MELBOURNE, AUSTRALIA / ACCESSWIRE / July 26, 2021 / Paying a home loan off early can reduce the financial burden that comes with repaying a loan and can help borrowers to enjoy a debt-free lifestyle sooner. Actions such as making extra repayments and setting up an offset account can help borrowers to pay off their home loans in less time.
There are few disadvantages to paying off a home loan early, as reducing debt is generally a smart financial decision. But it's not necessarily the right path for all borrowers. While paying extra each month will reduce the time it takes to pay off a mortgage, not everyone can afford to overpay.
Liberty also suggests that to repay a home loan faster, it is crucial that the home loan product suits the borrower's needs and circumstances. Sometimes the chosen loan can impact how easy becoming debt-free will be.
Borrowers thinking about repaying their mortgage sooner are encouraged to first get a home loan review from a mortgage broker to ensure that the product is still right for their situation. If their circumstances have changed, a broker can also help to refinance the home loan.
Home loans come with various features such as offset accounts, redraw facilities, and fixed or variable interest rates. These features all come with their costs and benefits, and taking the time to explore what's on offer is a worthwhile exercise.
With a range of home loans on offer, Liberty can help more people get financial assistance and into a new home. Whether on the lookout for a first home buyer loan, or an investment property, they're committed to helping borrowers find the home loan suited to their needs.
Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit Licence 388133, together with trading as Liberty Financial.
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SOURCE: Liberty Financial