NAB's head-office legal team has now approved the Cleardocs SMSF borrowing documents Australia-wide. As far as we know, this means our documents are accepted by all lending institutions.
To date, NAB's lawyers in two states often required amendments to one of the documents — even though the bank's lawyers in the rest of Australia usually (though not always) approved our documents. Those inconsistencies were frustrating for us and for those of our customers affected by them.
The extensive discussions that lead to the bank's approval were initiated and handled by our lawyers, Maddocks, at our request. Also Maddocks has approved the minor changes to our documents required in light of the discussions.
To help our customers who order SMSF Borrowing documents with NAB as the lender, we include a note stating that the lawyers in NAB's head office have approved our master documents. The note is in the Overview of the Declaration of Custody Trust.
We hope that these new arrangements make things easier for our customers.