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Another bank set to ditch SMSF loans

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.

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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.

 

Another bank set to ditch SMSF loans
Macquarie
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Neil - I retired about a year ago and now I've got less income than I planned for. Can I sue my financial planner?....
Joe - Agree with Terry Dwyer. The really nasty part is the way it will hit self funded retirees (through their SMSF in many cases) who have direct shares.......
John - Not sure loss of 30% of income is something I just let go. Options I will be doing is investing overseas, local and international REITs and seeing if.......
Dr Terry Dwyer, Dwye... - I am amazed by these comments. The effects will be subtle but pervasive. It will have a huge effect on superannuitants in pension mode as with low.......