Quote:
Originally Posted by 323Turbo
Mortgage question - sorry if its a dumb question but I'm no financial whizz at all.
ok, I have only 1 mortgage & no other loans, house is worth $870,000. I owe $204,000 but I also have $195,000 in redraw (extra cash Ive paid in over the 9 years).
my mortgage rate is 3.1% variable.
Should I refinance at a slightly lower rate & lose most of the redraw or just keep things as I am and have most of the $200k paid off in about 4 years? Currently paying $650 a week but putting a grand on extra every month or 2.
thanks
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You can retain the redraw if the numbers work for the bank.
You just ask for the money for personal use (new car, renovation etc) then pop it back in there.