12 Aug 2021

Additional SMSF Loan Documents Required by Mortgage House: Part Two

When we approve any type of home loan, we want to make sure the loan can be serviced and repaid. There is an added element of risk to approving loans for Self-Managed Super Funds. As a result, we require the following additional documents on top of proof of a completed audit:

  • A copy of the most recent signed accounts (provided by the trustee of your SMSF)
  • An audit certificate that was completed and signed in the last 20 months
  • And a confirmation of your existing funds and compliance status.

This confirmation can be as simple as grabbing a screenshot from the Australian Taxation Office’s website (https://www.superfundlookup.gov.au/). To look up your compliance status, you need your trustee’s Australian Business Number and the name of your super fund. As long as they match and you can prove you comply, we can approve you for a residential or commercial loan. 

Why Does Mortgage House Require Additional Documentation?

Self-Managed Super Funds are complex. It can be challenging to remember to schedule an audit, especially if your SMSF is newly established. However, yearly audits are mandatory for SMSFs, and you cannot lodge your tax return until you conduct an audit. Failure to lodge your tax returns can result in penalties being levied by the ATO. For example, one penalty can result in your employer’s contribution to your super not being guaranteed, resulting in insufficient funds for a loan.

At Mortgage House, we are experts specialising in loans to Self-Managed Super Funds. We can approve you for a competitive commercial or residential loan to serve as an investment property to help fund your retirement.

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