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The rollout covers Ballarat, Sunbury, the Macedon Ranges, Castlemaine, Daylesford, Hepburn Springs, and Greater Bendigo, following what the provider said was growing demand from regional home owners seeking to access equity while managing rising living costs and retirement expenses.
The move marks one of the largest expansions in Homesafe’s 21-year history and follows an earlier rollout into Geelong, with the company saying that it is assessing further regional markets.
Until the announcement, many home owners outside metropolitan Melbourne and Sydney were outside the provider’s eligible areas.
CEO Dianne Shepherd said the decision was driven in part by the recent uptick in inquiries from regional Victorian home owners over the past year.
“This expansion is a direct response to what we’re seeing across regional Victoria, with an increase in inquiries from regional Victorian home owners over the past 12 months,” she said.
“Many home owners have accumulated substantial housing wealth through rising property values, but they’re also facing higher living costs, entering retirement with debt or finding their savings don’t stretch as far as expected.”
Housing wealth remains locked away
The expansion comes as more Australians reach retirement carrying mortgage debt, despite holding significant wealth in residential property.
According to Bankwest Curtin Economics Centre, Australians aged 65 and over now hold almost one-third of the nation’s household wealth – around $5.96 trillion – much of it tied up in housing.
Additionally, research from the University of Melbourne found that 66 per cent of recent retirees own their home outright, while around 15 per cent of households aged 65 and over continue to carry housing debt.
Meanwhile, the Association of Superannuation Funds of Australia found that the annual cost of a comfortable retirement has climbed to almost $56,000 for a single home owner and more than $76,000 for a couple.
Regional property values have also continued to rise, with the median regional Victorian house price reaching about $640,000 in the March quarter, around $60,000 higher than a year earlier.
Unlike a traditional reverse mortgage, Homesafe’s product is not structured as a loan. Rather, home owners receive a lump sum in exchange for an agreed share of the property’s future sale proceeds, allowing them to remain in their home without making ongoing repayments.
Equity release solutions gain traction
Homesafe’s expansion also comes as brokers report growing interest in equity release products more broadly.
Recent data from reverse mortgage brokerage Seniors First found demand for reverse mortgages through the Commonwealth’s Home Equity Access Scheme increased 21 per cent over the past year, while online searches related to reverse mortgages climbed 62 per cent over a six-month period.
Seniors First CEO Darren Moffatt previously told Broker Daily that reverse mortgages were becoming an increasingly important option for older Australians looking to strengthen their retirement finances as cost-of-living pressures persisted.
“For many older Australians, their home is their biggest asset, and a reverse mortgage can be a practical way to access some of its value without needing to sell or downsize,” he said.
However, the growing popularity of equity release products has also highlighted the need for advice.
Research by Seniors First identified more than 150 differences across Australia’s four largest reverse mortgage lenders, spanning product features, lending policies, post-settlement processes, and future access to funds.
[Related: Household Capital to acquire Macquarie reverse mortgage portfolio]
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