Money magazine Comments - Ask Paul: Should I cash out my super to pay off the house?

Comment by Liz Johnson ()

Liz Johnson () — Wed, 28 Jul 2021 20:21:28 +1000

Hi Paul,

Just wonderingly whether to sell my residence worth $300000.00 sign no mortgage and move into my investment unit worth $300000.00 and use the money from the sale to split between Super and reducing the mortgage to approx $100000.00 . Alternative to keep both properties and continue to rent one out. I paid $250000.00 3 years ago and it can rent for $360.00 p/w due to the location. Any thoughts please? Thank you in advance

Kindest regards

Liz

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Comment by Money magazine ()

Money magazine () — Thu, 29 Jul 2021 08:29:40 +1000

Hi Liz,

Thanks for your comment.

Unfortunately, Paul cannot respond to comments, but we will pass your question along to him for his consideration for a future issue of Money magazine.

- Money team

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Comment by Sally N ()

Sally N () — Fri, 30 Jul 2021 12:48:44 +1000

Hi Liz, depending on your age and how long you will be working, I would hold onto the investment property and keep getting the rent. If at some point you retire then I would reassess the situation but if you have no mortgage on your primary residence and are getting healthy rent on the investment it makes sense to hold on to an investment and hope it goes up further in value. I am not an expert so just my opinion.

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Comment by Trevor Kowald ()

Trevor Kowald () — Mon, 23 Jun 2025 15:33:29 +1000

My wife and I are over 65years of age and would like to cash in on our Super fund and buy a villa in Perth. Are we able to do this and what is the best way to purchase this property with best Tax advantages maybe again in a superfund where no tax is paid on income from this unit.

Trevor

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