Amendment to SMSF borrowing
Use Cleardocs to vary a Custody Trust Deed that you purchased as part of the SMSF borrowing (bank) document package and that has been executed. This package covers the following variations to the Custody Trust Deed:
- change in lender; and
- any other details in the Schedule to the Custody Trust Deed (such as the specific details of the authorised investment or the loan amount).
Time taken to complete 10 minutes.
Cost $324.50 (inc GST)
Legal Sign-offThe master documents are written in plain language and are signed-off by our lawyers at Maddocks.
What documents are included in the Cleardocs package?
This document package includes:
- the Deed of Variation of Custody Trust that varies the SMSF's existing Cleardocs Custody Trust Deed (the Custody Trust Deed is sometimes called a bare trust); and
- an Establishment Kit explaining what to do next.
What information do you need to order your Amendment to SMSF borrowing through Cleardocs?
Our checklist outlines all the information required.
Your lender has requested changes to the Cleardocs Custody Trust Deed – what changes are covered?
Each lender has their own requirements for custody trust deeds, and preferred process for addressing any issues.
Your lender will likely require you to obtain a Deed of Variation to vary your existing Cleardocs Declaration of Custody Trust (Custody Trust Deed) to conform with their requirements.
These requirements may relate to:
- the terms of the Custody Trust Deed (for example, the drafting of particular clauses); or
- the details of the asset the SMSF trustee is acquiring through the limited recourse borrowing arrangement listed in the Custody Trust Deed (for example, incorrect title details being listed for a property).
Cleardocs Custody Trust Deed required for this document package
To use this document package, the SMSF needs to have a Cleardocs Custody Trust Deed purchased as part of the SMSF borrowing (bank) document package. This package is designed specifically to supplement the Cleardocs SMSF borrowing (bank) document package and is drafted for consistency with those borrowing documents. It is not available for use if you have not purchased the Cleardocs SMSF borrowing (bank) package.
Cleardocs SMSF trust deed not required for this document package
To use this document package, the SMSF does not require an underlying Cleardocs SMSF trust deed although it does require a Cleardocs Custody Trust Deed purchased as part of the SMSF borrowing (bank) document package.
If you decide to update to a Cleardocs SMSF trust deed, you can do so quickly, efficiently and cost-effectively for $126.50.
Can I purchase more than 1 variation for my Cleardocs Custody Trust Deed?
No, this document package is limited to the first variation of a Cleardocs Custody Trust Deed. While a custody trust deed can be varied more than once, each variation needs to 'speak' to those that came before it.
If your Cleardocs Custody Trust Deed has already been varied and your lender requires you to vary it a second (or later) time – you should obtain legal advice about the kind of documentation that is required by the lender in these circumstances. For example, a lender may require that the first variation be rescinded and that you start again with a new variation.
Seek legal advice
The Amendment to SMSF borrowing information here should be considered general in nature, and in no way interpreted as legal advice. You must always seek your own independent legal, accounting and financial advice about your particular situation. The summary on this page is for information purposes only.
Questions or further information
If you have questions:
- about how to use Cleardocs, contact the Cleardocs helpline on 1300 307 343.
- about legal issues, contact the Cleardocs helpline on 1300 307 343. If you need advice, we will arrange for you to speak with a lawyer at Maddocks. The firm provides a free legal helpline in relation to the documents Cleardocs provides. If you require other legal advice in relation to your particular circumstances, then this will be charged for.
- Assists to easily resolve common lender requirements for an executed Cleardocs Custody Trust Deed
- Pre-population of SMSF details from your SMSF borrowing (bank) order – saving you typing
- Easy to use question interface
- Extensive online help and local phone support