Can I use some of my super towards my deposit?

I gather you refer to using your super as a deposit to buy a home for yourself.
Unfortunately super legislation does not allow you to access your funds for such a purpose.

Hi Pru,

Great question & a common question at the moment due to talk from the government.
If you are looking to purchase a home for yourself personally then at this stage you are not able to use any of your super as a deposit.
I hope this helps.

Only if you are borrowing in a SMSF.

You can if you borrow through a Self Manager Super Fund loan, which is an investment property!
Unfortunately unable to use super for deposit in other circumstances!
Happy to chat more if you would like!

Hi Pru. No. The first point you can access a portion of any super and it is very much subject to conditions is 55. Thats barring a medical reasons (under super laws).

Great point Stuart. Very much subject to conditions. I only recently helped a borrower who was able to access a 10% TTR income stream which served as his deposit. However he met his release conditions for this.


Regards Ariel

Hi Pru,

Your Super can't be accessed to buy your own home unfortunately, only an investment property if using a SMSF. I commented on some SMSF basics in a previous post if you want to check it out later.
http://www.echofied.com/au/question/511/are-smsf-a-good-investment
There is a lower tax environment than normal when investing inside Super so you shouldn’t ignore this investment.

There are three options to buying your own home:
1) Deposit.
2) Equity.
3) Guarantor (Using someone elses equity).

Deposit.

Saving for a deposit is all about discipline, cash flow structure and sticking to a budget. Get an idea of how much you need for a deposit then work out what you can save regularly and stick to it. Don’t try and save too much. If you over save and neglect things like car maintenance, holidays or other bills it can be a house of cards.
Equity.

If you already own a property you may be able to borrow against it instead of using a cash deposit. The value of both loans generally wants to be lower than 80% of the total value of both properties. It can be higher than 80% but you incur other costs.
Guarantor Loan.

A guarantor loan is similar to equity except you are using the equity in someone elses loan. With this option a loan equal to the deposit is created in your name and the guarantors (usually a close relative). The remainder of the loan is in your name. This option means you don’t need to save for a deposit, however it also means that the guarantors property is secured by part of your loan.

I hope this helps, let me know if you have any questions.

Stuart Christie
https://www.linkedin.com/in/stuartjchristie