Breaking News – SMSF Lending Changes

Breaking News – SMSF Lending Changes

Firstly – for any of you with your own SMSF (self managed super fund), Westpac (and their other lending parties – St George, Bank of Melbourne etc) have pulled out of the SMSF investment loan market. This follows on from CBA who have recently changed their servicing calculator to make it so that only high end income clients will qualify for SMSF loans through them. The following link will take you to an article which explains their reasons. If you have a SMSF and are planning on buying a property through Super I strongly recommend that you make an appointment with me to do a pre-approval urgently.

Secondly -there is talk of the banks/lenders raising interest rates outside the RBA due to the cost of funding after the Royal Commission. A few of the smaller lenders have already slightly raise their rates. So I think its possible that rates may be about to go up with most lenders HOWEVER we need a crystal ball to know if that really will happen. If you are interested in changing your home loan to a fixed rate ring and have a chat with me on 49190478 and we can discuss the pro’s and cons of fixed rates to make sure you understand the implications of fixed rates.

http://www.switzer.com.au/the-experts/andrew-main/why-did-westpac-pull-out-of-smsf-lending-for-properties/?utm_medium=newsletter&utm_source=switzer-daily

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