What additional costs should I expect to pay when owning a home?
In addition to paying off your loan, you’ll need to hold a valid property insurance to cover for unexpected damages. Where your property is held under a body corporate, check to see whether your strata fees cover your building insurance. For all other types of property, you will need to arrange a valid home insurance policy.
When owning a property, you’ll also incur extra costs such as: Council rates, water rates, electricity and repairs.
You may also want to consider taking out extra protection to cover you in any unexpected life event. Such as: income protection, total and permanent disability insurance, life insurance or health insurance.