News

Changes to SMSF

March 1, 2016

Victorian Teachers Mutual bank have made some changes to their SMSF to coincide with APRA’s ruling around the 10% capital growth for lending for investment purposes. The product will now only be available to customers who fall into Education.

Effective from 25th Jan 2016, at least one applicant will need to meet the below criteria to be able to apply for a SMSF loan.

ELIGIBILITY CRITERIA

Education Employees
Anyone who works in any of the following organization/sectors qualifies, regardless of the role and should be at least 1 year in the role/employer:

  • Government School- Primary/Secondary/Specialist
  • Non Government school- Primary/Secondary/Specialist
  • Universities
  • TAFE’s
  • Preschools, kindergartens
  • Childcare Centers
  • ¬†Family Day Care Australia
  • Education Unions
  • Department of Education and Training

Eligibility outside of Education employees
Additionally, there are people who are eligible that may not work for an employee type listed above (employment in role for at least 1 year is required), such as:

  • Tutors
  • Trainers
  • Students studying teaching

For more information on any of the above please contact your area BDM.