Prepare early for interest rate changes, Liberty says
MELBOURNE, Australia, March 14, 2022 (GLOBE NEWSWIRE) — With much speculation surrounding interest rate hikes to come, freethinking lender Liberty says there are steps homeowners can take to prepare for a higher interest rate market.
Many homeowners are concerned about forecasts that June could bring interest rate hikes. But they can minimize the impact on their home loan repayment with a few simple steps.
Talking to a mortgage broker or Liberty Adviser is an easy first step. A broker can help homeowners assess their finances and see where changes can be made to accommodate reimbursement increases.
Heidi Armstrong, head of consumer advocacy at Liberty, says a broker can also help review an existing home loan to see where efficiencies can be made to help reduce interest payable.
“Homeowners may not realize the features of the home loan available to them that could help reduce the amount of interest they pay.
“Opting for an offset account or having your salary paid into your loan to use as an all-in-one account are just a few options mortgage holders might want to explore.”
A broker can also help homeowners consider consolidating high-interest credit card or personal loan debt into their home loan, making their overall loan obligations much easier to manage.
For those who are only making the minimum loan repayments, additional repayments could help minimize their loan and reduce the overall interest payable. Using an online repayment calculator can allow homeowners to see the impact even a small increase can have on the term of their home loan.
And for those looking to buy, flexible lenders like Liberty can accommodate those with unique circumstances. The leading non-bank encourages borrowers with irregular, seasonal or self-employed income to consider their more free-spirited mortgage solutions.
Approved candidates only. Lending criteria apply. Taxes and fees are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit License 338133, as well as trading as Liberty Financial.
Group Leader – Consumer Communications
Phone. : +61 3 8635 8888
Email: [email protected]
Image 1: Home loans
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