Australia’s first Over 55s specialist home loan lender Boomer, which went into voluntary administration on 15 August, may get a new life.
KordaMentha Restructuring has begun a recapitalisation and sale process for Boomer Home Loans, which aimed to disrupt the traditional lending market by becoming the first Australian lender to specialise in home loans for Over 55s.
The Perth-based company was founded in 2020 to provide alternative mortgage solutions for seniors, including reverse mortgage facilities. It launched reverse mortgages in May 2022, raised more than $13 million in capital, and recruited 30 people to its staff.
“Boomer has heavily invested in its products, which were due to launch later this year,” KordaMentha partner Richard Tucker said in a statement.
“Boomer has also developed an end-to-end technology platform to support its products that integrates Boomer’s proprietary software, Boomer’s website, and third-party applications.”
He said the recapitalisation of business process was underway, with the administrators also reviewing offers for a sale of the business.
