Meet Louie (46) and Marco (51), brothers growing their nest egg together.
“By applying together we had so many more property options available.”
Louie and his older brother Marco have always been close. First generation Australians, they both married in the same summer, are keen fishermen and above else, proud fathers.
They’ve worked hard for their money, just as their parents taught them. Now, they’ve established a Self-Managed Superannuation Fund (SMSF) to put their money to work.
By consolidating their industry superannuation funds into one SMSF, Louie and Marco assembled a little over $400,000 to invest. Louie and Marco wanted to invest in property as it is an asset they know and trust and their financial adviser supported this strategy.
The brothers found a suitable property (pictured) in Epping, NSW – an established suburb, a short drive or bus ride from Macquarie University – available to buy for $610,000. Louie and Marco approached their broker to assist in finding a suitable lender to support their borrowing requirements.
Solution
La Trobe Financial approved an SMSF loan for $488,000, being 80% of the property value, meaning the SMSF only had to contribute the remaining $122,000 plus costs and duties, leaving the brothers with more than $250,000 in their SMSF for future investments.
The above real solution is a summary of a real customer’s experience with La Trobe Financial. We have changed the customer’s name and the figures set out above to protect their privacy. The real solution is provided for illustration purposes only and is not intended to be advice to you as it does not consider your personal circumstances.
The loan amounts and LVRs will vary based on the security offered. Please note our terms, conditions, fees, charges and La Trobe Financial lending criteria apply.
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