Household Capital appoints new CFO

Ian Parkes carries more than 25 years of financial leadership experience in a variety of areas such as mortgage distribution and origination, accounting, audit, risk and compliance, and securitisation.

Prior to joining Household Capital (HHC), Mr Parkes held several senior finance positions across mortgage distribution and non-bank lending such as chief financial officer (CFO) at Mortgage Choice, CFO at Resimac, and CFO at Homeloans Limited.

In addition, he also has experience in Australian banking, credit, and wealth from both Westpac and St.George.

Mr Parkes commenced his new role on Tuesday (4 April 2023), replacing former HHC CFO Paul Murray, who was with the company for almost five years since the Series A financing.

Founder and chief executive of HHC, Joshua Funder, said they are delighted to welcome Mr Parkes to the Household Capital team.

“Ian brings extensive end-to-end mortgage and finance experience. His leadership will enable Household Capital to continue to lead the delivery of innovative offerings to help more senior Australians achieve a secure and comfortable retirement and have confidence in their future,” Mr Funder added.

Mr Parkes commented on his appointment: “Household Capital is an exciting, values-based growth opportunity for me.

“I’m looking forward to working with the team to further build Household Capital and further develop this significant new category to meet the financial needs of an ageing population.”

Pension Boost acquisition

Household Capital closed an M&A transaction to acquire the home equity start-up Pension Boost in early December last year.

As a result, Household Capital can provide both federal government Home Equity Access Scheme (HEAS) and household loans to older Australians.

Mr Funder commented at the time that the acquisition will enable Household Capital to provide a trust “one-stop shop” service for Australian retirees to access their home equity to meet their retirement funding needs.

“The acquisition expands Household Capital’s proposition, widens its market reach and is consistent with our strategy to be the most trusted provider in the Australian home equity release market,” he said.

“The combined business will position us to be the leading provider of home equity retirement funding.

“Together we play a critical role in meeting the needs of an ageing population, particularly as many Australian retirees have inadequate super saved to meet their needs.”

[RELATED: Aged Australians focus in largest retirement home-equity ‘boost’]