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Laiki launches super loan
10 July 2009 |
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| Laiki Bank has joined the small number of lenders offering investment loans to the trustees of self managed superannuation funds, with the launch this week of a product called SuperLend. Laiki head of credit Steven Pambris said the bank was not deterred by reports that sales of super loans by other lenders have been slow. He said some competition might be just what the market needs.“From what we have seen most lenders to super funds are loading their rates. We are offering a variable rate of 5.98 per cent for residential property, which is the same as our rate for owner occupiers. We are offering a variable rate of 7.83 per cent on commercial properties.”Laiki will offer fixed rates but has not yet set the rates. Loan terms are for up to 15 years and the maximum loan to valuation ratio is 70 per cent. Pambris said the maximum LVR was higher than many other lenders. Laiki will require its borrowers to give personal guarantees.One of the Australian Taxation Office guidelines for super loans is that the asset be held in a security trust until payment of the loan is completed. Laiki will offer recommendations if borrowers want a referral to a solicitor. Pambris said it would cost a borrower about $2,500 to establish a security trust and Laiki would charge another $2,500 on top of that to set up the loan.Since the superannuation rules were changed in September 2007 to allow limited recourse borrowing by trustees of super funds the big banks and a number of specialist lenders have moved into the market. They all report that loan volumes are modest. |
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| Source : The Sheet |
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