Anyone hoping to use a self-managed super fund to buy property had better move fast as banks begin to close out options..
Anyone hoping to use a self-managed super fund to buy property had better move fast as banks begin to close out options..

Big banks ban super home loans

HALF Australia's Big Four banks have announced a new ban on loans for self-managed super funds to buy property - but a list of lenders expect to defy the move.

Commonwealth Bank, Westpac and now AMP have announced that they will stop self-managed super fund property lending as part of a portfolio wide attempt to cut risk.

"AMP will continue to support existing SMSF home loan customers, however from November they will not be permitted to switch to interest-only, internally refinance or extend their loan term," according to RateCity research director Sally Tindall.

"Westpac stopped SMSF home loans for new customers on 31 July, while CBA announced its ban would take effect from October 12, 2018."

 

Those who got in early will continue to be serviced by banks, according to RateCity.
Those who got in early will continue to be serviced by banks, according to RateCity.

 

 

Those who scraped in early won't be discarded though, with both Westpac and CBA expecting to continue to support existing SMSF loan customers.

"Banks are focused on reducing risk in their loan books," Ms Tindall said. "

"In a falling property market, it's not surprising we're seeing lenders retreat from this type of lending."

She said the biggest banks still offering SMSF property loans now in her list of 19 were Macquarie Bank, Bendigo Bank and Bank of Queensland.

 

Here's the RateCity list of lenders offering SMSF loans from next month:

 

Nine of the 19 lenders offering SMSF loans next month. Source: RateCity.
Nine of the 19 lenders offering SMSF loans next month. Source: RateCity.

 

Ten of the 19 lenders offering SMSF loans next month. Source: RateCity.
Ten of the 19 lenders offering SMSF loans next month. Source: RateCity.


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