Mortgage offset accounts and redraw facilities

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Clients should consider depositing their
regular salary and any spare cash into a
mortgage offset account or directly into a
housing loan account which has a redraw
facility.
The amount deposited will reduce the
housing loan balance and the interest
payable on that balance. The deposit can be
withdrawn at any time.
From a tax perspective it is better for a
client to temporarily reduce their housing
loan and pay less in non-deductible interest
than to deposit the money in an interest
bearing account where the interest is taxed
at the client’s marginal tax rate.

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