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What on earth is a self managed super fund loan, and why would I want one?

What on earth is a self managed super fund loan, and why would I want one?

You may have heard the buzz words – Self managed super fund – or SMSF, and your wondering what its all about.

In a nutshell – we all have compulsory super annuation payments being made to our super annuation fund by our employer. Or for those that are self-employed, you are making your own contributions.

But do you pay any attention as to how that money is invested, or what your returns are like?

The global financial crisis in 2008 hit pre-retirees hard. We have all heard stories of people losing tens, or even hundreds of thousands of dollars from their super annuation funds, due to the down turn in share prices, of which was where their super annuation funds were bring invested.

Sadly, many Australians have had to post pone retirement. Or even return to the work force after they have retired, due to these massive losses.

Since the above mentioned consequences of the global financial crisis, there has been a surge in the creation of self managed super annuation funds.

Now you may be like me, and be thinking “I don’t want to play with shares myself, id rather leave a professional to do this”, but that is not what a self managed super annuation fund is all about.

We at Bee Finance Savvy can help you, with your self managed super fund, by arranging a “home loan” to purchase a property that generates income for your retirement.

Now I wont get into the nitty gritty of how it all works, and put you all to sleep. But what I will say is, once your self managed super annuation fund has been created, you’ve transferred your existing super balance into the account, and you have decided that you would like to have more control over your future retirement funds, with less volatility than the share market, than you are ready to speak to us.

Just like a normal home loan, lenders offer varying rates, fees, and have a variety of policies involved that influence the type of loan, and cost of loan that you are eligible for.

We work with you, to help you get the most out of your hard earned retirement dollars, by matching you with a lender, whom will offer a competitive rate, and a hassle free application process.

Once you have your self managed super annuation fund loan pre approval, you are ready to start your property hunt!

But remember, properties purchased under a self managed super fund are for investment purposes only. The rental income received will pay the mortgage taken, as will your continued super annuation contributions.

I’’ll speak more about this in an upcoming article, but the one circumstance that is contrary to the rule above, is for those whom are self employed and wishing to purchase a commercial property. In this case, you CAN rent the property out to yourself, and its even tax deductible.

For more information, please contact Bee Finance Savvy on 1300 140 554, or enquiries@beefinancesavvy.com.au

 

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