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SMSFs your ‘biggest opportunity’: Hayek

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Australian Broker | 12 Sep 2011, 06:00 AM Agree 0
Blue Wealth Property CEO Dr. Tony Hayek told an audience of Vow Financial brokers in Fiji that SMSFs present “the biggest opportunity” for mortgage broking businesses today
  • countrybroker | 12 Sep 2011, 11:42 AM Agree 0
    Yes this is a great opporetunity. It needs to be approached carefully as there are a number of "rules' that brokers need to ensure are being met by the loan , such as recourse , and who the borrower is to be and the need for a "bare trust" to own the property.
    Lenders are responding , but all of them have their own requirments and rules, ( for example fund size, loan size , bare trust requirements and so on). It is a brokers responsilility to understand the rules and what each lender needs ( for example many will not lend on industrial securities). It is best to educate yourself before going into this market. The other advice would be to ensure that you affiliate with a planner/ accountant who manages a lot of SMSF as they can be a great help with clients and understanding the "rules". Be Careful.
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