The MFAA has announced plans to offer an SMSF training program for its broker members, with CEO Phil Naylor saying the area represents a ‘great opportunity’ for brokers to assist their clients and expand their skills base.
Naylor says the training program will be launched at the MFAA’s National Convention next month and will involve comprehensive programs for mortgage brokers, both new to or ‘more experienced’ in SMSF lending.
The MFAA estimates that direct property investment of SMSFs now makes up more than 10% of the 500,000 SMSF in Australia – a sum worth $50 billion in total.
“With more than 3,000 SMSFs being established each month, mortgage brokers have the opportunity to provide their expertise in this fast growing segment of the market, where property is gaining popularity as a key investment sector,” says Naylor.
He also adds that there are already many brokers identifying the opportunity to provide credit advice in this growth market, as they can project manage the purchase and maintenance of mortgages related to SMSFs over decades.