Dennis & Peter's Story...

Dennis and Peter came to us with $200,000 in their SMSF account. They were both on decent incomes. And they wanted to purchase a property. The issue here was that one of the applicants had a number of “blemishes” on his Veda Report.

Neither of them had owned property before, so this was a whole new experience for them. We worked with a number of lenders before finally getting one to take on the loan. Here’s what we started with…

SMSF Starting Balance - $200,000

Peter's Income - $165,000 pa

Dennis's Income - $60,000 pa

Age of Applicants – 38 and 40 years old

And here’s how it finished…

Qld Property Price - $425,000 (3 bed/2 bath/1 car townhouse)

Loan Amount - $280,000

Deposit Required - $145,000

Costs - $25,000 (Stamp Duty/Conveyancer/Lender)

TOTAL OUT OF SMSF = $170,000

They still had $30,000 left in their Super Fund after the purchase.

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

The rent and Dennis and Peter's continuing Employer Super Contributions will more than service the loan repayments. All costs including rates and strata etc will always come from their SMSF account.