Archive for September 2016

How redraw and offset accounts can save you money!

Offset accounts and redraw facilities work in similar ways; they both allow you to reduce the balance of your home loan, and therefore the interest charged, by applying extra money to your debt. Redraw facilities allow you to deposit spare income into your home loan account, allowing you to redraw a sum equal to the…

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RBA keeps official cash rate on hold at 1.5%.

The month of August saw a flurry of activity from banks, with differing levels of rate cuts in response to the RBA’s decision to lower the official cash rate. This led to the media and consumers asking why the rate cut was not passed on in full with the response from lenders generally being that…

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