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Westpac urges caution as SMSFs set to increase

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Australian Broker | 25 Jul 2013, 08:00 AM Agree 0
Westpac urges SMSF investors to exercise caution as demand increases
  • BJ | 25 Jul 2013, 09:31 AM Agree 0
    Greg Medcraft is an articulate, highly experienced and informed executive. Retain this report for future reference.

    My real comment is "tick tick boom"
  • ozboy | 25 Jul 2013, 10:02 AM Agree 0
    Is this the lo-doc of the teen's? Soft credit environment, lenders desperate for profit. How quickly we forget. Perhaps the enquiry into ASIC will put some pressure on them to do more than say something out loud perhaps it will follow with some action before the "tick tick boom".
  • Jim W | 25 Jul 2013, 10:31 AM Agree 0
    One risk not mentioned. Will the Federal Government change the rules and not allow super funds to borrow.

    They have done this before.(canned the game in approx 1999/2000)
  • BJ | 25 Jul 2013, 11:15 AM Agree 0
    "The game" since when has been the provision of sound advice been a game. Clealy the previous writer is an authority on these matters.

    Finally I withdraw and end any involvement whatsoever in these forums. Finance brokers are simply far too advanced for a mortal to attempt to intervene with informed comment.
  • SteveL | 25 Jul 2013, 03:49 PM Agree 0
    Ozboy. Tell me exactly what damage LoDoc lending did (And still does) when it was/is done responsibly? Same with SMSF and property. Property is a low risk investment and under SMSF is exceptional value....when done respobsibly! So let's not kill an industry for a rogue few.....lets kill the rogue few instead :-)
  • Jim W | 25 Jul 2013, 05:47 PM Agree 0
    In Response to BJ

    I do not consider myself an expert, however do have some 40 years of experience and knowledge in Finance.
    WE live in a democracy, everyone has the right to think what they like including yourself.
    I also have borrowed against my SMF to purchase property, only to have the Government change its mind and then change the rules over what I call, rightly or wrongly the "Game"
    If the word Game offends you, then I apologize
  • QEDRisk | 25 Jul 2013, 06:46 PM Agree 0
    Thanks for your informed opinion Westpac. I think it's safe to say that my firm performs more comprehensive compliance services for mortgage brokers than any any other so I know what's going on in this area. Property promoters ARE illegally coaxing consumers into rolling their existing super into SMSFs to purchase property and consumers ARE blowing the boundaries of what any prudent advisor would consider appropriate asset allocation models.

    There is nothing wrong with SMSFs and nothing wrong with buying property inside them. But the property promotion industry needs regulating ASAP.

    Our advice to our broker clients on SMSF lending is to only take their instructions from an authorised financial planner.
  • ozboy | 29 Jul 2013, 09:05 AM Agree 0
    To SteveL you answered the question...responsibly!
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