Changes are happening - please bear with us while we update our site.

Changes are happening - please bear with us while we update our site. Click here to give us your advice and feedback.

AMP Limited (ASX:AMP) And Big 4 Banks End Lending To SMSFs

AMP Limited (ASX:AMP) has joined the Big 4 banks in ending lending to SMSFs for residential and commercial property.

AMP Limited (ASX: AMP) has joined the ‘Big 4’ banks in ending lending to SMSFs for residential and commercial property.

AMP is one of Australia’s largest wealth business and offers superannuation, insurance, lending, banking and other products.

AMP axes lending to SMSFs:

[emaillocker]

Commonwealth Bank of Australia (ASX: CBA) recently ended lending to SMSFs for property. Westpac Banking Corp (ASX: WBC) also ended lending to SMSFs a couple of months ago. These moves are being attributed to scrutiny from the Royal Commission.

Now AMP has decided to step away.

SMSF lending has consistently been criticised by market commentators, including by AMP’s new Chairman David Murray. One of the main issues is that some SMSFs may only have one investment – a residential property that has a significant loan held against it.

We only ever withdraw solutions for customers after careful consideration and in this case we believe it is prudent to stop selling our SuperEdge property loans to SMSFs for the foreseeable future“, said an AMP spokesman.

According to CoreLogic national house prices have fallen by 2% over the 12 months to 31 August 2018, analysts will be following what this latest announcement does to the market.

[/emaillocker]

The Best* Finance Podcast On Earth

The Rask Group’s Australian Investors Podcast is fast becoming Australia’s #1 podcast for serious investors. It provides unique insights from Australia’s best investors, entrepreneurs, authors and financial thinkers. Download the latest episode free on iTunes,  CastboxYouTube or wherever you choose to listen.

Here’s a timeless interview with former leading stockbroker, Charlie Aitken.

*As voted by us

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account.

(Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

Skip to content