Bluestone Home Loans has rolled out a new SMSF residential loan product in a bid to meet the needs of what it considers an “underserved” market of Australians who are taking more control of their superannuation.

Bluestone’s SMSF loan allows eligible customers to borrow up to $1.5m at an 80% loan-to-value ratio depending on property location.

To be eligible for the loan, borrowers must have a complying SMSF with a corporate trustee and net assets above $200,000.

The loan will be available for new purchases and refinances and can be under a principal and interest or interest-only repayments.

However, no redraw or offset facilities will be attached to the loan due to compliance risks.

Bluestone Home Loans chief customer officer James Angus said the new SMSF residential product presents an opportunity for brokers as many SMSFs are keen to invest in property to build a substantial income stream for retirement.

“We spoke to brokers earlier this year to understand their needs and frustrations regarding SMSF loans,” he said.

“As a result, we’ve designed this product based on three fundamental principles: a focus on compliance, ongoing support to brokers throughout the loan process, and a clear, easy to understand policy.”

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