Retirement and Community Living

Over 55s home loan lender appoints voluntary administrator

Aug 22 2022 Updated May 3, 2023

Section Editor

1 min read

Over 55s lender Boomer Home Loans has appointed voluntary administrators after planned financing was withdrawn at the last minute.

Boomer was established in 2020, providing home loans exclusively to the over 55s market. It began offering reverse mortgages in May 2022 and appointed 30 staff after raising more than $13 million in capital.

Richard Tucker and Kate Conneely of KordaMentha were appointed voluntary administrators last Monday after an institutional funder withdrew from negotiations.

Boomer is based in Perth and has customers all over Australia and will continue to assist clients.

“There are excellent growth prospects for Boomer given the demographic trends in Australia”, Richard said in a statement from KordaMentha.

“Boomer is a distinctive brand that offers a niche service other lenders are unable to bring. Given the amount of capital in the global markets, we believe Boomer will provide an attractive platform for capital to find a home in a tier 1 jurisdiction with tier 1 capital.”

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