Millinium's SMSF Property Solutions
Millinium’s SMSF Property Solution enables corporate Self Managed Superannuation Fund (“SMSF”) Trustees to borrow funds to acquire commercial or residential property in compliance with the borrowing restrictions of the Superannuation Industry (Supervision) Act 1993 (“SIS Act”).
SMSF Investors can pay a portion of the purchase price, and use the proceeds of a limited recourse loan to purchase a commercial or residential property on their behalf, which is of course subject to their lender’s approval.Upon purchase, the Property is held by Millinium on trust for the SMSF Investor until the SMSF Investor repays the loan or directs Millinium to sell the property to a third party.
During the term of the SMSF Property Solution:
- The SMSF has a beneficial right in the property; and
- The SMSF is entitled to all income and capital value from the property and any other associated benefits (eg. Depreciation); and
- The SMSF must pay all liabilities for the property; and
- The SMSF must pay all payments (including interest, trustee fees) on the loan as and when they fall due.