Dimitri Kondilis’ top tips on what to do with a financial windfall

A Rockhampton-based financial planner wants to educate people and provide tips on what to do with the financial windfall they receive after selling their property and moving to Central Queensland with thousands, or millions, of dollars in the bank. Read his advice here.

A Rockhampton-based financial planner wants to educate people on what to do with the financial windfall they receive after selling their high-priced property and moving to Central Queensland with thousands, or millions, of dollars in the bank.

Dimitri Kondilis is a financial planner at Soundbridge Financial Services with 11 years of experience.

Mr Kondilis said he was seeing cases weekly where people were seeking advice on what to do with the windfalls found in their homes.

“They are finishing up with thousands or even millions of dollars in the bank after downsizing and realising the equity in their homes,” he said.

Soundbridge Financial Services’ Dimitri Kondilis. Picture: Matty Holdsworth

“There has been a shift happening since Covid, an effect of financial arbitrage you could call it. This is where you can sell your inner city southern Queensland home for a sum of money and finish off with two homes up here and still money in the bank and even debt free.”

Mr Kondilis said he prided himself in advising on how to take full advantage of financial effects like this when they happened.

“Arbitrage is the purchase and sale of the same asset in different markets in order to profit from tiny differences in the asset’s listed price,” he said.

“Arbitrage can exist as a result of market inefficiencies or differences and my job is to exploit those differences in the way we use money and assets.”

Mr Kondilis said he had seen examples of clients selling their home down south, taking the money, sometimes debt free, and buying in Central Queensland with thousands, or in some cases millions, of dollars left in the bank.

“It’s handy to be in a situation where you are sitting on a nest egg and have the ability to upsize to Central Queensland,” he said.

According to Australian property analyst Terry Ryder from hotspotting.com.au, most houses in the Rockhampton market are priced under $400,000 with four suburbs having median house prices in the $200,000s, including Allenstown, Berserker, Kawana and West Rockhampton.

“It’s a good scenario to be in when your selling homes in areas around Sunshine Coast, Brisbane, Melbourne and Sydney for an average of above $1.5 million at least and buying houses up here for $500,000-$600,000 and being left with money in the bank and the ability to be debt free,” Mr Kondilis said.

Financial planner Dimitri Kondilis is wanting to educate people and provide tips on what to do with the financial windfall they receive after selling their property. Picture: iStock

“They have options and that means financial freedom.”

He said there were a number of things to look at when in this situation.

“Use Super wisely. This is a tax effective environment for your savings and is a great way to lower your CGT obligations when selling investments,” he said.

“Other tax havens exist which we use frequently, which are pension funds, family trusts and in some cases investment bonds. All are nice environments to hold money to mitigate your future obligations.

“Reconsider your relationship with your debt and look to not throw a lump sum of money to property debt.

“This sounds silly, but if you can stomach it and use debt well, you will be able to accumulate more of your money and give the bank less of it.

“Look to property and shares for your savings to create income streams.

“Retirement at any age or freedom comes from passive income.

Soundbridge Financial Services’ Dimitri Kondilis. Picture: Matty Holdsworth

“Central Queensland has shown great rental yields of late so that could be an option if you can make the costs of running property work in your favour.

“Share portfolios that focus on income yield are great because you can stay clear of the volatile growth and decline of some shares and focus on steady dividends coming in.

“This extra income can mean a lot for your situation. Reduction of working hours or your partner can choose not to work.

“There is a choice with extra income coming in.”

He said at Soundbridge Financial Services he was able to help people from all stages of life.

“Whether it be minimal or millions, our internal philosophy is the same,” he said.

“In terms of home ownership, for many of us the equity held in the family home is the biggest investment we own.

“By knowing what to do with it and creating a life using it is truly something powerful.”