ANZ simplicity plus doesn't have an offset account. But, it has free redraw and the min is 2000 dollars and it can take up to 5 days to have access to the money.
Do I keep that as it is? Or do I put that also into my mortgage?
I know it makes financial sense to pay it into the mortgage and draw it when I need it.
But, since it takes 3 to 5 working days to have access to the money - I feel secure to have instant access to some emergency money. Also, I don't want to redraw anything from the mortgage. I just want to keep a seperate account for that kind of thing.
Has anyone ever done this sort of thing? I guess, I am trying hard to rationalise what I am doing and for someone to say it's okay to do it this way and not chuck everything you have into the homeloan.