All Topics / Legal & Accounting / ACCESSING SUPER FOR A DEPOSIT FOR A INVESTMENT PROPERTY

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  • Profile photo of blake87blake87
    Participant
    @blake87
    Join Date: 2010
    Post Count: 3

    Hello !

    I have been informed I can access some of my super for a lump sum deposit for a investment property does anyone now if this is possible as I am still a long way from retirement.A source has told me that this is possible via a mortgage broker but when I contacted my super fund earlier last year they replied with an anwser of your not old enough to do anything with it so dont worry about it ! Can someone please assist me with my question ?

    Regards blake87

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    This generally applies to people seeking to acquire a property within their own SMSF not in an industry or retail fund. Generally, money in super must stay within super until you reach an appropriate age.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi blake

    Regretfully whoever told you this is incorrect and as SNM mentioned can only be done with a SMSF.

    In saying this of course even with a self managed fund there are many restrictions and requirements.

    Cheers

    Yours in Finance 

    Richard Taylor | Australia's leading private lender

    Profile photo of Grow SMSFGrow SMSF
    Participant
    @evolve
    Join Date: 2009
    Post Count: 66

    Previous comments by Richard and Scott are correct.

    For more information on this strategy you can download a free ebook here:
    http://buypropertywithsuper.net.au/

    Seems something got lost in translation from your 'source'.

    It is a very good strategy for certain people.

    Grow SMSF | Grow SMSF
    https://growsmsf.com.au
    Email Me | Phone Me

    Self-Managed Super Fund (SMSF) Specialist Accountants

Viewing 4 posts - 1 through 4 (of 4 total)

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