11 Aug 2021

Can I Include a Car Park if It is Included in a Separate Title?

Stamp Duty: Can I Use My Mortgage to Pay it Off and the House?

Suppose you want to purchase an investment apartment with a car park using your Self-Managed Super Fund. You may be wondering if you can include the car park on the same home loan if the car park is included in a separate title? Unfortunately, you cannot include a car park even if it is on a different title. 

Items to Note About Residential Apartments and Car Parks

If you purchase a residential apartment using your Self-Managed Super Fund, and the unit has a car space or storage area on a separate title, they must both be financed as individual assets in your SMSF. This restriction is true if you can sell both the unit and the space individually. If you can sell them separately, you must finance the car space separately, using a separate finance structure or independently by one of the trustees. 

There is an exception to this rule: Victoria. For example, suppose you purchase a residential unit in Victoria. If a registered restriction on the title requires that you cannot sell the car space independently of the unit, you can include the car space on the same home loan. The Victorian LTO enforces this car space restriction. 

Benefits of Working with Mortgage House

Applying for a home loan using your SMSF can be overwhelming. With so many restrictions, criteria, and fees, it can be challenging to understand what you can and cannot include in your home loan. At Mortgage House, we have an in-depth knowledge of both the structure and restrictions of Self-Managed Super Funds and the lending process. 

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