Hello all in the know,
I have bought a property which I live in. I am wondering if my superannuation payments can go straight into my mortgage. Is there an easy/non-expensive way to set this up? Any information would be great.
Thanks all…
No.
Your super payments must go into a superannuation fund to be held on trust until you reach a retirement age or meet other requirements.
Is your home owned by a superfund?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terryw,
Thank you for your reply. Regarding your question – my property is not owned by a superannuation fund. It is in my name. It is a bit annoying that the money has to go into a superfund as it ends up eroding away with fees and charges etc. Anyways, thanks for your help.
I know you can self manage your super, but I do not know much more. It was something that I was looking into as well.
here are some links that I have been reading up on
http://blog.enright.com.au/2009/04/15/take-control-of-your-superannuation-2/Yeah, it would be great to use our super to pay for our homes now.
The trouble is some, or many, people would blow it, mortgage their houses and gamble the money away etc,
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks all for your replies. Great help. Cheers.
Okay thanks for taking the time to reply. It is not owned by a superfund. Thank you for your help.
Thank you for your reply.
The whole point of super is creating a nest egg for the future and also diversification. Even if I could – I would never think about putting my super in my mortgage.
There are plenty of information on purchasing assets (both residential and commercial) under an SMSF – it lists all the pros and cons, costs, etc.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
If that is your main beef with super, change funds to an industry fund which has lower fees.
Would be nice but yeah as the above posters said no
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
If you are unhappy with your superannuation fund's performance, change to one you are sure will perform better, or open your own SMSF. You will be able to use its money as deposit+stampduty+buyingcosts for property, and your SMSF can borrow the rest from the bank. Tenants can pay off the property. NICE.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Boo
Setting up an managing your own SMSF is something which can be done and has been mentioned previously will give you both choice and flexibility of investment.
Last night i held an investor presentation in Melbourne on the very topic and this morning we have 3 forum clients who i have sat down with and working the way thru with them if it is right for them.
Many Financial Planners will try and talk you out of doing so unless you wish to invest in a Wrap product or similar rather than property but i for one am an avid property holder and hold a fair bit of property in my SMSF.
Leverage is another option of running your own fund meaning that you can borrow to invest in Bricks & mortar and that is something that Australians like and feel comfortable as an investment.
Sure it is not for everyone but anyone who shares a passion for property should seriously consider it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks everyone for your comments.
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