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.
