$100 million debt facility announced by retirement funding group

10 April 2019
| By Hannah |
image
image
expand image

ME Bank and specialist retirement funding provider Household Capital, which launched earlier this year, have announced a partnership to establish a $100 million wholesale debt facility.

The loans, which would be offered at an interest rate of 5.9 per cent, were designed to provide funding for retirees who wanted to remain living at home, feeding into Household Capital’s model of using loans to transfer a portion of clients’ house values into their super funds or investment accounts.

“Household Capital has expanded access to home equity, improved the customer experience and established new sources of finance,” Jamie McPhee, ME Bank chief executive, said. “We are pleased to work with such an innovative group to transform the lives of Australian retirees.”

ME Bank held a minority equity stake in Household Capital.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

Shadow treasurer Angus Taylor has vowed to slash red tape and introduce a suite of financial services reforms aimed at transforming Australia into a leading financial hub...

5 hours 45 minutes ago

Deglobalisation is emerging as a major driver of infrastructure debt opportunities as regions onshore vital industries, a superannuation fund-owned manager has said....

5 hours 47 minutes ago

Australian superannuation funds are grappling with heightened global instability, as US policy shifts create a volatile backdrop for investment strategies....

5 hours 49 minutes ago

TOP PERFORMING FUNDS