Self Managed Super Fund (SMSF) application functionality is now up and running on Loanapp for La Trobe Financial. Below is a simple diagram to compare a standard property purchase as opposed to an SMSF.
To submit an SMSF loan, login to the La Trobe Loanapp, or visit the La Trobe Financial website and click Apply Online.
Below is a quick guide on how to input your loan through:
Create your application
When you click Create New in the top left hand corner, make sure to select SMSF Mortgages in order to load the applicable products and data.
Add your applicants
The application form that opens up will look and feel much like the regular Loanapp, but with subtle differences. For instance, the order of the Applicant Types is reversed, with Trust Applicants first - as this is the primary party for an SMSF application; Company Applicants second, as they are generally Trustees; and Person Applicants last, as they are generally guarantors (as seen in the first diagram).
Select Trust Applicants and then follow through the page menu on the left to complete all the required data. Don't forget to add a SMSF Trust as well as a Security Trust (also known as Custodian/Bare Trust).
Company Applicants
Select Company Applicants to add your borrower and also follow through the page menu on the left to complete all the required data.
Person Applicants
This is where you'll be listing your individual guarantor(s). This is done in the same way you would in a standard loan application in terms of data required.
Navigate through and complete the data for Existing Properties, Other Assets, Mortgage Liabilities, Other Liabilities and Other Income.
Add your requirements
In this section you'll need to specify the purchase property and apportion ownership to the correct entity:
And when you go to select a product, you will only have SMSF products available:
All the other great Loanapp functionalities are available for SMSF lodgements under the File Tab - Serviceability, Print Forms, and Supporting Docs Upload.