Caveats and Tips on buying OTP in Brisbane with SMSF ?

Many thanks

Seriously, walk away. If your balance is under $50k direct property isn't an asset class that you should consider. This is not financial, legal or professional advice - it is just plain common sense.

My guess is that someone is trying to line their own pockets at your expense.

You need to plan on a 20% deposit if you intend to approach a bank for a loan - that is if you have a Corporate Trustee established. Otherwise you will need 30% - but no one should be going into an SMSF without a Corporate Trustee in my opinion.

Add a minimum of $5k for legal and bank fees over and above the normal (ie conveyance and application) per IP.

Plan for a cash float in your SMSF of 10% of the property value - but stick it in an offset account to the loan if your lender offers it.

You must setup your entire structure first and have it done by experts, not a property salesperson.

Based on your posts I would pretty much stop right now, I smell a rat.

Trev
Thanks guys, it seems that you are correct.
so in this case it would be make more sense to invest in property when the balance of the super is greater than $100k.

Please correct me if I'm wrong.
 
Thanks guys, it seems that you are correct.
so in this case it would be make more sense to invest in property when the balance of the super is greater than $100k.

Please correct me if I'm wrong.
Some banks (e.g. ANZ) are starting to cut back on lending through SMSFs. More may follow. It might not be an option for property investors much longer if there are regulatory changes.
 
Some banks (e.g. ANZ) are starting to cut back on lending through SMSFs. More may follow. It might not be an option for property investors much longer if there are regulatory changes.
I think ANZ have never lent for SMSFs but you are right. Today I received an email from a smaller lender, The Rock, saying they would no longer be offering SMSF loans. NAB recently stopped lending too for SMSF/
 
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