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Hi @lauraclarke378 and thanks for the question! There are rules changing all the time with legislation updates, but generally what happens is a process called “grandfathering”, whereby from a certain point in time, the rule will only apply from then on. A great example of this is with Capital Gains Tax - this was introduced in 1985 and homes purchased as an investment before then are not subject to CGT, only homes after the rule change.

Hi @TastyLemon123 - great question! Putting excess savings into your redraw account will give you very similar benefits as if it was in the offset account. If you are wanting to reduce your repayments (and are happy to lose access to the savings as you mentioned) you will need to contact your bank and ask them to reduce the limit of your facility by clearing the available redraw. If you’d like to book a meeting with one of our brokers, we can do a review of your current loan and run through those options in more detail!

Hi @ishakojonskis213 - thanks for reaching out! Changing to an offset product can be simple as requesting your bank to do a product switch. You will likely be given a form to complete, and there will likely be an annual or monthly fee applicable to that new product. I’d recommend reaching out to our team first, so we can do a comprehensive review of your current loan. There may be better options out there than your current lender!

Hi @ishakojonskis213 - thank you for commenting! I would recommend reaching out to our team so that we can review your current position.

The deeper your investment roots, the stronger your financial security will be in the future.

I would love an introduction to an adviser who can help me strengthen my financial roots.

Thank you for this amazing tip. I just looked the name up and wrote her.

Hi @EmilyVanessa5m - very true! This rings true with the old adage of property: “the best time to buy was 10 years ago, but the 2nd best time is now!”. The earlier you plant your roots, the longer you give them to grow.

Hi Daniel, thanks for the question . That's not quite right; you can save $15K per year for up to 4 years to get the $50,000 total benefit. This can only be done once BEFORE you purchase and be used for the deposit. The scheme cannot be used after you have purchased the property. Hope that helps!

How to apply?

@@WayneClayton-h9r good comment, appreciate it.

@@AMJB100000000 Thanks for the question. I’ve broken things down into 2 simpler answers: 1. Earnings - yes, the money you contribute and withdraw can include some earnings. These are capped at around 6.90% at the moment. 2. Hardship - you can always look to access your super in hardship but the rules are quite tight. There’s an option to get the FHSSS determination done and use the money for non-purchase items, but you will need to pay back the tax you should’ve paid at a later date. Hope that helps!

I agree the grants are the best they’ve ever been! But hopefully you bought before covid and got all that capital growth from the housing boom!

@@georgesamios_madd purchased during GFC partial share. Then first proper house 2013 the only other dip in house prices since. If you bought after 2020 you are in for some hurt. As limited capital growth so may not be able to refinance with equity to remove lmi etc.

Hey! Just to clarify, any payment into a home loan (excluding offset accounts) reduces the principal balance. When you deposit funds during the payment period, it lowers the balance, but only amounts above the required repayment increase your available redraw. The required repayment is held in reserve until the end of the monthly cycle, then it's released as available redraw. This setup helps folks who pay weekly or fortnightly avoid accidentally taking out money needed for the monthly repayment, which could cause the loan to fall into arrears. The reserved redraw amount is there to keep you from falling behind on your payments.

Hi and thanks for the question! You can most certainly make the contributions yourself! I’d suggest speaking to an adviser before doing so to make sure it’s done the right way.

Hi Aaron, would love to help you achieve your financial goals. Please email me direct - george@madd.com.au

Thanks for the comment, the biggest cost when buying is Stamp Duty. Other costs are legals (conveyancing) building & Pest, Rates & Water adjustments and lender fees. On 2M it’s going to be $100-110k in buying associated fees/costs. Hope that helps.

Thanks. When you draw equity out of residential assets, what's the best loan structure to do this for purchasing a commercial property. I.e a line of credit on residential to draw out deposit for commercial?

@@adamgrassodesign if you cross securitise your residential property against the new property you can do whatever you like, it’s best to get your accountant’s advise on this one.

yes, technically you dont even have to be employed

Thank you 🙏

Once you get your first one, it’s gets easier. With property growing in value every year and paying down the mortgage the equity will get there.

No, not quite. When you withdraw it, you get a 30% offset I.e. if you withdraw $50,000, you will only be taxed on your Marginal Tax Rate minus the 30% offset. So if your MTR is 37%, there will be an approximate taxed amount of 7%. Hope this helps and if you want more info please email matt@maddlife.com.au

@@thekienlam7426 thanks for the comment, yes, that plus new rental income, other investment in the SMSF.. appreciate you following!

Thanks for the question Johny. I think everyone’s situation is different and if you are seriously wanting to buy in the next 6 months I’d recommend a meeting with one of my brokers to set you up for success. Work out exactly what gov grants your entitled to, is there other stuff that may help get you there and so on. Can you email me your number and I’ll reach out. My email is george@madd.com.au Thanks

Thanks for the comment. I’m a bit confused where you got 9% rate from? Are you referring to the banks assessment rate? If you’d like some more info or even a phone call let me know and I can help out. Also, if you’re in Brisbane we are doing a free first time buyers workshop at the end of the month. If you’d like to come let me know. Thanks for watching George

Great idea, we will look to do one in the future but for a quick answer now for you: basically you can expect to pay a small amount of tax upon withdrawing (the difference between your Marginal tax rate and 30%) but the scheme is still a fantastic way to save faster for your first home purchase! I’d love to help you with the scheme and buy your first property, can you email me your number and I’ll reach out to show you what’s possible for you? George@madd.com.au

Good question - and the answer is Yes! As long as you both meet the eligibility requirements. Let me know if you’d like some more help.

Thanks for the comment we appreciate it! I’m also a bit confused from your question, Would you like a broker call to show you exactly what’s possible for you, free? Please let me know and I’ll arrange. Thanks George

Thank you for the feedback, really appreciate it 🙏

Thanks for watching :) glad you enjoyed

Great question, in order to get the loan approved we need to assume the actual rate plus a buffer of 3% increase rates increase. The rent most probably won’t cover the mortgage, the banks will use other income the SMSF gets such as your ‘standard contributions, any extra contributions or salary sacrifice plus the rent from the new investment property. Hope that makes sense

Thanks for the positive feedback Mick appreciate it 🙏

Thanks for the feedback, appreciate it. I’d be interested to talk with you and understand your current property mix, if Resi maybe the yields which doesn’t help your borrowing capacity plus your playing with the DTI’s like you understand. If however you begin to play in commercial property it is looked at a bit different, I’ll do a video on it for sure, but in the interim if you’d like to talk pls give me a call 0411 33 33 69 or george@madd.com.au Ps. Have a look at the smsf video I did, that could be another way to get one.

Thanks for your comment. Yes, you will also need to prove serviceability. When you do buy another property the rent can be used. Thanks

Hi Natasha, thanks for the question! Because the timing of the release is during the Financial Year, the ATO will be able to forecast your expected Marginal Tax Rate and withhold an appropriate amount of tax upon release. The FHSSS offset with then ensure that you shouldn’t have a negative tax outcome. But to answer the question, yes, the withdrawn amount will potentially result in a movement of tax bracket, but the offset process will look to mitigate this issue. There are some great resources on the ATO portal around this.

Thanks for watching, glad you enjoyed. Have a good trip 👍

@@georgesamios_madd thank you!! 💗

Hi Buddhi, Thanks so much for the question. You can use the super saver scheme in conjunction with the first home guarantee, remember not all lenders are doing the first home guarantee. I can get one of the team to do a free assessment for you if you’d like? Please email george@madd.com.au and we can get you on your journey to property ownership 🤙😀

that's a terrible yield, find something better

​@@officialspock it's not terrible, it's about average in Australia. If you want to get higher with a standard house that's really tough unless you're willing to take on more risk (ie. move out of the cities). The only safe way to increase yield substantially (that I know of) is to increase occupancy. A granny flat is permissible in most states if the land permits, so that's not a bad option. And many councils also offer multiple occupancy (rent by the room). One of our houses in WA is yielding just over 13% gross and it was purchased late last year (well into the boom).

Also, be careful what you wish for. You could do an awesome reno and increase your rent substantially, but your yield will likely drop due to the value of the home. That's not a bad thing!