We have an 80 % LVR loan available for our next SMSF purchase. Not sure , but think it's with St George .
Cliff
Did they want personal guarantee or annual reviews? Did they only use superannuation contributions and rent as serviceability?
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We have an 80 % LVR loan available for our next SMSF purchase. Not sure , but think it's with St George .
Cliff
Did they want personal guarantee or annual reviews? Did they only use superannuation contributions and rent as serviceability?
Be surprised how many brokers, solicitor have no idea about Super lending.
Had one today where the clients Solicitors told them that Certificate of currency needed to show the insured as the Security Trustee and they didn't believe me when i told them that was incorrect.
Unless you have a large SMSF with lots of funds to spare, I wouldn't bother with buying "development opportunities" within Super. The rules are too tough and the limitations placed on Lending within SMSF's prevents a lot of the things you would want to do (i.e subdivide).
I would really just stick to "buy and hold" properties in super and buy everything else outside.
It is possible develop properties within super, but the effort required to do so is significantly higher, you need a lot more of your own capital and at the end of the day you will come to the conclusion that you should have just bought the property in your own name and not bothered with the SMSF to begin with.
The ATO and Super legislation only let you do very conservative and boring things with your Super. This is to protect the vast majority of Australians that shouldn’t be let anywhere near a SMSF.
Hi All
Read this whole post and it took me some time......however I am setting up my SMSF with a corporate trustee and now need to open a bank account. Should the account be opened in the name of the trustee or SMSF?
All this reading is doing my head in and I can't think clearly at the moment and need some direction!!!!!!!!
Please let me know.
Best
Barnie
can anyone help me with my questions?
The thread started off 4 years ago with St George being a favorite for SMSF lending amongst few other member's feedback.
Is it still the case from a broker perspective? Is it still max 72% LVR with no personal guarantees?
Are there any other lender on LVR 80% that is as good as St George?
IMO - an Offset in an SMSF is of huge importance. It is a strategy that is overlook by many.
The most ironic part of this story is that I went into 2 major St George branch last week to set up an offset for the SMSF loan and neither branch knew that they offered an offset against the SMSF.
Just for simplicities sake and to remove any future issues, I'd do the following:
- Buy any renovators delights/development potential properties outside of super
- stick to just buy and hold properties inside super.