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Retirement

Another bank set to ditch SMSF loans

By Reporter
  • March 20 2019
  • Share

Retirement

Another bank set to ditch SMSF loans

By Reporter
March 20 2019

A non-major bank has joined a line of other lenders that are exiting lending for DIY super investors.

Macquarie

Another bank set to ditch SMSF loans

author image
By Reporter
  • March 20 2019
  • Share

A non-major bank has joined a line of other lenders that are exiting lending for DIY super investors.

Macquarie

Macquarie Bank is pulling out of the self-managed super fund (SMSF) residential loan market and has stopped providing family guarantee loans.

According to a statement from Macquarie, this forms part of its plans to “streamline” it’s loan offerings and products.

The bank plans to cease SMSF lending by the end of next month. This follows several lenders withdrawing from the space, including the Commonwealth Bank, Westpac and AMP.

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Macquarie noted that any applications in progress for these loan products will need to settle by 30 June, and that it would continue servicing existing borrowers who hold these products.

The bank recently also revealed that it would no longer be providing white label loans to several lenders, attributing its decision to technological and operational complexity.

 

Read more of DIY super here.

 

Another bank set to ditch SMSF loans
Macquarie
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