Redraw facilities and offset accounts work in a similar way – they both effectively allow you to reduce the balance of your home loan, which reduces the amount of interest you pay.
My clients approached me last year about buying their first home. They’re a couple with two kids aged 8 and 10. The husband and wife are both working and earn around $100,000 each. They’re also both Australian citizens. Because both are first home buyers, Australian citizens and earning $200,000 combined, they qualify for the First […]