Secure tenure and the ability to make your space your own are key to enabling the benefits of home. We heard this loud and clear from our research with older people living across Australia.
The Baby Boomer generation are very different to the pre-war generation. 34% are entering later life without a spouse, 19% are renting and 36% are still paying a mortgage, and yet the pension and superannuation systems are built on assumptions of home ownership. More housing alone will not meet the current need for social housing, nor adequately anticipates this future growing need.
We’ve been prototyping new kinds of financial products to make home ownership a more realistic option for people typically rejected for finance. We are working with tenants, landlords, property managers and government to prototype a new version of the Residential Tenancy Act that will facilitate better outcomes for older people and landlords.