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SMSF - bank equit test

Discussion in 'Accounting & Tax' started by Ben Murphy, 26th Apr, 2016.

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  1. Ben Murphy

    Ben Murphy Member

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    Hi guys,

    Is anyone able to tell me what banks don't do a bank equity test or is it across the board these days?

    Thanks in advance for any feedback!

    Cheers,

    Ben
     
  2. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    Can't tell you what banks, but I would think you'd be tested for serviceability.
     
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    latrobe dont care too much

    ta

    rolf
     
  4. Redwood

    Redwood Well-Known Member

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    Location:
    Melbourne
    Hi Ben -

    You mean a liquidity test right?
    St George - 10%
    Macquarie - 10% *
    La Trobe - 2.5% for off the plan
    CBA - 6 months interest coverage *
    Resimac - 10% *

    * This banks require a minimum balance of $200k for SMSF deals
    There is a way to overcome the liquidity test.

    Cheers Ivan
     
  5. Ben Murphy

    Ben Murphy Member

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  6. Ben Murphy

    Ben Murphy Member

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    Legend. Thanks Ben