MFAA to launch SMSF training program
With more mortgage brokers taking advantage of the growth of the self-managed superannuation fund (SMSF) space, the Mortgage and Finance Association of Australia (MFAA) is developing a training course in SMSF lending.
According to the association, direct property investment now makes up more than 10 per cent of the 500,000 SMSFs active in Australia, and chief executive Phil Naylor said brokers have the opportunity to play a central credit advice role.
He said many brokers have already recognised that they "can project manage the purchase and maintenance of mortgages related to an SMSF over decades".
"While many consumers are establishing their own SMSF, we believe mortgage brokers can project manage the process from day one because of their understanding and expertise with credit," he said.
Naylor said the success of SMSF borrowing relies heavily on credit approval from lenders and it represents both an opportunity and risk for brokers working with these types of customers.
The MFAA's training program will be launched at its national convention.
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