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Scibbo's Story...



Scibbo came to us with $180,000 in his SMSF. And he was earning $105,000 pa. He wanted to purchase a property in his SMSF although he wasn't sure if he would qualify. He'd never owned property before, and he never thought he would own property. First we worked through the nerves of actually applying for a loan, and then we worked with him to establish the maximum loan amount he could borrow, and the maximum he could spend on a property.

He didn't really know where he wanted to buy, although he did ask the question... "Could I live in the property once I retire?" Here's what we started with...

SMSF Starting Balance - $180,000

Scibbo’s Income - $105,000 pa

Age of Applicant – 51 years old

And here’s how it finished…

Qld Property Price - $446,000 (3 beds/2 bath/1 car townhouse overlooking a park)

Loan Amount - $312,200

Deposit Required - $134,000

Costs - $24,000 (Stamp Duty/Conveyancer/Lender)

TOTAL OUT OF SMSF = $158,000

He still had $22,000 left in his Super Fund after the purchase.

We worked with Squirrel who set up the Super Fund. And RWE who found the perfect property.

The brand new property was rented out a week after settlement for $450 a week. This and Scibbo's continuing Employer Super Contributions will service the loan. He's decided to pay more than the actual payment on the loan from his Super Contributions so it's paid off by the time he retires. All costs including rates and strata will always come from his SMSF account.

And to answer Scibbo's original question... Yes, you can live it when you retire!