While SMSFs have been the tool of the self employed long before they became a popular investment vehicle for mum and dads investors, many of them are now finding themselves locked out of one of the most efficient strategy on offer for the very reason that they are self employed.
It’s no secret that for the small business operator, making personal superannuation contributions comes very low on the list of things to address. Furthermore, it is not unusual for a reason or another not to be fully up to date with tax returns lodgements or for these very lodgements to reflect the up to date situation of their business.
The problem is that if they have not been contributing consistently over the last 24 months and if they don’t have all their paperwork in order, most SMSF lenders will simply refuse to offer them an SMSF loan. As a result of this lending landscape, many self employed find themselves locked out of purchasing an investment property with their SMSF or even worse, locked out of purchasing business premises for their own business using their superannuation.
Low Doc Loan Experts can help though as there is one little known product which will allow self employed applicants to obtain an SMSF loan regardless of their contribution history or tax returns lodgment status. Of course, this particular lender still wants to ensure that the loan and associated repayments are within the means of the SMSF and will need reassurance from an accountant that it is so. However, they will accept that reassurance via a declaration form that the accountant can fill in and sign and not the usual tropical forest worth of documents that other lenders require.
It is also worth noting that this flexibility does not come at an exorbitant or prohibitive cost to the SMSF, making it a sensible, down to earth solution for self employed trustees interested in investing in direct property with their SMSF.
Whatever the state of your self employed lending needs, call Low Doc Loan Experts on 1300 781 680 or visit our website www.lowdocloanexperts.com.au
* The information contained in this blog is general information only. No part of this blog is to be construed as a solicitation to buy or sell any security or financial product. The author, in preparing this blog, did not take into account the investment objectives, financial situation and particular needs of any particular person. Before acting on any information or advice in this document, you should consider the appropriateness of it (and any relevant product) having regard to your circumstances. You should also seek independent financial advice prior to acquiring a financial product.