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ISCOVER
Staff Reporter
Highlighting the strength of the self-managed super fund (SMSF) sector, one non-bank lender has launched its second SMSF program.
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Last week, Australian First Mortgage (AFM) announced it would release its second funding line with respect to SMSFs early this month.
AFM’s director Iain Forbes said it was the lender’s second foray into this particular lending space, with the non-bank having previously launched a Platinum Programme for residential properties but with a maximum LVR of 70 per cent.
“This new product will have an 80 per cent LVR on its Secure Option full-doc residential product,” Mr Forbes said.
“It's exciting as the higher LVR was in much demand and unfortunately, up until now, AFM did not have a funding line to accommodate these requests. Repayments can be by way of principal and interest to 30 years, or interest-only to 10 years.”
The maximum loan amount is $500,000.
