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Non-bank launches SMSF-only loan to top 'price gouging' big banks

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Australian Broker | 14 Oct 2013, 07:00 AM Agree 0
A non-bank lender has jumped into the rapidly growing SMSF residential property lending market with a new product on offer at 4.99%
  • Albert Waldron | 14 Oct 2013, 10:25 AM Agree 0
    Where is the support for the Broker Channel after years of begging us to continue supporting Firstmac during the GFC? Very disappointing Mr Cannon
  • Richard | 14 Oct 2013, 10:28 AM Agree 0
    I look forward to hearing about the complete shambles these direct online loan applications become and the thousands of dollars in non compliance fines the SMSF's receive because the loans and the required borrowing and ownership structure are not set up correctly. I am amazed at how many operators in our industry have no clue when it comes to the correct set up for SMSF lending and this included direct banking staff as well as brokers, lawyers and accountants. How on earth will Firstmac cover their time costs correcting all the mistakes that inevitably will be made for 4.99% and $970. It’s not all about rock bottom rate and fees people. It’s about expertise. Once again you get what you pay for.
  • Melbourne Broker | 14 Oct 2013, 10:55 AM Agree 0
    Dear Mr Cannon,
    If you are reading this message, please consider rolling out this product to the Broker Channel at the same time.
  • cynical | 14 Oct 2013, 12:46 PM Agree 0
    Hmmmm.... me thinks the 'easier' it appears to get then you will see the 'speculators' trying to flip ppty using SMSF's as well. Im with you Richard...fraught with danger.
  • mac | 14 Oct 2013, 02:33 PM Agree 0
    the borrowers don't understand the structure so what hope do they have of putting this together without a brokers assistance? Hmm roll it out to select brokers though and its a winner IMO.
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