- Wilson101Participant@wilson101Join Date: 2024Post Count: 0
Hi, many apologies in advance to the long winded potentially convoluted, way around asking, but here goes…..
I purchased a house with a “multi purpose/granny flat” above the garage. The Bank was awesome and have split the mortgage into 2, to claim tax benefits as a “rental”. They have calculated the percentage of ground coverage of the “granny flat(GF)” 33% to the “main house(MH)” to calculate the mortgage amounts.
Some math that was rolling around in my head but not sure how to ask the right questions to get the answers. I hope someone can follow along……😁😁😁
GF mortgage $550K(neg geared, $450pw rent, MH contribution pw for GF mortgage is $350)
MH mortgage $327K, SMSF amount available is$350K
If possible, GF increases mortgage by $327K, using equity and “cashes out that amount out”. SMSF buys into GF, mortgage back to $550K. Cash out has been moved it MH mortgage/now “paid off”.
SMSF invested into “GF”, MH is now NO mortgage and I can still live in The main house as the SMSF, is invested NOT in my home?
personally i now don’t have a mortgage per’say, So now I can now invest in another property?
OR have I just gone the long way round to get to the same spot?
So……. potential short question to find a way to make it happen. How can I use my $350K in my super to pay my personal mortgage off and still live in my home? I like the colour “grey” around these types of things instead of the hard “black and white”! I’m young and still have 25yrs of working ahead of me.
Can I use my super to invest into the “granny flat” ? As I don’t live in the granny flat, but live the main house to pay my portion of my mortgage off without falling into trouble’ish…..?…😎😎😎
Can/should I strata title the granny flat to achieve a possible outcome with my crazy thought as to how I could make it all work?