Award-winning mortgage specialist on offsets, redraws and renovation financing
Whether it's a new or refinanced home loan, or the need to fund a major renovation project, well informed decision making can make or break the success of the property investment, writes Helen Avis, Director of Finance, Specialist Mortgage.
Aussie home owners are investing billions in renovations but some are making a fundamental mistake when it comes to financing their property investments. (Image source: Shutterstock.com)
There’s a lot more to a home loan than just the interest rate.
The features of the loan can also have a big impact on your total mortgage costs and repayment flexibility, which is why it’s important to understand the potential benefits of a redraw facility and an offset account.
Redraw and offset have one thing in common – they reduce the amount of interest you get charged. If, for example, you have $500,000 outstanding on your loan and $40,000…
