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I did indeed Mr W, but only after changing accountants. It was simply a matter of going to a competent accountant who knew of these matters. Unlike the previous accountant who was unable to help , this one supplied me with the relevant paperwork that I needed and for which I could just go and...

... well some hope for future customers - refer the bank's response received today; "I have been advised that once the loan has been repaid it is up to the customer to transfer the Title from the security custodian to the SMSF itself. This can be completed by a conveyancer or direct via the...

Yes Perth Guy, exactly, very easy to believe it would be a 'done deal' when the loan is paid out but nothing is ever simple as it appears...

My original situation involved having the accountant changing the bank he used for dealing with LRCB after I had signed the contract, such that I was obliged to go down this more expensive path as I was relying on his superior knowledge in how these loans worked and the "water tightness" of the...

Yes well I guess if it's not going to be the drama I thought it was, it would have been a good customer relation exercise for the bank (given they are the first one to know that the loan has been extinguished) to include in the "congratulations you've paid off your loan note" a paragraph about...

Thanks for that, but really how many of us who have been setup into these had been told that is what would occur at the end? The lawyers on here would no doubt say caveat emptor and you should have undertaken your due diligence, but really when you are seeking professional advice in the first...

We'll I appreciate the heads up on that, cos I was ready to have a go at the bank ... ( still , you'd think that sort of info would have been been known by my accountant given he deals with setting up these structures !)

Thanks very much for that Terry. It would seem that I need to go back to the bank that lent me the money as it would have been the bank that required the company in the first place? Surely that should have been done by them at the time of closing out the loan / issuing the cert of title ?

Anyone know what happens when the instalment loan for a super owned IP has been paid off? The use of a company was necessary because of the set up of the recourse loan, but given the loan is paid off, the function of having a company is now redundant. I don't see the point of having to pay...