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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🔗 ➡️The growing debt burden of retiring Australians | https://www.firstlinks.com.au/the-gro... 👥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. 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🔗 ➼ LinkedIn:   / harrychemay   ➼ Lumisara: https://www.lumisara.com.au/ 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:    / @theelephantintheroom-podcast   🔔Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast... 🔔Subscribe on Spotify: https://open.spotify.com/show/3Ge1626...