Speaking to SMSF Adviser, Wealth Within executive director Lea Zerbes said Wealth Within is looking to bring another two or three lenders onto the panel.
“There a couple of other banks that we’re working with – top-tier and mid-tier. We only want a panel of four to five lenders on board,” she said.
The agreement with Bendigo and Adelaide Bank took over six months to complete because it went through “quite a lot of due diligence” internally, said Ms Zerbes.
“That was a little frustrating for us, but at the same time we’re pleased that they’ve done the homework they’ve done to make sure the product’s robust,” she said.
One factor that helped get the deal over the line was the fact that Global One uses Bendigo-owned Sandhurst Trustees as its custodian, said Ms Zerbes.
“We’re also working very closely with Leveraged Equities and Adelaide Bank on a number of products that are available through Global One, so that probably gave management a bit more confidence,” she said.
La Trobe Financial, on the other hand, is a private lender that raises capital through a series of mortgage funds, said Ms Zerbes.
Wealth Within wanted to ensure La Trobe’s processes were just as “robust” its own, she said.
“We wanted to be very confident that if we worked with them they weren’t going to look to take shortcuts either,” said Ms Zerbes.
Global One’s approach to property has been designed to improve the experience for investors, she said.
“It’s got to go through a significant due diligence process and sign-off by the banks so that it’s quality stock that’s being sold to SMSFs – not just any stock that somebody gets a paid a commission to sell,” said Ms Zerbes.
“We really want to make sure that we set the standard for how property is distributed to the end clients through financial planners and accountants,” she said.
Global One acts as the bare trustee for SMSF investors who want to gear into property, said Ms Zerbes.
