hi,
We’re in the process of rolling over our iindustry super to a DIY super (E-super)
In terms of lenders for residential, they have direct relationships with Liberty Financial,La Trobe Financial and Better Choicehttps://www.esuperfund.com.au/property/borrowing/residential-property
For commercial property, they have 1 SMSF Commercial Lending Specialist
https://www.esuperfund.com.au/property/borrowing/commercial-propertyHas anyone any experience buying property with E-Super or do you have any experience/comment/recommendations?
Looking forward to hearing from youTherese
Hi there,
I’m also looking into using esuperfund… it’s a few years since you posted this, though assuming you went ahead… can I ask how you went? Did you manage to successfully buy a property through eSuperFund?
thank you
Wayne
hi Wayne, After weighing the risks/benefits of compliance and cost, we decided not to DIY SMSF as regulations keep changing and we didn’t have the time to monitor this.
Wishing you the very best in your endeavours
Therese
Thanks Therese – appreciate the response:)
Hi Wayne and Therese,
You need a good financial advisor, and as I run a full service finance company, I can speak with some personal experience and honest and obvious bias.
We see hundreds of clients a year, and I would say, as a guide, I wouldn’t bother with an SMSF unless you have $200k in your super account. The value of the property you can buy is really inhibited with a balance that is less than $200k, because unless you setup the SMSF yourself and you have the patience and experience to do this, it simply won’t be worth it financially to pay the pros to do it. You need to do tax returns, and ensure your SMSF is compliant every year, it’s a pain in the backside. I had a client recently that decided they would setup their own SMSF, they didnt want to pay for the services. 9 months later I found out that they missed their ASIC payment, their SMSF is no longer compliant and the first penalty fees start at $87, then the reminder is approx. $297. I was devastated to hear this, because I appreciate that this is something you can and many do, which is DIY SMFS – but you have to be all over the process and if you mess it up, it can be costly. This is why only 27% of Australians have an SMSF – but you get to have greater control over your future worth…and I love property, so that’s why I did it.
Joint household income is also a factor and if you can, salary sacrifice additional contributions, so you can try and make the $27,500 max voluntary super contributions each year. And if you haven’t been making the max contributions over the last 5 years, the ATO allows you to top up your super to get the balance up with a retrospective contribution(s). If you get an annual bonus, that is a good way to drop some of that into Super.
This is not tax advice, but any good accountant can talk you through these options, or check the ATO website, it’s all on there. It’s just a tip.
Happy to point you in the right direction, or connect you with one of my Snr Financial Planners, no obligation free discussion can’t hurt.
Cheers, [email protected]
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