SMSF Property Loans Online Product Training

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1 SMSF Property Loans Online Product Training

2 Contents 01 SMSFs and borrowing 02 Responsibilities and licensing 03 Product overview and features 04 Fees 05 Credit policy 06 Case study 07 Next steps

3 01 SMSFS AND BORROWING

4 SMSFs and borrowing

5 SMSFs and borrowing Number of funds 534,176 funds 6 per cent growth since June 2013 Assets $543bn total net assets Projected to reach $2 trillion by 2030 In June 2014, the average SMSF balance reached $1,000,000 Members 1,011,686 SMSF members $537,111 average assets per member at June 2014 Source: ATO Self-managed super fund statistical report June 2014 APRA Quarterly Superannuation Performance (interim edition) June 2014

6 Why are SMSFs popular? SMSFs and borrowing Control and choice Flexibility to invest in a wide range of asset classes Investment gearing opportunities including property loan: 16% net SMSF assets allocated to residential and commercial real estate two per cent net SMSF assets allocated to borrowings.

7 1 Purpose Three key points of difference The lender requires: borrowed funds to be used to purchase a residential investment property funds cannot be used to purchase commercial real estate, vacant land or owner occupied residential property. Superannuation law also requires: funds to be used to purchase a single acquirable asset sole purpose must be for investment (no personal use or enjoyment) all transactions must be at arm s length, for non-related parties and conducted at market rates.

8 Three key points of difference 2 Property ownership While the fund is paying off the loan, the property is held in trust for the benefit of the SMSF until the loan is repaid Once the loan has been repaid, the ownership of the property may be transferred to the SMSF

9 Three key points of difference 3 Limited recourse borrowing SMSFs are considered to be limited recourse borrowing in order to protect the other assets held in the SMSF This means the lender s recourse must be limited to the underlying asset and any guarantees

10 SMSFs and borrowing Who is eligible under the credit policy? Australian residents with an existing SMSF or currently in the process of establishing a SMSF

11 SMSF borrowing structure SMSFs and borrowing Mortgage over property (rights limited to property) SMSF trustees $200K loan Loan repayments $400K purchase price (loan plus $200K cash from SMSF) Seller Lender The lender requires the trustee of the holding trust to be a nontrading corporate entity and it cannot be the same as the SMSF corporate trustee Beneficiary Holding trust* Transfer of legal title Holding trust has legal ownership until loan repaid * Holding trust also known as a bare trust or property trust SMSF has beneficial interest Rent Investment property SMSF trustees considering an AFG SMSF Property Loan must seek independent financial and legal advice.

12 Bank requirements SMSFs and borrowing SMSF trustee must be: a minimum of two individuals or a corporate trustee. At least one SMSF member to be a director of the corporate trustee of the holding trust All members to provide guarantees and guarantee waivers

13 Bank requirements SMSFs and borrowing All SMSF trustees and guarantors to provide a certificate of acknowledgement of advice: from accountant or financial planner licensed in SMSFs limited to outlining risks and obligations in relation to the loan All SMSF trustees and guarantors must receive independent legal advice Full independent financial advice recommended but not mandatory

14 SMSFs and borrowing Booklet A guide to super borrowing A reference tool for you and trustees What is super borrowing? Why you might enter into a super borrowing arrangement What are the risks? Establishing and maintaining a super borrowing arrangement The end of a super borrowing arrangement Case studies and other reference materials

15 02 RESPONSIBILITIES AND LICENSING

16 Responsibilities and licensing Mortgage Broker Licensed to provide credit advice Limited to providing the appropriate lending solution only Should not provide an opinion in relation to the appropriateness of an SMSF or a specific property or provider. Recommend SMSF Trustees seek independent legal and financial advice from qualified third parties

17 Responsibilities and licensing Mortgage Broker Licensed to provide credit advice Limited to providing the appropriate lending solution only Should not provide an opinion in relation to the appropriateness of an SMSF or a specific property or provider. Recommend SMSF Trustees seek independent legal and financial advice from qualified third parties Financial Planner Advise on the suitability of an SMSF Assist with the development and implementation of the investment strategy Should not provide advice on the appropriate lending solution

18 Responsibilities and licensing Mortgage Broker Licensed to provide credit advice Limited to providing the appropriate lending solution only Should not provide an opinion in relation to the appropriateness of an SMSF or a specific property or provider. Recommend SMSF Trustees seek independent legal and financial advice from qualified third parties Financial Planner Advise on the suitability of an SMSF Assist with the development and implementation of the investment strategy Should not provide advice on the appropriate lending solution SMSF trustee The investment meets the investment strategy The SMSF has the ability to borrow The property is a single acquirable asset Establish the appropriate structures and review insurances Execute the purchase contract in the correct name Meet all obligations under the purchase and loan contracts Refer to Your Super - booklet 6 Self managed super funds: A guide super borrowing which further outlines the trustee responsibilities

19 Responsibilities and licensing Selecting the appropriate property Licensing limitations the lender supports applications where the SMSF trustee has selected the property Industry regulators provide continued guidance relating to the complex process of advisers recommending property to SMSF trustees the lender supports SMSF Property Loan applications where an accountant, financial adviser or mortgage broker have NOT received a payment relating to the successful sale of the property

20 03 PRODUCT OVERVIEW AND FEATURES

21 Product overview and features Loan term 30 years

22 Product overview and features Loan term Maximum loan Maximum LVR 30 years $1,000,000 (maximum SMSF exposure $1.5 million) 80 percent*

23 Product overview and features Loan term Maximum loan Maximum LVR Interest rate options 30 years $1,000,000 (maximum SMSF exposure $1.5 million) 80 per cent Variable rate Fixed rates one to five years

24 Product overview and features Loan term Maximum loan Maximum LVR Interest rate options Repayment types Account splits 30 years $1,000,000 (maximum SMSF exposure $1.5 million) 80 per cent Variable rate Fixed rates one to five years Principal and interest (P&I) will apply to all loans over 70 percent LVR Interest only (IO) available up to five years for loans at 70 percent LVR or less Yes. Option to split loan into two accounts

25 Product overview and features Loan term Maximum loan Maximum LVR Interest rate options Repayment types Account splits Redraw Loan variations Other features 30 years $1,000,000 (maximum SMSF exposure $1.5 million) 80 per cent Variable rate Fixed rates one to five years Principal and interest (P&I) will apply to all loans over 70 percent LVR Interest only (IO) available up to five years for loans at 70 percent LVR or less Yes. Option to split loan into two accounts Not permitted Principal increases and security variations not permitted Online and phone access (redraw, BPAY and funds transfer transactions not available for SMSF Property Loans. Registered to BPAY Pty Limited ABN

26 04 FEES

27 Application fee $500 Fees

28 Fees Application fee $500 Panel solicitor fee $1,430 (including GST)

29 Fees Application fee $500 Panel solicitor fee $1,430 (including GST) Account management fee Nil

30 05 CREDIT POLICY

31 Credit policy Loan purpose Residential property only Purchase a single residential investment property plus acquisition costs Excludes commercial real estate, vacant land or owner-occupied residential property Must be at arm s length at market rates The vendor must not be a related party

32 Credit policy Loan purpose Loan purpose restrictions Refinance Construction Equity release or debt consolidation Owner-occupied Home improvements Bridging Principal increases Multiple titles Substitution of security

33 Credit policy Security property Security location Metro category 1 (category 2 case by case ) Acceptable security property Single asset on a single title The loan must not cover furnishings or non fixtures Security type, land and building size as per standard policy For newly developed property in established areas refer to your Business Development Manager

34 Credit policy Security property Unacceptable security property Vacant land Off-the-plan purchases Property less than two years old in outer metro or regional areas Second registered mortgages Subject to lease with a related party of the fund Other: as per standard credit policy A full valuation by a panel valuer is required

35 Credit policy Loan assessment Minimum net asset position A minimum net asset position of the SMSF of $200,000 prior to the property purchase Funds to complete The SMSF to have sufficient monies or equity to cover the required deposit, acquisition and settlement costs Serviceability SMSF Guarantors ability to meet guarantee obligations

36 Credit policy SMSF serviceability Income assessment The SMSF loan serviceability calculator is to be used

37 Credit policy SMSF serviceability Income assessment 80 per cent of SMSF rental income SMSF interest/dividend earning assets assessed at three per cent deeming rate (share certificates, holding or financial statements required) The calculator reduces the reliance on super contributions and interest/dividend income for older members

38 SMSF serviceability Credit policy PAYG applicants 9.50% super contributions used in servicing, verified to payslips or an employer letter Salaries above the maximum super guarantee (SG) contribution base ($197,720 in 2014/15) require evidence or a letter from the employer confirming contribution levels (above this level is not subject to SG) Greater than 9.50% contributions can be used for government employees where the employer confirms employment term exceeds two years Ability to make additional contributions considered (evidence of past contributions or savings over a two-year period may be required) Contributions per member for servicing: members over 50 years old: maximum $35,000 all other members: maximum $30,000.

39 SMSF serviceability Credit policy Self-employed applicants SMSF trustee statement or SMSF tax returns verifying super contributions for the past two years Where the SMSF fund has not been setup for two years, contributions to super evidenced by most recent business tax returns/financials or an accountant s letter From July 2014, 9.50% of net taxable income used for servicing (adjusted for any allowable add backs) Greater than 9.50% will be considered based on ability to make additional contributions (evidence of past contributions or savings over a two year period may be required)

40 SMSF serviceability Credit policy SMSF assets, liabilities and ongoing expenses Consideration is given to overall assets, property loans and other commitments A letter from an accountant or evidenced in previous years tax return or invoices/receipts Serviceability test Minimum NSR of 1.00 (using the SMSF serviceability calculator)

41 Credit policy Additional contributions guarantors serviceability Overview SMSF Property Loan Guarantors serviceability is only assessed when the SMSF s serviceability is reliant on the Guarantor to make additional contributions above the mandatory compulsory contributions Income assessment Standard income assessment and verification procedures Standard serviceability calculator to be used Serviceability test Minimum of 1.00 times In cases where serviceability is not evident, consideration is given to other sources of equity to clear the debt outside of selling the guarantor s owner occupied property

42 06 CASE STUDY

43 Scenario Case study William and Jane Barker have an SMSF (Barker Super) with $200,000 in cash and $70,000 in other assets William and Jane both work PAYG ($90,000 per annum and $40,000 per annum) They wish to purchase a $400,000 investment property in the SMSF, using the $200,000 in cash and borrowing the remainder ($200,000 plus $20,000 in associated costs) This case study provided including all names and details is a fictitious example only and is provided for illustrative purposes to demonstrate the basic outline of how the the lender SMSF Property Loan can be structured, it should not be relied upon for any reason and provides no determination of the potential tax implications of a the lender SMSF Property Loan. We recommend your clients obtain independent financial, legal and taxation advice before making any financial investment decision. For more information, please refer to the Mortgage Reference Manual.

44 How to Case study seek independent financial and legal advice setup the trust structures required for the loan setup a separate holding trust for the property (must be a corporate entity eg. Barker Holding Pty Ltd) the loan to be taken out by the SMSF trustees the SMSF trustees can be a company or individuals (minimum of two individual trustees) the SMSF is the beneficial owner and receives the rental income once the loan is repaid the legal ownership of the property can be transferred to the Barker s SMSF.

45 Why a need for the limited recourse structure A full recourse scenario Personal

46 Why a need for the limited recourse structure A full recourse scenario Personal SMSF

47 Why a need for the limited recourse structure A full recourse scenario Personal SMSF

48 Why a need for the limited recourse structure A full recourse scenario Personal SMSF

49 Why a need for the limited recourse structure A full recourse scenario Personal SMSF

50 Why a need for the limited recourse structure A full recourse scenario Personal SMSF

51 Why a need for the limited recourse structure SMSF limited recourse scenario Personal SMSF

52 Why a need for the limited recourse structure SMSF limited recourse scenario Personal SMSF

53 Why a need for the limited recourse structure SMSF limited recourse scenario Personal Holding trustee (legal owner) SMSF (beneficial owner)

54 Why a need for the limited recourse structure SMSF limited recourse scenario Personal Holding trustee SMSF

55 Why a need for the limited recourse structure SMSF limited recourse scenario Repayments complete Personal Holding trustee SMSF

56 Why a need for the limited recourse structure SMSF limited recourse scenario Personal Holding trustee SMSF

57 Why a need for the limited recourse structure SMSF limited recourse scenario Personal guarantee Personal Holding trustee SMSF

58 Case study SMSF serviceability calculator The example shown here is based on a super contribution rate of 9.5%

59 Case study SMSF serviceability calculator 80 % or rental income used for servicing Calculator uses up to 3%of this amount for servicing (depending on member age) $200,000 minimum net assets required before the purchase The example shown here is based on a super contribution rate of 9.5%

60 Case study SMSF serviceability calculator Servicing tests. Outside standard thresholds considered based on ability of members to make additional contributions The example shown here is based on a super contribution rate of 9.5%

61 07 NEXT STEPS

62 Next steps Download application form and loan coversheet: available from your software platform

63 Next steps Refer to the lender Mortgage Reference Manual or Mortgages Little Black Book app: they contain product information, credit policies and outline the application process and supporting documentation required. Use serviceability calculators: use SMSF calculator to assess fund s serviceability use standard calculator to assess guarantor s serviceability. Speak to your BDM, they re here to help.

64 Quiz and registration After reaching final slide of this presentation, click Take quiz tab at top of screen Answer registration questions Answer quiz questions Submit You will receive a confirmation message or a message to complete the quiz/registration correctly

65 Beautifully uncomplicated

66 Disclaimer The information contained in this presentation has been prepared Macquarie Securitisation Limited (MSL) (Australian Credit Licence (ACL) ) ACN and is to be used as a general guide only, and must not be copied, in whole or in part, or distributed to any other person. It is to be used solely for the purpose of education and not to be used for any other purpose by any other party than the Macquarie representative. Except for Macquarie Bank Limited (Australian Credit Licence ) ABN (MBL), any Macquarie entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity's obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise. This presentation and the contents herein are valid as at the date specified only and to the extent permitted by law, MSL does not take any responsibility for errors or misstatements, negligent or otherwise, contained in this document, or for any consequences flowing from the distribution of this presentation. The information may be based on assumptions or market conditions and may change without notice and must not be relied upon for any reason. This disclaimer applies to this entire document in whole or in part. IMPORTANT: You must hold an Australian Credit Licence in order to assist a customer into, or suggest or offer to a customer, a consumer credit product and Macquarie Bank will not accept any consumer credit application from an unlicensed person unless an appropriate exemption applies.

67 Thank you

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