The Elephant in the Room
The property podcast for the thinking person.

Episodes

Episode 427: Retiring with a Mortgage: The New Normal?

For decades, the retirement playbook was simple: pay off the mortgage before you stop working. But that playbook is starting to change.

Rising housing costs and shifting borrowing patterns mean more Australians are now retiring with a mortgage, carrying housing debt well into later life.

In this episode, retirement and wealth specialist Harry Chemay joins Veronica and Chris to unpack the growing trend of retiring with a mortgage and what it means for superannuation, retirement income, and financial security.

They explore why many households consider using super to pay off a mortgage, and whether that strategy actually strengthens or weakens long-term retirement outcomes. With more wealth tied up in property than in superannuation for most Australians, the role of the family home in retirement planning has never been more important.

The conversation also explores the trade-offs between clearing housing debt and preserving retirement savings. Should retirees prioritise paying off the mortgage, or could options like equity release, mortgage refinance, or other strategies help improve retirement cash flow? Harry explains how these decisions can affect not only retirement income but also Age Pension eligibility and long-term financial flexibility.

Finally, they examine why downsizing isn’t always the straightforward solution many assume. Emotional ties to the family home, local housing supply, and changing retirement lifestyles all shape the choices retirees make.

As the landscape of retirement continues to evolve, this episode challenges traditional assumptions and highlights the growing need for smarter, more holistic retirement planning.

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:

Chris Bates