Retirees in Australia’s richest suburbs release home equity for better retirement lifestyles, through Household Capital
January 28, 2020
Household Capital customer data shows Australian retirees owning the country’s most high end property are turning to Household Capital to release home equity to live well in retirement.
Australia’s most sought after suburbs lead the way
Household Capital’s most recent lending data lists some of Australia’s most affluent Sydney,
Melbourne and Brisbane suburbs in the firm’s top ten lending zones including a wishlist of aspirational addresses from Bondi, Tamarama, Balmain, Mosman, Brighton, Tenerife to New Farm.
“Our service is proving very popular with property owners in Australia’s most affluent suburbs. Residents of some of Australia’s most luxurious properties are choosing to use their multi million dollar properties as both the best place to live and the best way to fund their retirement,” says Dr Joshua Funder, Chief Executive Officer of Household Capital.
By postcode, Household Capital’s current top ten lending locations are 3101, 2026, 2088, 3166, 2075, 2071, 3161, 2041, 4005, 3162.
Releasing funds to enjoy today
Household Capital customers typically borrow funds for a number of reasons, including home and garden renovations, a new car, an additional income stream, a contingency fund, refinancing their mortgage, payment of medical bills, or the joy of being the bank of mum and dad (or even bank of grandma and grandpa).
Most often Household Capital customers use their home equity for a combination of reasons, splitting the funds between several areas of spend.
“We are delighted to see Australian retirees accessing the wealth they have accumulated and enjoying it. Australian retirees are among the wealthiest anywhere in the world and by allowing them to access their Household Capital, we allow them to live a lifestyle that they earned as they accumulated wealth in their home property assets,” says Dr Joshua Funder, Chief Executive Officer of Household Capital.
Safe, responsible retirement funding
Household Capital’s data is showing that customers are borrowing conservatively, consistently applying for funding below the available loan to value ratio and leaving additional home equity available for future needs. Both the low LVR figures and the affluence of the borrowers’ residential addresses show that accessing household equity in retirement has become a safe, responsible, long term funding option.
“Australia now has the most well regulated retiree loan market in the world,” says Funder. “We are delighted to serve our customers safely, making sure that they can stay in their homes for life. We believe it’s an endorsement of our offering that it is now so popular with some of Australia’s most financially literate and astute homeowners who can now have confidence in their retirement lifestyles.”
Applications for credit are subject to eligibility and lending criteria. Fees and charges are payable and terms and conditions apply (available on request). Household Capital Pty Limited is a credit representative (512757) of Mortgage Direct Pty Limited ACN 075 721 434. Australian Credit Licence 391876.