Case Study: Clayton
We sat with Clayton, based in Sydney, and discussed his experience of borrowing through his SMSF, its challenges and the outcome.
We sat with Clayton, based in Sydney, and discussed his experience of borrowing through his SMSF, its challenges and the outcome.
Background
I run my own super fund and I was looking to buy an apartment through the super fund as an investment but one that I could also see myself moving into 30 years down the track when I retire. I found an apartment that I wanted to buy and started looking for finance. Unfortunately, very few lenders offer residential SMSF loans, so I almost signed up with another company at a very high-interest rate. Then, out of nowhere, I searched the internet and I found that loans.com.au do self-managed super fund lending and your interest rate was unbeatable. I made a phone call and I got the pre-approval for a loan over the phone in less than an hour.
Challenges
- Finding the right property
- Getting an affordable rate for an SMSF loan
- Dealing with SMSF red tape
“loans.com.au's interest rate was unbeatable”
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Solutions
- I looked into 20-30 properties and did extensive research. I eventually bought an apartment at Homebush in inner-western Sydney, with low strata fees and high growth potential.
- Found that loans.com.au offers very affordable interest rates for SMSF investments, comparable to borrowing directly.
- I got an accountant to do all the legal technicalities and also got advice from a friend who had already invested through his super fund.
How much can I borrow?
Visit the Borrowing Power Calculator page to see how much I can borrow.
How was your loans.com.au experience?
It was great. What amazes me the most about loans.com.au is how fast they did the turnaround to get my loan approved. When I rang them, I got a call saying I was approved on that same day. With the other lender, I would have had to go in and sign the application documents in person which I couldn't do for more than a week because I was busy. loans.com.au was always in contact chasing things up and within a week and a half I had the loan from pre-approved to finally approved.
loans.com.au customer?
If you’re a loans.com.au customer and would like to be featured, we’d love to hear from you! Send us an email at community@loans.com.au and we’ll get in touch.
"Not only loans.com.au do the refinance without fuss, they also gave me a better rate!"
"loans.com.au's interest rate was unbeatable"
"loans.com.au was really, really helpful"
"I’d only heard good things about loans.com.au from my clients, so when I saw that you’d started lending for SMSF I didn’t hesitate."