Whilst St George were the only bank previously not requiring personal guarantees from SMSF members on all of their SMSF loan product offerings, their Business & Corporate Banking unit have this week amended their minimum security credit policy as follows.
"Beneficiaries guarantee from all adult beneficiaries where servicing assessment includes reliance on member contributions to meet bank
policy."
What this means is that unless the SMSF income not including members contributions meets the banks servicing criteria then a personal guarantee will be required.
Interestingly St George's consumer SMSF product seems to have not changed.
Lets hope this continues to be the case.
"Beneficiaries guarantee from all adult beneficiaries where servicing assessment includes reliance on member contributions to meet bank
policy."
What this means is that unless the SMSF income not including members contributions meets the banks servicing criteria then a personal guarantee will be required.
Interestingly St George's consumer SMSF product seems to have not changed.
Lets hope this continues to be the case.