NAB joins ANZ in ceasing offering Self Managed Super Fund property loans
Among concerns of an overheated Sydney property market National Australia Bank (NAB) has confirmed it will cease offering Self Managed Super Fund property loans.
NAB is now the second major bank cease offering SMSF property loans following ANZ that announced that it supports for the Financial System Inquiry’s recommendation to remove the exception to the general prohibition on direct borrowing for limited recourse borrowing arrangements (LRBAs) made by superannuation funds. This latest move by the National Australia Bank comes after the recent cut to the Cash Rate by the Reserve Bank of Australia.
The recent cash rate has cause concern amongst some as they fear that it will lead to a further stimulation and ultimate burst of the “Sydney property bubble”. The recent NAB decision to cease offering SMSF property loans has only lead to further speculation about Sydney’s property bubble.
Are you looking to purchase property in your SMSF?
If you are wanting to invest in property through your Self Managed Super Funds (SMSFs) do not despair some lenders still offer SMSF loans for property.
You may be able to use a SMSF property loan to purchase a single residential investment property if you are an Australian resident with an existing SMSF or are in the process of establishing an SMSF you may be able to also purchase a commercial property in your SMSF.
Contact us about a Self Managed Super Fund property loan.
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