Self Managed Super Fund Loans
Recently there has been a lot of press regarding Self-Managed Super Funds. Like many people, you may have read or heard about setting up a SMSF and wondered if you could do the same?
SMSF’s have become popular for a variety of reasons, including the ability of the members (you) to have control over the investment strategy of the fund, as well as, the choice to borrow to invest in property.
Here are just some of the reasons you might think
about having your own SMSF and borrowing to invest in property
- You currently have money in one or more superannuation accounts, and would prefer to have control of your funds and make your own decisions about the investments made.
- You would prefer to own direct investments in your fund such as residential or commercial property but don’t have enough funds to buy something outright.
- You own a business and would like to own the premises as part of your retirement strategy.
- You already own commercial or residential property in your own name or in a trust but would like to investigate other options using the funds in your existing superannuation fund.
There are plenty of questions to be answered such as:
- How much money do I need to have?
- Can I do this if I’m employed by someone else, or is it just for self-employed people?
- What type of property can I buy?
- How much will all of this cost me?
- How will the bank assess my loan application?
The following pages will answer these questions for you and de-mystify the concept of borrowing using your SMSF