SEQUAL Media Releases

Senior Australians Win as Government work with SEQUAL on Equity Release Regulations

SYDNEY, Thursday 22^nd September, 2011 – The peak equity release industry body (SEQUAL) has today acknowledged the considered approach taken by the Gillard Government in consulting with industry in order to ensure that new regulations will both protect consumers and preserve choices for Senior Australians facing the challenge of funding their retirement.

Responding to the statements made yesterday by Assistant Treasurer Bill Shorten, the SEQUAL Chief Executive, Kevin Conlon confirmed that Government had been willing to take the existing high standards of practice within the Australian equity release industry into account in order to avoid an unnecessary regulatory burden on this rapidly growing market. “This has been a very good example of effective consultation between Government and industry which has resulted in meaningful outcomes for consumers”, he said.

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New Consumer Credit Protection Introduced into Parliament

21 September 2011 - Better protections for senior Australians taking out reverse mortgages and vulnerable people who use payday loans are a step closer following the introduction of the Consumer Credit and Corporations Legislation Amendment (Enhancements) Bill 2011 in the House of Representatives.

In introducing the legislation, Assistant Treasurer Bill Shorten said "The Gillard Government is determined to protect vulnerable consumers from the potential dangers of accessing credit with hidden risks or excessive interest rates."

The Bill will introduce significant new protections for senior Australians and other consumers who are vulnerable to inappropriate lending practices, through reforms in four main categories: short-term loans, reverse mortgages, consumer leases and other enhancements to the operation of the National Consumer Credit Protection Act 2009.

For short-term loans, the Bill includes:

• A national cap on the reasonable costs that can be charged for small amount loans
• Ensuring loans can't be refinanced so that low-income consumers don't end up sinking further into debt
• Mandatory disclosure of the availability of other options, including Centrelink advances and no or low interest loans through community organisations.

For reverse mortgages, the Bill includes:

• A no-negative-equity guarantee for reverse mortgages, so seniors can't end up owing more to the lender than their home is worth
• Other protections and disclosure requirements to ensure consumers can use reverse mortgages with confidence.

"Development of the reverse mortgage reforms has been assisted by the mature and constructive approach taken by the reverse mortgage industry and its peak body, SEQUAL," Mr Shorten said.

"The reverse mortgage industry anticipated the need for consumer protections and acted by introducing a robust industry code – some aspects of which are reflected in our legislation."

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Australian Reverse Mortgage Market Reaches 3bn

Kevin Conlon, Chief Executive of SEQUAL, the peak industry body which governs equity release and delivers consumer safeguards, said, "The majority of equity release customers are couples around 75 years old who have accumulated wealth through home ownership.  They mainly use their released funds to supplement their retirement income, undertake home improvements following a decision to 'stay in place' during their retirement or clear their outstanding debt."

"It appears that attitudes towards retirement funding are changing.  As Baby Boomers approach retirement, equity release strategies are increasingly seen as a useful option to access the wealth stored in their home in order to meet the challenge of living longer and living well" Conlon said.

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Using Equity Release to Fund Aged Care

Older Australians Deserve More Choices Not More Obligations
SEQUAL Calls for Government to support Equity Release

Sydney, Tuesday 29 March, 2011 -A call for the asset rich to use equity release to fund their aged care needs is being debated at a series of public hearings conducted by the Productivity Commission.

Responding to the "Caring for Older Australians" draft repot, the peak equity release body (SEQUAL) agues that whilst older Australians should be encouraged to access the wealth they have accumulated through home ownership, they should not be discriminated against either on the basis of their success or age.

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Sydney 18 August 2010 New research has found that an overwhelming number of senior Australians want to stay in their home for as long as possible.

The Australian Housing and Urban Research Institute surveyed 1,600 home owners aged 55 and found that more than 90 per cent of those surveyed wanted to stay in their home, with only 63 per cent saying they were happy to consider living in a retirement village if they needed help. 

According to Kevin Conlon, Chief Executive of the peak equity release industry body SEQUAL, “It is important to seek advice when considering which product to choose”.

Conlon points out that, “SEQUAL provides specialist training for Finance Brokers, Financial Planners and Legal Advisers so that they can be considered a trusted source of advice for their clients”. He strongly recommends that senior Australians considering equity release as a retirement funding solution should, “Find an adviser that has gained industry accreditation through SEQUAL”. 

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Equity Release Industry Body Warns Government Against Poorly Considered Regulation

Sydney 6 August 2010 - In announcing the “Delivering for Seniors” package, Prime Minister Gillard has confirmed that a re-elected Labor Government would provide greater protection for older Australians with a Reverse Mortgage.

Kevin Conlon, Chief Executive of SEQUAL, the peak industry body for the Equity Release market, has responded in support of the initiative announced by the Prime Minister but warns that any regulatory change needs to be carefully considered and proper regard given to the extensive industry self-regulatory initiatives that already exist. He stated that, “SEQUAL is committed to the development of an efficient and ethical Seniors Equity Release market in Australia”.

Conlon has called on Government and Regulators to acknowledge the meaningful consumer protection measures that have been delivered by SEQUAL and provides a warning should this message be ignored.

“Equity release is likely to emerge as a significant part of retirement funding and the current debate around advice and regulatory review needs to be carefully considered against that growing demand to ensure choices and legitimate strategies in retirement funding are not extinguished through unnecessary regulatory change”, warned Conlon.

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SEQUAL Raises Standards Beyond Regulatory Obligation

Sydney 18 June 2010  - SEQUAL, the industry body for Australian Seniors Equity Release, has today announced the appointment of leading Banking & Finance lawyer, Mr Jon Denovan as acting Chair of its Code of Conduct Compliance Committee.

'SEQUAL has introduced a number of significant self-regulatory initiatives and we welcome the appointment of Mr Denovan as part of our ongoing commitment to ensuring that consumers can rely on high professional standards of practice within the Australian equity release market", said Kevin Conlon, SEQUAL Chief Executive.

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Australian Reverse Mortgage Market Reaches 2.7bn

Kevin Conlon, Chief Executive of SEQUAL pointed out "attitudes towards retirement funding are changing as the largest generation within the Australian populatioin, the so-called Baby Boomers, approach the end of their working lives.  The home is increasingly being considered part of the planning process as a means to unlock the substantial wealth stored in property in order to live well."

Conlon supports the view of responsible borrowing and believes this is a result of appropriate product design and the high standards of practice imposed by SEQUAL.  "The effective use of a combination of lump sum and income stream facilities enables borrowers to borrow what they want when they need it" Conlon said.

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Kevin Conlon, Chief Executive of SEQUAL said: "SEQUAL sees the results of the Deloitte study as testament to the fact that Seniors Equity Release continues to emerge as a key retirement funding option.

Conlon explains that equity release provides the opportunity for many Senior Austalians to access the significant wealth they have accumulated through property ownership to more effectively meet their needs beyond their working life.  When used effectively, equity release can assist retirees to avoid having to sell their home in order to improve their standard of living or meet significant financial challenges such as moving into aged care.  The diversified usage over the last six months demonstrates the flexibility of equity release products and the growing awareness that equity release is considered to be an important part of modern retirement funding.

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A Reverse Mortgage may be right for Many Senior Australians

Sydney, 22 June 2009 - SEQUAL welcomes the launch of ASIC's "Thinking of using the equity in your home?" consumer guide to reverse mortgages as a positive step towards a better understanding of how equity release can assist Senior Australians to meet the challenge of "Living Longer and Living Well".

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Australia's Reverse Mortgage Market Reaches $2.5 Billion

Sydney, 1 May 2009 -The Deloitte SEQUAL Reverse Mortgage Study released today found that the reverese mortgage market as at 31 December 2008 consisted of more than 37,500 reverse mortgage loans with total outstanding lending of $2.5 billion.  This represents almost 8% growth over the six months from 30 June 2008 and 23% growth over the 12 months from 31 December 2007.

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SEQUAL Welcomes New Information Service

Sydney, 2 February 2009 - Through its Code of Conduct and Industry Accreditation Programmes, SEQUAL is committed to ensuring that Reverse Mortgage Consumers are able to make fully informed decisions when considering home equity release.  SEQUAL welcomes the announcement today that the National Information Centre on Retirement Investments (NICRI) have launched a Reverse Mortgage consumer information service.

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"While your aim should be to find the reverse mortgage that best suits your needs, a lenders membership of SEQUAL may provide you with that little extra peace of mind."

Source: NICRI Booklet - Unlocking the Equity in your Home. 

Australia's Reverse Mortgage Market Reaches $2.3 Billion

The Deloitte SEQUAL Reverse Mortgage Study found that the reverse mortgage market as at 30 June 2008 consisted of more than 36,600 reverse mortgage loans with total outstanding lending of $2.3 billion.  This represents almost 14% growth over the past six months and 27% growth over the past 12 months from 30 June 2007.

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SEQUAL Presents Tom Scabareti

Sydney, 3 October 2008 - SEQUAL, the industry body for Australian Seniors Equity Release, has announced the visit from the USA of Tom Scabareti, Committee Vice Chairman of National Reverse Mortgage Lenders Association (“NRMLA”).  SEQUAL has exercised its international reach to deliver a fully-informed view of the important role Equity Release can play in meeting the increasing need for Senior Australians to access effective retirement funding solutions.

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Sydney, 18 August 2008 – SEQUAL and the Financial Planning Association (FPA) have announced a professional development program designed to ensure that Financial Planners are well placed to advise clients on Reverse Mortgages.

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Available for Comment - Releasing Home Equity to Fund Retirement

Sydney 13 August 2008 - SEQUAL, the industry body for Seniors Equity Release, supports the findings of Dr Bruce Bradbury's report into retirement wealth and believes that there needs to be informed debate on Australians inheritance expectations.

The Australian Equity Release market is growing rapidly as the largest generation within the Australian population confronts the challenge of facing retirement "Asset-Rich but Cash Poor". However, SEQUAL believes discussion on how equity release may be used in retirement is the "Missing Link" of Dr Bradbury's report.

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SEQUAL Appoints its Inagural CEO

Sydney, 23 June 2008 – Kevin Conlon was today appointed as the first Chief Executive Officer of the Senior Australians Equity Release Association of Lenders (SEQUAL), the peak Reverse Mortgage industry association.

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Australian Reverse Mortgage Market Hits $2 Billion

The SEQUAL® Trowbridge Deloitte Reverse Mortgage Study found that the reverse mortgage market at 31 December 2007 consisted of more than 33,700 reverse mortgage loans with total outstanding lending of over $2 billion.

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First Study into Retirees Attitude to Retirement Financial Planning February 2008

Lack of financial education about how to deal with their ‘asset imbalance’ is holding seniors to ransom in their retirement, according to the first comprehensive study into the attitudes of over-60s to funding their retirement and releasing the equity in their homes.

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SEQUAL Deloitte Reverse Mortgage Study June 2007

The SEQUAL Trowbridge Deloitte Reverse Mortgage Study found that the reverse mortgage market at 30 June 2007 consisted of more than 31,500 reverse mortgages loans with total outstanding lending of over $1.8 billion.

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SEQUAL Announces NNEG Change to its Code

The ‘No Negative Equity Guarantee’ is a mandatory component of SEQUAL’s code of conduct. It guarantees that borrowers can never owe more than the value of their home.

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SEQUAL Deloitte Reverse Mortgage Study April 2007

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Lender Launches SEQUAL Accredited Equity Release Training February 2007

Bluestone Equity Release has become the first reverse mortgage lender to launch a SEQUAL accredited equity release course for financial services professionals who are writing and advising on reverse mortgages.

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Western Australia First Australian to receive SEQUAL Accreditation January 2007

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Make a Resolution to Retire January 2007

SEQUAL encourages a holistic view of retirement financial planning that includes factoring in the family home

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