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Following the September 24 changes to the Superannuation Industry (Supervision) Act, Seiza Mortgages has announced the launch of a suite of loans that will allow Self Managed Super Funds (SMSFs) to make geared property acquisitions.
SMSF loans will be available on residential securities to a maximum of 85 per cent LVR and on commercial securities to a maximum of 80 per cent LVR.
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Applications from Seiza-accredited originators will be accepted from 1 February.
Variable rates, currently between 8.75 per cent and 9.75 per cent per annum depending on security and borrower documentation, will apply. Fixed rate options will also be available.
“Adding direct property investment to the asset class mix will be an exciting prospect for Australia’s 300,000 Self Managed Super Funds, particularly at this point in the property cycle,” said Jo Parkinson, Seiza’s marketing director.
“Accountants and financial planners will quickly grasp the benefits of purchasing property using deductible super contributions,” he said.
