Self Managed Super Funds (SMSF)
There are many ‘borrower types’ considered by banks. One of these borrower types is a Self Managed Super Fund (SMSF).
An SMSF is a superannuation trust structure providing benefits to its members at retirement stage.
An SMSF can use both commercial and residential properties as security.
Major banks will currently lend to commercial properties only while Non banks will currently lend to both residential and commercial properties.
- No minimum asset testing, ie. how much money is in the super fund
- Flexible income verification, ie. self employed clients using Business Activity Statements (BAS), Business Bank Statements (BBS) and Accountant’s Letter
- Any adverse credit on a client’s credit file can be considered