Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Retirement

Another bank set to ditch SMSF loans

By Reporter · March 20 2019
Reading:
egg
egg
egg

Retirement

Another bank set to ditch SMSF loans

By Reporter
March 20 2019
Reading:
egg
egg
egg
Macquarie

Another bank set to ditch SMSF loans

author image
By Reporter · March 20 2019
Reading:
egg
egg
egg
Macquarie

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

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.

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.

Advertisement
Advertisement

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.

 

Another bank set to ditch SMSF loans
Macquarie
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

Join the nestegg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.