Westpac to quit SMSF lending

Original article by Duncan Hughes, Joanna Mather
The Australian Financial Review – Page: 6 : 17-Jul-18

Westpac will cease offering new loans to self-managed superannuation funds that wish to invest in property at the end of July. Chris Balalovski of BDO notes that there does not seem to be any problems with losses in the SMSF sector as regards property, and that Westpac’s decision could be more to do with negative regulatory or consumer sentiment towards loans to SMSFs. Jordan George from the SMSF Association says it is his understanding that the Commonwealth Bank and Macquarie still provide loans to SMSFs, but that the National Australia Bank and the ANZ Bank do not lend to the sector.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, BDO AUSTRALIA LIMITED, SMSF ASSOCIATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, MACQUARIE GROUP LIMITED – ASX MQG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, BANK OF MELBOURNE LIMITED, ST GEORGE BANK LIMITED, BANK OF SOUTH AUSTRALIA LIMITED

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