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What Terry said :) Thanks for clarifying and helping me also understand.

I think you really need to speak to a broker about this (Jamie correct me if I'm wrong) but: If you pay down the principal and redraw it your loan will still be at the principal paid amount. For example if your loan is 300k now and you pay it down to 100k and then redraw the 200k (let's...

As far as I can tell the only advantage a redraw has over a 100% offset is that it makes it much harder to draw the funds. Now people may argue this a negative but to me it's a big positive as it locks away those extra payments as opposed to the offset which makes it quite easy to overspend...