Partner message
Into people. Not just transactions
At Thinktank, we work exclusively with mortgage brokers, and that focus drives our commitment to ongoing innovation. We’re always looking to develop new products and offerings that are designed to help brokers deliver the best possible experience and solutioned outcomes for their clients.
We take pride in listening to broker feedback and providing straightforward responses to the requests and suggestions we receive. This approach has driven numerous recent changes to our product offerings, and we remain dedicated to adapting to this evolving market to meet the increasingly diverse needs of brokers and borrowers.
Thinktank was launched in 2006 in response to a previously unanswered demand for straightforward, set-and-forget commercial lending solutions that properly reward brokers. Our product suite was extended in 2013 to include SMSF lending; residential loan options in 2018; and continuing its tradition of innovation and diversification, launched private lending products in 2024.
The popularity of self-managed super funds (SMSFs) has been meteoric in recent years, with more and more Australians looking to take their super investments into their own hands, particularly when it comes to property investment.
More than 663,800 self-managed super funds (SMSFs) were in being in December 2025, with more than 1.22 million members – up 7 per cent on the year prior. When looking at the full calendar year 2025, a record-breaking 48,464 new SMSFs were created – with a whopping 14,992 created over the September quarter.
In total, these SMSFs held a massive around $1.06 trillion in assets, according to December 2025 figures from the Australian Taxation Office (ATO), representing growth of around 6 per cent in a year. Of this around $178 billion was tied up in property, with $77 billion in limited recourse borrowing arrangements (LRBAs) – a record volume.
As the self-managed super fund (SMSF) sector has matured, so too has SMSF borrowing, reshaping both lending decisions and the role brokers play in structuring deals.
One of the biggest differences today is the level of sophistication, according to Joel Harrison, head of partnerships and distribution at non-bank lender Thinktank.
Harrison says borrowers and advisers are now more informed and intentional.
“We’ve been operating in the SMSF lending space since 2013, and over that time we’ve observed a clear shift,” he says.
“Clients are less focused on simply accessing finance and more focused on properly understanding how a property investment will perform over the long term – particularly around liquidity management, compliance and sustainability within the SMSF framework.”
This evolution has also lifted expectations of a brokers’ role, according to Harrison.
“Brokers and lenders are increasingly involved earlier in the process, no longer to educate from first principles, but to work through property selection, funding structures and risk considerations before a transaction proceeds,” he adds.
“This earlier engagement supports more informed decisions and smoother execution once the lending solution is finalised.”
Shift to mainstream
Part of what has driven the increasing sophistication in the SMSF lending space has been the segment’s shift into the mainstream, according to Harrison. He says brokers are seeing SMSF trustees approach property investment with a more considered mindset as part of a broader wealth strategy.
“Rather than treating property as a standalone transaction, trustees are coming to brokers with clearer objectives around asset selection, risk tolerance and long-term outcomes,” he says.
“Brokers are then able to focus on the property transaction itself – helping assess lending structures, cash flow implications and how a particular asset can be executed within SMSF lending parameters.”
Nicholas Wilcox, partner and broker at Sydney-based brokerage Blue Crane Capital, also says he has seen the market evolve over the past decade.
“Clients are coming in better informed, often having already engaged a buyer’s agent, financial planner or SMSF specialist before they speak with a broker,” he says.
“There is also more interest in commercial property from pure investors – not just business owners – as yields have become genuinely attractive relative to residential assets.”
For Wilcox, demand has remained balanced between residential and commercial.
“On the commercial side, it’s a mix of pure investors and business owners buying their own premises and leasing back to their business, which remains one of the most tax-effective strategies available inside super,” he says.
“On the residential side, demand has grown significantly over the past five years, largely driven by the rise of buyer’s agents – more clients are now coming to the table with a property already identified and a clear plan, which has made the whole process considerably more streamlined.”
He also says the client profile has shifted.
“When I started doing SMSF loans a decade ago, it was almost exclusively self- employed borrowers,” he adds.
“That remains a strong cohort, but today there is a meaningful and growing number of everyday investors using their SMSF to buy property – people who simply want more control over where their retirement savings are working.”
Standing out in SMSF
Wilcox says success in SMSF lending often comes down to strong lender relationships and deep policy knowledge.
“Not all non-bank lenders are created equal when it comes to SMSF – their policies differ significantly across trust structure requirements, trust deed acceptance, how they treat different income types and what they’ll accept as security,” he says.
“A broker who knows those nuances can place a deal correctly the first time, rather than burning a client’s credit file through avoidable trial and error.”
Understanding income assessment is another key area.
“Knowing how each lender calculates borrowing capacity inside an SMSF – contributions, rental income, pension payments, member income – and how to structure the application to maximise that capacity is a skill that takes years to develop,” he adds.
“In a tight scenario, it is often the difference between a deal that works and one that doesn’t.”
Thinktank’s Harrison also highlights the role lenders can play in providing support.
“At Thinktank, our relationship managers and credit assessors work alongside brokers – from initial scenario discussions all the way through to settlement – so that structures can be reviewed, refined and executed with clarity and reliability,” he says.
“This two-way exchange helps build confidence on all sides. It allows brokers to extend their SMSF capability at their own pace, while giving lenders deeper insight into how strategies and preferences are evolving in practice.”
Policy and appetite changes
The 2026–27 federal budget introduced a raft of changes that will influence individual property investors, including tweaks to the capital gains tax (CGT) discount and negative gearing.
But for those investing within their SMSF, it will largely be business as usual.
SMSF investors receive a smaller 33 per cent discount on capital gains on long-held assets, which is set to remain in place. The budget also explicitly said that superannuation funds (including SMSFs) will be excluded from new negative gearing rules.
Beyond the budget, brokers should be mindful of the introduction of Division 296 superannuation tax reforms, which will apply an additional 15 per cent tax on earnings attributable to individuals with total super balances above $3 million.
Legislated and due to take effect from 1 July 2026, the measure may have broader implications for how high- balance SMSF trustees manage their portfolios.
Another interesting wrinkle has come from major lenders either tightening their trust lending policies or stepping away from the segment over the past 12 months.
But for Wilcox, this represents the continuation of a trend where non-banks and specialist lenders have stepped in to fill a void.
“Ten years ago, this market was dominated by the big four,” he says.
“Today, non-bank lenders hold the majority share and have genuinely stepped up with competitive, well-structured products. That shift has actually been positive for clients in many respects.”
Which, in many ways, represents the shape of the segment at the moment.
As SMSF lending is increasingly defined by sophistication rather than complexity, the importance of specialist expertise has come to the fore.
This means the ability to provide certainty, transparency, and consistency across the lending journey has become just as important as competitive pricing, according to Thinktank’s Harrison.
“Clear policy interpretation, predictable credit outcomes and continuity from submission through to settlement make a meaningful difference – particularly for SMSF clients planning over long time horizons,” he says.
