ACCESSING SUPER FOR A DEPOSIT FOR A INVESTMENT PROPERTY

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

blake87
Participant
@blake87
Join Date: 2010
Post Count: 3
January 27, 2011 - 1:57 pm
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
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
January 28, 2011 - 3:18 am
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.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
January 28, 2011 - 6:19 pm
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
Grow SMSF
Participant
@evolve
Join Date: 2009
Post Count: 66
January 30, 2011 - 5:13 am
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.
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