MELBOURNE, Australia, March 14, 2022 (GLOBE NEWSWIRE) — With much speculation around upcoming interest rate rises, free-thinking lender Liberty says there are measures homeowners can take to help prepare for a higher interest rate market.
Many homeowners are feeling nervous about forecasts that June may bring interest rate rises. But they can minimise the impact on their home loan repayments with a few simple steps.
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Speaking to a mortgage broker or Liberty Adviser is an easy first step. A broker can help homeowners to assess their finances and see where changes can be made to accommodate repayment increases.
Liberty’s Head of Consumer Advocacy, Heidi Armstrong, says a broker can also help review a current home loan to see where efficiencies can be made to help reduce the interest payable.
“Homeowners may not realise the home loan features 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 that mortgage holders might want to explore.”
A broker can also help homeowners explore consolidating high-interest credit card or personal loan debt into their home loan, making their overall loan obligations much more manageable.
For those making only the minimum loan repayments, extra repayments could help to minimise their loan and reduce the overall interest payable. Using an online repayments calculator can allow homeowners to see the impact that even a small increase can make over the life of their home loan.
And for those looking to buy, flexible lenders like Liberty can cater to those with unique circumstances. The leading non-bank encourages borrowers with irregular or seasonal incomes or who are self-employed to consider their…