Boothy Bites Episode 2 - A little rundown of March with Jackie Bowker | RBA update | Lydian Partners | New faces of Lydian

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Transcript:

Jackie:
Hi, Chris. Welcome back for freebie spots doing the march wrap up. Wow. I cannot believe how fast this is getting away from us. Any idea where it's going?

Chris:
Well, no, no, no. It's all a blur. And obviously, I've just got to sit down and figure out exactly what I did in March because I completely forgot. But anyway, and look, you look wonderful, by the way. I seem to be wearing my sailing shirt, and I haven't quite prepared for this meeting. But anyway, ready to roll?

Jackie:
Yeah. You look amazing. All right, so let's talk interest rate. So you actually hold the pause on the cash rate that the RBA did. So congratulations to you. The RBA proved you not to be a liar, which must feel pretty good.

Chris:
Firstly, I think it's just blind look. But I think, you know, secondly, it's a really, really crazy change of events. You know, the systemic problems which kind of started with the bank in the States, you know, the I think it was one of the tech banks over there had some real back problems and ultimately can afford it. And then subsequently we had all the issues around, you know, challenging the viability of other big banks in particular credit space and things, all of that sort of uncertainty and volatility in the in the in the market for banks and debt markets in particular really changed the forecast in the and the future of our interest rates in

Chris:
our money markets. And what we actually saw was the futures, all the, you know, two, three, four years interest rates which the market forecast and predict they came they collapsed and dropped incredibly so in the first 2 to 2 weeks in April we saw nearly 6070 basis points reduction in in those interest rates which went from sort of 3.6%, which is the interbank market rate down to 2.8 I think was about 2.8%.

Chris:
So again, you know, the real, real, real big shift in sentiment and part of that was a real, real big push on banks. Now when you've got lots of volatility in the marketplace, lots of uncertainty, you know, we've got some struggling consumers right now with consumer confidence. We still haven't seen the impact of all the increases, interest rates to cool off our inflation.

Chris:
All of those factors. You know, for me, I just felt that we would you a pause just to wait and see what the actual numbers come through over the coming months look like. And then the RBA will figure out whether it needs to do a little bit more or less. More importantly, like the growth in sentiment for growth across the globe, in particular, that, you know, the main economies in the world is quite gloomy.

Chris:
You know that they do believe that some countries are starting or the start of potentially recession, which is which is always troubling. And when we see a slowdown in growth, then the next interest rate move potentially to interest rates to go lower to stimulate activity. So the RBA's in a really, really difficult situation tends to be this pause.

Chris:
But, you know, like you said before, it's a real great time for clients to go, oh, oh, you know, I can actually now open my bank account, find out what my ratings and know it's not going to change in the next two days. So, yeah, it's a good time to have a bit of certainty and go what the repayments are going to be now.

Jackie:
Yeah. Yeah. Awesome. And so what about lenders and lenders interest rates at the moment, Yes.

Chris:
So again, that's quite interesting because we've seen some really good rates. There's a lot of competition out there, right? So we still got the cash back rates, we still got the competitive interest rates. You know, clients are getting special deductions that their existing lender were getting for people fighting for better rates, new lenders and things. So really, it's a hot market for that refinance market because really that's all we've had for quite a while.

Chris:
So, you know, the mums and dads buying property and buying investment properties, that market has been quite cool and and not being as energetic as, you know, probably a couple of years ago. So really the main banks are fighting for the same deals and that's driven interest rates a little bit lower. And also these cash back and refinancings in light of those forecast interest rates being fixed rates, you know, the three years and the five year interest rates have actually come down now.

Chris:
So potentially it might be worthwhile thinking about hedging some of your money on a fixed rate loan. Again, you know, depending on your personal circumstances, but those fixed rates have actually reduced down, which is the first time in quite a while. So interest rates wise, plenty of cash back offers plenty of opportunities to seek better rates. And again, really this is a great time sort of in this pause to review your rates and then come see, you know, your broker and sort of have a health check.

Chris:
I think that's probably the best thing, you know, whether you need to move or not. You know, we can make that decision post review. But yeah, plenty times plenty of opportunities.

Jackie:
Yeah, great. And so it looks like you've been a social little butterfly throughout March, especially in the partnerships world there and everywhere. So who you caught up with recently? Partnerships. Well.

Chris:
Yeah, it's been a great month. You know, like the big part, my job is actually catching up with good people. I've never worked with many of these guys and girls for a long, long time. And they're trusting us with, you know, referring as clients and things. So, I mean, I took a trip down to Melbourne and I saw Michael Leonard, who's been a lifelong friend and client, so we had a catch up with him also, Catherine Cashmore I think she's been on the on The Just Jackie Show.

Chris:
She's fantastic. So I've had to catch up with her Kelvin have down there as well. So that was my Melbourne sort of day. I think it was a day trip down there and, and I managed to get a beer in the market, which is my favorite Melbourne pub as well. So boom, tick the box and the following week was then very, very gracious to be invited to The Hague in our block national conference.

Chris:
You know, Brody's in Seattle, the Russell start. You know, they invited myself, Tom and Donny, who are in our co-op arrangement with like, you know, we were able to spend three days with the the district team, the franchise team talking about the ancillary services and benefits of utilizing our advisory platform so financial planning, mortgage broking, property advice, etc..

Chris
So that was really good to meet those people and get closer to the clients that they're supporting. And you know, quite kindly. Dan Dan Brown from Coastal Advice was up in Brisbane as well with us supporting that as well. Tom From My Money Sorted. Donnie from DMC property. Yeah, so that was a really busy few days as well.

Chris:
And then I think Newcastle, I went to Newcastle to see our good friends at Third Eye, so they're actually building one of the largest properties in Newcastle City Center called Dairyfarmers. And again Andrew and I are a long term friends in fact, and we went to school with one of the principals there a long, long time ago in Gunnedah.

Chris:
So maybe hook them up for a story about going to die day. But yeah, so we caught up in Newcastle with those guys and I popped in to seek advice group as well. And then lastly, one of my favorite ones, we had lunch with Lorraine John from Princeton lawyers and her partner Ben Shepherd as well. So Lorraine did some great work from a comprehensive perspective for our clients as well, and supports us with clients who need that advice.

Chris:
So crazy, crazy busy march. Was it March?

Jackie:
Yeah, not yet.

Chris:
But Tim was partying, drinking and socializing, so I probably need to lose a few.

Jackie:
I was going to say, What do you do about professional socializing? It doesn't sound.

Chris:
Like.

Jackie:
It's much more interesting, but very impressive the amount of people you get to see. So what's news at Lydian HQ? What's going on there?

Chris:
Yeah, so? Well, we had the recent additions to our operations team, so we've got the lovely Fay, Grace and Terence join the team. So we've got, you know, that's cool. And wait till next month cos we've got a surprise with some pictures and things like that but yeah. Great team over in, in the Philippines, in Cebu in partnership with Virtual business partners.

Chris:
So that's the team which is growing. But you know, for on the broker front, you know we're really excited to have two really cool guys have joined the group. So we've got George now I can't I think Papa Douglas.

Jackie:
He's had his profile up before. Oh, goodness. Sorry.

Chris:
Sorry. James. George. Joe. It's a great name. Anyway. George the Greek. Okay, But George is a fantastic mortgage broker, so we got to say, I knew his property. I've got it. But anyway, George, you know, he really feels a great opportunity and a whole for our face to face or, you know, local broking in Canberra and that region there, which is wonderful.

Chris:
So, you know, Andrew's got some great financial planning businesses over there. We've got the small block offices that we want to support. We've got a new partner which is coming online now, a life insurance business, which George can support that network as well. So, you know, George has got a good business himself. So his personal brand is fetch loans, which is beautiful.

Chris:
And he's going to be supporting the wedding work in the act. And then secondly, we've got Christian Christine Greener, who's joined us in the Sydney office, Christian Jones is he's got some good experience behind him. We want to look after some some of the growing and new partnerships we're getting in the Sydney offices, which is cool. So he'll be working out 75 bit with Andrew and I'd be very distracted, I'm sure, by Andrew and myself.

Jackie:
Especially in that office.

Chris:
Yeah, definitely. Yeah. Although we had, we had you here. Yeah. Where they go.

Jackie:
I was going to say I've seen that wine covered. It's, Well.

Chris:
It has to be. Yeah. Yeah. Well on that and on that note just quickly we've got the pool, our first inaugural pool competition happening tomorrow night, which I'm really excited about. Again, we'll take lots of pictures for you, but I seem to have a very large delivery from Dan Murphy. The wing house and the cheese platter has coming shortly.

Chris:
So I'll be catering and wining and dining tomorrow night, too, with Andrew as the other possible host.

Jackie:
Yes, the hostess with the Mostess. And so as well as just Jack you. So I think last week we had our part in a video live with Brett Warren being the national director of Metropole and I know coming up we have a part in a video going live with Eleanor Berti from Absolute Wealth Advisors and also John Hill from Mercy.

Jackie:
He also there's a lot of action happening with the Just Jacky video series and pretty good if I do say so myself. But if you would like, if you're watching news, one of our partners, if you do want to jump on board the Just Jacqui video series, just reach out to us because we would love to have you on.

Jackie:
We want to showcase the partnership and also your business in the best possible. So contact either of us if you do want to jump on the just happy video series.

Chris:
Action and look, you know, I love it. I think, you know, the fact that you're interviewing these guys and girls I think is a really cool thing. Secondly, learning a bit more about their businesses and and then showcasing that is wonderful. And you know, again, I'm so privileged to be working with them and their clients. It's it's unbelievable.

Chris:
You know, it's a two and a half year journey now. And yeah, it's so exciting. We're growing. We've got some great partners, we've got some great brokers, we've got a wonderful operations team. We have the wonderful just Jackie. Yeah, great, great mum. So yeah, wait till April.

Jackie:
Yeah, bring it on. All right. Thanks so much, Chris, and see you all soon for the next big thing.

Chris:
But thank you.