SMSF Loans Outstanding Value: Victoria Teachers Mutual Bank
The dollar value of non-recourse loans in self-managed super funds (SMSFs) has been increasing significantly in recent years and currently stands at approximately $21.8 billion. As with individual home loans, though, not all SMSF loans are created equal .
In 2016 CANSTAR has assessed the SMSF loan products offered by 14 financial institutions, with Victoria Teachers Mutual Bank achieving a 5 star rating for variable rate loans.
|Outstanding Value||SMSF Loan||Variable||Victoria Teachers Mutual Bank|
At the time of CANSTAR’s assessment, Victoria Teachers Mutual Bank offered the lowest variable SMSF loan rate on our database. The product also offers strong features, including the following:
- Both individual and company trustees are eligible to apply for a loan
- Personal guarantee is not required
- Refinancing is available
- Max LVR is 80%
- Rental income can be used to assess the serviceability of the loan
- Employer SG and voluntary contributions are allowed
- Lump sum and additional repayments are allowed
- 90 day pre-approval is available
About Victoria Teachers Mutual Bank
Victoria Teachers was founded by a group of educators in 1972, and has since grown to a member base of more than 87,000 customers and over $1.8 billion in assets. The bank offers a range of services, including bank accounts, financial planning, insurance and loans, including fixed-rate, line of credit and bridging loan options.
“Our Self-Managed Super Fund (SMSF) Loan is ideal for those with a regulated Australian SMSF who are looking to buy an investment property or refinance an existing SMSF Loan. With the option of Interest Only, you can secure your finances in the present while you keep working towards your future.
- Choose between weekly, fortnightly or monthly repayments.
- We accept additional repayments whenever you choose to make them.
- If you manage to pay off your loan early there will be no penalty.
- The monthly Interest Only option makes managing your repayments easier.
- With no maximum loan amount, borrow as much as you need.
- The minimum loan amount is $100,000.
- Loan available for up to 30 years.”
Source: Victoria Teachers Mutual Bank. Correct at 1/11/6