: Your Actual Living Expenses

20:00 Stage 5: Servicing & Stress Testing

25:00 Emergency Funds & The 3-6 Month Rule

27:30 Why Talk to a Broker

28:45 Is Georgia Actually Delusional?

29:15 Your Action Item

29:45 How to Send Us Your Question

If you've ever typed a money question into Google at 11pm because you were too embarrassed to ask a real person, this show is for you. 

Join mortgage brokers, Ellie King; a Sydney mortgage broker and director of Elevate Financial Lending, and  Evan Reid, founder of Neo Finance Group in Newcastle with seventeen years in lending, who are funny about money and serious about getting it right.

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If you've ever typed a money question into Google at 11pm because you were too embarrassed to ask a real person, this show is for you. Join mortgage brokers, Ellie King; a Sydney mortgage broker and director of Elevate Financial Lending, and Evan Reid, founder of Neo Finance Group in Newcastle with seventeen years in lending, who are funny about money and serious about getting it right.Dropping September 22, subscribe now.Follow us on Instagram:https://www.instagram.com/unhingedmoneypod/Listen on Spotify:https://open.spotify.com/show/11or5PAmNCzuuK5grLKS0Z?si=d268500e4b464e0dListen on Apple:https://podcasts.apple.com/au/podcast/the-unhinged-money-podcast/id6811329397

Watch on YouTube:https://www.youtube.com/@theunhingedmoneypodcast