Online lender challenges the big banks in battle for investor market
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."