No real benefit, just changes the account you need to ensure has enough funds available. I had a similar setup previously, just used the redraw as the savings since you get a better interest rate.
I don’t know about other banks, but the CBA now lets you nominate multiple accounts as offsets, plus having a mortgage redraw account. That way, it doesn’t matter where your money is kept, it all counts towards reducing your interest. Makes a difference.
No real benefit, just changes the account you need to ensure has enough funds available. I had a similar setup previously, just used the redraw as the savings since you get a better interest rate.
I don’t know about other banks, but the CBA now lets you nominate multiple accounts as offsets, plus having a mortgage redraw account. That way, it doesn’t matter where your money is kept, it all counts towards reducing your interest. Makes a difference.
Thanks