iCare Super offers SMSF loan products from nearly 30 banks, financial institutions and lenders. Armed with helpful tools including a useful SMSF loan calculator, we specialise in both residential and commercial investment property loans.
There are huge differences in lending policies, interest rate and fees (application fees, etc.) for SMSF loans between different banks. Banks’ lending policies are much stricter with SMSF loans, such as some banks may require a SMSF has at least $200,000 of liquidable assets before applying and a 10% cash balance after the settlement of the property.
Without knowing lenders’ policies in detail or being aware of all the loan products on the market, you could pay too much interest or fees, or your application may be declined which will affect your personal credit record. At iCare Super, we use a comprehensive SMSF loan calculator to help us determine which loan is right for you.
You can borrow up to 80% for residential and 75% for commercial properties.
Up to 30 years for both residential and commercial properties.
The interest rate is from 4.59% for residential and 5.05% for commercial properties. Our SMSF loan calculator can be useful for determining how much interest you will pay.
Unlike A normal loan application, a SMSF loan takes much longer to get fully approved. We recommend that trustees make sure to have a settlement period of at least 3 months from the purchase contract signing date.
Note: Mortgage services are provided by Gavin Ma, director of iCare Super, CRN: 475893.