Macquarie Bank offers new SMSF product
Macquarie Bank has expanded its offering into the self-managed superannuation fund (SMSF) arena, announcing this week the launch of an SMSF property loan which it says is intended to provide direct exposure to residential investment property assets.
Announcing the launch of the new product this week, Macquarie Adviser Services head of mortgages product James Casey said it had been developed in response to growing demand for property assets in SMSFs.
"One of the key reasons SMSFs are growing at such a rapid rate is that they offer the flexibility for people to choose where their money is invested," he said.
"Currently, 15 per cent of the assets in SMSFs across Australia are allocated to real estate, and as the number of SMSFs grows, we also expect the focus on real estate as an SMSF investment to grow."
Macquarie's SMSF property loan is a limited recourse loan available to Australian residents with an existing SMSF or who are currently in the process of establishing an SMSF, or to SMSFs wishing to refinance a property loan from another lender.
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