Australian Unity’s Select Income Fund has been added to Synchron’s approved product list (APL).
The $160 million fund aimed to invest in a range of registered first-mortgage loans and, according to the company, returned annually between seven and eight per cent.
Australian Unity’s head of mortgages, Roy Prasad, said that with interest rates expected to remain at record lows, the fund would be a “compelling option for investors”.
“Despite the recurring headwinds facing the property market, we see plenty of quality opportunities for non-bank lenders, such as Australian unity, to fund developments in key locations,” he said.
According to Australian Unity, there were a number of experienced developers, with good quality, requiring finance due to restrictions in lending from the major banks, which would present good investment opportunities.
The mortgage team was part of Australian Unity Property, an Australian real estate manager, which had more than $3.3 billion of real estate assets under management.