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What’s the difference between redraw and offset?

What’s the difference between redraw and offset?

A redraw facility allows you to withdraw any excess repayments you’ve made to your loan. You can do this at any time. And it might come in handy when you have an emergency.

An offset account reduces the payable interest on your loan. This may help you save money during your loan term and help you repay your loan faster.

They both offer certain benefits, but an offset account can provide more flexibility.

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