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Borrowing checklist

All the SMSF loan applications are full documentation loans,  we have developed the following borrowing checklist for our clients for loan application purpose.

Things to be done before the loan application:

  1. You have an existing SMSF or a new SMSF set up by iCare Super
  2. You need to set up the trustee company for the bare trust before you sign the contact of sale. As most property auctions are on Sundays, you need to contact us to set up the company before the purchase.
  3. Your SMSF trust deed must meet lender’s requirements. Please note iCare Super’s trust deed is accepted by all lenders and no need to be amended. We will update or amend the deed for you if it is required by the lenders.
  4. You can apply a pre-approval so you know exactly how much you can borrow in your SMSF. iCare Super can help you choose a lender that best suit your SMSF and apply for the pre-approval.
  5. You  search the right property to purchase based on your budget and loan pre-approval. Please make sure you sign the contract of sale in the name of the bare trustee.
  6. We will set up the bare trust for the property purchase after the purchase.
Loan documents checklist:

• Signed Loan Application Form
• SMSF Trust Deed
• Full Copies of Signed Bare Trust Deed
• Full Copies of Signed Contract of Sale
• Last 1-2 Years SMSF Financial Statements, Tax Return & Auditor Reports
• Proof of income for all members, such as employer contribution history for last 2 years.
• Rental Appraisal Letter for the Property Being Purchased.
• SOA from a Financial Planner May Be Required.

We will help you get the loan approved from start to finish and make sure you choose the best loan products for your SMSF!

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