With the announcement of its newest addition, one of Australia’s leading aggregators has taken the total number of lenders on its panel to 60.
Loan Market Group diversified into the retirement sector through its partnership with Heartland Seniors Finance, allowing clients to be serviced throughout their entire lifecycle.
Heartland caters to the range of challenges faced by the aging population, with a specialisation in reverse mortgage solutions that help to unlock over-60s’ equity in assets like their home. Whether through helping to facilitate personal debt consolidation, home renovations, additional income, travel, medical expenses or the purchase of a new vehicle, the partnership with Heartland will provide Loan Market brokers access to the growing population within the country.
The percentage of older Australians is rising, led by aging Baby Boomers. In 2017, the Australian Bureau of Statistics reported 15% of the nation’s population was aged over 65, whereas the subset is expected to account for between 21-23% of the country for the next 50 years.
“As clients get older, their focus shifts toward their health, travel, and even modifying their home to better suit their mobility. They require specialised solutions, and this partnership will open up more options for these important clients,” said Stephen Scahill, Loan Market chief commercial officer.
“Our lender panel starts the journey with customers for their first home, car purchase, debt consolidation, through to investments and business loans, and now to their needs in retirement. It creates true client-for-life relationships for our brokers.”
Heartland Seniors Finance head of distribution, Jeff Murray, said brokers are an “integral part” of their business.
“As a specialist lender, it is important to partner with quality aggregators to broaden our reach,” he said.
“We are thrilled to be welcomed onto the Loan Market lender panel to further assist their customers achieve their financial goals later in life, and live a more comfortable retirement.”