Equity and redrawal account

I'm a bit confused at the moment. We're with Westpac and we have the Rocket Home loan account. We have a redraw account and an offset account. If, for example:

Value of PPOR = 550K
Loan Balance = 350K
Redraw is 50K (we can withdraw 50K and loan balance will be = 400K)

Current equity is: (550K x 80%) - 350K = 90K

Bank manager said we can use equity (90K) with 50K redraw still intact meaning total funds would be 140K?

We have 50K in the offset account. So if we pay the offset to the loan, the total funds would now be:

Loan Balance = 300K
Redraw is 100K (we can withdraw 100K and loan balance will be = 400K)

Current equity is: (550K x 80%) - 300K = 140K
Total funds will be: 140K (equity) + 100K = 240K ???

Is this correct or am I missing something here? What I expect is that we cannot use the redraw amount any longer as it is already factored in the equity.
 
If you've got $50k in redraw and $50k in an offset on a loan with a $400k limit, the current effective amount owning is $300k. The amount owing will be $350k (due to redraw) but the interest will be calculated on this minus the offset amount (total $300k).

Property value = $550k
Equity @ 80% = $440k borrowing capacity (no LMI)

Cash available to you (one way or another) is $140k.

If you want to maintain your existing cash buffer in the offset account and redraw, you've really only got access to $40k.
 
If you've got $50k in redraw and $50k in an offset on a loan with a $400k limit, the current effective amount owning is $300k. The amount owing will be $350k (due to redraw) but the interest will be calculated on this minus the offset amount (total $300k).

Property value = $550k
Equity @ 80% = $440k borrowing capacity (no LMI)

Cash available to you (one way or another) is $140k.

If you want to maintain your existing cash buffer in the offset account and redraw, you've really only got access to $40k.

PT Bear, that's how I understood it but our bank manager said we can use our equity (90K) and the 50K redraw and 50K offset is still intact, meaning we can still use the 50K redraw even after using the 90K equity... and there'll be 50K left in the offset! I should really clear thing up... maybe we're just in different channels.
 
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