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Jessica Darnbrough
Proving the self-managed super fund sector is ever growing, one of Australia’s originators is getting set to launch a new product in this space.
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Speaking to The Adviser, Homeloans’ Greg Mitchell said the lender was gearing up to offer brokers an 80 per cent LVR SMSF product.
“At present, our SMSF product is restricted to a 70 per cent LVR,” Mr Mitchell said.
“While we have been seeing great volumes for this product, there has been a push from our brokers to stretch to 80 per cent. We have listened and now we are responding.”
Mr Mitchell said it was pleasing to see so many brokers dabbling in the SMSF space as there are some excellent business opportunities for the third party distribution channel in this space.
“The space is definitely gaining traction. If brokers can build a relationship with either a financial planner or an accountant, then they can effectively dive into yet another area. Better yet, these clients are generally very sticky – they are less likely to refinance out of an SMSF loan than another loan – so this is good news for brokers.”
