🤓 Redraw Explained:
🔁 A redraw facility on your home loan lets you withdraw extra money you've paid onto your loan (above the minimum), treating it like savings within your loan.
It does reduce interest accruing daily, and you can "redraw" these funds later for expenses like renovations, holidays or emergencies.
🤑 A redraw facility lets you access funds you've overpaid, and lowers your loan balance to save interest - but withdrawing it increases the balance again.
Top Tip - you can have both Redraw AND Offset on your home loan. They each have different benefits and uses for different situations.
Pro Tip - there are even more snazzy and technical things we can advise to suit your needs. For instance, if you wanted to buy investments, do debt recycling, or have savings in multiple different named accounts.
Truly's advice, financial services and property strategies are complimentary. We do this for the best interests of our clients and we relentlessly strive to serve as the best mortgage brokers with uncommon excellence!
James Brett. Principal Mortgage Broker ☎️ 0439 591 759
Victor Simone. Principal Mortgage Broker ☎️ 0438 257 888
Nermalee Bowe. Senior Mortgage Broker ☎️ 0431 274 554
Dragan Disljenkovic. BD & Relationship Manager ☎️ 0422 435 900
Credit Representative Numbers 521733, 550284 & 547037 are authorised under Australian Credit Licence 389328
