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Futureproof Retirement is a joint venture between fintech Futureproof and a consortium led by Bunbury, the former deputy CEO and co-founder of Volt Bank.
The new lender will launch its flagship Equity Preservation Mortgage in December, targeting Australians looking to access wealth tied up in their homes without using a traditional reverse mortgage.
An alternative to reverse mortgages?
According to Futureproof Retirement, their new product will allow home owners to receive an annual income stream of up to 2 per cent of their property’s value over 10 to 15 years while seeking to preserve the property’s equity and future capital growth.
Unlike a conventional reverse mortgage, where interest compounds against the value of the home, Futureproof said the structure is designed so interest does not compound against the borrower’s equity.
The lender said the product converts housing equity into tax-free annuity income that can be used to supplement retirement income or pay for expenses such as aged care, in-home support or superannuation contributions.
Rather than requiring borrowers to sell their home or steadily reduce the equity they own, Futureproof said the mortgage has been structured to preserve both the original equity and any future capital appreciation.
John Innes, co-founder and director of Futureproof, said the product was designed to address what the company sees as shortcomings in existing equity release products.
“The global retirement funding gap is widening yet there are no new products to assist the asset rich, cash poor,” Innes said.
“Traditional options such as reverse mortgages and shared appreciation mortgages currently available to older Australians deplete their equity in their largest financial asset.”
From Volt Bank to retirement lending
As one of the founders of Futureproof Retirement, Bunbury is well known as co-founder and former deputy chief executive officer of Volt Bank, Australia’s first neobank to receive a restricted authorised deposit-taking institution licence from APRA in 2018.
In June 2022, Volt Bank announced that it was closing its deposit-taking business and returning its banking licence after being “unsuccessful in raising sufficient additional funds to support the business”.
Before launching Volt, Bunbury held senior executive roles at St.George Bank and Challenger Financial Services, building experience across mortgage lending, funding and banking operations.
Under the new joint venture, Bunbury will become interim chief executive of Futureproof Retirement while also joining Futureproof Financial Group as chief commercial officer.
Bunbury said the venture was focused on addressing Australia’s retirement funding challenges.
“This joint venture with Futureproof presents a unique opportunity to address one of the most pressing economic and social challenges of our time, not only in Australia, but globally,” he said.
“For too long, the Australian market has lacked a fit-for-purpose mortgage instrument that responsibly delivers fixed-term annuity income ... without eroding the value of the underlying property.”
Innes said: “We are delighted to partner with Luke Bunbury and his experienced team to bring our Equity Preservation Mortgage to the Australian market.
“Bunbury’s strong banking experience at St.George and Challenger with deep mortgage and funding expertise will ensure we are perfectly positioned to establish our new non-bank lender as a trusted, transformative force in the retirement and aged care funding market.”
A growing space
Futureproof Retirement said Reserve Bank estimates show Australian households held around $1.2 trillion in owner-occupier housing equity at the end of 2025, while its own research found 56 per cent of retirees who own their homes remain underfunded in retirement.
Indeed, demand for reverse mortgages has been trending upwards.
New data released by reverse mortgage brokerage Seniors First in May 2026 revealed that demand for reverse mortgage loans through the Commonwealth’s Home Equity Access Scheme increased by 21 per cent over the past 12 months.
The brokerage also found that online searches relating to reverse mortgages had increased by 62 per cent over the past six months.
This consumer interest has not gone unnoticed by other lenders in the space.
This month, non-bank lender Homesafe rolled out its equity release product to home owners across regional Victoria, while Household Capital expanded its reverse mortgage portfolio through the acquisition of a loan book from Macquarie Bank.
Following strong demand, Brighten has also fast-tracked the launch of its new reverse mortgage products following a successful pilot, while Clinch has taken a different approach with its Easy Equity offering.
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