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OK I get it now -- thanks. Just one small point.... say you are spot on your scheduled repayments and the property is revalued upwards, so you drawdown some funds from the existing mortgage to use elsewhere -- is that called a redraw if the existing mortgage is a P&I, a LOC if the mortgage is...

Terminology Hi Ya'll I am just a little confused with lending terminology. What is the essential difference between LOC and Redraw style methods of accessing the equity in an existing property? Is a LOC like a seperate loan altogether secured by your equity (and your existing loan and...