Industry forum targets retirement funding gap through equity release focus
The Finance Brokers Association of Australia (FBAA) has stepped up its involvement in a national forum examining how reverse mortgages and other equity release products can help address Australia’s retirement income shortfall.
FBAA managing director Peter White (pictured top) said the Seniors Equity Release Industry Forum (SERIF) was underscoring the need for co-ordinated responses across government, lenders and intermediaries to what he described as one of the country’s most pressing structural issues.
“Not only do older Australians require funding for a dignified, secure retirement, but reverse mortgages present finance and mortgage brokers with a great opportunity to diversify,” White said. “Specific knowledge is required by brokers on how to successfully tap into this growing market.”
Enhancing consumer protections
SERIF is a new industry body, backed by the FBAA, established to promote high standards, best practices, and innovation in the Australian reverse mortgage sector, aiming to enhance consumer protection and confidence as retirement planning evolves.
SERIF most recently met in November, gathering participants from reverse mortgage lenders, equity release providers, specialist broker groups, the FBAA, UNSW Sydney, an aged care advisory specialist, the Association of Independently Owned Financial Professionals (AIOFP) and Deloitte.
According to White, the forum has become a vehicle for increasing policymakers’ and industry participants’ understanding of how seniors’ equity release and reverse mortgage products operate, as well as building awareness among older borrowers.
“Through SERIF, the FBAA is intensifying efforts to educate government, brokers, and the broader industry on reverse mortgage lending and seniors’ equity release products, while also raising public awareness of their benefits,” he said.
At the November meeting, attendees were briefed on demographic analysis pointing to sustained demand for equity release solutions, as more Australians enter retirement with limited savings but significant housing wealth. Darren Moffatt, director of Seniors First, argued that these products should be viewed as a mainstream policy lever rather than a narrow specialty.
SERIF chair Stephen Rasmussen pointed out that the scale of the retirement savings gap contrasted sharply with the level of untapped home equity held by older Australians.
“Our message to government, industry and the community is that responsible equity release can close that gap without forcing older Australian homeowners to downsize, let alone struggle in funding their retirement,” he added. “FBAA is proud to be part of an industry leading forum at the forefront of efforts to protect and maintain standards in lending and broking in the reverse mortgage and equity release markets.”
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