With cost pressures top-of-mind for many Australians, non-bank lender Liberty has explained how home loan features can assist borrowers manage their mortgages
MELBOURNE, AUSTRALIA / ACCESSWIRE / October 10, 2023 / As a leader in the Australian mortgage market, Liberty works closely with borrowers from all walks of life seeking home loans.
Head of Communications Kate Jenkinson says lenders like Liberty can offer home loans with features tailored to meet customers' diverse situations.
"Borrowers may not realise home loans can be customised to better suit their changing needs," says Ms Jenkinson.
"From offset accounts to flexible payment frequencies and redraw facilities, certain loan features can be valuable tools for borrowers navigating the current financial climate."
Ms Jenkinson says an offset account is a key feature borrowers could benefit from. An offset account is a savings account linked to a home loan, where the balance reduces the interest paid on that home loan.
"An offset account is an interest-saving opportunity that can help to reduce interest and could even shorten your loan term," said Ms Jenkinson.
Borrowers can access savings in an offset account if needed, making it a handy tool when unexpected expenses arise.
According to Ms Jenkinson, a redraw facility is another loan feature that could prove useful.
"Redraw facilities can allow customers to access extra repayments they've made towards their home loan, boosting financial flexibility," said Ms Jenkinson.
Those looking to reduce interest could benefit from switching to fortnightly repayments, or by paying more than the prescribed repayments, if their situation allows.
By increasing repayment frequency, borrowers can tailor repayments to pay cycles or potentially pay off their loan sooner.
As with any financial decision, borrowers should consult with a broker, financial adviser or a home loan expert such as a Liberty Adviser to understand loan features.
"It's important to have an open conversation with your mortgage expert and explore the options available," Ms Jenkinson said.
About Liberty
As one of Australia's leading non-bank lenders, Liberty offers innovative solutions to support customers with greater choice. Over more than 26 years, this free-thinking approach to loan solutions has seen more than 850,000 customers across a wide range of home, car, personal and business loans, as well as SMSF lending and insurance products. Liberty remains the only non-bank lender with an investment-grade credit rating offering custom and prime solutions to help more people get financial.
Approved applicants only. Lending criteria apply. Fees and charges are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit Licence 388133, together trading as Liberty Financial. Liberty Advisers represent Liberty Network Services Pty Ltd ABN 65 151 158 628 Australian Credit Licence 408042, part of the Liberty group.
Contact Information:
Laura Orchard
Media Coordinator
mediaenquiries@liberty.com.au
+61 3 8635 8166
SOURCE: Liberty
View source version on accesswire.com:https://www.accesswire.com/791518/liberty-encourages-borrowers-to-explore-loan-features-to-boost-flexibility
