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Superannuation
Superannuation (SMSF) document

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).
$324.50
  • Cleardocs fee incl GST $324.50
Product Benefits
  • 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
Product Information

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.

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.

Frequently Asked Legal Questions

Cleardocs is not a law firm. So as with all the legal material on this site, the answers to these "frequently asked legal questions" are provided by the law firm Maddocks. Cleardocs does not endorse those answers.

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The lender has not approved, and requested changes to, a signed Cleardocs Custody Trust Deed — what should I do?

If a lender has requested changes to a signed Cleardocs Custody Trust Deed, you should check the requirements with your lender. 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).

The Cleardocs Amendment to SMSF borrowing product includes a deed of variation to vary your existing Cleardocs Custody Trust Deed to:

  • bring it in to line with the requirements of certain major lenders — as known to our lawyers, Maddocks (on the interface, we ask you which bank is the lender); and
  • fix or update any errors in the schedule of your Cleardocs Custody Trust Deed, including the asset details, loan details and/or settlement date.

You should check with your lender first to make sure this is what they require. From time to time, banks change their requirements for SMSF borrowing — and your lender's requirements will not necessarily be satisfied by the Cleardocs Amendment to SMSF borrowing product.

There may be other issues with your Cleardocs Custody Trust Deed that the Cleardocs Amendment to SMSF borrowing product cannot address — for example, your existing Cleardocs Custody Trust Deed being incorrectly executed or dated.

You must seek your own legal advice about your lender's requirements. You are welcome to use our lawyers at Maddocks to review a lender's requirements — they will charge for their time as this is not part of the free legal helpline we arrange through Maddocks.

What happens if any of the authorised investment details in the schedule to the Cleardocs Declaration of Custody Trust (custody trust deed) are incorrect?

When you purchased your Cleardocs Declaration of Custody Trust (Custody Trust Deed) as part of the SMSF borrowing (bank) document package, you provided the details of the asset the SMSF trustee is acquiring for the fund through the limited recourse borrowing arrangement — including the loan term and settlement date. You also nominated which bank is your lender.

Under the Cleardocs Custody Trust Deed, the SMSF trustee and the custodian agree that the details in the schedule are the details of the asset the SMSF trustee is acquiring for the fund through the limited recourse borrowing arrangement.

If these details are incorrect (for example, title details are wrong), or have changed since you purchased the Cleardocs SMSF borrowing (bank) document package (for example, settlement was delayed and the settlement date you nominated is no longer current), your lender may require you to vary your Cleardocs Custody Trust Deed to fix or update the schedule and ensure that it accurately states the details of the asset.

The Cleardocs Amendment to SMSF borrowing product includes a deed of variation to do this — and will replace the schedule in your existing Cleardocs Custody Trust Deed with an up-to-date schedule listing all of the details of the authorised investment.

Can I use the Cleardocs Amendment to SMSF borrowing package to change the authorised investment altogether?

No, this document is not suitable if you are wishing to change the authorised investment.

The purpose of this product is to enable you to update details or correct details of the asset the SMSF trustee is acquiring — but not to change the authorised investment.

The fund will need a new custody trust deed if it is purchasing a different asset altogether.


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