SMSF Lending Details
01 SMSF Loan Purchase Cost Test
With most SMSF Lenders, you will need to have enough for a thirty (30%) deposit, stamp duty, loan, setup and legal fees and investment buffer. Based on the above example, you will need to have $246,450 in super to purchase this property between 1-4 people.
Now once you know that you can fund a property purchase the most important test is the loan servicing test. SMSF Lenders will include the following types of income and they will add up to a 3% interest loading to the loan interest rate.
02 SMSF Loan Servicing Test
Loan Amount – 70% of property value = $385,000
Interest rate – 5.40%
Interest stress loading 3%
Rental income – $415 per week
Super contributions – $28,000 ( for a couple )
Income a lender accepts