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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Rates
Features
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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of December 10, 2023. View disclaimer.

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