An offset or redraw account most benefits those who are disciplined enough not to spend more than the excess funds they contribute.
The key difference between a redraw and an offset account is that the positive balance in a redraw facility is not as easily accessible as an offset account.
Those with a fixed rate mortgage will rarely have access to offset or redraw facilities as the lender sets repayments for the duration of the loan term. It is possible, however, to fix a portion of your home loan and subject the rest to a variable rate with offset or redraw facilities so you can benefit from both types.
We're here to help
If you're interested in ways to reduce your mortgage and pay it off faster, speak to a home loan expert on 13 62 27 to see if a Macquarie Bank Offset Home Loan Package could work to help reduce your repayments.