A redraw facility allows you to make extra repayments towards your home loan in addition to your minimum repayments.
When looking at mortgage interest rates today, our parents compare and boast a high 17% rate when they bought a house.
During COVID a lot of Australian’s took advantage of the low interest rates on home loans, fixing their rate for a period of time. With those fixed home loans now reaching the end of their term, we are being forced to meet the current high interest rates which are substantially increasing the price of home loan repayments.
If you work in Queensland Health or for a not-for-profit organisation you may be eligible for salary packaging. This allows you to pay less tax on your income and therefore can be hugely beneficial in helping your money go further.
It is the start of the new financial year – we all know this as the constant bombardment of TV and print ads tell us all about the sales and the discounts available. You have just spoken to your accountant and lo behold you are due a refund – for argument’s sake let us say about $1,000. You now have a decision to make – is that new 4K Hi definition TV appealing or are there other more boring ideas. Let us investigate.