It is said on some web sites that the minimum $200k is suitable for this strategy. In that, I should wait for another 10 years......
Not totally true, depends what and where you wish to buy but you must understand ALL costs involved, so your team costs are also important here (like your accountant, financial advisor, bank lawyers, etc...).
Also, you can add more to Super via salary sacrifice or as Terry pointed out, via concessional or non-concessional contributions, so you could increase the Super balance sooner than 10 years! Loans are also possible, but I presume you are just starting out so we will address the basic simple structure, right?
I am helping out a family member with $160K balance, but the purchase is to be around $350K-$400K around QLD. It also depends upon your serviceability and whether you have the structure in place already.
1. You need to setup SMSF with a Corporate Trustee.
2. If you have a SMSF, then you need to check whether existing Deeds are compliant for borrowing.
3. You need a Corporate Trustee, a company not one or joint individuals.
4. There's an ongoing accountant fee, also ASIC for corporate trustee, and auditor fee.
5. For borrowing with funds, you will need a new Bare Trust with Corporate Trustee, thus again will involve, ASIC and accountant fee.
6. Yes, banks have charged me around $2,000 but that was taken out from the loan, cost of borrowing, for their lawyers.
7. Then you need to add the normal acquisition fees when purchasing the property.
8. Remember, this is based on you having 20% for deposit and 5% for the fee, of course, subject to bank's valuation rather than what you plan to pay for the property. Any short falls may need to be supplemented and the serviceability must be there.
So $100K may be at this stage short, but it really depends what purchase and investment you wish to make?
I know of family member's friend who bought property next door to PPOR via SMSF with borrowing, so when paid off and in the future, perhaps may subdivide or develop the land (currently not permitted to change the title of SMSF with borrowing), for around $280K....
I would though to recommend around $150K so at least you can plan to supplement your SMSF balance first, if you really wish to concentrate your effort there.
Good luck!