Launch comes amid a groundswell in demand for innovative later-life mortgage products
There has certainly been an influx of later-life home loan products hitting the market recently.
Take AMP Bank’s decision to re-enter the SMSF lending market after an eight-year hiatus, or AMP Bank’s not-entirely-uncontroversial 10-year interest-only mortgage product, or the growing population of bridging loan options to support Baby Boomers with their downsizing aspirations.
It’s easy to see why demand is skyrocketing.
Between 1994 and 2024, the percentage of the population aged 65 and over increased from 12% to 17%, attibuted to lower fertility rates and higher life expectancies. Australia’s population is expected to keep ageing, with the government projecting that the number of Australians aged 65 and over will more than double and the number aged 85 and over will more than triple.
With a large chunk of their wealth locked up in property (‘asset rich but time poor’, as the adage goes), older Australians face roadblocks in accessing traditional credit, thanks to strict income and serviceability requirements. Banks, for instance, tend to expect a customer to be employed over the lifespan of a 30-year loan, making it hard for those aged 60 and over to secure favourable terms.
Yet Boomers are also increasingly wanting to access cashflow for purposes of property downsizing, travel, or long‑deferred indulgences, meaning lenders are becoming increasingly innovative with how they service this cohort.
Recently launched non-bank lender Clinch (part of Assetline parent AltX Group) is the latest to target this demographic with its Easy Equity Loan, tailored to asset‑rich, cash‑poor Australians nearing or in retirement.
It allows homeowners to release equity from their homes at a maximum 65% LVR, with loan amounts capped at $3 million, and is best suited to borrowers with more than 50% home equity seeking liquidity for lifestyle or transition needs.
While it doesn’t reinvent the wheel, one feature stands out: over the maximum two‑year term there are no mandatory monthly repayments. Instead, interest is capitalised and repaid on exit, via sale or refinancing.
“We built Easy Equity to reflect the reality that many Australians carry their wealth in the family home, not in a pay slip,” said Clinch chief executive James Green (pictured). “Australia has a growing cohort of homeowners who are asset-rich but often income-poor.
“Many have done everything right, yet still struggle to access credit simply because they no longer receive a regular salary. Easy Equity removes that barrier while maintaining conservative lending principles.”
Green believes the removal of income reliance and age limitations makes Easy Equity unique in the regulated lending space, at least in Australia. He witnessed the popularity of similarly structured products in the UK, which also has an asset-rich, cash-poor ageing population.
“By focusing on equity strength, documented exits and transparent terms, we’ve created a product that gives mature-age homeowners confidence and gives brokers a responsible option they can stand behind,” said Green.
Backed by a $1.5 billion credit fund, Clinch is relying on the broker channel as the primary engine to scale the Easy Equity Loan. Green explained how Clinch is working with major aggregators like LMG and SFG to bring the Easy Equity Loan to the broking community.
“Brokers are the key source of these clientele,” he said. “They're the ones that are spotting these clients, identifying (clients whose) income is in their assets and not in their payslip.”
