I had the opportunity to discuss the current state of finance and property with Nine for an upcoming edition of 60 Minutes.
This VLog tells the story of my journey to Sydney, the interview and my thoughts about the day.
I, of course, have no control over what they may do with the material, but I attempted to present a balanced picture using my four scenarios, as described recently.
I hope you covered this one – https://amp.smh.com.au/money/planning-and-budgeting/cba-to-sweep-australians-redraw-money-on-september-1-20180823-p4zzcv.html
Then comes the sting: from September 1, if you’ve deposited extra but reduce your repayments to the now-minimum, your available redraw amount will slowly shrink until at the end of your contracted period, it is completely gone. With the recasting, that will be necessary to ensure you don’t fall behind on your loan.
The ‘sweep’. And bye bye Holy Sh*t fund, or holiday, or school fees.
Mortgage comparison website Mozo, which has been working with me to get to the bottom of the change that was understood to be coming, says this is different from the way redraw is treated by “most if not all” other lenders.