New SMSF mortgage product launched
Vince Scully
Listed financial services group Firstfolio has partnered with finance house Calliva Group to launch a mortgage loan product designed for self-managed superannuation funds (SMSFs) under new gearing legislation.
Calliva SuperAccess loans will be sold to SMSFs through Firstfolio’s network of 800 mortgage intermediaries, including financial planners, as well as through Calliva’s existing planner network.
The non-recourse Calliva SuperAccess loans will initially be limited to purchases of commercial property, with plans to extend to residential property in the near future.
Firstfolio will also manage processing of all SuperAccess loans written.
Calliva has committed warehouse funding from Royal Bank of Scotland for SuperAccess.
“The agreement with SuperAccess takes us into an untapped market with enormous potential, and is a natural fit for our network,” Firstfolio managing director Mark Forsyth said.
“There are strong synergies between SuperAccess and both the commercial real property sold through Firstfolio’s property division and our range of commercial property lease and tenancy bonds,” he said.
Calliva Group chief executive Vince Scully said Firstfolio brought to the partnership an extensive distribution platform of loan brokers and accountants, and a scalable processing capability.
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
