Quote:
Originally Posted by PBO
Don't US residential loans offer what we know as 'redraw facilities'?
The redraw allows you to access the extra payments in times of need all the while keeping the interest component down - win/win for the borrower with spare cash
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NO whatever you pay into the loan stays with the Bank, unless you refinance the entire loan with an increased value on teh property, and request to use some of the equity that may have accrued to pay off credit card debt or other loans/debts. The reason they do it that way is because they get to charge you all sort of fees for doing so.