All Topics / Finance / How much can I spend on a house in a SMSF

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  • Profile photo of fishmeetfishmeet
    Member
    @fishmeet
    Join Date: 2009
    Post Count: 20
    April 6, 2011 - 3:52 am

    I would like some advice.

    I have $230,000 in super that I would like to convert into a SMSF.  What value property can I buy with this  including all costs to set up company and SF as well as property purchase costs?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 6, 2011 - 4:52 am

    Hi Fish

    Almost like how long is a piece of string because of the number of variable but realistically a maximum 80% lvr is achievable.
    (Depending on the State you buy in and the costs of purchase around $950,000)

    You just need find the set up costs, stamp duty and acquisition and relevant deposit. 

    Course a few more points which are taken into consideration but that is a guide. 

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    April 6, 2011 - 5:22 am

    Just be wary that you comply with the strategy of the fund ie are not overweight in any investment category.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 6, 2011 - 7:01 am

    SNM is bang on but assuming you are the sole Trustee can set that up in the Deed and cover it in the Investment objectives that the Fund will predominately invest in residential real estate.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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