Property giant calls for relaxed rules on SMSF borrowing
One property heavyweight has called for the SMSF lending rules to be the same as they are for regular purchasers.
Harry Triguboff, founder of Meriton, told delegates at the SMSF Members Association conference on Friday that SMSFs should be more freely able to use money for housing.
“I would like the rules for SMSFs as far as lending is concerned to be the same as they are for normal purchasers,” Mr Triguboff said. “It seems to work for normal purchases very well, it’s not like we have repossessions all the time.”
He added: “People should be able to use the money in their super fund instead of locking it in and not being able to buy a house when they are young."
Mr Triguboff was also critical of the complexity of an SMSF borrowing from a bank, and the fact that the rules are difference for regular investors and SMSF trustees.
“The banks don’t give money [to SMSFs] because it’s too cumbersome,” Mr Triguboff said.