My husband and I are both school teachers with a combined income of $270,000 per annum. We have one child and live in an apartment valued at approximately $1 million. We have a mortgage of $490,000 and have $500,000 between us in super. We anticipate inheritance of one million over the next few decades. Should we try to upgrade to a house?
It’s interesting that such a large proportion of the world’s population is very happy living in apartments, and yet as Australians, it’s something we struggle with. Success seems to be defined by having a backyard. If life was purely about accumulating the maximum possible amount of wealth before you die, then trading your apartment for a home would probably make sense. But there’s so much more to be considered.
I’ve got good news for you. Provided you are not looking to claim the contribution as a tax deduction, there is no longer a work test for those under 75 when it comes to contributing into super.