Tax and legal advice
Daniel Jansen

The 14 things you need to get your SMSF loan approved

By Daniel Jansen

If you have an SMSF and you’re applying for a loan to finance a property, it pays to have all your ducks lined up to help get your application over the line. Here's how to increase your chances of success.

Blogger: Daniel Jansen, Full Circle Financial Group 

Do you have an SMSF? Are you preparing a finance application for your SMSF or in your personal capacity outside of the fund?

If you answered “yes” to at least one of the above questions, you really need to keep reading.

I’m about to tell you all the ins and outs regarding the supporting documentation you need to provide the lender with the application.

What most of you might not know is that some of the documentation you need to provide with the application for an SMSF loan will also need to be provided with an application for a home or investment loan in your personal capacity – even though your SMSF has nothing to do with you buying yourself a new home or investment property. Confusing, isn’t it?

Let’s take one step back and have a look at the documents that are (or may be) required when obtaining finance through your SMSF. This is really important if you are planning to obtain finance yourself, rather than using a specialised mortgage broker (as any broker should be aware of this). Different lenders have different priorities and processes, so by doing your research you’ll get a feel for how best to prepare your paperwork.

There is a bit of psychology involved in the world of finance – if you give the assessor reasons to think for themselves and ask questions, they will often require more and more documentation. In some instances, they will lose confidence in the applicants with disastrous consequences. If your application ticks all boxes, there will be no further questions.

Here’s how to get that large pile of paper right the first time around.

Cover note
We all know that SMSF loans can be complicated, so it 100 per cent pays off to enclose a cover note. This is where you can really sell your application to the assessor. When the assessor finishes reading the cover note, they will know what the application is all about – what the end goal is, what sort of property has been bought and when it was bought. They will also know the settlement date, the deposit paid and the funds that are available for settlement. If the borrower is a personal trustee or a trustee company, you can also provide ABNs (Australian Business Numbers) and ACNs (Australian Company Numbers) and explain who the guarantors are, if any. I could go on, but you get the point.

When the assessor knows in detail what they can expect, they will go through the actual application form (which is often confusing enough) with confidence.

If you don’t provide a cover note, you can almost guarantee that the application will present as unclear and incomplete to the assessor and they will end up asking questions that need answers. This results in loss of time – and time loss before approval is best avoided.

Application form
It is important to fill in as much as you can on the application form – details about the fund’s structure, personal details, income details of the fund, expected rental returns, your personal income details and so on.

Once the assessor has gone through the cover note and the application form, they will have a pretty good idea about whether the lender will approve the loan or not. The supporting documents are basically evidence of what you state in the application.

Super fund trust deed
The trust deed is very important, as this specifies the rules of the super fund and states what the trustee can and can’t do. The lender will need a certified copy of this. Please note that different lenders require different clauses in the deed. Ensure that your accountant or lawyer is aware of this, otherwise you’ll run into major time delays after approval.

Custodian trust deed
A custodian trust needs to be part of the SMSF’s structure if a loan is required in order to acquire the property. The requirements listed for the super fund trust deed also apply here.

Contract of sale
A full copy of the countersigned contract of sale is required.

Valuation
If possible have an upfront valuation ordered when the property is brand new (this will depend upon your lender/ broker).

The sooner you get this done, the more time you’ll have to prepare and get another valuation done by a different lender if it comes in low. When applying for a loan, it’s important to tackle as many variables as possible to get the desired result as quickly as possible.

Payslips
On the payslip, the assessor will find the contributions that your employer makes to the super fund. If you salary sacrifice into super, your payslip will show that, too. Usually you are required to provide the two most recent payslips of each individual involved.

PAYG summaries
This is basically to confirm the annual income you state and is useful when your income has an overtime component. Assessors and lenders prefer the most recent summaries possible (past two years).

Personal tax returns
This is required when you’re self-employed. Documents from the past two years are required. Please ensure you enclose either the notice of assessments or a letter from your accountant confirming that those are the final figures and that the tax return has been lodged correctly.

SMSF tax returns
When available, tax returns are required for the past two years. These give the assessor a very good indication of what the exact income and expenses are of the SMSF, especially when multiple income streams are involved (other investments within the SMSF).

History of super contributions
You need to provide a minimum of 12 months’ history of your superannuation contributions. This can be evidenced by bank statements of the SMSF, or if the SMSF has only been set up recently, 12 months of super statements should suffice.

Rental appraisal
This is a letter from a real estate agent stating the anticipated rental income for the particular property and is required when the property you bought is not yet rented out. Some lenders require the appraisal to be addressed to you or your super fund specifically, so it would make sense to request that from the real estate agent at all times. In order to get one, you will probably need to provide a floor plan with dimensions.

Accountant letter
In most instances the SMSF structure will be set up with corporate trustees for the SMSF trust and the custodian trust. Corporate trustees are companies whose only job is to act on behalf of the trust. They are not involved in trading activities. You and potential partner(s) are director(s) of these companies and you will be registered as such – so when the lender does its routine check-ups, it will notice those companies. The letter from your accountant will confirm that the companies solely act as trustees and are not trading in their own right.

Every lender will eventually ask for this letter, so it makes sense to include it in the supporting documents from the beginning.

Note: when you apply for a home or investment loan in a personal capacity, you will also need to provide this letter.

Financial planner letter
When the income of the SMSF is not sufficient to service the loan, you could decide to make additional contributions through salary sacrificing (this is also tax-effective). Please see your financial planner before making such decisions and ensure this strategy fits your personal financial situation. Please also ensure that the lender of your choice is willing to accept a letter from your financial planner stating that you will make additional contributions and can use this for servicing purposes. Often, a letter like this needs to be accompanied by a statutory declaration in which you also declare this.

These summaries give you an indication of what it takes to gather the supporting documentation in order to secure a bank loan for your SMSF.

The more complete your application is, the less the assessor will have to think and investigate. If they can just tick all the boxes and all the information they need is there, it’s likely to get approved instantly.

If you’re about to lodge an application, good luck, and hopefully this article will have contributed to a fast and quick approval.

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About the Blogger

Daniel Jansen

Daniel Jansen

Daniel Jansen is the finance and mortgage broker of Full Circle Home Loans, part of Full Circle Financial Group with ten-years experience in the financial world, both abroad (Europe) and domestic. He ensures that all members are on the best possible financial structure, in order to enable maximizing tax benefits, while paying down non-tax deductible debt in an economical way.

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podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

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Creating equity in a falling market and a long-term view of what to expect
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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
APRA investor measures have ‘run beyond their usefulness’: industry body

 

AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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Getting finance approved in this tightening lending environment

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