How does Mortgage Mates work for you? Part one- ageing in place.

Mortgage Mates has been developed to support individuals priced out of the property market to own their own home. As an organisation, we believe every person should have the ability to live in a location they like, close to community, connection and support options as needed by them.

We know that the fastest demographic into homelessness in Australia is older adults, and in particular, older women over the age of 55. We believe co-ownership can be a mechanism to reduce this, from a direct ownership perspective.

The reason for individuals entering homelessness in this demographic can be varied, but common themes are that there has been a relationship breakdown in the family due to divorce or the loss of a partner, financial issues have impacted the family, Family and Domestic Violence and, or a loss of employment.

We know if a person fails to own earlier in life, they are likely to be ‘severely impoverished’ in retirement, and currently 57% of individuals rely on government payments or pensions as their primary source of income once they have retired.

The ability to independently manage accommodation on a low income is significantly reduced and currently 1 in 6 individuals presenting as homeless are aged over 55.

By enabling home ownership through co-ownership in this cohort we can have a number of positive outcomes for individuals as we enable people to gracefully, safely and securely age in place as they move towards retirement and or experiencing their later life.