SMSF investing on property could be a risky move

Westpac announce it would stop investment property loan to Self-managed Superannuation Funds, following Royal banking commission exposed big risk home loans.

ASIC has launched legal action against Westpac.

ASIC has launched legal action against Westpac. Source: AAP

Westpac announced withdrawing new loan offers to self-managed superannuation funds looking to invest in property.

The bank, the nation's second-largest mortgage lender, and its subsidiaries Bank of Melbourne, St George Bank and BankSA, will withdraw from lending to small super funds at the end of July, to "simplify and streamline" its products.

Royal banking commission finding from April exposed that investing on property can be a risky move and irresponsible recommendation to clients.

See Cantonese report for more details.

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