NAB launch SMSF lending

[Witzl]

I'm toying with the idea of buying a property through SMSF in the next 12 months, and have been doing some loose numbers to work out if it's a viable option for me....

... part of the equation hinges on whether you can get interest only loans, or do they have to be P&I loans?

It makes a substantial difference to me, as i dont want to be tipping too much voluntary contributions into my SMSF to keep the property rolling along.


Im only 27, but i see my current super contriubutions as wasted money. I would prefer to see them put towards buying a property that I could potentially benefit from in the future. Im trying to work out if it is viable, or even worth it, to buy a property through SMSF at my age.

 

[MikeF]

I'm toying with the idea of buying a property through SMSF in the next 12 months, and have been doing some loose numbers to work out if it's a viable option for me....

... part of the equation hinges on whether you can get interest only loans, or do they have to be P&I loans?

Interest only payment terms are available from all lenders with max 5 years being normal however St George say they will look to do up to 15 years interest only.

 

[BV]

Thanks Guys

I find the NAB 10 year fixed very interesting but don't like their low LVR.
Are the NAB valuations accurate or are they valuing properties low so their 65% LVR becomes even lower?

cheers

 

[MikeF]

Thanks Guys

I find the NAB 10 year fixed very interesting but don't like their low LVR.
Are the NAB valuations accurate or are they valuing properties low so their 65% LVR becomes even lower?

cheers

Bill

To date all valuations for deals I've done with NAB so far have been done using their own internal valuation people & and to date I've had no problems.

Had a small commercial property recently financed in Melbourne which came in a little bit under purchase price and they still did the deal without reducing the loan amount.

NAB's LVR's are 70% on residential 65% on commercial properties.

 

[BV]

Mike

Thanks, I'll contact you when I am ready

Cheers

 

[Trying2Learn]

Our smsf loan started back in the second week of Sept when documents were first submitted. We found a property in the first week of Nov and due to the bank have still not settled, we are due to do this next week fingers crossed.

Mind you they asked for a document early this week from our solicitor which was a copy of the court order from the vendors solicitor to state that the bank was able to sell it ( mortgage sale ) and now the vendors solicitor won't supply it because they don't have to! NAB still want it to do the loan

When will this loan ever end !

 

[Rob Williams]

I've found the link to the CBA SuperGear product.
http://www.commbank.com.au/business/investments-super/self-managed-super/default.aspx
Anyone got similar links to the other banks (NAB, ANZ, Westpac etc) products so I can compare them?
Thanks

 

[Sabitor_84]

I havant read the whole post, only the first page.

what does SMSF stand for?

Thanks,

Matt

 

[Rob Williams]

Self Managed Superannuation Fund

 

[nonrecourse]

I'm toying with the idea of buying a property through SMSF in the next 12 months, and have been doing some loose numbers to work out if it's a viable option for me....

... part of the equation hinges on whether you can get interest only loans, or do they have to be P&I loans?

It makes a substantial difference to me, as i dont want to be tipping too much voluntary contributions into my SMSF to keep the property rolling along.


Im only 27, but i see my current super contriubutions as wasted money. I would prefer to see them put towards buying a property that I could potentially benefit from in the future. Im trying to work out if it is viable, or even worth it, to buy a property through SMSF at my age.

Hello Witzl;
Are you still exploring the option of purchasing a property via a warrant in your SMSF?

I agree that super is a waste of time if you are in an industry fund or worse yet a retail fund as has been clearly demonstrated the share market is no place for widows orphans or the average wage earner.

I have always argued that as a small share holder you are relying on a faceless board or boards to look after your retirement nest egg. By having your own SMSF and investing in direct property you have direct control.

No one has your interest at heart like you do.

 

[ILoveProperty]

I've found the link to the CBA SuperGear product.
http://www.commbank.com.au/business/investments-super/self-managed-super/default.aspx
Anyone got similar links to the other banks (NAB, ANZ, Westpac etc) products so I can compare them?
Thanks

Rob,
Not sure if you saw this thread:
http://www.somersoft.com/forums/showthread.php?t=49632

Has a bit on SuperGear and personal guarantees...

 

[MikeF]

I've found the link to the CBA SuperGear product.
http://www.commbank.com.au/business/investments-super/self-managed-super/default.aspx
Anyone got similar links to the other banks (NAB, ANZ, Westpac etc) products so I can compare them?
Thanks

Rob

You can find some info on the St George resi SMSF product at:

http://www.stgeorge.com.au/loans/home-loans/invest-in-property/self-managed-super-fund.asp