I can afford a house

[krisbarry]

I am simply living like the rest now, taking as much as I can get, building up a nice bank account balance, and then the whole world opens up and things become more and more affordable.

Who said housing was unafordable...?

Why are all the politicians saying housing is unafordable?

God I can afford a house...so what is the problem?

I am loving this world now, the more my bank account balance grows the less I forget about poverty and unafordabilty...and the less I care about the people that cannot afford a house

Its a dog eat dog world out there and you cannot count on anyone else but yourself:

 

[Julia]

I am simply living like the rest now, taking as much as I can get, building up a nice bank account balance, and then the whole world opens up and things become more and more affordable.

Who said housing was unafordable...?

Why are all the politicians saying housing is unafordable?

God I can afford a house...so what is the problem?

I am loving this world now, the more my bank account balance grows the less I forget about poverty and unafordabilty...and the less I care about the people that cannot afford a house

Its a dog eat dog world out there and you cannot count on anyone else but yourself:

I seem to recall some bitter posts in the past berating others for their selfishness. How the tide doth turn, huh!

 

[krisbarry]

I seem to recall some bitter posts in the past berating others for their selfishness. How the tide doth turn, huh!

Yep I am learning from the masters...being selfish and greedy is a good thing

No point being broke and bitter now is there

 

[krisbarry]

Just got the extra co-contibution payment of $1,500, announced in the May budget...so my account balance now sits at over $50,000:

 

[Kathmandu]

Come July 1st!

...Anytime (25% tax taken out) up to $10,000 per year

...Between the age of 55 and 60 years (15% tax taken out)

...60 Years and over (No Tax)

I am 32 years of age so you work out the maths
Its not all that bad...it would have to be the best bank account around, it is compulsory, it pays the best interest rates, low tax and is very hard to break into, so its perfect for the purpose of saving

Firstly good on you for doing something, even if I don't feel it is a overly good way to go,

And secondly can you provide a link that backs up your statement above.

Thanks

Dave

 

[krisbarry]

New super rules state:

1. Below preservation age (55 years of age or under) - Whole amount is taxed at 20% (plus 1.5%medicare levy)
   
2. Preservation age to (59 years of age) First $140,000 is tax free
   
3. 60 years and over - whole amount is tax free

Source - Page 5 right hand column

 

[theasxgorilla]

It does also say, "If you choose and will be eligible to make a partial or full lump sum withdrawal"...so how do you become eligible??

 

[krisbarry]

eligibilty means that you reach the age to cash in, or you become ill, or you retire from work permanently and so on and so forth.

I guess everyone is different...all super fund must follow the same release rules and taxation rules, but within super funds different rules apply.

Check with your own super fund and read the rules on the tax office website.

 

[Kathmandu]

eligibilty means that you reach the age to cash in, or you become ill, or you retire from work permanently and so on and so forth.

I guess everyone is different...all super fund must follow the same release rules and taxation rules, but within super funds different rules apply.

Check with your own super fund and read the rules on the tax office website.

STC


I am sorry to hear about your total and permanent dissability and incapacity to ever work again.

Dave.

 

[krisbarry]

STC


I am sorry to hear about your total and permanent dissability and incapacity to ever work again.

Dave.

lol, yep I am in a wheel chair...lost 3 legs and have 5 mental illness'

who said I was disabled, now you are confusing me

 

[krisbarry]

I found some ripper homes in the $50,000 bracket in which I can now afford...here they are:

http://www.realestate.com.au/cgi-bi...header=&c=17199045&s=sa&snf=rbs&tm=1184709403

http://www.realestate.com.au/cgi-bi...header=&c=17199045&s=sa&snf=rbs&tm=1184709403

http://www.realestate.com.au/cgi-bi...header=&c=17199045&s=sa&snf=rbs&tm=1184709403

http://www.realestate.com.au/cgi-bi...header=&c=17199045&s=sa&snf=rbs&tm=1184709403

 

[Kathmandu]

lol, yep I am in a wheel chair...lost 3 legs and have 5 mental illness'

who said I was disabled, now you are confusing me

Say's quite plainly in the PDF supplied that that is the only way you'll get the $$$ at your age.

You have read the PDF havent you????


http://www.realestate.com.au/cgi-bi...header=&c=17199045&s=sa&snf=rbs&tm=1184709403

Actually, there is evidence that Roxby Down's may go off soon.

Dave

 

[krisbarry]

As stated numerous times over in this thread if you bothered to read it...that setting up a self managed super fund can allow me to buy a house, not to live in, but to rent out and collect the rent. The rent will then be deposited back into the self managed super fund.

So I stress again it is possible to buy a house with funds from a super fund. Alls I need to do is roll it over to a SMSF, find the right house, buy it and rent it out

 

[Kathmandu]

As stated numerous times over in this thread if you bothered to read it...that setting up a self managed super fund can allow me to buy a house, not to live in, but to rent out and collect the rent. The rent will then be deposited back into the self managed super fund.

So I stress again it is possible to buy a house with funds from a super fund. Alls I need to do is roll it over to a SMSF, find the right house, buy it and rent it out

And all you need to do is access the $$$ from the super fund first to buy the house.

The ATO states


"Three weeks ago, the Tax Office and the Australian Securities and Investment Commission (ASIC) jointly warned the Australian Community to be wary of promoters offering to arrange access to their superannuation.

The promoters’ sales pitch is that this money could be used either to pay-off or manage debt or for a range of discretionary spending purposes such as buying a house, a car, a boat or to fund further education or even a holiday.

As you would all be aware, access to preserved superannuation prior to retirement is prohibited, except in exceptional cases of financial hardship or on compassionate grounds.

Broadly speaking, these schemes involve the promoter assisting their clients to establish a Self Managed Superannuation Fund (SMSF) into which some or all of the clients’ super is rolled."


http://www.ato.gov.au/superprofessi...&pc=001/007/111&mnu=6833&mfp=001/006&st=&cy=1

Dave

 

[OK2]

a couple of those properties are almost waterfront, if you added a second level you could almost watch the export shipping carry our commodity boom back to China. you might want to check out the neighbours to make sure they are hospitable to big city people!

 

[Kathmandu]

So I stress again it is possible to buy a house with funds from a super fund. Alls I need to do is roll it over to a SMSF, find the right house, buy it and rent it out

So how did you go STC ???

Did you get the money for the deposit from the super fund???

Interested to know, I have some i'd like to use for doing something with as well.

Dave

 

[krisbarry]

In actual fact you can buy anything you want with your super money. People have money (cash) in super, art, wine, shares, property, antiques, jewlery, cars etc etc.

I am not buying property at the moment, just giving readers an example of how it is possible to buy a house.

I am a young person struggling to get into the housing market and was finding ways to break into the market using a less conventional method, and it is very much possible.

 

[Kathmandu]

In actual fact you can buy anything you want with your super money. People have money (cash) in super, art, wine, shares, property, antiques, jewlery, cars etc etc.

I am not buying property at the moment, just giving readers an example of how it is possible to buy a house.

I am a young person struggling to get into the housing market and was finding ways to break into the market using a less conventional method, and it is very much possible.

Again i'll ask, where is your proof that you can access super fund's before retirement age.

I'll agree that you can put money (cash) in super, shares, property, into a SMSF, but you can't use super fund's[cash] to buy them until retirement age.

I will gladly appologize if you prove me and others who have posted here wrong, but until then i'll believe what the ATO has to say on the matter.


Dave

 

[Kathmandu]

I am not buying property at the moment, just giving readers an example of how it is possible to buy a house.

That's a shame, you'll be missing the boat again,

Seem's SA is playing catch up with the rest of OZ.

Nice 40% plus gain's in some areas.

Better get that money out of your super fund

http://wic003lc.server-web.com/~admin417/uploads/Documents/Property Stats Jun07.pdf

Dave

 

[krisbarry]

Again i'll ask, where is your proof that you can access super fund's before retirement age.

I'll agree that you can put money (cash) in super, , shares, property, into a SMSF, but you can't use super fund's[cash] to buy them until retirement age.

I will gladly appologize if you prove me and others who have posted here wrong, but until then i'll believe what the ATO has to say on the matter.


Dave

Again I stress that I am not accessing super, I am intending to show that I can buy a house, for investment purposes only, not to live in, or gain any personal financial wealth out of it. All rent collected would go straight back into the fund. I think you are getting yourself confuded....I never said I would gain persoanlly from it.