How Millinium's SMSF Property Solutions Works
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How it Works
Millinium’s process for a SMSF acquiring property works like this:
Get Started
- Have (or set up) a company to be trustee.
- Have (or set up) a complying Self Managed Superannuation Fund (“SMSF”).
- Identify a property your SMSF wishes to acquire.
- Collate any necessary documentation for your lending arrangement.
- Call us for assistance with meeting our requirements.
Complete Product Form
- Complete our online questionnaire to get started.
- Apply through Millinium’s SMSF Property Solution and supply all information with the completed Application Form.
- If your SMSF, structure and the property to be acquired meet Millinium’s requirements we will provide your Application to the lender.
Await Lender
- Upon approval a Finance Offer will be forwarded to you outlining all the lender fees, terms and conditions to be met prior to settlement. Documentation may also be forwarded to you.
- A formal valuation of the Property will be required and the Finance Offer may be subject to that if it hasn’t been addressed earlier.
- Upon acceptance of the Finance Offer, and meeting all conditions and payment of necessary fees an account will also be opened to receive the rent, draw payments for the loan and pay ongoing costs.
Acquire your Property
- Proceed to settlement – after which Millinium will hold the documents, maintain the trust for your SMSF and make amendments where the legislation requires, provide income / expenditure report to you and/ or your adviser.
- Loan payments and costs will be made directly out of the loan account which will also receive the rent. This will continue until the property is sold or the loan repaid.
Termination of your Property Solution. There are 2 choices:
You may provide a notice to:
1 - terminate your relationship with us by selling your property to a third party and upon settlement paying all monies owing including loan repayments.
OR
2 - transfer the property into your SMSF (subject to paying any monies owing including loan repayments and take advantage of a stamp duty exemption upon complying with its requirements. You can then take a more active role in the property’s administration.
