Search results

Sorry Bob, are you asking me this question? If asking me then what you have above is somewhat accurate, a redraw is also additional payments made to reduce interest like an offset, but it is paid into the loan. Yes a number of lenders will charge a fee to access the redraw and also a number...

No, a redraw and an offset are two separate things. An offset is your savings, a redraw is basically you lending money from the bank. I'll let one of the brokers explain this in more detail :)

This is brilliant advice Paul.

I do not like the reverse mortgage idea at all. High interest rates (8% or so) and this just continues to compound and allows the bank to own more and more of an asset your family members worked their life to pay off. I am sure the bank would sell it to people as "but the capital growth will...