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An ASX-listed property group is backing a fintech start-up to provide financing solutions for prospective residents in one of their communities.
Ingenia Communities has committed $3 million to fund a loan book for new customers of fintech lender Land Lease Home Loans, according to a report from the Australian Financial Review. The property group has also provided seed capital for the start-up’s expansion.
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Simon Owen, chief executive of Ingenia, told AFR that the loans would particularly help older women who needed financing, after a divorce or separation, to buy a home in one of his firm’s communities.
“This is funding the last 10% to 15%” Owen told AFR. “There was a real opportunity to provide a very modest loan to help those ladies move into one of our lifestyle communities. Up until this point there has been no financial product available for prospective residents.”
Owen told AFR the scheme would address the estimated 250,000 separated or divorced women across Australia who want a community lifestyle but were unable to afford entry.
Andrew Ralph, managing director of Land Lease Home Loans, agreed that interest in the scheme was strong.
“This is an untapped area of housing finance demand, and we believe the potential market is significant,” Ralph told AFR. “There is already a strong pipeline of inquiries ahead of the official market launch.”