A legal document governing an SMSF Trust Deed Most recent superannuation statement from your former employer The two-year audit history of your Self-Managed Super Fund An accountant’s confirmation confirming that the trustee is not trading The 2-year financial report The tax returns for the last two years of all related companies File income tax returns.

Refinancing Your Smsf

Better Loan Solutions in Mornington Peninsula • Learning Centre • Insights

Refinancing your SMSF.

Your SMSF loan is most likely uncompetitive and has high fees. If you already have an SMSF loan on your investment property, it’s quite possible that you have an uncompetitive rate and high fees.

If you thought about refinancing your property to take advantage of a better deal, but since there aren’t many lenders in the market who offer SMSF loans, is it worthwhile to refinance?

As with refinancing any other type of loan, the main benefit of refinancing your SMSF loan is the possibility of getting a better interest rate to save more money. You could save thousands more if you refinance to a lower rate SMSF loan if the rate on your current SMSF loan is high and there are similar loans available on the market that would offer lower rates.

That way you can build your retirement wealth quicker by saving thousands of dollars more. As well as offering better features and flexibility, one of the other benefits of refinancing your SMSF loan is that you will be able to get a new SMSF loan that offers you more benefits.

Things to know before considering a SMSF loan refinance

SMSF loans are slightly more complex beasts than your typical loan. It is important that before refinancing your SMSF loan, you pay attention to a few important factors:

ATO Requirements

You can't increase the amount you're borrowing against your SMSF when refinancing it, according to the Australian Taxation Office (ATO). Additionally, the ATO does not allow you to refinance your SMSF loan in order to improve the property through renovations, but you may refinance to repair the property. In order to refinance SMSF loans, the ATO has a few additional requirements, so it is a good idea to consult with a tax expert beforehand.

Fees, interest rate, and charges:

It is common for SMSF loans to come with more fees than conventional home loans. Before deciding on a SMSF loan, it is a good idea to shop around and compare various lenders' rates, fees, and charges. Furthermore, it is important to know whether you might be able to save money by switching to a fixed-rate SMSF loan or a variable-rate SMSF, as well as how much you might be able to save by refinancing the loan.

Benefits of refinancing versus the cost:

There are several fees involved in refinancing an SMSF loan, including the application fee, settlement fee, and legal fees.

The time it will take to refinance:

You should also ask yourself if the benefits of refinancing your SMSF loan will outweigh the time you will spend on the process, since refinancing an SMSF loan takes longer than refinancing a traditional home loan because there is more paperwork involved.

How to refinance your SMSF loan

The next step in refinancing your SMSF loan is to contact a strategic mortgage broker that understands SMSF loans. They will be able to assist you in understanding if you are eligible for it and have all the necessary documents ready as soon as you have weighed up all of the above information and decided that it would be worthwhile.

Requirements that must be fulfilled

Borrow up to 80% of the value of the investment, which equates to the total cost of switching/refinancing being no more than this.
The investment property you buy using self-managed super funds (SMSF) loans should be located in a metropolitan area.
Typically, you will need between 10-20% of the value of the property in liquid assets after settlement.
The borrower has to choose a new term between 15 and 30 years and the loan cannot be more than or less than the outstanding balance.
Your existing home loan must have been active for more than one year and must have made all payments on time for the past six months.

Documents required

A legal document governing an SMSF
Trust Deed
Most recent superannuation statement from your former employer
The two-year audit history of your Self-Managed Super Fund
An accountant’s confirmation confirming that the trustee is not trading
The 2-year financial report
The tax returns for the last two years of all related companies
File income tax returns.

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