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Westpac is in the process of pulling the plug on new loans to self-directed pension funds (SMSF) for real estate investment, in the last move by a major to tighten the flow of money in the region. 39, domestic real estate.
Real estate investors announced Monday that they would stop funding new SMSF home loans by the end of this month, making Commonwealth Bank the only major bank offering new loans in this part of the market.
Westpac said the abandonment of new loans to the SMSF was part of an initiative to simplify its operations. products.
Photo: James Albad
Westpac Retreat, which characterized the move as part of its push for simplifying products, comes several years after regulators and prominent financial figures raised concerns about the SMSF oriented real estate investment.
services to ensure that they meet the requirements of our customers. In order to simplify and streamline our self-financing Super Fund products, we will withdraw from sale our SMSF Home Loan product and Business Lending to SMSF, starting Tuesday, July 31, 2018, "said a spokesman for the bank
. to serve and support our existing customers. "
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