Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of mick64mick64
    Participant
    @mick64
    Join Date: 2012
    Post Count: 45

    Hi all,

    I was hoping for a bit of feedback on expected setup costs for a smsf.

    There will be 2 members and we expect to borrow to purchase a property asap.

    Thanks in advance,

    Mick

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    1. Set up costs (including the entities for a purchase) = Approx $3k

    2. Lender Upfront Fees = Approx $2k

    I normally deal with the Dragon for SMSF because its simply has the best product and lenders are slowly catching up. Just note that if you go with St George they lend at different LVR's based on the Trustee entity. 

    Also be wary of the postcode of security and also the security type (i.e. vacant land, company titles, NRAS) as St George doesn't accept them. 

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
    Email Me | Phone Me

    Residential and Commercial Brokerage

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I would say $2,000 to $20,000 to set up. Def have a company as trustee and I agree with Shahin St G is one of the best lenders out there.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Mick

    Feel free to shoot me an email and i can send over my Ebook i wrote last year on SMSF.

    Yes agree with Shahin last one we set up thru our Financial Planning Licensee they charged $2200.

    SGB is certainly one of the leaders in the SMSF sphere but with lenders launching new product each day matter of reviewing each deal prior to submission.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of mick64mick64
    Participant
    @mick64
    Join Date: 2012
    Post Count: 45

    Thanks Gents for your responses.

    Richard, I have sent you an email re your Ebook.

    Thanks Mick

    Profile photo of RPIRPI
    Participant
    @rpi
    Join Date: 2012
    Post Count: 308

    Hi Mick

    This is what we charge at the law firm

    $1235 for SMSF trust and Corp Trustee and advice

    $1235 for Bare Trust and Corp Custodian and advice

    $595 for Related Party Loan Agreement and advice

    Prices vary greatly depending on whether any advice is included and also some accounting firms heavily discount the way in , in return for getting the ongoing admin work each year

    Darryl

    RPI | Certus Legal Group / PRO Town Planners
    http://www.certuslegal.com.au
    Email Me | Phone Me

    Property Lawyer & Town Planner

Viewing 6 posts - 1 through 6 (of 6 total)

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