Meet your team of local mortgage brokers at
Goodrich Home Loans
We are a team of mortgage experts always ready to help you on your lending journey.
Wherever you are in Australia, we're here to give you a helping hand.
Karen Goodrich
Mortgage Broker
From an early age I understood the sense of security that home ownership could bring, and it was my goal to achieve that for myself.
When, in 2006, I was offered the chance to join a mortgage broking company, I keenly took the opportunity to learn the process and see behind the veil of home loan assessment. I took to the job with enthusiasm and quickly realised that I found it incredibly fulfilling to help other people see their home ownership dreams come true.
Fast forward to 2012 and I made the bold choice to branch out on my own. And so GHL was born.
We’re now a team of three, and I can genuinely say that it’s a pleasure every day (well – okay – most days!) to be part of such a vibrant and dedicated group.
In the early years of the new business, there wasn’t a lot of time for hobbies, but now I am happy to say that I love making time for holidays, pottering around in my Adelaide Hills garden, and spending time with family and friends over a good meal, paired with a local wine.
Tim Delvaux
Mortgage Broker
Since beginning my journey in the finance industry in 2014, I have honed my skills across all roles within the company.
My dedication to providing a highly personalised experience has consistently resulted in fulfilling and rewarding interactions with my clients.
Although I handle a variety of lending types, I find working with first-time home buyers particularly rewarding
Callum Foyel
Client Services Manager
I have been a part of Goodrich Home Loans for the past three years, serving as the Client Services Manager.
My role primarily involves working behind the scenes, where I handle tasks such as preparing applications, organizing documents, and facilitating communication with banks to ensure a smooth and timely process.
Despite the more discreet nature of my work, I find great joy in connecting with clients, especially during the document signing stage.
While you may predominantly hear from me through emails, I'm always available to speak over the phone or meet in person to address your needs.
In my free time, I have a passion for painting miniatures and enjoy reading.
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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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- All Rights Reserved
Goodrich Home Loans Pty Ltd (ACN 159 382 546) is authorised under LMG Broker Services Pty Ltd (ACN 632 405 504) Australian Credit Licence 517192
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