One of Australia’s non-banks has recorded its best ever month for new self-managed super fund (SMSF) applications.
RESIMAC has announced it recorded a 150 per cent increase in SMSF applications in July in comparison with the previous month.
Allan Savins, RESIMAC chief operating officer, said since launching its SMSF product in December last year, the lender has seen strong growth month to month.
“These results support our decision to enter this sector of the market, and back up recent reports that SMSF lending will only continue to grow,” Mr Savins said.
Property is one of the top three asset classes for SMSFs.
“For RESIMAC to tap into this market with immediate results is encouraging. Our distribution partners have embraced the product and are working closely with us to grow market share in this sector,” he said.
RESIMAC's Financial Services SMSF product offers a competitive interest rate of 5.64 per cent, a maximum LVR of 80 per cent, interest-only options and has no application and no ongoing fees.