Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, Billy and Andrew tackle the question most buyers never ask until it’s too late: what does a dream home actually cost once you move past the purchase price? Timed against recent federal budget changes, they break down why more people are pouring money into their own home instead of investment property, and why that decision carries far more hidden expenses than most realise.
They walk through the layers that quietly stack up after settlement: rates, insurance, maintenance running 1 to 2% of property value every year, renovation blowouts that routinely exceed budget by 50%+, and the opportunity cost of what that money could have earned elsewhere. Using real numbers, they show how a $1 million mortgage can mean paying back close to $2 million over 30 years, and why “just buy the dream home” is no longer a safe default strategy in this market.
If you’re weighing up whether to upgrade your home, renovate, or invest instead, this episode lays out the real math and why diversifying beyond one asset class matters more than ever.
This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of Akumin Financial Planning – AFSL 232706
Episode Highlights
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Why it’s not the purchase price that gets people, it’s the ongoing cost of owning the property
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The renovation trap: budget for 50% more than you think, because it never stops there
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Why turnkey properties are winning buyers over on certainty alone
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The 1-2% rule: what ongoing maintenance really costs on a bigger, more expensive home
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Insurance, mortgage protection and income protection all climb with a bigger mortgage
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The opportunity cost most buyers never calculate: investing, education, lifestyle
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The real math: a $1M mortgage can mean paying back close to $2M over 30 years
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Why one strategy isn’t enough anymore, and how to diversify beyond property
