Often overlooked, the redraw facility is not always on the top of a client’s list of desired loan features. It’s a common feature attached to a variable rate home loan, which allows the account holder to withdraw money they’ve already contributed to paying off their loan if they have paid over and above the minimum scheduled repayments. As you’re able to make additional repayments, you can reduce your loan balance and save on interest.
Read MoreSwitching home loans could potentially save you thousands of dollars in interest and allow you to take advantage of different features that you currently don’t have access to. However, before deciding, always check that the benefits are worth the fees you’ll be facing for leaving one loan and taking up another.
Read MoreIn the Australian housing market, it’s a struggle when trying to get your foot on the property ladder for the first time. As housing prices continue to climb steadily, the window of opportunity may seem to be getting smaller.
But, if you were presented with the chance to go in with friends, would you do it?
Read MoreWant to hear three words that could help you slash thousands of dollars off your mortgage?
Mortgage Offset Account.
You’ve perhaps seen it in a list of features included in a mortgage package, but do you know what it is and what it can do for you?
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