26 Sep 2022

Can I Live in My SMSF Property after Retirement?

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It is possible to live in your SMSF property after retirement, but this process can be exceedingly difficult. If the property is still owned by the SMSF or various trustees, you will not be able to live out your retirement there. However, there is a way to make living on the property an achievable goal. In order to make this happen, you will need to transfer the property title from the SMSF to your name, which is not as easy as it sounds. Some properties may not be eligible for a title transfer. If the property in question did not pass the sole purpose test while still owned by your SMSF, it will not be eligible for a transfer. 

Instead of going through the lengthy title transfer process, there are alternatives to living on SMSF property that you can research! When you reach retirement age, using your super funds to place a deposit on a new home and holding on to the investment property as a rental property is a great way to secure a home and generate consistent income throughout your retirement. To accomplish this, funds will have to be withdrawn from your SMSF and placed into a bank account. However, it is important to remember that an SMSF trustee can only legally access the retirement funds when they reach the retirement age of 60 years. 

Reach out to the Mortgage House professional lending specialists today for assistance with purchasing properties using SMSF funds and successfully achieving your retirement goals.

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