Latest news with #MeccaPropertyGroup
Daily Mail
3 days ago
- Business
- Daily Mail
EXCLUSIVE It's a property trick surrounded by stigma. But this expert reveals why it's the 'best way' for young Aussies to buy their first home
A buyer's agent has revealed the clever way young Australians can get into the property market without having to save a cent for a deposit. Melbourne-based Ella Cas, 24, admitted her biggest mistake when buying her first home was not using a guarantor loan. A guarantor is someone, usually a close family member, who helps you secure a home loan by agreeing to use their property as security for your mortgage. Ms Cas, who works for Mecca Property Group, used the entirety of her $80,000 savings as a deposit to purchase her first property, but now advises her clients to consider guarantor loans instead. 'If I could do it again I would hold onto my cash,' she told Daily Mail Australia. 'That was my life savings and instead I could have used my mum's house for the guarantor loan and held onto the money to invest in shares or buy a second property.' Ms Cas said there was stigma around guarantor loans due to the risks involved. 'With your parents as guarantor their house is the security for the loan so there is some stigma around it as people think it's slightly unsafe due to that risk,' she said. 'However, in my opinion, it is simply the best way to get into the market as a young person and the best way to help your son or daughter to get into the market. 'I have clients that are in their twenties, they've got a full-time job, they're earning $100,000 and they have a borrowing capacity of $500,000, which is a good borrowing power. 'But, the majority of 25-year-olds, with the cost of living can't save a 20 per cent deposit. Who is saving that money these days? No one.' For a $500,000 property, a buyer would need $100,000 for a 20 per cent deposit. Ms Cas explained buyers who take out guarantor loans are able to refinance and release their parents as guarantors when the value of their property increases. She said it's 'very important' to choose a location with a strong rental yield and a focus on capital growth for a first time investor. The buyer's agent pointed out that although buyers don't need a deposit for a guarantor loan, they do need to be mindful of upfront costs such as stamp duty, and be sure they can service the loan. Although this is a popular option for younger buyers, Ms Cas said she has a client in his 50s who recently used his mum as a guarantor. The divorcee sold his properties and wanted to get back into the market while still holding onto his cash. 'If you do it right it's the best way to do it,' she said. Mortgage broker Bill Childs, 28, who now owns eight properties across two states, also wishes he had used a guarantor loan for his first property at the age of 21. 'When I started buying properties myself I saved for deposits and used equity on my own properties to buy more,' he told Daily Mail Australia. 'But, if I look back my dad had property with equity so I could have used him as a guarantor and I wish I had because it would have helped me. A lot of people are worried some will say you've had a handout if you do it this way but people say that anyway if you're successful. 'Parents want to help their children into the property market and I do see parents give their children cash but that takes away from their retirement so this is a better option.' Mr Childs said using a guarantor loan is a great way to start a property portfolio as you can save a potential deposit for your second investment property. 'If you've borrowed the maximum that you can, make sure you're not in a situation where you're stressed on repayments, which are going to be higher because your loan is higher,' he warned. He also warned that buyers can get into 'trouble' if they buy in a 'risky market'. 'If you buy somewhere risky like a mining town and your property goes down in value, you're stuck and that's where it can go wrong,' he said.
Daily Mail
27-05-2025
- Business
- Daily Mail
I was at the real estate conference when Kamala Harris spoke... I had just one question: 'What was she talking about?'
A buyer's agent claims she 'lost focus' and didn't find it 'super engaging' when former US vice president Kamala Harris gave a speech at an Australian event. Australian Real Estate Conference attendees were shocked to learn Harris had been booked as a surprise guest at the Gold Coast event on Sunday. The 2024 presidential candidate was among several property experts and entrepreneurs across Sunday and Monday who shared their wisdom with more than 4,000 property professionals. Harris described home ownership as 'one of the greatest challenges' Gen Z faces, recalled her experience refusing a $4billion deal from major banks to settle dodgy mortgage deals as California 's attorney-general, and took aim at Elon Musk. However, she also left the audience baffled as she discussed a range of topics away from property including women's reproductive health, her mother and humility with the conference founder John McGrath. Mecca Property Group buyer's agent Ella Cas, 24, attended the conference and struggled to follow the former vice president's hour-long on-stage interview. 'The way she speaks I don't know if it's media training, but she will answer a question, try to tell a story and then repeat her answer,' she told Daily Mail Australia. 'Honestly, I lost focus every time she was explaining her answer. I didn't find it super engaging, but it was still pretty cool.' The Melbourne-based buyer's agent said she had been sitting in the 'front few rows' and that Harris 'mostly spoke about her career'. 'It was interesting and you can understand why they chose her to run in the election, but how you see her online is exactly what she's like in person,' Ms Cas said. 'She was meant to be talking about real estate, it was a little bit odd.' During a question and answer session, Harris shared a story about her mother and Playboy magazine covers amongst other anecdotes. 'They tried to bring it back to real estate. The host was just super excited to have her there, it's a huge name to have booked,' Ms Cas said. 'But, it was mostly about her career, growing up, her groundbreaking work. 'It was somewhat inspiring for women and pretty cool to be in the same room as Kamala Harris.' Ms Cas praised the 'fantastic' conference and remarked how she heard from a variety of speakers about how real estate 'is going to change over the next 10 years'. Harris was spotted at the ritzy Mosman's Bather's Pavilion restaurant in Sydney, over the weekend and spoke at the conference which cost between $995 and $1,695 for a two-day pass to the event. At one point Mr McGrath said he believed her 'best work is ahead of you, for sure, 100 percent.' 'I am unemployed right now,' she joked. 'Go on, let's speak truth.' When she was asked to give advice to young women in the real estate industry, she repeated her motto about not listening to people who tell them to wait their turn. 'I don't hear no. I eat no for breakfast,' she said.
