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Even after the new tax alert? Very brave indeed.
I think the nab's approach of only allowing a limited recourse loan with a LVR at 65% is prudent. My preference would be to put up 50% and then beat down the banks half yearly line fee and or interest rate.
Hello asdf, on the contrary there is nothing brave about it. If your going to purchase a property in your super fund you want to do it by purchasing a commercial property with a commercial yield of 8-10% net.
Yes it is. The alert highlighted that the ATO are investigating loans to SMSFs where there is capitalisation of interest (development funding) and where personal guarantees are provided by the members (amongst other things they are going to look at). As far as I am aware, Calliva are the only guys who have managed to convince RBS to lend ton a non-recourse basis.
I doubt NAB will provide a 65% commercial lend non-recouse, without a personal guarantee. Even a standard full recourse loan attracts only 70% LVR for commercial. I don't work in Risk but perhaps the banks have done their numbers such that they can lend non-recourse. Perhaps jack up the LMI but then you'll have all the mortgage insurers up in arms cos they'll have to write all the bad loans off. Anyway, if you have to give a personal guarantee, I'd wait to see what the ATO comes out with.
And clients say we dont earn our commissions lol