Legal & General backs Household Loan company Household Capital

Legal & General has acquired a 20% stake in Australian lifetime mortgage business Household Capital through its Retail Retirement division (LGRR). Established in 2016, Household Capital is a specialist retirement funding provider that allows customers to borrow against home equity for retirement funding. “Household Capital can make another avenue of retirement funding available to you. We enable you to draw on your home equity, or the savings in your home, via a Household Loan. It allows you to access a portion of your home’s value to meet your long term retirement needs.”

Legal & General’s strategic investment – the largest in the Melbourne based company’s Series B funding round and its first by a non-domestic, multi-national investor – will be used to underpin Household Capital’s corporate growth and build on the early success that the business has had since launching in 2017.

“This is a great opportunity to invest in a dynamic business, in a market with lots of potential. It reflects our commitment to improving the opportunities available to everyone at retirement, regardless of where they may be, so that they can live longer, healthier and happier lives. The Australian equity release market is extremely promising, with Household Capital at the forefront of developing innovative funding options for retirees. We’re looking forward to working together to help grow the scale of the business so that consumers have better options at this critical life stage.'” – Chris Knight, Chief Executive Officer, Legal & General Retail Retirement.