SMSF loans
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.
Why Use Our SMSF Mortgage Services?
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.
Conditions You Need to Meet before Applying for a SMSF Loan with iCare Super
- The net assets of your SMSF is more than $150,000.
- You would like to borrow more than $150,000
- At least one member has consistent employer or member contribution for the last two financial years
- No member is in pension phase
- It is preferred that the trustee of your SMSF is a company
- The status of SMSF on superfund lookup is complying
What is the Loan to Value Ratio (LVR) for an SMSF Loan?
You can borrow up to 80% for residential and 75% for commercial properties.
What is the Loan Term?
Up to 30 years for both residential and commercial properties.
What is the Interest Rate for a SMSF Loan?
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.
How Long Does it Take for a SMSF Loan to be Approved?
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.