What School Should Have Taught You
Sep 16, 2026 · 6 min · 6 segments
Offset accounts seem like a simple way to save on interest inside an SMSF. For some investors, they're quietly creating a compliance nightmare. Jeremy Iannuzzelli unpacks why some so-called offset…
When I first started in the industry, self-managed super fund loans were all being done by the major banks.
That includes St. George, who are one of the best at them, Commonwealth Bank, ANZ, NAB, Macquarie Bank, a range of banks were doing them.
Somewhere along the line, they took out the product of lending money to a self-managed super fund.
Then what happened? A lot of the non-deposit-taking institutions, or otherwise known as third-tier lenders, started to creep into this space.
Now, predominantly, it is all third-party or third-tier lending institutions, non-deposit-taking institutions, banks like your FirstMax and your Bluestones and your Peppers and your Liberties.
your granite banks, they're really now taking up a huge portion of the slack in the SMSF lending space, which is good because definitely there's a product that should be created for it.
Limited recourse borrowing was on the back of people being able to buy properties.
There are certain products where you can buy shares with limited recourse borrowing attached to it.
But as there's been more marketing and as there's been more competition in that third tier space for self-managed super fund loans, and by memory now there's over one and a half million self-managed super funds that are floating around the economy, predominantly a large portion of it would probably be invested in property.
I know I've got hundreds and hundreds of super funds in my practice, which we do all the compliance for, and predominantly majority of them are all invested into property.
Now, I would dare say I've probably only got a handful that are on legacy loans from the old days, which are with St. George or CBA.
But for 100% now of all new loans that I see in the SMSF space, it's all been taken up by third-tier lenders, non-deposit-taking institutions.
When I first started in the industry, self-managed super fund loans were all being done by the major banks.
That includes St. George, who are one of the best at them, Commonwealth Bank, ANZ, NAB, Macquarie Bank, a range of banks were doing them.
Somewhere along the line, they took out the product of lending money to a self-managed super fund.
Then what happened? A lot of the non-deposit-taking institutions, or otherwise known as third-tier lenders, started to creep into this space.
Now, predominantly, it is all third-party or third-tier lending institutions, non-deposit-taking institutions, banks like your FirstMax and your Bluestones and your Peppers and your Liberties.
your granite banks, they're really now taking up a huge portion of the slack in the SMSF lending space, which is good because definitely there's a product that should be created for it.
Limited recourse borrowing was on the back of people being able to buy properties.
There are certain products where you can buy shares with limited recourse borrowing attached to it.
But as there's been more marketing and as there's been more competition in that third tier space for self-managed super fund loans, and by memory now there's over one and a half million self-managed super funds that are floating around the economy, predominantly a large portion of it would probably be invested in property.
I know I've got hundreds and hundreds of super funds in my practice, which we do all the compliance for, and predominantly majority of them are all invested into property.
Now, I would dare say I've probably only got a handful that are on legacy loans from the old days, which are with St. George or CBA.
But for 100% now of all new loans that I see in the SMSF space, it's all been taken up by third-tier lenders, non-deposit-taking institutions.
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