sillytallbite125
New Member
Hey everyone,
I've got a $440k mortgage right now at a 5.34% variable rate, paying both principal and interest. I've built up around $400k in equity. I'm not really looking to pay down the principal any faster, and I've been thinking about refinancing because things have changed for me over the past 3–4 years.
My main goal is to lower my weekly repayments to ease the financial pressure a bit. But I also really like having access to a redraw facility. From a bit of research I've done, switching to another lender doesn't seem like it would save me much each week.
So, first question—if I switch to interest only,.will I lose access to my redraw?
Second, I'm thinking about getting a new car. Should I refinance my mortgage to cover the car, or take out a separate car loan instead?
Thanks for your help!
I've got a $440k mortgage right now at a 5.34% variable rate, paying both principal and interest. I've built up around $400k in equity. I'm not really looking to pay down the principal any faster, and I've been thinking about refinancing because things have changed for me over the past 3–4 years.
My main goal is to lower my weekly repayments to ease the financial pressure a bit. But I also really like having access to a redraw facility. From a bit of research I've done, switching to another lender doesn't seem like it would save me much each week.
So, first question—if I switch to interest only,.will I lose access to my redraw?
Second, I'm thinking about getting a new car. Should I refinance my mortgage to cover the car, or take out a separate car loan instead?
Thanks for your help!