Applicants had recently set up a SMSF with the intention to purchase an existing 3 bedroom house, in metropolitan Melbourne, valued at $500,000. Applicants had an existing superannuation balance of $75,000 and had each made additional contributions of $25,000 into the fund this financial year. As the contributions were made in a lump is, rather than periodical, serviceability was looked at outside the SMSF in its own right, and was based on the company’s performance as well as the applicants’ ability to make regular contributions to their SMSF. Servicing also took into account applicants’ living expense and personal liabilities.
Solution: Loan was approved using our Residential SMSF product at 80% LVR
