Commbank decides to scrap SMSF SuperGear
Please be advised that the Commonwealth Bank has decided to withdraw the Self-Managed Super Fund (SMSF) lending product that allows SMSF trusts to purchase both residentially and commercially secured investment properties.
As a result of this change, the Commonwealth Bank will cease offering its SuperGear product from the 12th October 2018
What are the transition arrangements?
As part of the transition arrangements, Commonwealth Bank will continue to accept SuperGear applications up until the close of business on the 12th October 2018.
They will not accept new applications or re-finance requests for a SuperGear transaction after this date.
In addition, approval of any applications submitted before the 12th October 2018 will be conditional on being funded and settled prior to the close of business on the 28th December 2018.
How will this change impact existing customers?
The Commonwealth Bank will continue to support and service existing SuperGear customers.
They will also write to all existing customers from next week to let them know that there will be no change to their existing arrangements.
They will continue to accept SuperGear loan term extensions requests, however new money funding or loan increases will not be offered.
What does this mean for brokers?
Commission payable on eligible SuperGear loan accounts will continue under existing contractual arrangements.
SuperGear will cease to be an Eligible Product under Commonwealth Bank's Commercial Broking program. As a result of this decision, the bank will also stop accepting new applications for SuperGear accreditation effective immediately.
SuperGear will also cease to be an Eligible Product under the Commercial Connect referral program currently offered to accredited CommBank Home Loan brokers effective immediately.