So do I still have to make repayments whilst I am not working? Once I am working again I of course will be contributing to my super - but until then I won't be (of course!)
So do I still have to make repayments whilst I am not working? Once I am working again I of course will be contributing to my super - but until then I won't be (of course!
Registered User
no hun, there can't be a mortgage - between the money in your settlement and the money you already have in super you would need to have enough to cover the cost of a property.
Okay I get that. So effectively I wouldn't have payments so I live mortgage free??? Could it be so???I basically need to be cutting costs as much as possible to keep my kids in their independent school etc etc. 5 kids is expensive!
So, I could use $200 from the super and $200 from the cash and the fund would own my home but I can live in it and essentially once I am 60 I can sell it? What happens if I want to sell it before retiring age?
Registered User
Yep - you would put your cash fund into the super and then buy the house. But remember, YOU don't own it, the (your self managed) super fund does.
If you sell it, its not you selling it - its the super fund, so the super fund may be up for capital gains etc.......... (as it needs to be purchased as an investment).....
get a good planner hun!!!
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