Super Fund Borrowing Lender Comparison September 2010 Bank Name St George Bank National Australia Bank Bendigo Bank Website www.stgeorge.com.au www.nab.com.au www.bendigoprivate.com.au Maximum LVR Commercial 65% Residential 72% Rural 50% Commercial 65% Residential 70% Rural 65% 70% Residential Propert 60% non - specialised Commercial Propert Rural case b case Min / Max Loan Facilit Minimum Loan Amount of $250,000 $20,000 $20,000 Term of Facilit Commercial - Up to 15 rs (up to 5 ears I/O) Residential - Up to 30 rs (up to 15 ears I/O) Rural - Up to 10 ears (up to 5 ears I/O) Commercial - Up to 15 rs (I/O option) Residential - Up to 30 rs (up to 5 rs I/O) Rural - Up to 15 ears (P+I) 25 ears Residential Securit, 15 ears non - speciailsed Commercial Securit, Maximum 5 ears interest onl Rural - case b case facilit Residential Properties? Commercial Properties? Rural Properties? Establishment / Application Fee Commercial - Minimum $1,500 Establishment Fee, generall 0.75% of the Loan Amount Residential - $1,500 1.0% of the loan amount Up to $50,000 - $350 $50,000 -$249,999.99 - $750 $250,000 and above - 0.50% of loan amount Legal Fees Valuation Fee - from $500 Commercial legal reviews - $2k approx Residential legal reviews - $600 approx Trust Deed Review - $250 - $500 Bare Trust Review - $250 - $500 Preparation of SF Financing Deed - $500 A quote is provided to the client before documents are perused. Approximate fee $3k Acc Keeping / Annual Fees Commercial $20 - $60 per month Residential - $10 per month Loan service fees appl. Residential $10 month. Commercial examples $40 month for $100,000, $200 month for $1 m Monthl Service Fee - $10 Annual Review Fee - $50 or 0.25% (Maximum $800) Guarantee other than the Bare Trustee required? Not required if the rental income from the propert being purchased covers the loan repaments. If required, guarantees required b the directors of the Super Fund Trustee Compan in their personal capacit. Guarantee and Indemnit to be taken from the members of the super fund, propert holding entit and trading entit ( if applicable ) A guarantee will be required in the event that the bank is reliant on future superannuation contributions from members to service the debt or additional securit needs to be taken. A Guarantors Deed will be provided in which the guarantor agrees not to use their right of indemnit against the borrower. 1 Topdocs Pt Ltd, Ground Floor, Suite 4, 24 Albert Road South Melbourne / Phone 1300 659 242 / Web: www.topdocs.com.au
Bank Name con t St George Bank National Australia Bank Bendigo Bank Bare Trustee tpe required Must be a Compan Ma be individuals or a Compan, but if the Super Fund has individual trustees, must be a Compan. Must be a Compan Super Fund Trustee tpe required The Super Fund Trustee must be a Compan if guarantees are required Ma be individuals or a Compan, but if the Bare Trust has individual trustees, must be a Compan. Must be a Compan General Conditions Certified Copies of the Super Fund Trust Deed and Bare Trust Deed Required Accountant Letter required (template provided) Auditor Letter required (template provided) Solicitor Certificate required (template provided) Certified Copies of the Super Fund Trust Deed and Bare Trust Deed Required Financial Adviser / Accountant letter required confirming borrowing meets investment strateg of the Fund. Certified Copies of the Super Fund Trust Deed and Bare Trust Deed Required Accountant Letter required (template provided) Auditor Letter required (template provided) Solicitor Certificate required (template provided) Special Conditions No purchase of vacant land No Purchase of vacant land Excluded Transactions as follows: 1. Investment into non-income producing or 'going concern' assets ie vacant land, hotels, motels 2. Specialised Commercial Propert ie purpose built, service stations, motels, hotels 3. Propert Developments 4. Related Part transactions 5.Refinance of existing facilities from other lenders Contact Details Chris Charleson Regional Leader VIC 03 9274 4885 / 0412 883 401 Email: charlesonc@stgeorge.com.au Bass Srour Business Acquisitions Manager 03 8636 5516 / 0410 442 935 Email: bassam.x.srour@nab.com.au Melissa French Relationship Executive 03 9622 0413 / 0422 994 868 Email: Melissa.french@bendigobank.com.au Julieann Brown Relationship Manager VIC 03 9274 4746 / 0423 821 334 Email: brownju@stgeorge.com.au Brett Buccilli Relationship Manager 03 8638 5455 / 0404 883 402 Email: brett.buccilli@nab.com.au Ian Hughes Goulburn NSW 02 4323 5815 / 0412 859 107 Email: hughesia@stgeorge.com.au John Dickinson Gold Coast, QLD 07 5581 2150 / 0404 885 713 Email: john.r.dickinson@nab.com.au Peta Plant Brisbane QLD 07 3232 8912 / 0413 458 293 Email: plantp@stgeorge.com.au George Farmer Sunshine Coast, QLD 07 5450 3852 Email: George.w.farmer@nab.com.au 2 Topdocs Pt Ltd, Ground Floor, Suite 4, 24 Albert Road South Melbourne / Phone 1300 659 242 / Web: www.topdocs.com.au
Super Fund Borrowing Lender Comparison September 2010 Bank Name Westpac Bank ANZ Bank Rock Building Societ Website www.westpac.com.au www.anz.com.au www.therock.com.au Maximum LVR Commercial 63% Residential 80% Rural 50% 70% Residential 60% Commercial 65% Residential Min / Max Loan Facilit $250,000 to $5,000,000 $500,000 minimum $50,000 to $500,000 Term of Facilit Up to 25 ears Residential Up to 15 ears Commercial or Rural Notional 15 ears Residential 15 ears Commercial (reviewed weighted average lease term less one ear) 30 ears (5 ears I/O) Residential Properties? Commercial Properties? n Rural Properties? n n Establishment / Application Fee Residential $820 Commercial $820 plus 0.6% over $100k 1.00% of the loan amount $600 Establishment fee includes valuation (to the value of $1M) + settlement. If the value is greater than $1M, valuation cost over $275 will be added to Application Fee Legal Fees Bare Trust and Trust Deed perusal - $2K - $3K $2,200 approx $1,850 - includes all additional costs for perusal of Trust Deeds & prep of loan docs Acc Keeping / Annual Fees Residential - $10 Commercial - $35 $187.50 per quarter $10 per month admin fees Guarantee other than the Bare Trustee required? Guarantees required Guarantees required - Directors of SMSF Trustee and the Bare Trustee Not Required Bare Trustee tpe required Must be a Compan Must be a Compan Must be a Compan Super Fund Trustee tpe required Must be a Compan Must be a Compan Ma be individuals or a Compan 3 Topdocs Pt Ltd, Ground Floor, Suite 4, 24 Albert Road South Melbourne / Phone 1300 659 242 / Web: www.topdocs.com.au
Bank Name con t Westpac Bank ANZ Bank Rock Building Societ General Conditions Certified Copies of the Super Fund Trust Deed and Bare Trust Deed Required Statement of Advice from authorised Financial Planner or Accountant Accountant letter (template provided) Certified Copies of the Super Fund Trust Deed and Bare Trust Deed Required. Financial adviser sign off required (template provided) Certified Copies of the Super Fund Trust Deed and Bare Trust Deed Required. SMSF Deed of Trust Declarations & Undertakings required to be signed. Solicitor letter required (template provided) Accountant letter required (template provided) Financial Planning letter required (template provided) Special Conditions No Purchase of vacant land A Statement of Advice from an authorised Financial Planner or Accountant is required Min 1.5 times interest cover including rental and owners contribution. No special purpose propert, rural or vacant land No Purchase of vacant land No purchase of commercial or rural land Contact Details Rajiv Khanna Sarah Lang Partnership Manager Victoria / SA 03 9608 4447 / 0414 869 155 Email: rkhanna@westpac.com.au Relationship Manager 03 8413 7503 / 0434 569 046 Email: sarah.lang@anz.com.au Louie Nikolov over $500k loans Relationship Manager Preston 0407 278 167 Email: lnikolov@westpac.com.au Jason Khour under $500k Local Business Bank - Preston 0457 519 663 Email: jasonhkour@westpac.com.au 4 Topdocs Pt Ltd, Ground Floor, Suite 4, 24 Albert Road South Melbourne / Phone 1300 659 242 / Web: www.topdocs.com.au
Super Fund Borrowing Lender Comparison September 2010 Bank Name Website Laiki Bank www.laiki.com.au Maximum LVR Commercial 70% Residential 70% Min / Max Loan Facilit Minimum Loan Amount of $50,000 Term of Facilit Residential Properties? Commercial Properties? Rural Properties? Establishment / Application Fee Commercial - Up to 15 rs (no I/O) Residential - Up to 15 rs (no I/O) n 0.4% - 0.7% of the Loan Amount Legal Fees Approximatel $2,500 Acc Keeping / Annual Fees Guarantee other than the Bare Trustee required? Commercial - $50 per month Residential - $10 per month Required b the directors of the Super Fund Trustee, and the directors of the Bare Trustee Bare Trustee tpe required Super Fund Trustee tpe required General Conditions Special Conditions Must be a Compan Must be a Compan Certified Copies of the Super Fund Trust Deed and Bare Trust Deed Required Serviceabilit based on 80-85% of rental plus full contributions No rural or specialised properties Onl lend in VIC, NSW, QLD & SA 5 Topdocs Pt Ltd, Ground Floor, Suite 4, 24 Albert Road South Melbourne / Phone 1300 659 242 / Web: www.topdocs.com.au
Bank Name con t Contact Details Laiki Bank Victoria Sam Pletsias Senior Business Relationship Manager 03 9564 0302 / 0403 777 162 Email: spletsias@laiki.com.au Other States Anthon Vardavakis Business Relationship Manager 03 9564 0301 / 0403 777 169 Email: avardavakis@laiki.com.au 6 Topdocs Pt Ltd, Ground Floor, Suite 4, 24 Albert Road South Melbourne / Phone 1300 659 242 / Web: www.topdocs.com.au