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Changes to NAB’s Self-Managed Super Fund offering
As part of NAB’s ongoing review of products and policies, we are introducing changes for lending to Self- Managed Super Fund corporate entities.
From Friday 29 March 2019, NAB customers will need to meet the following criteria in order to be eligible for SMSF business lending:
Existing relationship with NAB (at least 2 years)*; and
Borrowing needs of $1.5m or greater (per transaction); and
Minimum of $5m in total net assets in SMSF.
In addition, other credit parameters include:
Repayment type: Principal and interest (P&I) fully amortised over the term of the loan
Cash reserves remaining in the SMSF at settlement being the equivalent of 12 months
Principal and Interest (P&I) obligations
All members of the SMSF must be in accumulation phase when the funding is provided and for the
duration of the loan tenor.
NAB will no longer accept new SMSF applications, unless all of the above criteria are met.
We will continue to support existing SMSF lending arrangements.
*An existing relationship is defined as a customer that holds a business lending facility for at least 2 years. This excludes standalone lease facilities, guarantees or credit cards.