07 Mar, 2019
A new lender has entered the Australian retirement sector with a loan product aimed at helping retirees live more comfortably at home.
Household Capital, a specialist retirement lender founded in 2016, has launched a loan product that allows retirees to access additional retirement funds by using a low-interest loan to transfer a portion of the value of their homes into their superannuation fund or investment account.
The specialist lender’s announcement states that borrowers have “guaranteed lifelong occupancy of their home”, and in line with regulatory changes in 2012, they “never have to repay more than the value of their home.”
Joshua Funder, Household Capital’s chief executive and managing director, said: “Household Capital’s loan is suitable for people approaching retirement who have a low superannuation balance that needs a boost.
“It also works for those people in mid-retirement who may have depleted their superannuation and need more income, as well as those retirees who may need funding for the transition to supported care.”