Prospective retirees 'should focus on paying off mortgage'

Those with low interest home loans who are preparing for retirement should consider making a concerted effort to pay off their mortgage, it has been suggested.

In a list of tips published by the Sydney Morning Herald for those approaching the end of their careers, Nicole Pedersen-McKinnon said there are "valid reasons" for choosing this option.

"A fully paid-off home is one of the best ways to put yourself and your family out of harm's way," she added – advice that may prompt others to consider looking at low interest home loans online.

Ms Pedersen-McKinnon noted that once the mortgage is paid off, individuals can use the equivalent of their home loan repayment to add to their savings accounts.

Earlier this month, executive chairman of wealth management firm Yellow Brick Road Mark Bouris said in an article for that retirees could help younger members of their families by providing the deposits for new homes.

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