Bernadette, there are only a very small number of lenders who will consider the refinancing of an NRAS property, however, it may still be possible to achieve better rates than you are paying right now. Do you know if it is under a Heads of Agreement or Joint Venture development, the Lenders can treat these quite differently. Given you have loans across two lenders, I am assuming that one of those loans remains secured by your Owner Occupied property. If you are prepared to continue to do this the NRAS refinance issue could be eliminated. As others have said the SMSF loans require quite a bit of setup, unless already in a self managed fund. I am very familiar with both NRAS and SMSF. Please contact me if you would like to discuss further. Regards Ken Olds
Hi Bernadette, If your Investment property loan at NAB is on variable rate you maybe able to review on interest rate and that package fee. You may also look at simplifying your banking looking at your overall financial situation saving on interest cost and fees . With Self managed super fund lending its bit different and will need to look at the individual financial situation and that's why its better to speak to specialist.
NRAS - depending on LVR and postcode. Can do superannuation loan - has a SMSF been set up.
Hi Bernadette, prior to going down the SMSF path, I would recommend that you do some research: 1) Speak with a Financial Planner who knows SMSF and various investment strategies that fit with your requirements; 2) How much is available in your husband's super as most lenders require that a minimum of 10% net asset value is held after settlement: 3) Depending on your husband's age, an SMSF might not be appropriate if say he is over 60 years old. 4) any SMSF loan will come don to serviceability which will rely on employer contributions, any voluntary contributions by your husband and the proposed rent. I write a large number of SMSF loans for both residential and commercial properties for PAYG and self-employed clients. Please check my profile for my contact details.
Hi Bernadette if you are looking for a SMSF loan, I can offer you 4.49% variable for up to 80% loan Contact me for more information , as I can assist you to get your SMSF set up as well Regards LEO
Thanks for your question Bernadette. Regarding your next purchase via your husbands super, you will need to set up a Self managed super fund. This needs to be completed before purchasing the property as you will need to have the correct name on the contract. I can assist you with the set up & the lenders that fund for self managed super fund purchases.
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Hi Bernadette, the SMSF loans are generally a higher interest rate than a standard home loan and a total borrowing of less than 80% of the value of the property will achieve the best rate currently on offer 3.89% (investment Loans). if you require the best rate, you need to stay away from SMSF loans, otherwise you will not save a lot from were you are now. happy to have a chat, so i can understand your requirements and work out a loan structure that will maximise your benefits.