Non-bank boosts SMSF lending with new product

by Gerv Tacadena15 Feb 2021

A Brisbane-based lender has rolled out a new product range in a bid to boost the options available in the underserviced SMSF lending space.

Better Mortgage Management (BMM)’s new range, dubbed Aspire, provides an 100% offset account for loan-to-value ratios of up to 80%. The product's mortgage rate starts at 4.84%, while risk fees are set at a maximum of 0.5%.

Borrowers aiming to buy a newly-built property can apply for the loan, potentially accessing as much as $1.25m in funding under the offer.

BMM managing director Murray Cowan said the lender is pleased to be able to look after the SMSF market, particularly as the banks retreated from SMSF lending several years ago. The non-bank is now one of the few lenders to offer SMSF lending for new properties.

"BMM is happy that we can bring to market a strong offering to this underserviced sector. It’s among the best rates in the market," Cowan said.

BMM also recently joined AFG's lender panel, allowing the aggregator’s brokers to benefit from the non-bank’s range of products. The group has been in the game since 1999 and currently offers more than 50 loan products across eight different funding platforms.