Bluestone Home Loans launches residential loans for SMSFs

Eligible customers borrow up to $1.5 million and 80 per cent LVR, depending on property location, the mortgage lender stated.

To be eligible, borrowers need a complying SMSF with a corporate trustee with net assets greater than $200,000 and the related property to be owned by a separate corporate security trustee.

The loan is available for new purchases and refinances and comes with principal and interest as well as interest only terms.

Bluestone Home Loans chief customer officer James Angus said with more than one million Australians having made the decision to take more control of their superannuation, the SMSF residential loan product will enable more brokers to meet the needs of an underserved market.

“We spoke to brokers earlier this year to understand their needs and frustrations regarding SMSF loans. As a result, we’ve designed this product based on three fundamental principles: a focus on compliance, ongoing support to brokers throughout the loan process, and a clear, easy-to-understand policy,” said Mr Angus.

“Our ambition is to have the best SMSF loan offering in the market, both in terms of product and the support and education we can provide to brokers and their staff. We’re excited to deliver the product that we know will meet the needs of our brokers and their clients.”

Bluestone head of specialised distribution Richard Chesworth said education will be at the heart of the support provided to brokers so that they are able to leverage Bluestone’s experience to diversify their businesses.

“In addition, support will be provided at every step of the process so brokers can feel confident their clients’ compliance needs are met — which is often the biggest challenge in SMSF lending,” stated Mr Chesworth.