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DomaCom new Senior Equity Release product is first of its kind in Australia

The company is the operator of an investment platform offered through an ASIC registered Managed Investment Scheme, the DomaCom Fund.

One of the biggest advantages to DomaCom’s SER is there are no postcode restrictions

DomaCom Australia Ltd (ASX:DCL) has launched a Senior Equity Release (SER) product, which together with an adviser accreditation course will enable financial advisers to offer the product to clients seeking to release a portion of equity from their property.

DomaCom’s SER is the first equity release product available to financial advisers in Australia with other equity release products structured as credit or real estate products.

With the launch of SER now complete, DomaCom has begun marketing the equity release product directly to financial advisers.

“The first financial product in this space”

DomaCom chief executive officer Arthur Naoumidis said: “The company’s Senior Equity Release is the first financial product in this space that gives financial advisers the ability to provide valuable options to asset rich and cash poor senior Australians by enabling them to sell a portion of their property.

“There are now more than 3.8 million Australians over the age of 65, many of whom will be seeking to unlock their home equity and transition towards retirement living.

“With the number of Australians over 65 growing each year, we believe that the launch of our SER product puts financial advisers and DomaCom in an unmatched position to service retirees with this long-term growth opportunity.”

Extensive consumer testing

DomaCom spent 6.5 years to secure the necessary reliefs from ASIC to launch this product. It has undergone consumer testing and substantial review by the regulator.

SER enables advisers to engage and connect senior aged clients with wealth accumulation clients such as SMSFs as both have a similar time horizon in terms of their respective needs.

Seniors can apply to sell a fraction of their home and must nominate the amount they wish to receive and how they wish to receive it, either as a lump sum or a regular monthly payment.

The monthly payment is a staggered settlement of the equity release and has the flexibility to be dialled up or down to give the senior access to additional funds as may be required.

Investors in a senior equity release receive monthly rental income of 3% net of all fees and 'own' a share of the capital value through units in a segregated sub-fund of DomaCom.

When the property is sold in full the vendor and investors receive their share of the sale price. This may occur when the vendor passes away or if they decide to move.

Investors also have the option to sell their units via DomaCom’s online liquidity facility which operates in a similar manner to an equities page with market depth and buy/sell order screens.

Quick facts: DomaCom Ltd

Price: 0.055 AUD

Market: ASX
Market Cap: $13.48 m

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