Having a Self-Managed SuperFund (SMSF) can be beneficial as it allows the owners to have some control over how they wish to invest their asset class. It also allows its owners a simple way to purchase a property with your Super, by purchasing a property within your SMSF, whilst having the rental income pay down your SMSF property loan whilst you continue to make your mandatory super contributions, you will also benefit from the capital growth between now and the time you retire. With most loans being 30 years which allows you to have a fully paid off property within your SuperFund by retirement. There's no minimum balance required to set up an SMSF, however it becomes cost-effective if your balance is $250,000 or more as SMSFs have fixed costs, while most industry and award super’s will charge a percentage, thus will cost you more as your Super Balance continues to grow.
We work closely with your Financial planner, Accountant and Solicitor when it comes to your SMSF property purchase to have a more streamlined process and ensure we are across your personal circumstances.
The process that SKF Finance adopts for SMSF loans ensures that we have a wholistic picture of your circumstances and understand your network of advisors. We want to ensure you that you are able to navigate all the complex rules that lenders have around self managed super fund loans. We also want to ensure we are choosing the loan that is right for your circumstances. Throughout the entire process, we will keep you informed and you are more than welcome to contact us at any time.
Book a short 15 to 20 minute call with us. We use this initial call to understand your situation and how we can help you. After the initial consultation, you will receive an email from us to summarise what was discussed as well as a list of documents you will be required for your finance application.
The aim of the first appointment is to go through your goals and objectives in more detail whilst noting your personal circumstances in-depth to ensure we have all the correct information when making our recommendation. We want you to walk away with a greater understanding of your own personal circumstances and what options are available to you to help you meet your goals and objectives.
After this session, we will send further documents and paperwork for you to complete if you choose to partner with us. We recommend you speak with your tax and legal advisors to ensure that we are aligned with how they set up your SMSF.
At the application preparation stage, we’ll have prepared your proposal and application ready to submit to the lenders. Our goal upon submission is loan pre-approval or approval. We will highlight any potential risks with the loan application.
After submission, we will keep you up to date with an expected date to when we will hear back from the lender.
Once we hear from the lenders, we will work with you on any items that lenders may raise. If you already have an existing executed contract, we will also work closely with you to ensure you get unconditional approval and settle on time.
We work closely with solicitors and keep all parties informed. We will also go through any loan contracts to ensure you understand what you are signing.
When your loan is formally approved, the lender will instruct their solicitors to prepare your loan offer which is either mailed or provided to you digitally. We understand the legislations are different in each state and requirements for each bank are different; so we’ll be able to talk you through your loan offer to simplify bank jargon and ensure your loan offer is correct to what we have anticipated and prepare you for settlement.
Once your loan contracts have been executed and returned to the lender, we’ll navigate with your solicitor in preparation for settlement and ensure your settlement date is met on time. On the day of settlement, we will give you a call once it is completed, and then you can celebrate your new property purchase. We also look through the settlement statement to ensure the fees and charges are correct and will follow-up with you to ensure your loan is set-up correctly after settlement.
