Multiport enhances gearing package

Following the launch of its gearing package in May of this year, self-managed super fund (SMSF) administrator Multiport has announced further enhancements to the service, originally launched as a natural extension to the business' core administration services.

According to John McIlroy, chief executive officer of Multiport, the new offer is aimed at financial advisers who already have pre-existing relationships with mortgage brokers.

"After speaking with financial advisers about their experience with the package launched in May, we found a more tailored approach would benefit some," he said. "We now provide both the traditional solution and our new offer, which has all elements other than loan facilitation.

"This more streamlined approach is cost effective for the financial adviser who already has pre-existing relationships with a mortgage broker and doesn't require our help with putting the loan in place," McIlroy continued. "They'll leverage their existing mortgage broker relationship instead."

McIlroy said both solutions would be linked to either daily or annual Multiport SMSF administration services.

"Gearing through SMSFs is becoming an increasingly popular strategy," he said. "Our latest investment patterns survey showed 16 per cent of all trustees were using some form of gearing.

"As this segment grows rapidly, we are finding trustees are falling into some common traps," McIlroy added. "And mistakes such as executing a property in a personal name or using personal funds for a deposit are some of the more common traps."