| The Basics | |
| Purpose | · Purchase of Residential Investment Property plus costs (transactions with Residential properties must be at arm’s length)
· Refinance by exception · Corporate Trustee only; Individual Trustee not accepted |
| Applicant | · Self-Managed Super Fund to be established |
| Borrower | · The Property Trust |
| Guarantor | · All adult members of the SMSF – Maximum 4 (PAYG only Self-employed by exception) |
| Loan amount | · $50,000 – $750, 000
· Maximum Borrower Exposure – $1,000,000 |
| LVR | · 75% Metro, 70% High Density & 60% Regional
· Interest Only not available above 70% LVR |
| Net Tangible Asset requirement | · Net Tangible asset of Nil to $120,000 prior to deposit paid, or no Asset requirement for the SMSF Extra |
| Liquidity requirement | · Nil to 7.5% of SMSF debt in Liquidity post Settlement, or no Liquidity requirement for the SMSF Extra, Plus or Regional solutions |
| Term | · 30 Years |
| Rate Options | · Variable and Fixed Principal & Interest (No fixed on Extra, Plus or Regional)
· Interest Only to a maximum LVR of 70% |
| Processing Fee
SMSF Extra
|
· $570 Application fee | $250 Valuation fee* | $1,095 Establishment fee | $1,485 Funder’s Legal fee plus disbursements and searches |$450 Settlement fee
· 1.25% of Loan amount Application fee | $250 Valuation fee* | $1,095 Establishment fee | $1,485 Funder’s Legal fee plus disbursements and searches | $450 Settlement fees |
| Post Approval | · $150 Loan Amendment fee for restructure of loan once approved
· $85 Solicitor Re-document fee for restructure of loan once documents issued |
| Discharge Fee | · $895 |
| Features | |
| Multiple Accounts | · N/A |
| Statements | · Half Yearly |
| Redraw Facility | · From Offset |
| Rate Lock | · N/A |
| Account Access | · Internet & Phone access |
| Portability | · N/A |
| Construction | · Not Available |
| Repayments | |
| Type | · Principal & Interest or Interest Only |
| Frequency | · Weekly, Fortnightly & Monthly; Only Monthly for Interest Only |
| Methods | · Direct Debit – Repayment drawn from Offset Account |
| Additional Repayments | · Variable Rate – Extra repayments may be made at any time without penalty
· $20K max allowable extra re-payments per Anniversary Year on Fixed Rates in the offset account or directly paid into the loan account · Fixed Term Break Cost upon request |
| Account Fees | |
| Account Keeping Fees | · $10 pe $395 Annual fee |
| Transaction Fees | · Unlimited free phone and internet transactions
· B pay |