It is possible to purchase an investment property with your superannuation savings, but it is important to calculate how much super you need in order to do so. This article provides an overview of the steps you should take to calculate how much super you need, and how to purchase an investment property with your super.
Calculating How Much Super Is Needed
When calculating how much super you need to purchase an investment property, you should take into account the purchase price of the property, the costs associated with the purchase, and any ongoing expenses such as loan repayments and maintenance.
The first step is to determine the purchase price of the property. This should include any additional costs associated with the purchase, such as stamp duty, legal fees, and conveyancing costs. Once you have determined the total purchase price, you can then calculate the amount of super you need to cover the purchase.
You should also factor in any ongoing expenses associated with the property, such as loan repayments, maintenance costs, and insurance. This will help you to determine the amount of super you need to cover these costs.
Purchasing an Investment Property With Super
Once you have calculated how much super you need to purchase an investment property, you can then begin the process of purchasing the property. You will need to contact your superannuation fund to arrange the transfer of funds to cover the purchase.
You should also speak to a financial adviser to discuss the best investment option for you. This will help ensure that you are making an informed decision about your investment.
Finally, you should seek legal advice to ensure that the purchase process is carried out correctly. This will help to ensure that the property is purchased in accordance with the relevant laws and regulations.
Purchasing an investment property with your superannuation savings can be a great way to invest your money and grow your wealth. However, it is important to calculate how much super you need to purchase the property and ensure that the purchase process is carried out correctly. By taking the necessary steps to calculate the amount of super you need, and speaking to a financial adviser and a legal professional, you can purchase an investment property with your superannuation funds with confidence.
