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I have a Variable P&I loan on my PPOR at the moment. I would like to put an extra $25K into it as a lump sum and also make extra repayements. I have been told by the loan people that if I do that, not all of it will be available for redraw because "a portion of it will be 'absorbed' by the loan. Can anyone help me? I have a redraw facility on the loan and was under the impression that if I make extra repayments that I can redraw them later on if i needed to…..
Can anyone shed some light… Am I missing something here?
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