For many brokers, SMSF refinance opportunities can be difficult to progress. Between the documentation requirements, legal considerations and upfront costs, these deals have traditionally been seen as complex and time-consuming, often ending up in the too-hard basket.
However, a streamlined approach to SMSF refinancing called ‘EasyRefi’ is helping make these scenarios more accessible for both brokers and their clients.
EasyRefi has been designed to simplify the SMSF refinance process by removing some of the traditional barriers that can slow deals down.
Rather than requiring extensive financial documentation, the assessment focuses primarily on a client's repayment conduct over the previous 12 months. This can significantly reduce the amount of paperwork needed, creating a more efficient experience for both brokers and borrowers.
Another key advantage is the reduced legal requirements in eligible refinance scenarios. Where the SMSF structure remains unchanged and the original independent legal advice is available, clients may not need to obtain new independent legal advice as part of the refinance process. This can help eliminate unnecessary steps and support a smoother transition to a new loan. It can also help reduce costs, leading to another key benefit of EasyRefi.
Cost is another factor that can discourage SMSF clients from refinancing. With EasyRefi, standard legal fees are waived for eligible applications, providing a potential saving of around $1,500 in upfront costs.
For clients weighing up their refinancing options, lower costs can make it easier to consider a move that may better suit their current needs and objectives.
With less paperwork, fewer process requirements and lower upfront costs, SMSF refinancing may be worth a second look. And with EasyRefi, it’s... well, easy.
To find out whether EasyRefi is right for your SMSF clients' refinancing needs, speak with your Connective Lending Manager or Connective Complete BDM.
