Finance advice
Warren Dworcan

Redraw or offset account: What's the difference?

By Warren Dworcan

Both can save you money and pay off your home loan faster but which is the right choice for you?

Blogger: Warren Dworcan, managing director, Rate Detective Finance

How they work

Redraw
A redraw feature allows for additional payments to be made directly into your home loan thus reducing the principle balance and therefore the overall interest charged. You can withdraw/redraw this excess when you need it. By paying the money directly into the loan, a redraw facility allows you to directly reduce the balance of your loan, rather than simply reducing interest paid in the short-term.

For example if you have a $300,000 loan with a $20,000 redraw, you would have reduced the loan down to $280,000. Therefore, you are only charged interest on the net amount.

Offset
An offset account links an interest bearing account to the home loan. Instead of reducing the loan principle whenever money is deposited into the loan, as you would with redraw, the offset account effectively reduces the interest bearing balance of the loan by the amount of funds held within the offset account. The interest on your mortgage is then calculated based on the net balance of the two accounts.

For instance, if you have put $20,000 in an offset account of a $300,000 loan you would only be paying interest based on $280,000, while the loan principle remains the same in the process.

Pros and Cons

Both have the same savings so what’s the difference?

Redraw
Redraw facilities are usually more restrictive. It requires a minimum amount to be redrawn, may take longer to transfer the funds and it may also attract withdrawal fees. However redraw can be attractive to those who like to see their overall debt position reducing on a regular basis, along with removing the temptation of withdrawing the excess funds.

Offset
As an offset account is more flexible it can be treated like an everyday transaction account. You can withdraw as much funds and as often as you like from commonly available devices such as an ATM.
The flexibility of an offset account enables you to plan for a new property. Your savings can be easily transferred to another account for the purpose of getting a new loan. On the other hand, it would not be that simple for redraw facilities.

Tax Implications

Redraw
If you redraw money for non-investment purposes then the interest expended on that amount is no longer tax deductable in the eyes of the ATO.

Offset
Any withdrawals you make from an offset account will not affect tax deductibility on the overall amount of your interest expense.

What is better?
At the end of the day it is up to you, what suits you and your strategy the best.

An offset account would be a better choice if you want to reduce the interest on your loan while maintaining day-to-day access of your cash. It is ideally suited for home owners who want to minimise the interest owing on their repayments, without necessarily paying extra off their principal.

In contrast if your priority is to reduce the principle and pay off your mortgage earlier, instead of reducing interest in the short term, you should consider a redraw.

 

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About the Blogger

Warren Dworcan

Warren Dworcan

Warren Dworcan is the Managing Director of Rate Detective Finance, which provides information to consumers about home loans, credit cards, personal loans and personal insurance.

Successfully assisting thousands of Australians with loan enquiries in excess of more than $1 billion, Warren alongside his highly qualified and dedicated staff are equipped to deal with all aspects and complexities associated with the mortgage market.

Over the last two years Warren has been dedicated to growing the business into becoming one of the leading independent brokerages in Australia.

Recently recognised as one of the top brokers in Australia, Warren was awarded the coveted Australian Broker of the Year award in both 2012 and 2013 at the Australian Broking Awards in Sydney.

FROM THE WEB

podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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