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Why Household Capital?
Mortgage brokers play an integral role in helping Australians in meeting their financial goals. As your clients age, it’s time to turn to a specialist Lender - Household Capital™.
Household Capital specialises in helping older Australians and supports mortgage brokers in doing so. Household Capital is a specialist financial services firm that provides Australia’s retirees with access to home equity – their Household Capital™ – to improve long term retirement funding.
Older borrowers represent a small number of your overall client needs and we recognise that you’re be less familiar of your obligations when discussing a reverse mortgage compared to your core business, so we support you through a simple referral arrangement in meeting the needs of:
Older borrowers represent a small number of your overall client needs and we recognise that you’re be less familiar of your obligations when discussing a reverse mortgage compared to your core business, so we support you through a simple referral arrangement in meeting the needs of:
- your older clients,
- your clients parents
- or your own parents.
- testing
We complement your business and the process is simple - You provide Household Capital the customer name and relevant enquiry information and we handle the rest, while also providing you updates at key milestones through the process. Household Capital™ recognise referrals from a credit representative through a referral fee paid on a settlement of a loan
Our goal is to support you in meeting your older borrowers needs, plus we recognise your introduction on the successful settlement of your customer enquiry.
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This is a Global Template that holds Calculator Elements. Feel free to drop as many Calculator Elements as you require into the white area below. The order of the elements (top to bottom) will be their order within this Calculator Screen. You can edit the yellow button in the top left corner to change the settings for this Calculator Screen.
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Frequently Asked Questions
Does Household Capital work with Mortgage Brokers?
Household Capital support Mortgage Brokers through providing a spot and refer service and recognise your referral through the payment of a referral fee on settlement.
How do I become accredited with Household Capital?
As Household Capital support you through a spot and refer approach, there’s not need to undertake an accreditation program with Household Capital.
What do I need to do to introduce a customer to Household Capital?
It’s as simple as using our Check Postcode above to verify if they live in an eligible postcode, then sending an email to [email protected] with the customer contact information (names, address, email, phone), plus your contact information for future contact and payment of any referral fee.
Can I originate and lodge a loan to Household Capital myself?
Funding needs for retirees generally represent a small portion of most mortgage brokers overall business. A reverse mortgage also presents different obligations the broker needs to address, so it’s similar to other types of specialist lending like SMSF lending, business lending or leasing, where referring to a specialist is better for you, your business and your customer. To support you in focusing on your core business, Household Capital takes the stress away and recognises your introduction through a referral fee. Should we be unable to assist with the customers need, we provide you the option of also referring the customer back to you for further assistance.
From what age do you lend to people?
The youngest person on the home’s title must be aged 60+
What’s your interest rate and fees
Household Capital’s current interest rate is 6.20% per annum (comparison rate 6.23%)*. This is a variable rate; the main benefit of this is that you have flexible repayment options. Interest is calculated daily and added to the loan balance each month. Interest is charged on the funds the customer receives. If receiving a regular income stream, interest is only charged on the amounts drawn.
A Household Loan does not require regular repayment; instead it defers principal and interest repayment to when the loan matures. With a Household Loan, you can elect to make monthly interest payments to avoid compound interest. A Household Loan may be repaid, in part or full, at any time without penalty
What is the minimum and maximum loan size considered
Minimum loan $20,000
Maximum loan $1,000,000
How much could my customer borrow?
The amount which can be borrowed is dependent on the Loan to Value ratio (LVR). For a Household Loan, the calculation takes two factors into account – the age of the youngest borrow and the value of your property. The percentage of equity you can access is regulated by the Australian Securities and Investments Commission (ASIC). Household Capital’s LVR for a house starts at 15% for those aged 60 and increases 1% per year thereafter.
I would like to confirm whether you lend in a specific postcode?
Please check postcode checker
What type of properties will you consider as security?
Owner occupied and non-owner occupied residential freehold, ACT Leasehold and strata property types are considered in most instances. To discuss a particular property type contact our Broker Hotline on 1300 571 737.
Who do I contact to discuss a scenario?
Please contact us on 1300 571 737 or email [email protected].
Questions? Call Our Broker Hotline on 1300 571 737
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