June 18, 2013
In 2012 superannuation in Australia exceeded $1.3 trillion. In 2030 this amount is expected to be $5 trillion – almost five times what it was in 2012. With one of the most advanced retirement savings schemes in the world, the Australian superannuation landscape has changed considerably over the past 10 years. Now making up more than 30 per cent of this total pool of retirement savings are self managed super funds (SMSFs), the fastest growing sector of all superannuation. Whilst an increasing number of mortgage brokers in Melbourne are able to assist you in the set up of a SMSF loan, remember to ask about their experience in this area.
A SMSF is a small superannuation fund established for between one and four members. Setting one up for yourself and/or your family allows more investment choice than other superannuation fund options, and gives its members the ability to decide how and where they want their retirement savings to be invested. Many lenders now offer specialised investment loans in Australia for the set up of SMSFs.
Here are some interesting statistics from the Australian Tax Office about SMSFs:• In the 2004 financial year there were 270,620 SMSFs in Australia.
- By the end of June 2012 there were 477,461 SMSFs in operation.
- In the 2012 financial year alone there were 36,272 SMSFs set up.
- 907,036 people were members of SMSFs by the end of the 2012 financial year.
- The total SMSF asset pool by the end of March 2013 was $496 billion.
In his book The Investment Property Plan, Stephen Zamykal explains the benefits of controlling your own super fund and, ultimately, using the money to buy an investment property in Melbourne or elsewhere in Australia. Speak to a Melbourne mortgage broker today to secure your retirement with a property purchased through a SMSF in Australia.