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Non-major bank AMP has begun piloting a residential self-managed super fund (SMSF) lending solution, marking its return to SMSF property lending after withdrawing from the market in 2018.
The revived SuperEdge product is being tested with a select group of brokers and AMP home loan specialists, with the first residential SMSF loans already settled and broader market availability targeted for the end of 1Q26.
The pilot product includes principal and interest or interest-only repayments for up to five years, supported by a documented transition plan, and an optional offset facility. AMP believes it is the only bank in the market offering a true offset account on a residential SMSF loan.
The product is available only to corporate trustee structures, with a maximum loan-to-value ratio of 80 per cent, minimum SMSF net assets of $300,000, and a requirement that borrowers maintain at least 10 per cent in liquid assets post-settlement.
Eligible properties must be residential assets in zones 1 and 2; valued between $300,000 and $2.5 million; and cannot be off-the-plan, under construction, rural, commercial, or owner-occupied.
Speaking to Broker Daily, AMP director of lending and everyday banking, Michael Christofides, said brokers should still expect SMSF loans to take longer to assess than standard home loans, despite the bank’s push into digital lodgement and pre-validation.
“We’re still open for companies and trust business, so we acknowledge they’re more complex to assess, and so we do manage expectations to our brokers around that. But, as a challenger brand, we want to be known to be doing things differently. We’ve shown last year with the launch of the 10-year interest-only home loan product that we’re willing to do things differently,” Christofides said.
“We’re very purposeful about the sorts of solutions we’re going to bring into market. The customers that we’re targeting are very much around targeting pre-retirees and retirees. And so the solutions that you’ll see from us are very much about showing up as a challenger bank and doing things differently, but also being very focused about who we’re targeting and the solutions we bring to market.”
AMP has leaned heavily into what it describes as a broker-first digital experience, allowing brokers to lodge and track SMSF applications in one place, supported by automated SMSF structure checks, LRBA prompts, and document validation to reduce rework.
SMSF specialist Mark Kevin, managing director of Mortgage Advice Bureau Sydney, said AMP’s return would add capacity and credibility to the market, even if the product remains conservative.
“It’s fantastic to see another lender enter the SMSF space as more competition typically drives better outcomes for consumers through improved features, sharper pricing, and greater choice. This is positive for the market,” he said.
“For me, the real differentiator will be their credit policy and appetite. I’m particularly interested to see their approach to forward-looking contribution strategies, which are crucial for our self-employed clients who may not have traditional PAYG income but have strong cash flow and regular contribution capacity.”
Kevin said the offset feature filled a gap left by other lenders, but flagged policy settings as restrictive.
“That said, the 10 per cent post-settlement liquidity requirement is restrictive as most competitors sit at 5 per cent or have no requirement at all. Combined with the $300,000 minimum net assets threshold… this will likely limit their addressable market,” he said.
He added that the digital workflow could be a genuine improvement for brokers, but described the residential-only policy as a limitation, noting that commercial property makes up a significant portion of SMSF lending demand.
Overall, Kevin said the move represented “a solid but conservative entry”, adding that its longer-term impact could be in lifting standards and confidence across the SMSF lending sector.
The shifting sands of SMSF lending
AMP expects SMSF lending to account for around 10 per cent of its new home loan business in the coming years.
The bank’s SMSF re-entry comes at a time when none of the major banks offer residential SMSF lending, and several lenders have tightened policies around company and trust lending. The bank said ongoing broker demand and the growing scale of the SMSF sector were key drivers behind the move.
“As a challenger bank, we’re trying to be more innovative and do things differently and bring product innovation. So it was a gap in the market that we needed to step into and we think it’s right that it’s not only non-banks that offer this type of a solution for customers as well,” AMP Bank group executive Sean O’Malley said.
“We think a lot has changed in the six years since SuperEdge was pulled. When we started thinking about why we would consider bringing the product back, it was partly because of significant and constant demand from brokers and advisers saying they actually wanted some more choice – particularly with the banks pulling out of the space.
“SMSFs have grown in a really mainstream way… it’s a big mainstream component now; much bigger than it was years ago. And we know that property for SMSF trustees members continues to be really important.”
[Related: Why trust is now the broker’s edge]