(L to R): Ashley Trbojevic and Neil Brown
Federation Asset Management has acquired 100% of the share capital of Homesafe Solutions Pty Ltd (“Homesafe”).
Homesafe is the provider of a debt-free equity release solution for older Australians to access the wealth in their homes, without going into debt or needing to downsize.
Bendigo & Adelaide Bank has supported the business since 2005. Federation and a big four Australian bank will fund the business beyond this acquisition.
Former Resimac CEO Mary Ploughman will chair a Board of Directors including several non-executive directors including representatives from Federation and Dianne Shepherd has been appointed to the Board as Managing Director. Dianne Shepherd has been with the business for 18 years and currently holds the position of Chief Operating Officer.
“Homesafe provides a valuable service to many older Australians. With over $2 trillion of residential real estate owned by retirees in this country it is an enormous potential asset class, and we think Homesafe offers the best solution for it. We aim to expand Homesafe’s service offering whilst continuing to provide excellent customer service,” Ms. Ploughman said.
“Thousands of older homeowners have found financial freedom with Homesafe. Homesafe remains the popular option for homeowners to access the equity in their homes without going into debt or needing to downsize. We are proud of the trust we have built with our customers, differentiating ourselves from reverse mortgages by offering a solution that aligns with the values and needs of our customers. Our history of ethical, values-driven, and customer focused service is what truly sets us apart,” Ms. Shepherd said. “We are excited about the future with Federation.”
“Homesafe exhibits many of the features we look for in a business. It cares about its customers. It serves an enormous addressable market which is currently underserved. Its financial profile is defensive, yet there are strong drivers for growth including an ageing population and a supportive regulatory environment,” Federation partner Neil Brown said.
Homesafe Founder Peter Szabo added “Having founded the business 19 years ago and at a stage in my life where it was appropriate to find a new custodian of our unique solution, it was pleasing to find an organisation that shares my views and passion for providing senior Australians with certainty and the funds to live a dignified retirement.
“Federation Asset Management brings access to significant capital enabling Homesafe, and its incredible team of dedicated people, to meet the continued demands of its customers for years to come.”
