Non-bank lender locks in rate cuts for SMSF loans
A non-bank lender has announced interest rate reductions for both variable and fixed interest rates across all of its SMSF loans and added greater flexibility to its products.
Effective 29 July 2019, Bluebay Home Loans will reduce both variable and fixed interest rates by 0.10 of a percentage point across its SMSF loan products.
The lender has also increased the maximum loan-to-value ratio to 80 per cent for SMSF loans for its platinum product option.
It has also added additional flexibility by removing the need to meet the minimum net asset and liquidity tests for LVRs up to 80 per cent. However, a lender protection fee will be payable for these products where the LVR is above 70 per cent or the net asset or liquidity tests have not been met.
It has also added loans for commercial property to its SMSF product suite.
“An interest rate loading of 1 per cent will apply to any applications where commercial property is used as security,” the lender said.
The documentation fee has also been reduced from $1,300 down to $1,100.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.