Timeline - SMSF Loan Process
Please find below a step by step guide and approximate timeframe of the loan process.
| Steps Involved |
Process |
Estimated Timeline |
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Apply for pre-approval online at:
www.esuperfund.com.au/property/
LoanPreapproval.aspx
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We will email you a pre-populated application form detailing the supporting documentation and information required to submit the loan application.
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1 - 2 Business days
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Application and supporting documentation to be returned and application to be lodged.
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Applicants will need to provide ALL information requested in the application form and accompanying cover letter.
IMPORTANT: Please note that the loan will not be lodged until ALL supporting documentation and signed declarations have been received.
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This timeframe is dependent on the time taken by the applicants to return the required supporting information and documentation.
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Conditional Approval
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To the extent that no further information is requested from the lender conditional approval is usually granted within 1-2 weeks of lodgement.
IMPORTANT: A lenders conditional approval period is usually valid for 90 days. If you have not contracted to purchase a property in this time you will be required to submit a new loan application. Please note that additional fees may be applied to attend to any re-submitted applications.
IMPORTANT: An offer to purchase a property should not be made until conditional approval has been provided by the lender.
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1 - 2 weeks after loan lodgement (depending on the complexity of the application).
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Apply to establish a Security Custodian Trustee Company
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Once conditional approval has been granted by the lender a Security Custodian (company) should now be established (refer to our website for details on establishing your security custodian). An existing company may be used as the Security Custodian.
IMPORTANT: The Security Custodian MUST be nominated as the purchasing entity on the Contract of Sale.
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Instantly online.
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Formal Approval Granted by Lender
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Prior to granting formal approval the lender will:
- Arrange a valuation of the property verifying the market value and estimated rent of the property;
- Need to see evidence that the SMSF has sufficient cash to meet the stated deposit and that a cash surplus of 4% of the purchase price of the property will remain in the SMSF bank account after settlement.
- The lender may request updated payslips and bank statements prior to granting formal approval.
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2-3 Weeks
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Settlement
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Once formal approval has been granted the lender will outsource the preparation of the loan documentation and mail to us for checking. This process takes approximately 1 week.
The documents will be express posted to applicants for execution and then will need to be on-sent directly to the lender. This process usually takes at least 1 week.
The lender requires approximately 1 week to review the documentation once returned.
Once the lender is satisfied that the documentation has been correctly executed settlement can then be booked.
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2-3 Weeks
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