Online lender chal­lenges the big banks in bat­tle for in­vestor mar­ket

Port Douglas & Mossman Gazette - - FRONT PAGE -

ONLINE lender loans.com.au has launched a new 4.99 per cent SMSF home loan, amid claims that SMSF Trusts have been pay­ing ex­or­bi­tant rates for res­i­den­tial prop­erty loans for too long. At 4.99 per cent (5.04 per cent com- pari­son rate), the SMSF home loan has to­tal up­front fees of just $970 (in­clud­ing le­gal fees). The SMSF loan is more than 1 per cent cheaper than the in­ter­est rate of­fered for a stan­dard SMSF loan at one of Aus­tralia’s big four banks. Loans.com.au man­ag­ing di­rec­tor Marie Mor­timer said the SMSF loan was a "game changer" for the fast­grow­ing SMSF in­vestor mar­ket which was look­ing in­creas­ingly to prop­erty as a tan­gi­ble in­vest­ment op­tion."SMSF Trustees may well ask their lenders why they are pay­ing so much money to buy res­i­den­tial prop­erty when loans.com.au is able to of­fer sim­i­lar loans at sig­nif­i­cantly re­duced rates and much lower fees."

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