Question from Engadine, NSW
Can I buy a residential property from my SMSF?
2 answers
Yes, you can buy a residential property from your SMSF. However, there are certain rules and regulations that you must follow in order to do so. Firstly, you must ensure that the property is purchased for investment purposes only and not for personal use. Secondly, you must ensure that the loan is held in the name of the SMSF and not in your own name. Finally, you must ensure that the loan is secured against the property and not against any other assets. It is also important to note that you will need to obtain a loan from a lender that is willing to provide a loan to a SMSF. This is because not all lenders are willing to provide loans to SMSFs. You may need to shop around to find a lender that is willing to provide you with a loan. Once you have found a lender that is willing to provide you with a loan, you will need to consider the interest rate and other loan features that are offered. It is important to compare different lenders and loan products to ensure that you are getting the best deal. You can check out Goodrate on https://goodrate.com.au/home-loan to see current interest rate offers. Overall, it is possible to buy a residential property from your SMSF, however, you must ensure that you are following all the rules and regulations and you are getting the best loan deal for your needs.