Household Capital Helps Retirees in Challenging Times
Our retirement specialist Fiona Navarro has a follow up chat with Jamie, host of Channel 7’s The Morning Show. Since their initial discussion, the advent of COVID-19 has challenged the retirement funding for many Australians. At the same time, an increasing number of Australians are still servicing mortgage debt in retirement. Our customer Ray explains how he used a Household Loan to rid himself of regular repayments to the bank.
Jamie: Well, these are challenging times and especially for Australia's retirees. Not only are they worried about their health, but the pandemic is also impacting retirement finance. Fiona, there has been a lot of change since we last spoke. How are Australia's retirees coping?
Fiona: Well, Jamie, even before the pandemic, many older Australians were worried about how they'd live well for 20 plus years in retirement. And whether retirees are self-funded, solely reliant on the pension, or something in between, the people we speak to are worried about retirement funding, but they don't need to be.
Jamie: Okay. How can household capital help retirees then?
Fiona: Well Jamie, retired Australians can use the wealth in their home, their household capital, to improve their retirement funding. We provide retirees with flexibility and choice to make decisions about their retirement lifestyle. We've worked with a lot of self-funded retirees this year. They're not getting help from the government. Even though their retirement income has crashed, investment returns and dividends have fallen. Income from residential and commercial property investments has been hard hit too. So they're struggling to make ends meet. And fortunately, we've been able to help a large number of retirees in this position. Some set up a loan from which they periodically draw capital as required, and others establish a regular income stream with fortnightly or monthly payments.
Jamie: Oh, that's great news. How else can Household Capital help?
Fiona: Well, more and more retirees are coming to us with mortgage debt. Because they have to repay the bank each month, their retirement cash flow is affected and this can be really stressful and even more so for single retirees. Many of our customers want to make repayments and we offer them the flexibility to do so when and how it suits them, but there's no requirement to do so. And importantly, they can repay their household loan at any time without penalty. These loans have regulatory protections, which help our clients sleep at night.
Jamie: That's great. Okay, let's cross right now to one of the many Australians who use their household capital to pay out the bank and improve the quality of their retirement.
Ray: Good day, my name's Ray. Some time ago, I came across Household Capital and decided to do some research myself. Which I did. And I looked them up, and what I found was something that I didn't know anything about, but it was what I needed. I made that phone call, that most important phone call. Within 48 hours, they were at our house. The representative was amazing. She did not try to sell me one product. She went through everything that I needed and that I wanted to get rid of was a bank debt and I wanted to get rid of it, a bank mortgage, I wanted to get rid of it. Though it was small, it was something of concern to me. From there on, it was all uphill, they were magnificent, easy to contact. The whole mortgage went through. I've never felt better, it lifted a weight off our shoulders, it was amazing the feeling. I recommend you make that phone call, it'll change your life.
Jamie: Wow. What a great story. Fiona, how can retirees access their household capital?
Fiona: It's a really easy three-step process. So firstly people can use our simple online calculator to see whether they're eligible and how much household capital they can access. The second step is to meet with one of our retirement specialists. Personal one-on-one service is really important to us. And the third step is the application process and there's always someone available to help along the way.
Jamie: Fiona, what sets Household Capital apart?
Fiona: We offer Australia's lowest available rate for any form of reverse mortgage. And that comes with personalized service and a focus on responsible lending. We want to help people improve their long-term retirement funding. Australians feel safe in their home, and we want them to feel safe in their retirement too.
Jamie: Brilliant. Fiona, thanks so much for being here today.
Jamie: Your home can be both the best place to live and the right way to fund your retirement. What are you doing with your household capital. To try out those calculators, head to the website, householdcapital.com.au or give them a call 1300 622-100