SMSF - bank equit test

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

Join Australia's most dynamic and respected property investment community
Tags:
  1. Ben Murphy

    Ben Murphy Member

    Joined:
    26th Sep, 2015
    Posts:
    22
    Location:
    Sydney
    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
     
    Ben Murphy, 26th Apr, 2016
    #1
  2. Tranquilo

    Tranquilo Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    469
    Location:
    Mascot
    Can't tell you what banks, but I would think you'd be tested for serviceability.
     
    Tranquilo, 26th Apr, 2016
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,653
    Location:
    Gold Coast (Australia Wide)
    latrobe dont care too much

    ta

    rolf
     
    Rolf Latham, 26th Apr, 2016
    #3
  4. Redwood

    Redwood Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    691
    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
     
    Redwood, 27th Apr, 2016
    #4
  5. Ben Murphy

    Ben Murphy Member

    Joined:
    26th Sep, 2015
    Posts:
    22
    Location:
    Sydney
     
    Ben Murphy, 28th Apr, 2016
    #5
  6. Ben Murphy

    Ben Murphy Member

    Joined:
    26th Sep, 2015
    Posts:
    22
    Location:
    Sydney
    Legend. Thanks Ben
     
    Ben Murphy, 28th Apr, 2016
    #6