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END OF WEEK UPDATES 22ND MARCH 2019

By: lionel0 comments

Another Major Bank Shuts its doors to SMSF
But don’t fret, we’ve got solutions
Handful of Non-Bank lenders that have been successfully helped clients

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.

5 WAYS FOR PEOPLE TO STAY ON TRACK SAVINGS FOR A DEPOSIT

For those eager to move into their first home (or their next home), but first they need to save the deposit.

A difficult task for even the most dedicated saver, and the best savings plans often get knocked down by fatigue.

Five Tips to Help Save:

  1. Know what you’re aiming for.
  2. Simplify everything.
  3. Build a support team.
  4. Cut yourself some slack (and cake).
  5. Develop a personal mantra

FOR MORE INFORMATION – CLICK ON BELOW LINK ON ME BANK’S ARTICLE
https://www.mebank.com.au/the-feed/saving-for-a-home-set-a-new-pace/

PAST TWO WEEKS BEHIND THE SCENES ACTIVITY FIGURES
  • 1 LOAN CONTRACT SIGNED
  • 1 UNCONDITIONAL APPROVAL
  • 3 CONDITIONAL APPROVALS
  • 5 SUBMITTED APPLICATIONS
  • 6 NEW FACT FINDS
  • 3 NEW CLIENTS MET
  • 7 NEW LEADS
THANKS FOR ALL YOUR SUPPORT

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