What Happens To Redraw When Loan is Paid Off?

Have you heard of Redraw but don’t know what it is? Many homeowners often overlook the concept of a redraw facility, yet it can offer numerous benefits. Once you are comfortable paying your mortgage, you would like to increase your repayments above the minimum amount. Not only could this help you pay your mortgage faster through minimising the interest charged over the lifespan of the loan, but it also means, you will be able to withdraw the extra funds when you need them.

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