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Open Question: Redraw facility on a mortgage?

Open Question: Redraw facility on a mortgage?

This is a discussion on Open Question: Redraw facility on a mortgage? within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; I am considering refinancing with Bendigo Bank, (If they'll take me...) And setting our mortgage account up with an attached ...

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Mortgage Refinancing If your current mortgage has a high interest rate, you’re stuck in an adjustable rate mortgage, or you want cash out or to consolidate your debt, the answer to your mortgage problems is refinancing. Mortgage refinancing allows you to pay off the remainder of your existing loan by taking on a new loan with better terms. However, there are a number of mortgage refinancing options available to you. And within each of these options, there are particulars you need to be aware of.

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03-27-2008, 01:22 PM

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Open Question: Redraw facility on a mortgage?

I am considering refinancing with Bendigo Bank, (If they'll take me...) And setting our mortgage account up with an attached fee free/interest free credit card with a limit according to our monthly budget supplied by that account (and having the bank pay off the credit card each month from the mortgage,) having both of our wages deposited into the mortgage account and therefore paying of our mortgage 5 times faster. Anyone have any experience/advice/tips? I know it is very dependant on making sure the budget is on par which we are ready to ensure... anything else we should look at?

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