Qlds007 wrote:
Nitro1) is doable but 2) isnt and would mean the fund would have to liquidate the assets and roll the fund back to a retail fund.Arguement being that if the Trustees are not in town how can they be performing the job of managing and assessing the Funds assets.

Thnx Richard,  i will try to explore more.

Qlds007 wrote:
Sorry to say if you are moving overseas then the Fund will be non complying as the Trustee will not a Resident.

Hi Richard,My initial idea is1.) set up a SMSF when myself and my missus are still working, use the SMSF to buy an IP before relocating.now2.) will explore if we can withdraw the Super if we relocate. If can withdraw,…[Read more]

maree_bradross wrote:
AAQ – would you be able to share the purchase price of the property that you were able to use the $100k in your super to buy?Nitrodrops – if your relocating overseas I think you can withdraw your super? Might be worth investigating

Hi Maree,Didnt know i am able to withdraw my Super. Can you direct me to some URLs? i will…[Read more]

AAQ wrote:
Hi Nitrodrops;we just did it, rolled mine and my wifes super into our own SMSF and bought a property. Not sure I would do it again as its is painful paperwork wise but we learnt alot.  We had 100k combined and that was only just enough to get a conforming loan as banks requireup to 28% deposit plus closing costs so deposit was 75K clo…[Read more]

Dan42 wrote:

nitrodrops wrote:
Thnx Dan,One question, cant i use cash to top up the 70%-80% LVR?CheersNit

Yes, you can contribute cash to the superfund, provided it doesn't exceed the prescribed limits.

Thnx Dan, will look into the prescribed limits.CheersNit

Dan42 wrote:
Hi Nit,I personally wouldn't open an SMSF with less than $150,000. At that rate of funds, your fees would be about 1% of your SMSF assets. The other factor, when borrowing for property in an SMSF, with $40,000 and a 70% LVR, you could only afford to pay $133,333 for a property.

Thnx Dan,One question, cant i use cash to top up the…[Read more]

property779 wrote:
If you are needing to ask what 'DA Approval' means, I would suggest you are not ready to buy yet – spend some money on your education, rather than loose many THOUSANDS by making a poor purchase this early in your career – there are groups that meet in Brisbane that you can join also – I wish I had started much earlier than i…[Read more]

Qlds007 wrote:
Hi NitYes you can combine both you and your partners Super into the single SMSF as long as you are both Trustees and is something we set up for clients regularly as a  Fin Planner.Remember running your SMSF there are certain fixed costs such as Accountancy, Audit and ASIC Annual return fees and Bank fees.These will relate to a…[Read more]

Hi All,Is it true that the the costs of running your own Super Fund annually is :Setting up your own self-managed super fund (SMSF) can have its advantages, but it is not for everybody. And if you have less than $200,000 in super, then the administrative costs would probably make the venture uneconomical. In addition to establishment costs, you…[Read more]

Matt007 wrote:
No problems. I should add to that that prior to actually constructing, they'd then need to get a "BA" which is a Building Approval to ensure that any construction meets with the Council's intent for the area. Eg: if its 'character' it has to be built in a certain style etc. This would involve having a builder submit plans to…[Read more]

Thanks mate, u r brilliant!

Thnx mate!

Thnx mate.What happens if i go for a double block or double title, i assume it will save me all these trouble? of course with all the subdivision done, the price will be more.CheersNit

DWolfe wrote:
TREES! Depending on councils, the rubbish old tree which barely has any leaves must be kept and it doesn't matter if it is right in the middle of where you want to put a building! Yeah watch out for trees, Look for land in areas where there are recent subdivisions, this is good and bad. The architects and builders prefer a slope…[Read more]

Hi All,One query with regards to subdivision.When choosing the land for subdivision with existing homes, what are the stuff to watch out for? So that Council will approve easily?Below are my views, please kindly correct if i am wrong- big land, preferrably >800sqm- no pipes running below the land- even land- not within flood zone- not DCPCheersNit

Btw, one of the little "CONs" of Redraw facility is.The extra repayments you made, will only appear after the next repayment day.Say, if you made extra repayments $10k on the 15th Oct, and the monthly repayment is on the 1st of each month, this $10k will only appear on the 2nd Nov as extra repayments, even though the mortgage loan is reduced with…[Read more]

Terryw wrote:
I am not a tax advisor, but know that redrawing from a loan means 'borrowing'. So this can creat big problems later on if the interest on the loan is ever claimed. Using an IO loan with a 100% offset is a way to avoid this.

Thnx for your posts. Your post scared me. Just rang St G to confirm there will be no extra fees or interests…[Read more]

sonyasal wrote:
HI Nit,  is this loan on an IP or a PPOR?There wouldn't be tax implications if it was your PPOR. cheersSonya

Thnx Sonya. Currently it is for PPOR.

hydramax wrote:
Is their a minimum amount for each redraw and have you checked if there is  a fee attached each time?Hydra

yes, i have asked, i can redraw any amounts in my extra repayments.No fees attached for redraw via internet as it is St George Basic Home Loan. Got a black and white email from St G customer service on this.CheersNit

propertunity wrote:
Will you be holding a bond type amount to be released to them on satisfactory condition after move out?

unfortunately, no bond.Going to collect my keys later this evening, hope everything is in good shape.CheersNit