Hi Everyone,
So i am waiting for settlement in March for my first home, however have locked into this homeloan. Now regretting it I am not sure if its any good as it doesnt have a offset account. So the plan is to pay the minimum repayments and keep an online savings account. Anything above 5k i will put into the home loan. in the next few years, my dad will sell his farm so will use it to pay the home loan off.
The loan is for $192k, however there is $50 redraw fee, plus no monthly account fee or set up fee.
I am assuming as the loan is all signed its too late to change. but does it sound ok, or can i do something better to make the loan and savings more effective. i needs to keep some in a spare account for emergencies.