How fast can you access your super?

I imagine that Alex has an average income - having been able to purchase several properties - rather than a low income.

However, I have empathy for anyone ‘going it alone’. Alex is very lucky to have a supportive family.

 

The government has free financial advisers and I believe there is a national debt helpline as well. Might be worth looking into. 30k is not the end of the world and you should be able to make something happen.

That being said, taking 15k out of your parents super now can be like taking a years wage out when it comes time to retire. Not good.

Honestly @Alex P Keaton I think it's time to roll the sleeves up and take a second and third job. That will obviously help with repayments but it will also help with your ability to get another loan too.

 

Selling, not buying.
Marg

 

Now I'm really confused - if selling then why the need for a $30k loan? Surely you'd be wanting to bring settlement forward then, rather than pushing it back.

 

Shortfall between loan value and sales price (sold property is used as security on another property which has insufficient equity to stand alone).

This highlights the inherent risk of interest only loans and drops in asset values.

 

Taking super out can take weeks. The member will have to apply to the trustee.

 

My concern is that now that there is no sales proceeds to assist you with keeping the other unit afloat plus a personal loan that your situation will be even worse than keeping the unit until the heavy NG villa is able to support itself better then sell the 1 bedder.

Get out the pen and paper and look at the sums and see what they say.

 

So you would be ok letting your kid go under…file for bankruptcy then ? Because that’s where it would end up. Have you no compassion?We make mistakes. I screwed up and I’ve been paying for it for years now. Have you never made a mistake? Never gotten into financial difficulty? You’d rather your kid go bankrupt or end up in graylands mental hospital which is where I’d be headed.

 

Nah the rents are so low in Perth it wouldn’t help.

 

Just make sure it is done as a loan under a written agreement and get your parents to consider taking a mortgage, even an equitable one.

 

Have you spoken with your tax accountant to determine the effect of the sale on your income? WH taken into account capital losses, adding back depreciation etc?

 

Mum did say she can give me $10k in cash. I have $11 k

Another idea is I put in $10k from my parents and $5 of my own and get a personal loan for the remaining $15,000.

This option could work. And come July I should have around $6000 in tax return.

 

Now that they paid off their mortgage (around a few years ago) I don’t think they’d want to get another mortgage.

 

Thanks for all the suggestions everybody. Working on finding a solution.

 

I was even thinking of selling my villa. I have a $344k loan on it and could sell it for about $360 which is $15k less than what I bought it for. But I remembered I have a fixed rate loan on it which goes till March 2020 so the break costs would be too high.

 

I was talking about taking a mortgage rather than giving one. If you are on the verge of bankruptcy you would want to protect them as much as possible

 

Or I could put in Mum and dads $10,000 and my $10,000 and then just get a loan for $7,000.

I’d have no savings then but will get a tax return of $6,000 in July.

Do you guys think this would be the way to go ?

 

I’m not sure I understand. Did you mean for Mum and dad to take a mortgage on their place and for them to service it ? Or for me to service it?

 

No. I didn’t know I had to.

 

I don’t think I’m on a verge of bankruptcy but it could happen down the track if I didn’t get some support.