In the announcement, La Trobe stated it recognised the expanding SMSF market, with the average fund balance now at approximately $986,000.
“This decision was made recognising the constantly growing market of more than 3,000 SMSFs being established each month in Australia,” the company said.
“Our product allows SMSF borrowers to purchase a wide variety of properties such as residential, retail, commercial, rural or residential.”
Paul Wells, La Trobe Financial’s senior vice president and chief investment officer, said the company is “pleased” with its offering.
“We are pleased to be in a position to offer such a competitive product to the SMSF market,” Mr Wells said.
“La Trobe Financial has always strived to produce competitive products [which meet] our clients’ needs,” he added.
La Trobe also drew attention to the “key benefits” of borrowing in an SMSF, including potentially no capital gains tax on sale of property if it is held for at least one year.