Online Finance company Firstmac loans.com.au has launched a competitively priced online SMSF product, which will soon be available to brokers.
Firstmac and loans.com.au has announced that they will enter the burgeoning SMSF sector by launching a 4.99 per cent loan for residential investment property refinances and purchases with a loan-to-value ratio of up to 80 per cent.
The product is currently only available through the online lender at the moment, however Firstmac and loans.com.au have assured brokers that they will not be forgotten with a Firstmac spokesman saying that, “Firstmac has always supported brokers, and while nothing is set in stone we can confirm that Firstmac is looking to take this product to the broker distribution channel.”
Marie Mortimer loans.com.au managing director has spoken disparagingly about the current state of loans with the launch of the product by saying that, “SMSF trustees had been paying exorbitant rates for residential property loans for too long”. The MD has also stated that, “ we regard SMSF loans the same as any other residential home loan and price it accordingly,” and no longer considered SMSF loans to be a ‘niche and riskier market’, and should not be priced as a commercial.