Can I Buy Off-the-Plan With My Super?
Can I Buy Off-the-Plan With My Super?
Buying off-the-plan is a great way to get into the property market, but it can
be a daunting prospect. Many Australians are now asking the question: can I buy
off-the-plan with my super?
The answer is yes, you can buy off-the-plan with your super. However, there are
a few things you need to consider before taking the plunge.
In Australia, you can use your superannuation to purchase a property through a
Self-Managed Super Fund (SMSF). This is a great way to get into the property
market without having to use your own money.
However, there are a few restrictions when it comes to buying off-the-plan with
your super. Firstly, you must be over the age of 55 to be eligible to use your
super to purchase a property. Secondly, you must have a minimum balance of
$200,000 in your super fund. Finally, you must have a minimum of four members in
your SMSF.
When buying off-the-plan with your super, it is important to understand the
risks involved. As with any investment, there is always the risk of losing
money. You should also be aware that the property market can be volatile and
prices can go up and down.
It is also important to understand the tax implications of buying off-the-plan
with your super. Any profits made from the sale of the property will be taxed at
the marginal tax rate. You should also be aware that you may be liable for
capital gains tax if you sell the property within a certain period of time.
When buying off-the-plan with your super, it is important to seek professional
advice. A qualified mortgage broker can help you to understand the process and
ensure that you are making the right decisions.
At Ello Lending, we understand that buying off-the-plan with your super can be a
daunting prospect. That’s why we are here to help. Our experienced team of
mortgage brokers can provide you with the advice and guidance you need to make
the right decisions. We can also help you to find the best home loan for your
needs.
If you have any questions about buying off-the-plan with your super, or if you
would like to find out more about our home loan services, please don’t hesitate
to get in touch. We would love to help you to get into the property market and
make your dreams of owning a home a reality.
