Non-bank lender RESIMAC has announced the launch of its new Self-Managed Super Fund loan (SMSF), available from Monday December 17, 2012.
The SMSF loan was designed for SMSF’s wanting to purchase or refinance an existing residential investment property.
RESIMAC spokesman, Scott Smith, says the lender has been working closely with LMI provider Genworth and distribution partners to design a SMSF loan that meets the market.
"The SMSF market has predominately been dominated by the big banks and the feedback from our distributers was that they don’t do it well. Our SMSF will give brokers another non-bank option in this specialised lending space."
Smith says mortgage brokers must continue to diversify and says having access to this type of product will give them opportunities to strengthen or create new relationships with accountants, financial planners and advisers.
RESIMAC’s chief operating officer, Allan Savins, says the development of an SMSF has been designed to coincide with industry trends.
“The ATO states SMSFs are the largest and fastest growing sector of the Superannuation industry and as a result we are seeing a rapid increase in SMSF’s looking to borrow and purchase residential investment properties”.
The RESIMAC SMSF product has a maximum LVR of 80%, Interest Only available from 1-10 years, up to six free loan splits, no application fee and no annual or monthly fees.
Savins says the lender has recognised that now is the right time to offer the new product to the market.
Initially, the SMSF loan will be available through a select number of RESIMAC’s wholesale and retail business partners.
“The RESIMAC BDM, lending and dedicated broker scenario line staff have all undergone extensive SMSF training and will be on hand to assist with any enquiries.”