Self managed super fund

Viewing 8 posts - 1 through 8 (of 8 total)

Salina
Member
@salina
Join Date: 2009
Post Count: 8
April 4, 2011 - 7:03 am
Hi
Can anyone recommend a company that specialises in SMSFs? I already have a number of IP's and am at 80% borrowing capacity. I would prefer not to borrow against these IP's or against my residential home. I have around $90K in super and would like to explore the option of buying a property using this super.
Mick C
Participant
@shape
Join Date: 2010
Post Count: 1,099
April 4, 2011 - 10:25 am
From what i understand it’s only worth while to take out a SMSF if you have $150,000- $200,000 + else the fee’s involved would eat up any gains; Unless you have a strategy where you can make constant 10% yield.
Google a bit more details on SMSF and see whats involved + what the fee’s are.
http://www.colonialfirststate.com.au/prospects/FS2358.pdf
Regards
Michael
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
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Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
April 4, 2011 - 11:20 am
Hate to disagree with Michael but with 90K you coukld certainly look at starting a SMSF and buying a property within the fund.
Ideally you would love to have $150K in Super to start but if you want to invest in property and the Trust Deed and Investment plan of the Trustee allow the Fund to go that route it certainly is doable.
Even at a 70% lvr if you only used $65K post costs of your SMSF then you are still buying around the $215K mark.
I have just done one for a forum member who purchased in regional Vic for the same money and they started the SMSF with similar amounts.
Be suprised not as expensive as you first think.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Mick C
Participant
@shape
Join Date: 2010
Post Count: 1,099
April 4, 2011 - 11:30 am
Thanks for that Richard, will keep that in mind…
I’m still pretty green when it comes to SMSF.
Regards
Michael
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone Me
Same Banks. Better Rates. Served With a Passion.
maree_bradross
Member
@maree_bradross
Join Date: 2007
Post Count: 401
April 5, 2011 - 4:53 am
Hi Salina,
I am the forum member that Richard is referring to.
Combined my hubby & I had just over $100k in super. Richard is helping us get a deal across the line with purchasing a property in regional Victoria (very close to our existing IP) – so far so good
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
April 5, 2011 - 6:32 am
Hi Maree
Sorry wasnt going to mention you in person.
Yes all good so far and a great property Maree has purchased.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
maree_bradross
Member
@maree_bradross
Join Date: 2007
Post Count: 401
April 5, 2011 - 8:15 am
lol no problemo Richard – happy to shout it from the rooftops You have made the whole process so easy for us.
This is the 2nd time Richard has been able to help us in 18 months
angelinsydney
Participant
@angelinsydney
Join Date: 2011
Post Count: 270
April 5, 2011 - 9:50 pm
Hi Richard,
You can certainly teach an old dog like me, new tricks.
I am Sydney based but I will work with you to get a deal across.
I will send you an email. Watch for it, please.
Thanking you.
Angel