Wave Money expands into SMSF and commercial

Wave Money, an independently owned Australian non-bank lender, is expanding into SMSF lending and small-ticket commercial lending. Founder and managing director John Flavell sees both moves as direct extensions of the lender's founding purpose. Wave Money was built for borrowers that standard lenders find difficult to accommodate, a group the lender estimates at as much as 20% of the total market. Australia's superannuation pool exceeds $4 trillion, with around $1 trillion already held in self-managed super funds.

Why is Wave Money expanding into SMSF lending and small-ticket commercial?

Wave Money, the independently owned Australian non-bank lender, is entering SMSF lending and small-ticket commercial as direct extensions of the model it was built on. John Flavell, founder and managing director of Wave Money, frames the move not as a pivot but as a continuation. 'Wave Money was established to deliver solutions for customers that otherwise were finding it difficult to have them met through many bank and non-bank lenders,' Flavell says. 'That logic is as sound today and possibly sounder than it was when we started the business.' The lender estimates as much as 20% of the market sits outside traditional lending parameters, making both segments a natural fit for the existing broker model.

How big is the SMSF lending opportunity for Australian brokers?

Australia holds more than $4 trillion in superannuation assets, with approximately $1 trillion already sitting inside self-managed super funds. Despite that scale, many borrowers remain significantly underprepared for retirement, and Flavell sees a clear role for brokers in addressing that gap. 'SMSF isn't niche any more; it's becoming an increasingly important opportunity for brokers,' he says. Wave Money identifies a natural overlap between brokers' existing residential client bases and rising demand for SMSF solutions. The lender's position is that borrowers increasingly want a more active role in building wealth for retirement, with property inside super forming a central part of that strategy. That shift creates a repeatable opportunity within databases brokers already hold.

How does Wave Money's SMSF lending work for brokers?

Wave Money's SMSF lending model is built around simplification rather than complexity. The lender supports newly established funds, fund-only servicing scenarios and structures that include additional contributions from members. Direct access to the lending team and a pragmatic approach to income verification sit at the centre of the process. Flavell acknowledges the perception problem that both brokers and clients share. 'People like the idea of SMSF lending, but they think it's too complex,' he says. 'And brokers often say the same thing.' The model deliberately mirrors what broker partners already know from Wave Money's residential book. 'Our whole approach is about making the seemingly complex simple,' Flavell says. 'It's the same DNA we apply across the rest of the business.'

What are Wave Money's criteria for small-ticket commercial loans?

Wave Money's small-ticket commercial product targets metropolitan properties only, with loan amounts capped at $1.3 million and LVRs up to 80%. Alt-doc and lease-doc solutions are also available for self-employed borrowers and investors seeking diversification beyond residential property. The narrow parameters are designed to cover the vast majority of small commercial borrower needs while keeping the process accessible for brokers who may not have written commercial loans before. 'If you can take the same approach to small commercial as you would for a residential investor, then you can make it simple and straightforward,' Flavell says. The product is positioned as an entry point rather than a specialist offering that requires separate expertise or an unfamiliar credit assessment framework.

Why is small-ticket commercial lending already inside most broker databases?

The small-ticket commercial opportunity may already exist within most broker client lists. Flavell is direct about the numbers. 'Seventy to eighty per cent of our customers are self-employed businesspeople,' he says. 'A large proportion of those customers operate from small commercial premises.' Clients ranging from panel beaters and cabinet makers to medical practices and small industrial operators eventually want to own the premises they work from rather than paying rent indefinitely. 'Small-ticket commercial is one of the biggest untapped opportunities already sitting inside broker databases,' Flavell says. Those clients are already known to brokers; the missing piece has been a lender offering a clear, consistent process to support the transaction without demanding broker expertise in commercial credit.

How does Wave Money handle complex borrower scenarios such as self-employed clients and trust structures?

Wave Money was built specifically for borrowers that standard lenders find difficult to accommodate, including self-employed individuals, investors, gig economy workers and those using company or trust structures. The lender estimates this group represents as much as 20% of the total market. 'What many lenders call complex, we simply call common,' Flavell says. The model pairs direct access to experienced credit and sales teams with a common-sense approach to income assessment. 'Lending is nuanced,' Flavell says. 'Products and policies are a wireframe; they're a starting point. What borrowers need is someone who can understand the full context behind their circumstances.' That philosophy applies equally across Wave Money's residential, SMSF and commercial loan products.

What ongoing broker support does Wave Money provide?

Wave Money prioritises direct relationships and access to decision-makers as the foundation of its service model. Flavell sees SMSF lending and small-ticket commercial as tools for brokers to deepen existing client relationships rather than chase new ones. 'Relationships, service and contact don't go out of style,' he says. 'The more complicated the environment becomes, the more valuable those things become.' The opportunity, as Flavell frames it, is about expanding the breadth of service to clients brokers already know. 'The opportunity for brokers is delivering more solutions to the same clients,' he says. 'We don't want customers to have to go elsewhere to have their needs met. If we can help brokers deliver more solutions, strengthen their relationships and build better businesses, then that's a good outcome.'

Featured expert

John Flavell: founder and managing director, Wave Money; co-founded Wave Money to serve borrowers underserved by traditional lenders; brings extensive experience in mortgage and finance to a team focused on complex lending scenarios.