Macquarie Bank has gotten in on the SMSF property push with a new loan for investors.
The bank has announced the addition of a self-managed super fund property loan, which head of mortgages product James Casey has said was in direct response to growing demand for property exposure in SMSFs.
"One of the key reasons SMSFs are growing at such a rapid rate is that they offer the flexibility for people to choose where their money is invested. Currently 15% of the assets in SMSFs across Australia are allocated to real estate, and as the number of SMSFs grows, we also expect the focus on real estate as an SMSF investment to grow," Casey said.
Casey said SMSFs now accounted for nearly one-third of all superannuation assets in Australia, and were expected to reach approximately $1tr in funds by 2020. He said the bank had specialist experience in the SMSF market, and could help brokers new to the products.
"We understand the complexities involved with SMSFs and, in particular, with SMSF property lending, and provide intermediaries with direct access to our credit specialists to support them and their clients throughout the application process," Casey said.
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