Hi,
I’m really a first time first timer, can anyone advise me if at all, is it possible to use one’s Superannuation as a deposit for purchasing a property? And also, I do own some land in New Zealand and can I use that as a means to apply for a loan here in Australia?
Please help.Hi there
It is slightly an ambigous question.
If you mean "Can i withdraw my Super and use as deposit on a block of land which will be in my own name and then take a loan out in my own name for the balance" the answer is NO not unless you are applying to withdraw under the hardship provisions.
If however you mean "I have set up my own SMSF can i use the funds in the account to purchase a block of land and this is an acceptable acqusition under my investment strategy" then the answer is YES.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
tjtert wrote:Hi, I'm really a first time first timer, can anyone advise me if at all, is it possible to use one's Superannuation as a deposit for purchasing a property? And also, I do own some land in New Zealand and can I use that as a means to apply for a loan here in Australia? Please help.Simple answers are: Yes on the first point as long as it's an investment property, and on the 2nd question, no. If you want to borrow against NZ land you will need to approach a NZ based lender.
Hi Mike
Not quiet correct there are a couple of Australian lenders who take NZ property as security.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard
So they will lend $A against NZ security….as you say you learn something new every day of the week.
Cheers
Yes hard to believe isnt it.
You can buy an IP here in Oz and throw in NZ security as collateral.
Has to be in the larger Cities but sure can be done with a few.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Thanks Mike & Dick, will be intouch…
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