This week’s podcast discovers a new way of buying property – or at least putting down a deposit.The problem for many prospective home buyers is that, all the time they are saving for the deposit on a new home, prices keep rising so the amount they need to save gets more and so the property is always just out of reach.But we've heard about a new proposal that's been introduced where you can put down a relatively small deposit on a new flat and that add to it every week so that by the time the unit is ready, you’ve got enough in the bank to go and get a mortgage.Now, as frequently happens on the pod, someone in government is clearly hacking into our conversations as we record them, and changing policy to suit.So while we were musing about how hard it would be to raise a 20 per cent deposit over two years, the government was renewing its policy of allowing first-time home buyers to only put down five per cent deposits.All of which makes the new CoPosit plan even more feasible. You can have your smashed avo and eat it, and hear all about it here.Back to the pod we discuss the best and worst strata managers and we take a look at a couple of stories fresh off the Flat Chat Forum, including what to do if one committee member drives everyone away and how to get more people to come along to meetings.That’s all in this week’s Flat Chat Wrap.TRANSCRIPT IN FULLJimmy 00:00A couple of interesting things have come up this week; we have a new way of buying an apartment.Sue 00:07Oh yes?Jimmy 00:08It doesn't involve Bitcoin. It's a new way of getting a deposit together, which sounds quite interesting. We are going to talk about strata managers, good and bad and we're going to dive into the forum again, to see what weird and wonderful stories have come out of the Flat Chat forum, on the Flat Chat website. We've got a lot to talk about. I'm Jimmy Thomson, I write the Flat Chat column for the Australian Financial Review.Sue 00:38And I'm Sue Williams. I write about property for Domain.Jimmy 00:41And this is the Flat Chat Wrap.[MUSIC]JimmyNow, be honest Sue, have you ever heard of coposit before?Sue 01:01Never. I can say that with a huge amount of confidence. So, it's a corruption of the word deposit, is it?Jimmy 01:08Co-deposit. It's a portmanteau word, that's got two words in it.Sue 01:14Oh, okay.Jimmy 01:15Like J-Lo.Sue 01:17 Or Scomo.Jimmy 01:18Yes. This is co-deposit.Sue 01:23Coposit.Jimmy 01:23They should have called it coposit, couldn't they?Sue 01:25They did call it coposit.Jimmy 01:26Did they?Sue 01:27Yes.Jimmy 01:27That's a good thing, then. Alright, so what is it? We've got a press release; we've never come across it before. Sounds...Well, on the one hand, it sounds incredibly mundane, because it's all about a project; an apartment project in Newcastle, called Dairy Farmers Towers? Wouldn't you just love to live there?Sue 01:52I could grow fat, just thinking about it, really. Presumably, it's on the former site of a dairy or something?Jimmy 01:59Yes, the big Dairy Farmers bottling plant in West Newcastle. They have come up with a way that they think will get new homebuyers (first-time homebuyers, especially), into the market. As we have constantly said, i
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Recorded by Jimmy Thomson & Sue Williams; Transcribed by Otter.ai.
Find out more about Sue Williams and Jimmy Thomson on their websites.
