I have a loan on a property that is an investment. The loan has a redraw facility attached to it and I was wondering if anyone can tell me the pros and cons of using it.
I want to take some money out to buy a course so it is an investment decision. Not a holiday or some silly thing, I wish!!
I know it will cost me money to take out but apart from that the bank sais no interest to pay and it won't affect the loan at all.
I just find it hard to believe that there is money sitting there that I can use for free virtually. Unless of course I am missing something!
My tax accountant said it would benefit my tax position if anything and didn't think there would be anything wrong with taking it out.
So I would really just like to know someone elses experience of using a redraw facility. If somebody would mind sharing.
I haven't had experiences with loans before so this is new. My mother is horrified that I would consider doing it so I need some concrete facts to give to her! (She is on the loan as well
You are not beaten until you give up.