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The Finance Show With Joe
Welcome to the Finance Show with Joe hosted by It’s Simple founder, Joseph Daoud. We chat about the financial issues facing ordinary Australians from managing the cost-of-living to investment strategies in order to help you make more informed financial decisions.
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The Finance Show With Joe
The Best Sydney Suburbs to Invest In and Interest Rate Predictions
This week Joe and Michael explore the interest rate predictions from ANZ, CBA, and Westpac, while we unravel the political and economic factors shaping these forecasts. Discover how migration trends and government policies focusing on individual welfare create a challenging landscape for first-time homebuyers, as we spotlight the disconnect between policymakers and the realities of the housing market.
With interest rates likely to drop, they boys also take a look at the best Sydney suburbs to invest in and it may or may not shock you to find out that Western Sydney is taking the cake. Find out the top performing suburbs and more on the latest episode of the Finance Show with Joe.
Follow us for more property news and mortgage advice!
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Welcome to the Finance Show with Joe. He's Joe, I'm just some schmo. And today we're going to talk about the glorious topic of interest rates. Now there's a lot of predictions surrounding interest rates this year. It's a big talking point because they were supposed to drop. Well, they were theorized to drop December last year.
Speaker 2:They were theorized to drop.
Speaker 1:May last year. They're constantly theorized to drop. Yeah, this year everyone's feeling a little more confident. Anz are predicting a rate cut in February alongside CBA. Originally, anz said it was going to be May. They've changed that now to February and this is because of better than expected CPI Consumer Price Index. Right, it was 2.3% in November and that's within the RBA's target band of 2% and 3%.
Speaker 1:Yeah so, and that's within the RBA's target band of 2% and 3%. Yeah, so Westpac is still sticking to May. They're not going. They still don't think it's going to be in February. Here's what I find interesting is how many rate cuts there are this year, or predicted rate cuts this year. Anz says it's only going to be two. Both CBA and Westpac say four and NAB says five.
Speaker 2:Okay, so everyone knows my opinion on interest rates and the effects that they're supposed to have. It depends on how stimulated the government wants the market to be.
Speaker 2:Now at the moment, we've got a political government in play that isn't focused on big business, but actually focused on the individual. So we've seen Anthony Albanese come out with some policies in regards to a single tax rate. Not a single tax rate, but everybody getting a tax cut and that was, I believe, that came out the 1st of July 2024, and everyone's income went up, except for the people that were earning like over 120,000 or so. What we've seen is they want more people to be able to afford their homes and to have more people to be able to afford their homes, they need everything to be a level playing field. Yeah, okay, so they would possibly not want to drop rates too much because they're still allowing in a whole bunch of migration, and when you're allowing more migration, that means you bring more buyers to the market, because if we let in more wealthy individuals from India, from China, from Arab nations, what they're going to do? They're going to come to Australia. They're going to do. They're going to come to Australia. They're going to see property, they're going to see how it grows here and they're going to go.
Speaker 2:I should buy a property here, of course. Yeah, so more people enter the market. What they want to do is they want to try and find that sweet spot that will allow enough economic activity where they don't have builders going bankrupt every other week, yeah, yeah, yeah, but also not have prices skyrocket. So you mentioned that. Anz, was it that predicted two rate cuts?
Speaker 1:Yeah, ANZ says just two.
Speaker 2:I actually agree with that, you reckon. I agree with ANZ saying that there's going to be two rate cuts, because what we've seen also is the Reserve Bank of Australia dragged their feet whenever it comes to this sort of stuff. They dragged their feet when it came to putting the interest rates up.
Speaker 1:Originally To take it down.
Speaker 2:Yeah, and then they dragged it to take it down again. Everyone is expecting oh you know what February rates are going to come down. Rates are going to come down. I don't think so.
Speaker 1:Do you think it'll happen in May I?
Speaker 2:don't think it's going to be May. I think it's March 16th or so. Okay, something around there. There's a point around then that's going to be for the Reserve Bank of Australia to meet again and declare if they're going to put interest rates up or down. The head of the RBA, how she operates, how certain decisions are made and I always see them being a step behind, apologizing and then saying here's a rebate, here's $200 for your electricity bill.
Speaker 1:Here's yeah.
Speaker 2:Band-Aids, yeah, and then they throw a Band-Aid at it because they want to be more conservative. Okay, they would rather ask. They'd rather ask for forgiveness, to be honest, because we've seen Australians struggle. I see it every single day. I see like it used to be yep, first time buyer 70k, let's go get you an apartment yeah, what's well, there was no problem with that.
Speaker 1:There was no issues.
Speaker 2:You're buying an apartment now. We've got the supply issues, where they're not approving as many dwellings. We've also got the interest rate issues they're not coming down. And we've also got people purchasing like three, three siblings or um two couples purchasing together, going and buying a house together. So we're not seeing what we used to. Okay, but they don't care.
Speaker 1:No.
Speaker 2:They don't care. At the same time, they just think to themselves okay, it's just numbers, it's just numbers. They don't see the everyday individual. I think there was the housing minister for New South Wales. I'm not too sure, but there was a recent video of them being interviewed online talking about rental prices and they go yeah, you can rent a property in Sydney for a couple hundred bucks.
Speaker 2:Oh, I remember this video it was a two-bedroom apartment and they're like you can rent a two-bedroom apartment in Sydney for $200 a week. No, yeah, that sounds about right. Yeah, there's plenty of apartments in Sydney that you can rent for $200. I wish, right, yeah, there's, there's plenty of apartments in sydney that you can rent for 200. I wish the statistic was since 2020.
Speaker 1:Yeah, okay, out of the 25 000 units that were listed for rent in that period, only 23 have been even close to 200. Yeah, and that was before rents jumped up 100 so crazy.
Speaker 2:They're out of, completely out of touch so, yeah, you have individuals that are completely out of touch making decisions for 97% of Australians.
Speaker 1:And how does this affect you, the viewer that 97%? Just to put this into context, what this interest rate actually would mean for you, these cuts.
Speaker 2:I'm just going to chime in. If you're expecting a rate cut next month, I'm going to say there's a 50-50 chance.
Speaker 1:But even if there's a rate cut, if the rate cuts do happen, if it's just the one, if you've got a $600,000 home loan, you'll save about $92 a month. Two rate cuts you're saving $182 per month, and four cuts, $357 a month. That's not chump change for people who are, you know, at this end of the market.
Speaker 2:A $600,000 loan, $357 a month is how much I'm saving people on average when they just refinance. There you go. Okay, because a lot of people are on revert rates. They don't even know it. The banks have put rates up on them. They don't even know it. I said it last episode yeah, banks are there to make money.
Speaker 1:But $350 a month.
Speaker 2:That equates to what? $4,400 a year, somewhere around that. All I know is it's food, you know what I mean. It equates to 50, top 12, 600. It equates to about $4,200 a month. I got that $357. That is a huge amount of money. That $4,200 a year sorry, $4,200 a year is a huge amount of money. From after-tax income. I did a study recently where I was calculating the median average salary in New South Wales somewhere around $98,200, somewhere close to that $98,200. After-tax is about $71,000, $73,000. Food, laundry expenses, your mortgage. So you're saying that if you've got a mortgage of six hundred thousand dollars, you're going to save yourself a hundred bucks a month.
Speaker 2:Let's say right, yeah but what's your monthly repayment ready on that? It's already forty two hundred dollars a month. Okay, so we take that seventy one thousand and we minus forty eight thousand odd dollars from it. What are you left with for the year? You're left with twenty three thousand dollars. Petrol, groceries, food. I want to go out. I just want to do anything. Literally, you, what are you left with for the year? You're left with $23,000. Petrol, groceries, food. I want to go out.
Speaker 1:You just want to do anything. Literally, you want to just go to a movie.
Speaker 2:It's very, very, very difficult for people out there. You're praying for five rate cuts.
Speaker 2:That is what you are actually hoping. The statistics tell it. People are struggling. They need the rate cut to come. But I honestly believe, just from what I've seen and the behavior of the Reserve Bank of Australia, the behavior of the housing minister, you just don't feel confident. I'm not confident. They said, oh, we're going to increase the supply of housing. Where's the increase? The only place it's increased is Victoria. I guess what's happening in Victoria right now? They've introduced a new land tax so there's nobody buying property to make money anymore.
Speaker 1:Yeah, they're buying it to live.
Speaker 2:And relocating is not just an easy thing.
Speaker 1:No, I mean, if you've got family here, you've got to ditch them. It costs money to get all your stuff there.
Speaker 2:Finding a new job. Finding a new job Social circles.
Speaker 1:Yeah, I mean there finding a new job. Finding a new job social circles.
Speaker 2:Yeah, I mean literally everything my wife wants us to move to melbourne?
Speaker 1:no, no, just in general just in general.
Speaker 2:Okay, move from illawong. I've lived in illawong all my life. When I get back to illawong, I feel relaxed. It's home. It's not even home. There's less traffic around. There's um you, there's no public transportation, which is a good thing, because that means I don't have kids running around a train station causing mischief and stuff. It's peaceful for me. When she tells me I want to pick up and move and I want to go here or I want to go there, do you know what I think to myself? I think to myself there's nine levels of stress above me because I'm like, oh my God, if we do this, that means the sun's not going to be there. And then there's going to be kids coming near my house and I don't know the neighbors and I'm Lebanese. What if they don't like that? There's just so many things that are involved with picking up and moving. One of the guys that works at it Simple Brian. He moved from Maryland down to Oren Park or one of the suburbs close to oran park right, so that camden area.
Speaker 2:Yeah, he told me it was the most peaceful experience of his life and he doesn't want to ever go back to maryland. Okay, he'll go back, he'll visit, he'll go see his friends and stuff. But picking up and moving from a peaceful area to somewhere that's chaotic is huge. If you're not from melbourne or victoria, okay, it might be great because there's vacant apartments and stuff, but if you're not from there and you don't know the area, it is scary. So I don't like this internet discourse or people going online saying oh just really, okay, you can find a cheaper property. Okay, cool, is my job down there.
Speaker 1:Yeah, literally just everything. It's not easy If you've got no roots yeah, go wherever you want.
Speaker 2:It's going to be very interesting what happens with the interest rates and we are hoping there are cuts because I want to see people be wealthy again. I want to see people be excited again. I walk around and I see people like they've got their chins down. They hate everything. The only time I see people happy is when I'm in Bondi and it's a bunch of backpackers because they don't have to worry about that stuff.
Speaker 1:They don't have to worry about that sort of stuff. They're here oh.
Speaker 2:I'm here for a holiday. I'm going to go swimming in Bondi and then I'm going to go do this and you're just like cool. Good for you.
Speaker 1:Yeah, enjoy your Asahi balls.
Speaker 2:I'm going to dip my feet, people that are struggling in Australia, and I really, really hope the Reserve Bank of Australia looks at it and goes oh, it's not unemployment, we need to look at it's underemployment. It's not the CPI, because there's a lot of people that are actually still spending money, but 98% of Aussies aren't and we want to be able to help them.
Speaker 1:Yeah Well, my uneducated opinion on whether or not there's a rate cut coming.
Speaker 2:I think it's a 50-50 chance of next month, yeah, and I think it's an 80% chance. If it doesn't happen next month, it's like an 80% chance of the month after. But you do think it's going to happen this year. No, it needs to happen, yeah, Otherwise they Let us know in the comments. What do you think? Do you think there's going to be an interest rate cut next month, or do you think Michelle Bullock is just going to drag her feet and say you know what? Not enough people have lost their job yet.
Speaker 2:But let's get to some positive news. The statistics have come out for the best places to invest in Sydney in 2024. So if you purchase in this area, you made some serious money in 2024. At number 10, Edenza Park grew 15.5%. At number nine, Weatherill Park also grew 15.5%. Number eight St John's Park 15.7%. The Crows are making money this year. Number seven Traeger 15.7%. Where's Traeger? Number six Lansvale, at 16.2%. And number five, Mount Pritchard, which came in at 16.2%, and number five, Mount Pritchard, which came in at 16.8%. Number four was Bonnyrig Heights at 17.4%. Number three is Emerton, which is 17.9%, and number two is Wiley Park 18.5%. And number one is Bonnyrig. The Croatians Wait, sorry, I offended people, the Serbians, at 19% growth in 2024.
Speaker 1:Yeah, even Edenza Park, Weatherill Park, St John's Park that's where the church is and everything. Lots of crows around there. Man, the Balkans are making a lot of money, Damn.
Speaker 2:They figured out how to make as much concrete as possible.
Speaker 1:Water that concrete, big and strong.
Speaker 2:I'm looking at these statistics. I can't believe it is how much Western Sydney grew in value in 2024. Airport right.
Speaker 1:I don't think it's got nothing to do with the airport. I think, one, people still want to live in Sydney and two, these places are relatively far more affordable than anywhere east and north.
Speaker 2:I don't think it's to do that. I think it's to do with community.
Speaker 1:Oh yeah, 100%. I think that's playing a part.
Speaker 2:I think the communities have become more centralized yeah rather than previously.
Speaker 2:There was the uh aspiration of I need to get out of punchbowl, I need to move out east. I'm just using this as an example. Okay, it's no longer, I need. I need to leave punchbowl, I need to get out east. It's I need to leave punchbowl. I need to get to strathfield. Ah, yeah, so people still want to remain connected with their community but don't want to be too far away at the same time. What we have seen previously is when there was relocations and upscale and I want to move to a better area it used to be I've got to move far away. Every single sub-suburb or city area, local government area, has its premium. Now you go to the LGA of camden, oran park's killing it. Yeah. You go to the lga of uh cronulla, sutherland shire. Cronulla is absolutely killing it. But then you go to the lga of bankstown, canberra city council, bellfield yeah, oh yeah, we talked about this has spiked up in value like crazy bel Belmore.
Speaker 2:Belmore is doing remarkably well. So you see all these little subsections. People don't want to move too far away, but what you are seeing is okay. You know what? I want to live in Bonnyrig now because that's the good area. Okay, People don't want to be too far away from their schools. People like the traditional community family values.
Speaker 1:This is true, like my sister. Now she moved, my parents moved back in. Like they moved back out west, basically towards the Crow community, out near Edenza Park, st John's Park, and she loves it there. She doesn't actually want to leave. Yeah, like we bought a house together and I was like, come live with me. And she's like, no, I'm going to stay here. I'm like all right crazy. She goes to yeah, she goes to Croatian language school, she goes to church, she goes to all these little crow meetups, go Jordan. I know right, it's insane, that's amazing, that's great to hear. So I think a lot of people are feeling that. And now that there's more investment in terms of infrastructure with public transport, you're getting the metro line towards. Have you been on it? No, actually, because I'm on the train line.
Speaker 2:It's just a train. Yeah, I've been on the metros before.
Speaker 1:Yeah, it's just driverless trains so they can't strike.
Speaker 2:But it's awesome to see Western Sydney really, really reinvested itself and uplifted itself 100%.
Speaker 1:Western Sydney's a good place.
Speaker 2:There's only so much land. As we know, sydney is beach, blue mountains. You can build in the middle. There's only so much area. It's great to see that there's other areas that are doing really well. Some of the biggest houses I've ever seen are like in like drool, oh drool.
Speaker 1:Yeah, man, the mansions down there. I used to. My parents used to live there. Well, myself as well. Yeah, I used to go get guitar lessons from this guy who lived in a normal house but on this street, literally you had who's the woman from A Current Affair? Tracy, tracy, yeah, tracy Grimshaw used to live there. Yellow Wiggle was living down there. Huge, humongous mansions, castles some of them, and I'm like it's crazy.
Speaker 2:And they're all hidden on these side streets, like not an old northern road. You won't well, you see some of them especially. I know the area well. No, but it's just, it's. It's great to see that. Um, it's not just eastern suburbs that are always creeping up, yeah, but other suburbs. We've also got the top 10 apartments and their growth, so the apartment locations that made the most money and these are really different at 10.
Speaker 2:We have brightonance, which grew 10.3% At 9,. We have Wyoming, which grew 10.3%. At number 8, summer Hill 10.5%. 7 is Queenscliff at 10.7%, 6 is Kingswood at 11.6%, number 5 is Camperdown at 11.8%, number 4 is South Windsor 13%. Number 3 is Bass Hill at 13.5%, Number 2 is Strathfield at 15.3% and number one is Monterey at 18.3%. I can't believe Kingswood is in the list. Kingswood is next to Penrith, isn't it?
Speaker 1:Yeah, it's scary.
Speaker 2:But from my recollection they started gentrifying around the train stations.
Speaker 1:Yeah, there is like apartment buildings there, but it's not like it's solved anything. I'm not going to lie, my fiancée, her family, is out Penrith way and like Penrith itself is fine, but Kingswood specifically, like we would go near the train station and stuff there, you feel it.
Speaker 2:I think the reason for those areas growing in so much value is because people got priced out of Sydney, so that's why they're probably moving to Kingswood and that's probably raised the price there as well.
Speaker 1:Yeah, I guess I mean the median price. There is $573,000, which is much lower than everything else on this list.
Speaker 2:So that means it was previously the year before $520,000.
Speaker 1:Yeah.
Speaker 2:Okay, If it's grown by that much. That makes sense. To me. It does make sense Because a lot of people came to the market. Where in Sydney now can you get an apartment for $570,000?
Speaker 1:Kingswood, apparently, but that's what I'm saying.
Speaker 2:So if you're earning a combined salary. I'm earning $60,000, you're earning $60,000. Yeah, we combine Kingswood together.
Speaker 1:Okay, that makes sense and it's a place to get started Exactly. I'm surprised Strathfield is in the list. I thought Strathfield had a bit of money behind it and the median price is $765,000.
Speaker 2:So the Strathfield houses?
Speaker 1:that spark your value.
Speaker 2:They're the expensive ones because there's something called the Golden Mile.
Speaker 1:I've heard of this.
Speaker 2:So the Golden Mile is? You've got one street, I think it's called the Boulevard, and anything in between there is called the Golden Mile. It's all the substrates in between, right. That's why, like, how close do you live to the Golden Mile, how far away do you live to the Golden Mile? Those are the areas that spark in value in Strathfield and it's all the houses there's a lot of apartments there, heaps I like the buildings there. The apartments there don't do as, but now they're starting to because, Strathfield is literally the central hub of Sydney.
Speaker 1:It's a very convenient location, extremely Big train station as well.
Speaker 2:Exactly, so that train station can take you basically anywhere in Sydney, literally, yeah, and so what that has allowed is a lot more people to move in, but no more development. So guess what happens? I need to go to Parramatta for work and I also need to go to the city for work. I'm going to live in Strathfield, I need to go visit my family in the Sutherland Shire, or I need to go to ride because I've got work there. Strathfield is the convenient location. This is true, and depending on what side of Parramatta Road you live on from Strathfield, that will depend on how much the property is valued at. So the closer you are to Parramatta Road, the less the value is going to be. Yeah, because Parramatta Road sucks.
Speaker 2:Yeah, absolutely chaotic. But the closer you are to I think it's to Hume Highway, the southern side of Strathfield, it's also cheaper there, so literally in the middle of Strathfield.
Speaker 1:That's your golden, your golden one.
Speaker 2:My favorite thing about this statistic was we got Brighton-LaSands and Monterey. Okay, so Monterey is number one and then Brighton-LaSands is number two, number 10. Okay, so everything seems to be in between. If you know Monterey and Brighton-LaSands, they're right next to each other. I think, there might be a suburb in between, but they're very, very close Same general location.
Speaker 2:Yeah, I think it's really cool to see that it's not all disconnected. They're actual suburbs that are feeling the trickle-down effect. So Monterey, I know the suburb quite well. It's actually nice, it's beautiful, it's on the beach. People love going to Monterey. Don't know many apartments there, but it's actually a really, really nice location. I'm assuming monterey spiked in value for downsizes because you're not in brighton where you get all the um, hectic, mischievous stuff of the kids. You know, brighton was our thing back in the day.
Speaker 1:I don't know if it was yours uh, no, I was in the hills, so okay, south sydney honestly mystery okay.
Speaker 2:So brighton was our like um, it's, it's. It's where everyone used to go run a market and stuff. So there's a chance that a lot of people don't want to go there to downsize. But Monterey two suburbs over same beach just as beautiful. You're in a very convenient location, depending on if you can drive or not, and I think that's the reason why it's spiked up so much. But it's really cool to see that there's not too much disconnection in this list. Now another list came out this year of where we think, okay, where to invest next? Okay, now, this is really cool. So there's freemantle in perth, yep, which has a population that has grown by 14. There's 29% less sales than what they were last year. Yeah, and then there was 77% less buildings to be able to approve, which means which means a lot more people in the market. They want to buy, they want to buy close to the area. They don't want to leave their parents Supply and demand. Then we've got Bayswater in Perth, which is very similar. We've got Jundalup McKay in Queensland and Gladstone in Queensland.
Speaker 1:Yeah, regional Queensland and Perth. I don't think this is really a shock to anyone that those places are doing great, to my best.
Speaker 2:New developments, new roads. You don't have the you know archaic old stuff. It's a lot easier to get in there. When you build a new development and it's a lot of unoccupied property, you where. When you build a new development and it's a lot of owner-occupied property, you often see a lot of really good people coming in to buy in that location and it just makes people more comfortable.
Speaker 2:Yeah, okay, and there's a reason why that people think these are the best places to invest. Or the study says that these are the best places to invest and that's because of restricted supply.
Speaker 1:Yeah, that's it. It's just literally simple supply and demand, right, it's just it.
Speaker 2:So what we think is going to happen in 2025, obviously these are based on just a random prediction and stuff. We could see Sydney boom again. We could see Queensland boom again. I personally think Adelaide is about to have their run. Actually, South Australia is in the mix, according to the numbers.
Speaker 1:Okay. So what do they say? Yeah, prospect Walkerville, mitcham, port Adelaide, east, Tidry, gully and Onkaparinga that's a fun name.
Speaker 2:I just think that Adelaide hasn't had its run compared to WA.
Speaker 1:No, yeah yeah, surprisingly, because it's convenient for, like Melbournians, melbournites, I don't know which one. That is Because it's not like. I mean, obviously it's far, but it's not that far.
Speaker 2:No, it's not. And good wine, they've got a lot of churches, right, they do, yeah, yeah. They do.
Speaker 1:Pretty churches, I mean.
Speaker 2:Adelaide. I think they're due for their next run. I think that's going to be the boom in 2025. Okay, I think Perth has had its run. We had David on this show. He thinks Perth had its run, so it'll be really interesting. Let us know in the comments which suburb or city do you think is about to have its run in.
Speaker 1:Our favorite segment, the client profile of the week. Are you ready for this one? Yeah, so, bill. He's buying his first house. Everything has gone smoothly Mortgage is in check, money sent. Next comes settlement. The selling agent has told you, the broker, that the bank has given you the payoff, which is way more than expected. As it turns out, the original owner, the seller, has stopped paying the mortgage. This isn't a short sale or a pre-foreclosure situation. The listing agent didn't do any due diligence regarding the mortgage. What would you do in this situation? Contact the solicitor.
Speaker 2:Yeah, get the law involved. So clients already approved.
Speaker 1:Yeah.
Speaker 2:Clients approved for more than what they're expecting. Yeah, have they spent any of the extra money that they had saved?
Speaker 1:No, they're confused because the extra money that they had saved. No, they're confused because the settlement hasn't happened yet. You're getting this information at settlement.
Speaker 2:No, no. So we got the formal approval. Client has been formally approved for more than what they're expecting. They're expecting 600K and instead they got 700K on a formal approval. They originally had a deposit of 300,000. Now that they could shrink to 200,000, correct, yeah, okay, there's a few ways that you could play this. How bad do you want the property?
Speaker 2:Okay, and get the solicitor involved. You've got to get the solicitor involved because the real estate agent didn't do their due diligence. They didn't tell things to line up the vendor, so the person selling their solicitor didn't do the job properly, either because they didn't check the pexa workspace account, or they didn't check the accounts to make sure that there was no shortfall on their end, or there were no issues with the bank accounts on their end. I mean, it's simple. Just look at the. So now the vendor is in complete breach of their contract and at the same time, they need to pay off their mortgage. Okay, if the vendor is broke, then they are going to be completely screwed. Okay, the purchaser could possibly assist in paying that loan down. But I would only recommend. So it depends on how much the mortgage is. If the mortgage is $10,000 a month or something, and they missed $20,000 in repayments. No, don't pay that F that. Let's say it's a few hundred bucks. We're short a few hundred dollars.
Speaker 2:You call up the solicitor. You ask them what can we do? Is there a possibility? Because a real estate agent didn't do their job properly? Tell them to take less commission, otherwise it's going to be on them that the sale didn't go through and they could be held liable because of it. They could be held liable because the vendor didn't pay their accounts on time. They can also be liable because the purchaser hasn't got their property. You can also contact their solicitor, the vendor solicitor why didn't you do your diligence? You've had this loan in front of you for eight weeks. You've had this contract to sell in front of you for eight weeks. These are small things you can do. Or you can rescind the contract, get your money back and just go find another property to purchase because the vendor hasn't held up their side of the agreement. You have okay, and you can also charge them penalty interest for every day that it doesn't settle.
Speaker 1:There you go. Get the law involved or back the hell out of there.
Speaker 2:Thank you guys so much for this episode of the Finance Show with Joe. Let us know what you guys think about the interest rates and let us know where you guys think the next best investment spot is in New South Wales. As always, I'm Joe, I'm Sam Shmoe and we will see you on the next episode.