You really need an accountant that is familiar with the process - not all of them are (and you'll need a solicitor to 'settle' the property)
Essentially you need to pull together the following (this is where an accountant that understands smsf's and this form of warrant can be handy) - locate the target property - do your due diligence on expected rental income etc and put together your background eg - how much you intend to put up as the deposit (usually 35% required for bank lending on commercial 25% for residential) + capacity to make ongoing cont'n or support payments with other liquidity in the fund (+ the rent of course) - ie you need to get loan approval - get indicative loan approval from your bank and once you get the informal nod then: - procure a security trustee (this really needs to be in place before you sign a contract) - this is effectively a shelf company that acts on a bare trust arrangement and holds the legal title - sign the contract (no 'or nominee' bizzo - the purchaser is the security trustee) - obtain the necessary instalment warrant documentation (there are specialised providers that can provide this but some are certainly better than others and more expensive does NOT mean better - present the warrant docs to the bank who need to peruse them etc - contract settles and your trusty solicitor effects the transfer - as with a normal contract of sale the loan kicks in upon settlement
- looks messy, hence get a good accoutnat - but - once the 'formalities' are sorted, then it's really no different to a normal loan BUT you are paying off a loan with 'tax deductible' monies
sorry about being a bit long winded and this is generalised - it is quite a precise process but not daunting and it doesn't need to be hideously expensive
caution - some accountants don't get it, some solicitors think it's too hard or are sceptical (ignorance is not a gift) and not all banks are proactive
if you have the right resources the whole process (aside from settlement) can be effected in a matter of a few days - seriously, it's not that hard
PS as an aside - if you can get over the stamp duty aspect, you could buy a commercial property off yourself, which essentially puts cash in your hand which can be used to pay off anything you want - eg non-deductible personal debt such as a house loan!!
