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Aggregator Finsure Group has announced that retirement lending specialist Household Capital has joined its lending panel, giving Finsure’s brokers access to more finance solutions for their retirement-aged clients.
Simon Bednar, Finsure’s chief executive, stated that Household Capital allows Australian seniors to improve their long-term retirement funding through access to their home equity.
“We are thrilled to welcome Household Capital to the Finsure lending panel,” Mr Bednar said.
“The connection with Household Capital will enable our brokers to expand their customer base into a growing demographic and help them diversify their businesses.”
Mr Bednar added that Household Capital places “huge emphasis” on its customer service, offering personalised broker and scenario support.
“Household Capital also offers a ‘spot and refer program’, where brokers can refer their clients to them, and Household Capital will take care of the rest while keeping the broker informed through the entire customer journey,” Mr Bednar said.
“Brokers then receive a referral fee of 0.3 per cent on settlement of the total approved amount, not just the drawn amount.”
With the Australian Bureau of Statistics (ABS) estimating that 4.2 million or 16 per cent of Australians are aged 65 and over, Finsure’s head of operations Kon Shizas said that Household Capital is “servicing a growing percentage of the Australian population”.
“Providing lending solutions for borrowers 60 years and older has been a relatively small market in recent years, but it’s clear that with the demographic growing and people needing to plan for longer retirement, more financial solutions will be needed,” Mr Shizas said.
Household Capital distribution executive Esther Angrisano commented on the high importance the lender places on support services.
“It’s no secret that the majority of brokers aren’t familiar with loan solutions for older customers,” Ms Angrisano said.
“We want to guide brokers through the application process and help them better understand our innovative solutions and give them the opportunity to assist an underserviced customer demographic.”
She further stated that Household Capital works with their clients “to improve their retirement lifestyle” by enhancing retirement income and providing access to capital and improving retirement housing.
“Our approach aims to provide them with the best of both worlds – to continue living in the family home with the confidence to enjoy the retirement lifestyle they deserve,” Ms Angrisano said.
[RELATED: Funding.com.au partners with Finsure]