Is your home retirement ready?

Ageing at home is important to retired Australians, but home needs to be safe, comfortable and affordable for changing needs throughout retirement.

Home has long been regarded as our castle. And for many retired Australians, home is also a safe harbour, something that has become increasingly apparent since the Covid pandemic reached our shores.

This, coupled with the findings from the Royal Commission into Aged Care Quality and Safety – and the stories emerging from aged care during Covid – has reinforced our desire to remain living at home for as long as possible.

However, as the cost of living rises, this can become more challenging.

Importance of that place called home

For retirees, a familiar home improves their perception of security, helps to maintain social connections within their community, and provides access to services and proximity to family and friends.

However, it’s important the home is retirement ready, safe and comfortable today and into the future, and able to accommodate changing needs.

‘Retirement ready’ means different things to different people. For some, it’s a full renovation such as a new kitchen or bathroom, better lighting or an outdoor haven.

For others, it may be repairs or modifications to replace a leaking roof or install non-slip surfaces indoors and out.

Funding retirement readiness

Headlines like ‘Retirees face biggest cost of living hike in 11 years’ are a reminder of the rising cost of everyday items. And when on a fixed income, it can be hard to make ends meet, let alone making a home retirement ready.

Renovations or modifications may require retirees to draw on their income-producing assets and risk running out of money later in life. Or, they simply may not have the available capital or access to credit to make the necessary updates, particularly given the rising cost of food, utilities and medical expenses.

There is a solution: Household Capital is a specialist retirement funding provider that provides responsible long-term access to home equity to meet the needs of an ageing population.

Household Capital works with retirees to improve their retirement lifestyle by enhancing retirement income, providing access to capital and improving retirement housing.

The company’s approach aims to provide retirees with the best of both worlds – to continue living in their family home with the confidence to enjoy the retirement lifestyle they deserve.

For those aged 60+, a Household Loan enables access to a portion of home equity. Importantly, it provides flexibility and choice when it comes to making decisions about retirement, now and in the future.

Whether it’s a new kitchen or bathroom, modifications to support future mobility needs, or cosmetic improvements to the home, retirees can draw on their home equity to finance it without having to draw on income-producing assets.

Household Capital also offers a regular drawdown facility to enable retirees to top up their income, fortnightly or monthly, to enjoy the lifestyle they deserve.

Happy customers

Steve and Jenny Heesh live in their long-term family home in an absolutely beautiful location right next to the beach in Cronulla, NSW. They decided to renovate it to make the most of the location.

They are self-funded retirees but did not want to draw on their capital to fund the renovation, lest it impact their income later in retirement. That’s where Household Capital came in.

The renovation created a new kitchen and indoor/outdoor living space, letting a lot more light into their home, where Jenny and Steve are now enjoying entertaining friends and family.

And, because the value of their property has increased significantly since the renovation, they take confidence from the knowledge they can draw further on their home equity to fund future needs if required.

“The money’s in the house,” says Steve. “All you’re doing is accessing it.“

Household Capital understands the importance of the family home, knowing it can be both the best place to live and the right way to fund retirement.

To learn more about accessing home equity to get your home retirement ready and enjoy the retirement lifestyle you want, at home, visit householdcapital.com.au or call today on 1300 731 679.

Applications for credit are subject to eligibility and lending criteria. Fees and charges are payable, and terms and conditions apply (available upon request). Household Capital Pty Limited is a credit representative (512757) of Mortgage Direct Pty Limited ACN 075 721 434, Australian Credit Licence 391876.