Reviewing Superannuation Statements for Home Loans
Superannuation statements are not required on every file, but they matter for older borrowers, self managed super fund applications, and clients using super as a funding source for genuine savings or deposit.
When superannuation balances matter
Superannuation becomes relevant when a borrower is nearing retirement and needs to show an exit strategy for the loan term. Most lenders require evidence that the borrower can reasonably repay the loan before expected retirement age or has sufficient super to repay the balance in full at retirement.
Self managed super fund applications
Loans to self managed super funds follow a different pathway. The SMSF trust deed, corporate trustee details, investment strategy, and current fund balances all come into play. Lenders require super fund statements showing the contributions and balance history for the fund.
Using super for genuine savings
A small number of lenders accept super contributions made through salary sacrifice as a form of genuine savings for first home buyers. Reading the super statement carefully to identify voluntary contributions versus employer contributions is important when going down this path.
Key takeaways
- ✓Collect super statements for older borrowers or SMSF applications
- ✓Use super balances to support exit strategies for longer loan terms
- ✓Review contribution history for genuine savings evidence
- ✓Check both employee and employer contributions separately
How QualifyMate helps
QualifyMate handles pension and government income documents directly. For superannuation specific scenarios such as exit strategies on older borrowers, brokers can use the platform alongside the relevant super fund statement to build the lender narrative.
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