We use St George for most of our SMSF Lending due to their offset feature.
As of today (most likely influenced by the APRA guidelines) St George will require customers to have at least 10% in liquid assets (shares, cash deposit, etc) after the purchase for the property. This now means that instead of requiring a minimum of 25% deposit - you will require 35%.
If the minimum requirement is not met within the SMSF, additional funds or assets held by the directors/members in an APRA regulated Superannuation Fund or demonstration of ability to make future super contributions can be considered.
Will post more changes re SMSF Lending as it comes to light but this is a very interesting one.
As of today (most likely influenced by the APRA guidelines) St George will require customers to have at least 10% in liquid assets (shares, cash deposit, etc) after the purchase for the property. This now means that instead of requiring a minimum of 25% deposit - you will require 35%.
If the minimum requirement is not met within the SMSF, additional funds or assets held by the directors/members in an APRA regulated Superannuation Fund or demonstration of ability to make future super contributions can be considered.
Will post more changes re SMSF Lending as it comes to light but this is a very interesting one.