The GHL Process
Buying a home and obtaining finance can be a daunting process, even if you've done it before. We take great pride in our service and aim to make the process as stress and hassle-free as possible. There are a few steps involved in the home loan journey and we will guide you through the whole process and beyond.
Here is a brief outline of what you can expect:
First chat
Here’s where you’ll get to chat with someone from our lovely team and we can find out your goals so that we can guide you on the next steps from there.
Document collection and calculations
So that we can provide you with information that is as helpful and accurate as possible, we will need you to provide a few documents (don't worry, we’ll outline the requirements clearly in an email to you). Using the information provided in your supporting documents, we’ll calculate your borrowing capacity across a number of different lenders.
Meeting
Here we’ll narrow in on the best way to achieve your goals and provide you with a comparison of lender options that are tailored to your needs.
Application
Once you have selected your preferred lender, we’ll prepare and submit an application on your behalf.
Approval to settlement
We’ll be in contact with the good news that your loan has been approved and will help you go through the loan contract documents. We’ll guide the application through to settlement and we’ll be around to help you with any other questions that you have once the settlement is completed.
...and beyond
Whether it’s in the first week of your new home loan or ten years down the track, we’re always more than happy to answer any questions and help in any way we can.
Why Use a Mortgage Broker?
Simply put, our job is to find you the right loan for your situation and make sure that you continue to have the right loan as your goals and situation change over time.
We can offer a range of options that you simply won’t get when you walk into a bank branch (if you can still find one!). Not just in terms of lowest interest rates, but also in taking into consideration lender-specific policies that may have a significant impact on your borrowing capacity.
Brokers are legislated to work in your best interests. Not those of the bank.
You'll have a professional available on an ongoing basis, to advise on anything to do with your lending needs.
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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.
© 2023 Goodrich Home Loans Pty Ltd
- 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
The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.
There may be occasions where you may be charged a fee by your broker.
Your broker is able to assess each lender's approval times and identify those that can provide approval quickly, however this is subject to change and can vary significantly based on how complex is your loan application and how quickly you’re able to provide the information we need.
Not all lenders are available to all brokers. The exact details of the lenders your broker has access to is disclosed within the Credit Guide your broker gives to you when providing credit assistance or is available upon request.
The way in which your broker will stay in touch with you will differ, however typically this will be via email. In addition you will be able to contact them for guidance as required. You are able to opt out of these communications at any stage.