Can you explain the difference between an offset account & redraw account?
Offset and redraw facilities are common options when comparing home loan products, so it’s important to understand the difference. An offset account is a deposit account separate to your home loan. Your employer can deposit your salary into it and you can use it for everyday spending.
A redraw facility is a feature attached to your loan. It allows you to draw back additional payments you have made on the loan.
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