My best mate is looking to buy property in an smsf. I am looking for a mortgage broker who has plenty of expierence in this area and knows which banks offer what in this area. I don't care where the broker is located.
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Is it for resi or commercial?
If its commercial then a few lenders have virtually the same offering.
If its resi then your friend will benefit immensely from an offset which only a handful of lenders provide (AMP, St George/BOM and The Rock) of which St George is my personal pick based on a few reasons (if servicing is short and you need to use personal contributions then AMP needs historical evidence of payments whereas St George will just take it).
The reason for this is because lenders do not allow for equity releases within SMSF lending so its crucial to go IO w/ linked offset and accumulate all the principle payments in the offset.
If its the 2nd or 3rd or 4th IP within the SMSF and offset is not required then Macquarie is the front runner due to their rate/fee combo.
If its resi then your friend will benefit immensely from an offset which only a handful of lenders provide (AMP, St George/BOM and The Rock) of which St George is my personal pick based on a few reasons (if servicing is short and you need to use personal contributions then AMP needs historical evidence of payments whereas St George will just take it).
The reason for this is because lenders do not allow for equity releases within SMSF lending so its crucial to go IO w/ linked offset and accumulate all the principle payments in the offset.
If its the 2nd or 3rd or 4th IP within the SMSF and offset is not required then Macquarie is the front runner due to their rate/fee combo.
Interesting....
I have 2 IPs in SMSF, 2 loans and 2 offsets with St George, so does it mean it was unnecessary to create 2 offset accounts, one was sufficient?
Also, have been pre-approved for 3 IP also with ST George, so I do not need a new offset?
From what you suggested, my understanding would be to have 2 loans with 1 offset in St George, and for the new 3rd loan to go with Macquarie with no additional offset? Is that correct?
Or is the reasoning behind further IPs depleting any surplus, but what if you have more cash or deposited each year as SG, the maximum amount?
Interesting....
I have 2 IPs in SMSF, 2 loans and 2 offsets with St George, so does it mean it was unnecessary to create 2 offset accounts, one was sufficient?
Also, have been pre-approved for 3 IP also with ST George, so I do not need a new offset?
From what you suggested, my understanding would be to have 2 loans with 1 offset in St George, and for the new 3rd loan to go with Macquarie with no additional offset? Is that correct?
Or is the reasoning behind further IPs depleting any surplus, but what if you have more cash or deposited each year as SG, the maximum amount?
Makes you wonder if the Banks have closer links to the Govt and are aware of the pending change in SMSF legislation.
Cheers
insider trading
but there is some counterintuitive weird stuff, like CBA going gimme all the HDTs u can..........for us old legacy HDT folk thats magic noise.
ta
rolf
Hey Rolf, what HDT stand for?
Regards,
Clint