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Domacom Australia sees increasing interest from retirees for Senior Equity Release product

Retirees are now struggling with the prospects of reduced income and asset values and are interested in how DomaCom can help them.

DomaCom Ltd - Domacom Australia sees increasing interest from retirees for Senior Equity Release product
Funds under management of $64.2 million as of March 31 2020 is up 37% year-on-year

Fractional investment platform provider Domacom Australia Ltd (ASX:DCL) made progress in developing four products during the March 2020 quarter -  Equity Mortgage, Rent to Own, Essential Worker, and Senior Equity Release.

Adviser accreditation for the Senior Equity Release product has commenced with the first group of advisers having completed the accreditation these past few weeks.

The product is now on approved product lists of four financial planning firms.

DomaCom is currently preparing a campaign direct to the retirees to help identify those needing equity from their homes.

Supporting self-funded retirees

CEO Arthur Naoumidis said: “We are very pleased with our progress during the March quarter.

“While the current environment is a challenging one, we have seen very strong interest in our Senior Equity Release product due to the recent COVID-19-driven market volatility and its impact on self-funded retirees.

“These retirees are now struggling with the prospects of reduced income and asset values and are interested in how DomaCom can help them.

“We look forward to continuing the development of our new products and providing the market with updated timelines for their launches soon.”

Minimal impact from COVID-19

The operational impact on DomaCom from COVID-19 has been minimal as the company is cloud-based and thus well-positioned to operate remotely.

Regarding the company’s property fund operations, the DomaCom Fund is in good shape as most properties are not leveraged, the sub-funds generally have internal rent reserves to cover 3-4 months of rent in case of vacancies, and well-defined processes are in place to raise top-up capital for sub-funds if required.

DomaCom’s funds under management of $64.2 million as of March 31 2020 is up 37% year-on-year and is steady during the COVID-19 pandemic.

Quick facts: DomaCom Australia Ltd

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Price: 0.065 AUD

Market Cap: $19.88 m

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