The founder of one of Australia’s largest property groups wants SMSF lending rules to be the same as they are for regular purchasers.
Speaking to delegates recently at the SMSF Members Association conference, Meriton’s Harry Triguboff said SMSFs should be more freely able to use money for housing.
“I would like the rules for SMSFs as far as lending is concerned to be the same as they are for normal purchasers,” he said. “It seems to work for normal purchases very well – it’s not like we have repossessions all the time.”
“People should be able to use the money in their super fund instead of locking it in and not being able to buy a house when they are young.”
Mr Triguboff was also critical of the complexity of an SMSF borrowing from a bank, and the fact that the rules are difference for regular investors and SMSF trustees.
“The banks don’t give money [to SMSFs] because it’s too cumbersome,” he said.
[Related: ATO ‘very concerned’ over SMSF lending]