Also a good idea to remember that in redraw, you have repaid the loan, so the lender may restrict access to redraw these funds. The funds in the offset account remain as yours.
Does this mean that if you have some savings that you want to use to repay the loan AND you have no intentions of withdrawing these savings again, it's better to just put it in the redraw account?
Hi @TastyLemon123 - great question! Putting excess savings into your redraw account will give you very similar benefits as if it was in the offset account. If you are wanting to reduce your repayments (and are happy to lose access to the savings as you mentioned) you will need to contact your bank and ask them to reduce the limit of your facility by clearing the available redraw. If you’d like to book a meeting with one of our brokers, we can do a review of your current loan and run through those options in more detail!
This has to be the best explanation on UA-cam and I’ve watched quite a few, thank you and have a blessed day my friend.
Thank you for the feedback, really appreciate it 🙏
Also a good idea to remember that in redraw, you have repaid the loan, so the lender may restrict access to redraw these funds. The funds in the offset account remain as yours.
@@WayneClayton-h9r good comment, appreciate it.
This is a great explanation mate, you need to reach more people.. your a great teacher
Thanks for the positive feedback Mick appreciate it 🙏
Hey mate I’m going through the same thing. Can yah give me abit of advice on how I should do mine.
Hi @ishakojonskis213 - thank you for commenting! I would recommend reaching out to our team so that we can review your current position.
Does this mean that if you have some savings that you want to use to repay the loan AND you have no intentions of withdrawing these savings again, it's better to just put it in the redraw account?
Hi @TastyLemon123 - great question! Putting excess savings into your redraw account will give you very similar benefits as if it was in the offset account. If you are wanting to reduce your repayments (and are happy to lose access to the savings as you mentioned) you will need to contact your bank and ask them to reduce the limit of your facility by clearing the available redraw. If you’d like to book a meeting with one of our brokers, we can do a review of your current loan and run through those options in more detail!
Explained very well👍👍👍
Thank you 🙏