The MFAA says its newly-launched SMSF training program has so far been widely successful, with some of the country’s top brokers signing up.
Direct property investment of SMSFs now makes up more than 10% ($50b) of the 500,000 SMSFs in Australia, according to the MFAA – and that figure continues to grow.
MFAA CEO, Phil Naylor, tells Australian Broker around 50 brokers have signed up for the program since promotion began last week, including Time Home Loans principal and 2013 MFAA Mortgage Broker of the Year, Ruan Burger, managing director of Intelligent Finance, Justin Doobov and co-founder of The Selection Group, Brett Abikhair, are amon the first brokers to sign up with the program.
Burger says that, even if brokers don’t want to promote the service for their companies, they should at least have the skills set and qualifications ready if clients want the service, instead of passing over the opportunity to a competitor.
“We have recognized the opportunity in SMSF loans is great and I want to ensure we at Time have a good understanding of the product and the process in delivering property loans for those with self-managed superannuation,” says Burger.
Naylor says the MFAA is 'delighted' that some of the country's top brokers have signed up to the training programs.
“More than 3,000 SMSF are being established each month in Australia and, with the proper training, mortgage brokers have the opportunity to deepen their relationships with clients through managing the process of gaining a loan for clients’ SMSF’s.”
Doobov says he wants his firm to be ‘ahead of the curve’ in terms of understanding and advising clients about the process around SMSF lending.
“We are definitely getting more clients coming to us to invest their super in property and want to be sure we are providing them with the best possible advice.”