SMSF Loan Refinance

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Refinancing a SMSF

What is a SMSF loan?

A SMSF loan is a type of personal loan that allows you to borrow money from the retirement fund. The main benefit of using a SMSF loan is that it has lower interest rates and fees than other types of loans. It also offers flexibility, as you can borrow as much or as little as you need, and repay it in full at any time.

This is a different process than your typical refinancing loan. Since your loan will be taken out by your SMSF and not yourself, an LRBA is used to protect your SMSF and its assets. If your loan remains unpaid, your lender cannot seize any of your SMSF’s other assets.

Am I Eligible?​

To refinance an SMSF you have to meet certain a requirements, This process can be quite strict and can include:

How does it work?

Re-financing your SMSF loan isn’t a quick and easy task. There is a range of things to consider before you apply such as eligibility criteria and the suitability of the loan for your funds’ investment needs.

The process for applying for an SMSF loan typically looks similar to the application process for your initial loan with a few small variations. Some lenders may require that you have additional criteria fulfilled before being able to apply.

What to consider?

  • You should expect a 4-6 week turn around time from application to settlement.

  • The ATO states that you can’t increase the amount  against the property when refinancing an SMSF loan.

  • Consider if witching to an SMSF loan with a fixed or variable rate could save you money

  • Consider whether you could benefit from switching to a loan with an interest-only repayment period to minimise your monthly repayment amount

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