John approached our office in a distressed position. He had placed a deposit on a property without securing finance!
Initially, he explored options with several banks and was considering proceeding through an SMSF structure . Upon review, it became clear that this approach was not suitable for his circumstances.
He had less than two weeks remaining before settlement and no formal loan approval in place. Additionally, he did not have sufficient cash savings to cover the contribution required to complete the purchase.
How did we help?
- We assessed his overall financial position via existing property holdings
- Guided him on how equity from his current home could be accessed and used to support the required contribution.
- Advised that an SMSF was not appropriate for his situation.
- We prepared and lodged a loan application on his behalf.
- We closely managed the process and maintained regular follow-ups with the lender to ensure the application progressed without delay.
With all this, John was able to complete the purchase on time, avoiding potential contract penalties and loss of deposit!
Note: SMSF lending is a specialised strategy and may not be suitable for all borrowers. It involves strict regulatory requirements, limited flexibility, and specific borrowing conditions. A full assessment of individual circumstances is required to determine whether an SMSF structure is appropriate or whether an alternative lending solution would better suit the client’s needs and timeframes.
