Household Capital has finalised its acquisition of Macquarie Bank's reverse mortgage portfolio, with all customers now transitioned onto the non-bank lender's platform following a week-long onboarding process.
Household Capital was established in 2016 and began originating loans in 2019. The deal caps a period of rapid expansion for the equity release specialist, which has doubled its total loan origination to more than $1 billion since 2023.
Household Capital CEO and founder Josh Funder (pictured) said the acquisition reflected growing confidence in the reverse mortgage sector more broadly.
"This deal is a defining vote of confidence, not only in Household Capital, but in the quality of our customers, their homes, and Australia's world-leading equity release industry as a whole," Funder said.
Macquarie customers have gained access to Household Capital's digital lending platform and Australian-based customer service team, along with the potential to draw down additional home equity where appropriate.
The lender's funding base includes a warehouse facility backed by Citi, PEP, and Revolution Asset Management, alongside support from a top-five industry super fund and a top-five retail super fund. Its most recent term securitisation achieved a AAA rating for senior notes and was four times oversubscribed.
"We've attracted local and global capital to ensure scalable, sustainable funding for Australia's ageing economy," Funder said.
That funding is being deployed into a market with considerable runway. Citing a nationwide Deloitte survey, Household Capital noted Australian reverse mortgages totalled around $5.5 billion as at 30 June 2025, spread across more than 40,000 households. The company pointed to Australians aged 60 and over holding upwards of $3 trillion in residential property wealth, with the median retiree holding roughly $800,000 in home equity — three to four times their superannuation balance.
The company added that its portfolio has grown around 40% year-on-year — a sustained growth rate that has helped double its loan book since 2023 — with single women representing a growing share of customers. Roughly half of its customers are single, and almost two-thirds of those are women.
"These women are more likely to have worked part-time, been underpaid, or have taken time out of the workforce to care for a family member, so their super tends to be much smaller balances," Funder said.
Beyond individual customer trends, the broader sector has also expanded strongly, with independent industry data from IBISWorld showing reverse mortgage revenue growing at an average annual rate of around 12.4% over the past five years to reach an estimated $461.8 million in 2026.
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