Liberty Financial has slashed variable interest rates by more than 1 per cent as part of a new tiered pricing structure for its SMSF residential property investment loan, SuperCredit.
The cut means Liberty now has a variable rate starting at 6.99% for LVR’s below 60%. The loan comes with a $695 set up fee, which Liberty says undercuts many offerings in the market.
“We recognise the challenges of saving for retirement in today’s investment climate. That’s why we’ve cut our interest rates,” said Suresh Pillai, Liberty general manager of commercial finance.
“We also recognise that many brokers are new to this type of lending. Liberty’s SuperCredit is an easy introduction to SMSF products. Our business partners are supported by our national team of experienced business development managers, an easy to use product and by our in-house expertise.
“That makes dealing with some of the more complex requirements of SMSF borrowing easier for brokers and their customers.”
Pillar said that much of the business Liberty writes is in the sub-60% LVR range for this product, enabling it to introduce a tiered structure which ranges up to 7.69% for 80% LVR’s.
Liberty also offers a SuperCredit product designed for SMSFs seeking exposure to Australia’s commercial property sector