Boomer Home Loans launched in April to address the challenges of securing finance faced by older Australians as they reach retirement.
Boomer Home Loans offered four home loan products for over-55s including:
- Boomer Clear: A home loan designed to help over 55s pay off their mortgage before retirement.
- Boomer Switch: A ‘hybrid’ home loan allowing boomers to refinance their home loan, and then ‘retire’ home loan repayments at the completion of working life.
- Boomer Reverse: A reverse mortgage allowing boomers to continue owning and living within their home, tapping into its equity for a 'more comfortable retirement'.
- Boomer Lite: A reverse mortgage with similar features and parameters to the Federal Government’s Home Equity Access Scheme.
Speaking to Savings.com.au back in April, Scott Phillips, CEO and Co-Founder of Boomer Home Loans said Boomer’s ‘pre-reverse’ mortgages were the lender’s key differentiator.
“These mortgages will help customers to manage their home loan needs late in their working life and then our reverse mortgage product takes over in retirement,” Mr Phillips said.
"We believe there is tremendous demand for reverse mortgages and other credit products for over 55s and that they will become increasingly popular in Australia, as they have done overseas."
Boomer Home Loans is based in Perth and is now looking to find alternative capital partners.
Richard Tucker, of voluntary administrators KordaMentha, said there are excellent growth prospects for Boomer given the demographic trends in Australia.
"The company has received significant interest in its products since launching them to the market in May," Mr Tucker said.
"Boomer is a distinctive brand that offers a niche service other lenders are unable to bring."
KordaMentha will soon begin seeking urgent expressions of interest for Boomer Home Loans.
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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
