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Shame – I’m pretty sure my bank told me offset and redraw same, only difference I was told about was that offset is like you everyday account ie get your pay paid into it, whereas redraw you deliberately t/f $ into it. I had no idea about implications of moving money about – unfortunately I have been doing this. Maybe I misunderstood.
I’m with a credit union currently but rates are not that low to justify staying if all this is an issue.
Thanks for your advice.
Thanks – all the advice certainly puts me in a better position when I go talk to the bank. I think best thing is to out any decisions on hold until I figure out best approach and set everything up properly!
If I can ask one last question it would be very helpful….
Is offset account the same as redraw in terms of If I go interest only loan but continue to pay extra into redraw, it is same as offset? I ask as my current bank has no offset and to date I’ve been using redraw acct in this fashion.
Thanks in advance!
Wow what a speedy reply, thanks for your interest. The investment property is solely in my name but new property would be mine and partners.
Re keeping the loans separate; wasn’t sure this was option. When approached bank for pre-approval to see how much could borrow they described as testing my borrowing power which would cover both loans and that they would take over both loans. Maybe I missed something!
And yes totally understand not paying off IP. Pay off what I live in… that is unless I rent right? If I rent do I put my 100k on IP or in savings?
Thanks again.
