The buying process and your professional team

You can’t do this alone. Here’s exactly who you need, when you need them, and what they should cost.

SMSF property is a team sport.

I know you’re capable. You’ve made it this far in the book. You understand the rules, the numbers, the strategy. You could probably figure out a lot of this yourself.

But “could” and “should” are different things.

The stakes are high. The rules are complex. One mistake in the contract, one wrong name on the title, one overlooked compliance requirement, and you could face penalties, delays, or worse.

You need a team. Let me introduce you to the players.

The relay team

Think of buying SMSF property like running a relay race.

You’re one runner, but you’re not running the whole race yourself. You’re part of a team. Each team member runs their leg, then passes the baton to the next person.

If any runner drops the baton, the whole team loses.

Your professional team works the same way. Each person has their role. They need to execute their part well and hand off smoothly to the next person.

Your job isn’t to run every leg yourself. Your job is to assemble a good team, give them clear instructions, and make sure the baton passes cleanly.

Let’s meet the runners.

The SMSF accountant

Role: Sets up and administers the SMSF, prepares tax returns and financial statements, ensures compliance, lodges reports with the ATO.

When you need them: From the very beginning. Before you even start looking at properties.

What to look for: SMSF specialist credentials (look for SSA or equivalent), experience with SMSF property specifically, good communication, reasonable fees, membership of professional bodies.

Typical cost: $2,000 to $4,000 for SMSF establishment. $2,000 to $4,000 per year for ongoing administration. More if complex.

This is arguably the most important person on your team.

A good SMSF accountant will tell you if your plan makes sense before you commit. They’ll make sure the fund is set up correctly. They’ll ensure your trust deed allows property investment and borrowing. They’ll prepare the minutes and resolutions you need. They’ll keep you compliant year after year.

A bad SMSF accountant, or worse, a general accountant who dabbles in SMSFs, can miss critical requirements. I’ve heard horror stories of funds set up incorrectly, trust deeds that don’t allow borrowing, and compliance breaches that weren’t caught until the ATO came knocking.

Don’t cheap out here. The SMSF accountant is the foundation.

The solicitor

Role: Handles the property conveyancing, sets up the bare trust, reviews contracts, ensures the legal structure is correct.

When you need them: Before you sign any contract. Ideally, as soon as you’re seriously looking.

What to look for: Experience with SMSF property purchases specifically. Conveyancing experience alone isn’t enough. They need to understand bare trusts and LRBA structures.

Typical cost: $1,500 to $3,500 for conveyancing plus bare trust setup. Can be more for complex transactions.

Here’s where things can go wrong fast.

When your SMSF buys property with a loan, the contract must be in the name of the holding trustee (the bare trust), not in the name of the SMSF itself. Get this wrong and you’ve got a mess.

Your solicitor needs to understand this structure. They need to set up the bare trust correctly, ensure the contract is in the right name, and coordinate with the lender to make sure everything aligns.

A solicitor who mostly does standard residential conveyancing might not understand the nuances. Ask specifically: have you done SMSF property purchases before? How many? Recently?

If they hesitate or seem unsure, find someone else.

The mortgage broker

Role: Finds and arranges SMSF lending, navigates the lender landscape, manages the application process.

When you need them: Early in the process. Before you make offers, you need to know what you can borrow.

What to look for: Specific experience with SMSF lending, access to a range of SMSF lenders (not just one or two), understanding of LRBA structures.

Typical cost: Usually paid by the lender (commission). Some may charge a fee for complex applications. Ask upfront.

The SMSF lending market is fragmented and constantly changing.

Banks enter and exit. Criteria change. Rates move. A lender that was competitive six months ago might have tightened their requirements or increased their rates.

A good SMSF mortgage broker knows who’s lending, what their current criteria are, and which lender is likely to approve your specific situation. They can save you time, frustration, and potentially money by matching you with the right lender first.

A broker without SMSF experience might apply to lenders who don’t do SMSF loans anymore, or who won’t approve your property type, or who have requirements your fund can’t meet. That’s wasted time and failed applications on your credit record.

Ask the broker: what percentage of your business is SMSF lending? Which lenders do you place SMSF loans with most often?

The financial adviser (maybe)

Role: Provides strategic advice on whether SMSF property fits your overall financial plan, reviews investment strategy, may provide ongoing portfolio advice.

When you need them: At the decision-making stage. Especially if you’re unsure whether SMSF property is right for you.

What to look for: Licensed financial adviser (check the ASIC register), experience with SMSFs, fee-for-service model (not commission-based).

Typical cost: $2,000 to $5,000 for a Statement of Advice. Ongoing advice fees vary widely.

Do you need a financial adviser?

It depends.

If you’re confident in your decision and understand the implications, you might not need one. This book is designed to give you the knowledge to make informed decisions.

But if you’re unsure, if your situation is complex, if you want a professional second opinion, a good financial adviser can be valuable. They see your whole financial picture, not just the SMSF property piece.

Be wary of advisers who push SMSF property on everyone, or who earn commissions from property developers. A fee-for-service adviser who gets paid whether you buy or not is more likely to give you honest advice.

Other team members

Beyond the core four, you might need:

Property manager. Unless you want to manage the property yourself (which is fine, but takes time), you’ll need someone to find tenants, collect rent, arrange maintenance, and handle issues. Typically 6% to 10% of rent.

Building and pest inspector. For the pre-purchase inspection. Non-negotiable. $400 to $800 depending on property size and location.

Quantity surveyor. If you want a depreciation schedule to maximise tax deductions. $500 to $800. Usually pays for itself in the first year.

Insurance broker. For landlord insurance. Your regular home insurer might not cover SMSF-owned property. Make sure the policy is in the correct name.

Emma finally makes her move

Remember Emma from Chapter 1? The enthusiastic thirty-five-year-old with $95,000 in super who wasn’t ready yet?

Five years have passed.

Emma kept contributing to her industry fund. She got promoted. She received an inheritance that she contributed to super. Her balance grew to $230,000.

More importantly, she spent those five years learning. She read this book. She attended seminars (legitimate ones, not spruiker events). She talked to SMSF trustees and learned from their experiences.

Now she’s ready.

Emma’s first step was assembling her team.

She found an SMSF specialist accountant through the SMSF Association’s directory. She interviewed three, asked about their experience with SMSF property, and chose one who’d done dozens of SMSF property purchases.

The accountant recommended a solicitor who specialised in SMSF conveyancing. Emma met with them and asked detailed questions about the bare trust structure. They clearly knew what they were doing.

For the mortgage broker, Emma asked in an online SMSF forum for recommendations. Several names came up repeatedly. She contacted two, compared their approach, and chose one who’d been doing SMSF lending for over a decade.

Her team was in place before she looked at a single property.

When she found the right property, everything moved smoothly. The broker had pre-approval ready. The solicitor knew exactly how to structure the contract. The accountant prepared all the minutes and resolutions.

The baton passed cleanly from runner to runner.

Emma’s patience paid off. She bought well, in a good location, with a solid team behind her.

The buying process step by step

Let me walk you through the typical process.

Step 1: Engage your SMSF accountant. Make sure your fund is set up correctly and your trust deed allows property investment and borrowing. Update your investment strategy to include property.

Step 2: Get borrowing pre-approval. Work with your mortgage broker to understand how much you can borrow and on what terms. This defines your budget.

Step 3: Search for property. Armed with your budget, start looking. Do your due diligence on any property you’re serious about.

Step 4: Engage your solicitor. Before you sign anything, have your solicitor review the contract and set up the bare trust structure.

Step 5: Sign the contract. The contract must be in the name of the holding trustee (bare trust). Your solicitor will ensure this is correct.

Step 6: Finalise lending. Your broker works with the lender to complete the loan approval. The lender will need valuations and various documents.

Step 7: Settlement. On settlement day, the SMSF provides the deposit, the lender provides the loan funds, and the property transfers to the bare trust.

Step 8: Post-settlement setup. Arrange insurance, engage a property manager if using one, find tenants, and start receiving rent.

Step 9: Ongoing compliance. Your SMSF accountant handles annual reporting, tax returns, and ensures ongoing compliance.

The whole process typically takes three to six months from finding a property to settlement. Longer if there are delays in lending or conveyancing.

Patience is required. This is not a fast process.

Common mistakes to avoid

I’ve seen these mistakes trip people up. Don’t be one of them.

Signing the contract in the wrong name. The contract must be in the name of the holding trustee, not the SMSF. If you sign in the SMSF’s name, you might have to start over.

Not getting pre-approval first. You find the perfect property, sign the contract, then discover you can’t get lending. Now you’ve got a deposit at risk.

Using professionals without SMSF experience. Your cousin who does conveyancing might be cheap, but do they understand bare trusts? Probably not.

Not updating the trust deed. Old trust deeds might not allow borrowing. Your accountant needs to check this before you proceed.

Rushing the process. SMSF purchases take time. Trying to rush creates errors. Plan for the timeline to be longer than you expect.

Poor communication between team members. If your broker doesn’t talk to your solicitor, things fall through the cracks. Make sure everyone is coordinating.

What good advice costs

Let me add up the professional costs for a typical SMSF property purchase.

• SMSF establishment: $2,000 to $4,000

• Legal (conveyancing plus bare trust): $2,000 to $4,000

• Loan application costs: $1,000 to $3,000

• Building and pest inspection: $500 to $800

• Quantity surveyor: $500 to $800

Total professional costs: roughly $6,000 to $12,000 on top of the property purchase costs.

That sounds like a lot.

But consider the alternative.

One mistake with the contract structure could cost you stamp duty twice (if you have to re-purchase correctly). That’s tens of thousands.

One compliance breach could result in penalties or worse. Potentially hundreds of thousands.

One bad lending decision could cost you a percentage point on your interest rate for years. Thousands and thousands.

Good professionals aren’t an expense. They’re insurance. They’re an investment in getting it right.

Pay for quality. It’s cheaper in the long run.

Find your sweet spot, or have the guts to walk away.