Hi Everyone, I'm new to property investing. I am interested in purchasing an NRAS property (off the plan apartment) through my SMSF. Has anyone found any lenders that will finance this type of purchase?
With the mortgage for Off the plan it can be near impossible to get through SMSF. It's my understanding that this is not just because of the lenders but also because of SMSF compliance. When purchasing a property in a SMSF you cannot not borrow to improve this property.
When you purchase of the plan you essentially purchase the land then later borrow to pay for the property placed on it (Improving the property) unfortunatly yes this seems rediculous. I know of someone who has bought land in the SMSF and are now unable to build on it as they don't have the funds to do it.
There are NRAS properties available that are already complete this can be done in SMSF as you are purchasing a completed product. Might be a much easier way to go.
regards
Dustin McMahon
Your Broker
[email protected]
0430 110 304
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