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For a Richer Life
Whether it's a first home loan, refinancing,
car loan or another loan - we're ready to help.
We are an independent, family-owned mortgage broker based in Adelaide, South Australia with access to dozens of lenders and hundreds of loan options.
That is why we can give you personalised service and as much of our time as you need, while at the same time offering you access to competitive rates and products tailored to your needs.
With our years of home loan and investment lending experience, we will show you how to structure your loans to help make your property ownership dreams a reality.
Best of all - you don’t need to pay for our services. That is covered by the lender you have chosen, once your loan has settled. See here for more information about how that works.
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Should I Pay Off My Mortgage or Keep It?
Should I Pay Off My Mortgage or Keep It?
Deciding whether to pay off your mortgage (or not) can be challenging. Both choices have their benefits and the ‘right’ decision depends on your personal circumstances, preferences and financial goals.
With that in mind, here are the major pros and cons of both options so you can make your own informed decision.
Benefits of Paying Off Your Mortgage:
Peace of Mind: This is huge! Eliminating a monthly payment frees up cash flow and reduces stress, especially valuable as you near retirement. Cash that you previously used to pay a mortgage could be used for other investments, funneling into superannuation or even taking a pre-retirement holiday.
Financial Security: Owning your home outright means you're not vulnerable to interest rate hikes or economic downturns. You can focus on other goals like retirement savings or travel.
Equity Buildup: The faster you pay down your mortgage, the more equity you own in your home. This can be a source of future funds if needed.
Things to Consider Before Paying Off:
Interest Rates: Are your current mortgage rates particularly low? Home loans historically have lower interest rates than most other forms of debt. Paying them off might mean missing out on potentially higher returns by investing that money elsewhere.
Liquidity: Once your money's tied up in your home, it's less accessible. Consider if you might need easy access to funds for emergencies or unexpected opportunities.
Benefits of Keeping Your Mortgage:
Flexibility: Mortgages can offer features like offset accounts or redraw facilities. These act as low interest credit, useful for renovations, unexpected expenses, or grabbing good investment opportunities.
Borrowing Power: Keeping an active mortgage payment history helps maintain good credit and future borrowing power. This could be useful for future endeavours like starting a business or buying an investment property.
Financial Safety Net: Having access to credit through your mortgage can be a safety net. You can tap into these funds without selling investments or incurring high-interest debt.
Things to Consider Before Keeping Your Mortgage:
Debt Management: Do you have a solid plan for managing multiple debts? Keeping a mortgage makes sense if you're disciplined with credit usage.
Investment Returns: Can you realistically earn a higher return on your money by investing it elsewhere compared to your mortgage interest rate?
The Bottom Line:
There's no one-size-fits-all answer. The best decision depends on your financial goals, risk tolerance, and life stage.
Here are some additional tips:
Consult a Financial Advisor: They can analyse your entire financial picture and recommend a strategy based on your goals.
Talk to a Mortgage Broker: We can help you understand your specific loan options and their features like redraws or offset accounts.
For expert advice on whether to pay off your mortgage or maintain it, contact Goodrich Home Loans, your trusted Adelaide mortgage broker. Our experienced team is here to help you navigate your options and make the best financial decisions for your future.
Visit goodrichhomeloans.com.au or call us at 0406 425 466 to get started.
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