MaxAmps Race Edition Lipos

[PBO]

Originally Posted by JERRY2KONE

Instead of paying extra on your mortgage you may want to think about putting that extra into a savings account just in case you get laid off or the plant shuts down for one reason or another. That would give you something to live off of in case the bottom falls out on you.

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

[JERRY2KONE]

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

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.