Buy a residential investment property through your SMSF and enjoy a fixed rate with the AMP SuperEdge Fixed Loan
Using a Self Managed Super Fund (SMSF) to borrow and purchase an investment property is becoming increasingly popular in Australia. The AMP SuperEdge Fixed Loan is aimed at Australian residents with an established SMSF who want a cost-effective way to buy an investment property.
AMP also offers a variable rate SuperEdge Loan which may appeal to your preferences more than the fixed rate.
|Product Name||AMP SuperEdge Loan|
|Interest Rate Type||Variable or Fixed|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$100,000|
|Maximum Loan Amount||$750,000|
|Minimum Loan Term||10 years|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||50%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||No|
|Split Loan Facility||Yes|
|Fixed Interest Option||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$1,925|
|Ongoing Fees||$10 monthly ($120 p.a.)|
- There is $0 application fee.
- This loan is available for investment purposes.
- Maximum loan amount is limited to 50% of the property value.
- A discharge fee of $250 applies when you close your home loan account.
Things to consider about the AMP SuperEdge Fixed Loan
The AMP SuperEdge Fixed Loan is a loan product that’s designed for the SMSF market, and it can help you acquire financing for the purchase of that dream investment to guarantee a healthy retirement fund. When applying for this loan, you will need to form a trustee that will be comprised of you as the purchaser and a security provider.
Features of the AMP SuperEdge Fixed Loan
- Maximum loan amount. Your SMSF is able to borrow up to 80% of the value of the property.
- Repayment options. The loan offers flexible principal and interest or interest-only repayments. You can pay interest only on the loan for up to five years, after which repayments revert to principal and interest.
- Loan term and amount. The AMP SuperEdge Fixed Loan allows you to borrow a minimum of $100,000 on a loan term of up to 30 years. The rate term on the loan can be 1, 2, 3, or 5 years, and up to 50% of the property value can be borrowed.
- Split loan. You’re allowed up to 10 splits on your AMP SuperEdge Fixed Loan, so that part of the interest rate is fixed and the other variable. Split fees apply for this service.
Fees you can avoid
- Establishment fee. $350. There’s a $350 establishment fee that goes into setting up your home loan. This fee has been waived for a limited period of time.
- Settlement fee. $250. This loan usually carries a settlement fee of $250, but it has also been waived for a limited time.
- Split fees. $75.You can split your AMP SuperEdge Fixed Loan at any time, but there is a $75 fee for second and subsequent splits.
Fees you can’t avoid
- Account Management fees. $10 per month. There is a $10 fee that goes towards managing your loan account. This fee is charged per month per split and totals $10.
- Solicitors fee. $1,925. SMSF loans require complex structures and have much stricter compliance requirements than a regular home loan, so the solicitor on your loan will charge a $1,925 for his representation and advice.
- Guarantor Administration fee. $200. If you have a guarantor on your loan, you will be required to pay a fee of $200.
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How to apply for the AMP SuperEdge Fixed Loan
Applying for the AMP SuperEdge Fixed Loan is easy, as all you need to do is fill in an application form and wait to be approved. If you feel like this loan is for you, click on ‘Enquire about this home loan’ to start the application process. Please ensure that you meet the following requirements and provide the following information along with your application:
- You are required to be at least 18 years of age.
- You must also be an Australian Citizen or permanently reside in Australia.
What documents would I need to provide if I wanted to apply?
- Personal details. You must provide your full name, current address and driver’s licence.
- Income information. You must also provide proof of income, and show the assets and liabilities you currently have so that AMP can determine if you can make the necessary loan repayments.
- Employment information. The name, address and contact of your current employer.
You can now use your SMSF to purchase a great investment property which will hopefully see your retirement fund grow. Learn more about the AMP SuperEdge Fixed Loan and compare it with other products on our site to get the ideal way for you to find a home or property purchase.
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