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Steven & Vanessa were referred to our financial planners by friends who had recently purchased a property though their self-managed superfund, and were keen to find out if the strategy would be suitable for them too. At this point, the couple already owned their beautiful home in Cheltenham and had a small investment property in Elwood. Over the last few months they had been considering buying another investment property and undertaking some substantial renovations on their home, so also wanted to explore their options around lending to fund the build. They had also built up a sizable combined super balance of $260,000; however they didn’t feel they had any control over how the investments within their funds were currently managed or performing.

How we helped

After some lengthy discussions with both a financial planner and mortgage broker on the pros and cons of running a self-managed superfund, and how lending within the SMSF space works, they decided to go ahead and have our team take care of setting up the necessary structures. Although the pair clearly had a passion for property, Chrissie advised that they should allocate no more than half of their current super balance to a property purchase, retain a cash buffer of at least 6 months worth of property running expenses, and invest the rest in a share portfolio aligned with their risk profile to ensure diversity within their new super fund was maintained.

Once their SMSF was established they met again with Josh to organise a pre-approval for their new purchase and review their current lending situation. Valuations on their existing properties proved that they could access enough built up equity to fund their renovation plans and provide a deposit on another investment property outside of their SMSF.

Although the prospect of owning another two investment properties and transforming their home appealed and excited them, the thought of actually researching which suburbs they should be looking in and then finding suitable properties seemed daunting for this time poor couple. Like many people, they both worked long hours and often travelled for work, so we referred them to a Buyer’s Advocate that many of our clients have had great success using.

Over the coming months the Buyers Advocate worked with them to successfully negotiate great purchase prices on two apartments in areas that were showing signs of strong ongoing capital growth, which suited their plan to hold the properties for the long term. The apartments also benefited from features that sought after renters find attractive. Our lending team managed the finance applications for these purchases, ensuring that the loans were structured to maximise tax benefits whilst still offering the flexibility the couple required, at specially negotiated interest rates.

Where are they now

Steve and Vanessa are delighted with how the team were able to assist them in doubling their property portfolio within a matter of months, and are now concentrating on working with a builder to perfect the plans on their dream home. Once their home is finished, we’ll order another valuation, review their financial goals and discuss their next steps towards building their portfolio further.

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