Luke on 2CC – Offset accounts and redraw facilities: How to use them to your advantage

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired on Friday 6 October 2023.  The show today looks at the difference between offset accounts and redraw facilities . Both can be attached to a home loan but they’re not the same thing and they work very differently. Many people don’t make good use of offset accounts or redraw facilities because they’ve never been told how to use them effectively. The topic this week for the show is: Offset account and redraw facilities – What’s the difference between them and how to use them to your advantage?

Key topics covered include:

• Many people don’t make good use of offset accounts or redraw facilities because they’ve never been.
• What is an offset account and how does it work?
• What’s the advantage of an offset account.
• What is a redraw facility?
• How much can you draw out using an offset account or a redraw facility?
• How is tax different if it’s a loan on an investment property.
• What are the considerations when using either an offset account or redraw facility.
• Shopping around for a home loan is also useful, a mortgage broker can also help you with this.
• Luke shares his top tips around using offset accounts and redraw facilities.
• Remember seek advice if you need help. You don’t have to go it alone, it’s complicated sometimes making strategies work together.

https://www.envisionfinancial.com.au/wp-content/uploads/2023/10/The-Strategy-Stacker-Luke-Talks-Money-06102023-1.mp3

Also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’

Are you making smart money decisions when it comes to money management?

Are you making the best use of your offset accounts and redraw facilities? Take some time to make sure you are. You could save home loan interest. Seek advice if you need help.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement with consideration of your cashflow and debt. Make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.

Luke will return to 2CC to talk about other ‘Money Matters’ next week. You can also catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.

We look forward to your company again and Luke’s book Smart Money Strategy is out now.