The Elephant In The Room Property Podcast | Inside Australian Real Estate Retiring with a Mortgage: The New Normal?
For decades, the assumption was simple: by the time Australians reached retirement, the mortgage was gone. But that reality is changing fast.
Today, more than half of Australians approaching retirement still carry housing debt—and it’s reshaping how households think about superannuation, the Age Pension, and the role of the family home.
In this episode, Veronica and Chris sit down with retirement specialist Harry Chemay to unpack the growing debt burden among pre-retirees and what it means for the next generation of retirees. They explore why the traditional “pay off the home before retirement” rule is breaking down, how rising property prices and refinancing behaviour have changed the way Australians use housing equity, and why more people are drawing down their super simply to clear their mortgage.
Harry explains the financial trade-offs between paying off your mortgage versus preserving superannuation, and why this decision can dramatically affect long-term retirement cash flow. The conversation also dives into reverse mortgages, equity release strategies, the Age Pension means test, and why downsizing isn’t always the straightforward solution many assume it to be.
This episode challenges long-held assumptions about debt in retirement and highlights the need for better coordination between financial advisers, mortgage brokers, and retirement planners. Because in today’s housing market, the biggest asset most Australians own—the family home—may also be the key to making retirement work.
Episode Highlights
01:13 – Meet Harry Chemay: Retirement and Wealth Strategy Expert
01:55 – From Robo Advice Startup to Retirement Strategy Specialist
03:33 – Why More Australians Are Reaching Retirement With Mortgages
08:46 – Generational Shifts, Lifestyle Choices and Mortgage Refinancing
10:36 – Why Retirees Are Using Super Withdrawals to Clear Housing Debt
25:14 – The Trade-Off: Paying Off Your Mortgage vs Preserving Super
26:22 – A Simple Cashflow Test for Retirees Carrying Mortgage Debt
27:17 – Case Study: Super Withdrawal vs Equity Release Outcomes
29:17 – Will Banks Start Lending More to Retirees and Older Borrowers?
32:07 – Australia’s $12 Trillion Housing Wealth Reality Explained
38:55 – Downsizing vs Aging in Place: The Retirement Housing Debate
42:04 – The Rise of New Retirement Living and Lifestyle Developments
43:31 – Rising Homeownership Costs and Why Early Planning Matters
46:20 – Rethinking Retirement Living: Building Your Own Community
47:37 – A Real Family Story of Moving Parents Later in Life
49:08 – Why Retirement Planning Needs a Holistic Advice Team
52:12 – Final Takeaways on Retirement Debt, Super and Housing
Links
About the Guest
Harry Chemay is a retirement and wealth specialist with nearly three decades of experience across financial planning, wealth management, asset consulting, fintech, and superannuation product design. His work focuses on the decumulation phase of retirement, helping individuals and institutions design strategies that turn accumulated wealth into sustainable retirement income.
Throughout his career, Harry has worked with major financial institutions including KPMG Financial Services, Colonial (State Bank of NSW / CBA), Mercer, and Howarth Financial Services. He was also a co-founder of the fintech platform Clover, one of Australia’s early robo-advice ventures designed to help younger Australians build wealth and save for their first home.
Harry holds a Bachelor of Business in Banking and Finance from Monash University, a Graduate Diploma in Applied Finance and Investments (FINSIA), and a Graduate Certificate in Self-Managed Super Funds from the University of Adelaide. He has also previously held the Certified Financial Planner (CFP) and Certified Investment Management Analyst (CIMA) designations.
His current work focuses on retirement income strategies and the evolving role of housing wealth in Australia’s retirement system.
Connect with Harry
Resources
- Visit our website: https://www.theelephantintheroom.com.au
- If you have any questions or would like to be featured on our show, contact us at:
- The Elephant in the Room Property Podcast - questions@theelephantintheroom.com.au
- Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
- Work with Veronica: https://www.veronicamorgan.com.au
- Looking for a Mortgage Broker? alcove.com.au
- Work with Chris: chrisbates@alcove.com.au
Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word, and join us for more insightful discussions in real estate. Your journey starts now!
- Subscribe on YouTube: https://www.youtube.com/@theelephantintheroom-podcast
- Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/the-elephant-in-the-room-property-podcast/id1384822719
- Subscribe on Spotify: https://open.spotify.com/show/3r0nnJrLUu3t1GpO7X3j6E
If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!
See you on the inside,
Veronica & Chris