Understanding Bare Trust Deed Completion Timelines and Expedited Processing
When borrowing to buy property via an SMSF, it is essential that a bare trust be created and that the correct buyer name is inserted on the contract.
This article outlines the details for standard and expedited processing of bare trust deeds in Grow.
Standard Processing Timeline
The standard timeline for completing a bare trust deed is up to 1 - 2 business days in most cases.
Factors That May Affect Processing Time:
Whether the corporate trustee of the bare trust has already been registered
The number of bare trust orders Grow is currently processing
Whether the bare trust is the first, second or subsequent bare trust for the SMSF
The location (state) the property is being processed
Whether payment has been made.
Local and national public holidays
Handling Urgent Requests
For customers who need the bare trust deed completed urgently, Grow offers the option to request prioritisation.
While bare trust orders are usually processed on a first-in, first-out basis, we understand that sometimes bare trust documentation is required quickly.
You can order your bare trust anytime after your SMSF trust deed/documents have been signed (e.g. your SMSF must be legally created).
How to Request a New Bare Trust, including Prioritisation:
Submit your bare trust order via the Grow Portal > Bare Trusts
- Bare Trust Name: e.g. MY BARE TRUST (do not include the words "SMSF" or "Pty Ltd" in the bare trust name)
- Bare Trustee Company Option:
Select 'New Trustee Company' if this is the first bare trust you're setting up.
Select 'Existing Company as Trustee' if this is the second or subsequent bare trust you're setting up.
**DO NOT ENTER THE DETAILS OF YOUR SMSF TRUSTEE COMPANY**
- Bare Trustee Company Name: e.g. MY PROPERTY HOLDINGS PTY LTD
Ensure your company name includes "PTY LTD" at the end.
Do not include the word "SUPER" or "SMSF" in the bare trustee company name.
Check company name availability via ASIC.
TIP: You can use the words "HOLDINGS", "PROPERTY" or "CUSTODIAL" in your bare trustee company name. For example if your SMSF is called "WONDERFUL SMSF", your bare trustee company name could be something like "WONDERFUL PROPERTY PTY LTD"
- Existing Company Name: e.g. MY EXISTING COMPANY PTY LTD
- ACN: e.g. 606111222
- Do you have address of the property: YES
(If "NO", then your order is not urgent).
- Property Address: Search or manually enter the address of the property, ensuring accuracy.
Submit the form.
Within five minutes, you will receive an invoice directly from Grow's accounting software (Xero). Please make payment of the invoice, and respond to the email confirming payment.
You should pay the bare trust setup fee directly from your SMSF cash account. If you're still awaiting funds to arrive into the SMSF cash account, you can pay personally and have the amount reimbursed from the SMSF at a later date (same with the SMSF setup fee).
Contact customer support via email ([email protected]), live chat, or phone (07 55094414) to confirm your order and that you've made payment.
Provide a clear explanation of the urgency and any deadlines involved. We will confirm the details and next steps.
Do not sign any purchase contracts until Grow confirms the exact buyer name you must insert on the purchase contract (it can vary state by state).
What to Expect
During Standard Processing: Most trust deeds are completed promptly within the usual timeline of 1 business day.
For Expedited Requests: We will endeavour to process your bare trust order same day.
When to Sign Bare Trust Documents
When you sign your bare trust documents and purchase contract depends on the state (location) of the property being purchased.
Sign your bare trust documents BEFORE you sign the contract in these states:
Queensland
Western Australia
Northern Territory
Sign your bare trust documents AFTER you sign the contract in these states:
New South Wales
Victoria
ACT
Tasmania
South Australia
More Information: When to sign and date bare trust deeds
Provided the buyer's name is correctly listed on the purchase contract, it may be possible to physically print and wet-ink sign the bare trust documents to ensure the correct date is recorded, regardless of state. This can be especially useful in jurisdictions like Western Australia, where an agent may submit multiple "offer and acceptance" documents and the vendor will only countersign one, which then becomes the contract.
When signing via electronic means like DocuSign, the dates cannot be adjusted, so the correct sequence of bare trust and contract signing is essential to ensure contract validity, finance approval, and avoid double-stamp duty.
Certain states like Victoria and South Australia may also enable the use of an "and/or nominee" to be added to the buyer name on the contract, however please check with your solicitor before including a nominee in the buyer name on a contract.
Related Topics
For further assistance, contact Grow’s support team via the app. It’s important to prepare all necessary information and documentation to streamline your request.