Invest
Another bank quits lending to super as exodus continues
Investors looking to use their superannuation to borrow and buy property are facing a severely depleted market, with another player calling it quits this week.
Another bank quits lending to super as exodus continues
Investors looking to use their superannuation to borrow and buy property are facing a severely depleted market, with another player calling it quits this week.
AMP has announced that from 20 October 2018, its SMSF loan product SuperEdge Loan will be removed from sale.
In a public statement, AMP said that all applications for AMP SuperEdge Loans lodged prior to 20 October 2018 will be assessed and reviewed under current policies.
Further, from 10 November 2018, existing AMP SuperEdge Loans will not be permitted to switch to interest-only repayments, internally refinance or extend their loan terms.
Existing AMP SuperEdge loans will continue to be able to switch to principal and interest ahead of their scheduled switch date, switch to a fixed rate and reduce their loan balance, AMP stated.
AMP had already tightened its lending policies for SMSF property loans in August by removing interest-only payment options for new applicants.
This latest move from AMP compounds what is an already tough market for borrowers, as all major banks have now backed out of the SMSF lending market.
Advisers and brokers to SMSF professionals are finding some investors are landing in hot water, particularly where they’ve purchased off the plan, meaning they don’t finalise their financing arrangement until building is complete.
“In some cases, clients have ended up being more out of pocket … or they don’t lose money, but they forgo opportunity,” said H&R Block SMSF director Kimberlee Brown.
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more