answered
Q: Hi
In Sep 2011 I purchased my first home for 240k. In Nov 2012 I moved out of the house and put it on the market for rent as I moved interstate. Since then it has regularly been rent for around $290 pw. I'm currently paying $1250/month principal and interest. I also put $500 a fortnight into a redraw account attached to the loan. The loan is down to 208k and my redraw balance is 38k.
Am I better having 38k in re draw or offset? I would like to purchase new house in near future.
A: Hi Scott
Thanks for the response. I have seeker clarity that the 38k was sitting in redraw (in the home loan account) not attached offset account. Would that 38k work better for me in offset rather than redraw? The loan was restructured last week, is it too late to switch money back to offset rather than redraw?
Cheers
Josh
